Iconic restaurant chain makes big return to Las Vegas

Thank goodness it’s back.TGI Fridays is returning to Las Vegas, with plans to open five restaurants over the next three years.LVP Food Services Concepts, an entity of LV Petroleum, will have sole ownership of the Las Vegas market and will open both traditional and nontraditional restaurants, such as inside a hotel and casino, according to a Monday announcement.The comeback follows the closure of all four of TGI Fridays’ Vegas-area restaurants last year amid a turbulent period for the chain that included a bankruptcy filing. Nevada currently has no TGI Fridays locations.While TGI Fridays operates more than 400 restaurants in 40 countries, its U.S. presence has dwindled. (PA Wire)LVP Food Services Concepts isn't new to the local restaurant scene. Its portfolio already includes familiar names such as Black Bear Diner, KFC, Del Taco, Dunkin' and Rally's."The Las Vegas restaurant landscape needs well-known, accessible brands that provide guests with craveable food and bold flavors,” Jeanette L. Davis, senior vice president at LV Petroleum, said in a statement.Vegas is the latest piece of TGI Fridays' comeback plan as it looks to rebuild through franchising after bankruptcy. In September, the chain signed its first U.S. franchise agreement in more than a decade, partnering with Bliss Bites to open five restaurants across New York over the next three years.The company has a long way to go before it's back to its former size. While TGI Fridays operates more than 400 restaurants in 40 countries, its U.S. presence has dwindled. It had just 71 domestic restaurants as of September, all franchised, according to a franchise disclosure document. That's down from 292 locations at the start of 2023.Now, the chain is setting its sights on a much bigger comeback. Its 1-2-3 Strategic Vision calls for growing to 1,000 restaurants and $2 billion in annual revenue by 2030.TGI Fridays is also looking to capitalize on renewed interest in casual dining. Chains such as Chili's and The Cheesecake Factory have benefited from diners seeking affordable meals and a sit-down experience, giving the sector a potential opening as fast-food chains, like Wendy’s and McDonald’s, work to win customers back with value deals, according to Restaurant Dive.