After bankruptcy, iconic restaurant chain makes return to Vegas through exclusive local deal
Las Vegas expansion plans
LVP Food Services Concepts, part of LV Petroleum, will control the TGI Fridays market in Las Vegas. A Monday announcement said the company intends to open conventional restaurants as well as locations in hotels and casinos.
The operator already runs several restaurant brands in the area, including Black Bear Diner, KFC, Del Taco, Dunkin' and Rally's. Jeanette L. Davis, LV Petroleum's senior vice president, said the company believes familiar brands can offer visitors appealing food and strong flavors.
Franchising drives comeback
The Las Vegas plan forms part of TGI Fridays' effort to recover through franchise growth following bankruptcy. In September, the chain reached its first U.S. franchise agreement in more than ten years, teaming with Bliss Bites on five New York restaurants over three years.
The chain operates more than 400 restaurants across 40 countries, but its U.S. network is much smaller. A franchise disclosure document counted 71 domestic locations in September, all franchised, compared with 292 at the beginning of 2023.
Casual dining draws interest
TGI Fridays is also looking to benefit from renewed consumer interest in casual dining. Chili's and The Cheesecake Factory have gained from diners seeking affordable food in a sit-down setting, Restaurant Dive reported.
That shift could create an opening for casual-dining companies as fast-food chains seek to win customers with value offers. Wendy’s and McDonald’s are among those working to draw diners back with such deals.
Key points
- LVP Food Services Concepts will have sole ownership of TGI Fridays in Las Vegas.
- Planned locations include traditional restaurants and sites inside hotels and casinos.
- TGI Fridays had 71 U.S. restaurants in September, down from 292 at the start of 2023.
- The chain's latest franchise agreement covers five planned restaurants in New York.