Cassie’s Steakhouse — a fixture in Cody for much of the last century — is facing an uncertain future.

The iconic restaurant and bar on Cody’s west strip has been closed since September, when the previous owners shuttered the business amid legal troubles. And despite months of searching and advertising, the new owner of the property has yet to find the right buyer or lessee to take over the property. Realtor Brenton Hayden of RE/MAX Elevation said some potential buyers and tenants have had the money but not the experience, while others have had the experience but not the money.

Hayden said they've heard from a lot of interested parties, from locals to major companies in Omaha, Nebraska, and Chicago; proposals have included a new steakhouse, a liquor store, a dance hall, a Nashville barbecue joint and a Cajun restaurant (despite rumors to the contrary, there’s been no discussion of the parcel becoming a trailer park.) Other firms want to level the existing restaurant and home and build anew to capitalize on the prime highway frontage.

Owner Bryan Mick, who acquired Cassie’s last fall, believes redevelopment would be the “highest and best use” of the property. But Mick said his preference is to find someone to build on the establishment’s long history.

“I want to do what’s right for the community,” Mick said, “I respect the legacy and the memory and the history of Cassie’s or the memories made there.”

But as the more lucrative summer tourist season approaches and the building remains vacant, the thousands of dollars worth of monthly bills are adding up.

“We’re fighting off developers who are willing to pay a really great rate for something brand new there …,” Hayden said. “And Bryan [Mick]’s really been focused on trying to do what’s best for the community. But at the same time, too, time’s running out, money’s adding up.”

The realtor said they continue to be “eager and motivated” to make a deal with someone who’s prepared to bring the business back.

“Come bring us your offers,” he said.

Historic property

Cassie’s was founded on Cody’s west end in 1922, being cobbled together over the decades to become a more than 12,000 square foot space for dining and dancing.

Steve and Mel Singer took over the business in 1995 and ran it for the next 28 years.

The business was started by Cassie Waters, who gained some infamy operating a brothel. But the supper club operated by the Singers offered a  family friendly feel, with the couple’s own children growing up there.

They sold the business in 2022, after Steve fell ill, and he passed away in 2023. 

Wapiti restaurateurs Randel and Courtney Hooper bought the property from the Singers and continued the business’ success, faithfully making mortgage payments until running into trouble last year. A June 2024 altercation with some customers resulted in the Hoopers’ arrests and a wave of bad publicity that hit their businesses.

In September, the Hoopers announced they were closing Cassie’s doors and returning the keys to Mel Singer.

At the time, “I was devastated. I was, like, scared to death,” Singer recalled, as the mortgage she had financed was supposed to be a source of income.

After hearing the news, people who’d worked for Singer decades earlier offered to help her restart the restaurant.

“People from Cody, Powell, the whole basin treated us so well and were very concerned,” she recalled.

However, Singer had no interest in getting back into the business, and it was ultimately Mick who came through with “a very good deal.” He purchased the mortgage and navigated the complexities of the foreclosure.

“Bryan [Mick] really did come in at the right time, and I do feel very blessed that God sent him here,” Singer said. While it remains a bittersweet experience, “I was taken well care of and I can move forward,” she said.

Making an investment

Mick acquired the property through his Cohano Investments LLC and promptly invested thousands of dollars to get the property ready for listing.

Crews removed several truckloads of junk, cleaned out the buildings and fixed up the heating, among other work. The restaurant is at the point where it’s relatively turnkey, Hayden said, though it needs some additional work and equipment; that includes roof repairs and pricey work on a fire suppression system.

In listing the property for sale at $1.7 million — well below the $2.5 million that the Hoopers agreed to pay — Hayden said they only factored in the 7 acres of land and liquor license, not adding in the structures.

“We’ve priced it to move to somebody and leave a little blue sky for the next guy,” he said.

Mick is also offering to lease the building for $8,000 a month triple net.

Between offering seller financing, a lease, a lease to buy or even a potential lot split, Hayden said they’re open to creative deals that most investors in Mick’s position “would never do.”

“He’s trying to find a way to allow this to remain in the community,” Hayden said.

Avoiding demolition

The hope is that Cassie’s can avoid the fate of several other historic buildings in Cody that have been leveled in recent years — the historic Lockhart Inn in 2023, two downtown storefronts last year and, more recently, the old Cody Dairy building.

But to avoid a leveling, Cassie’s needs a new operator; Hayden said they’ve been close to striking a deal, but haven’t quite come to terms. Some potential buyers wanted a three- or four month-long due diligence period, he said, while another couldn’t come through with the earnest money.

“We’ve had a lot of fun stuff, but we’re lacking either their experience or the money or the timing or the commitment,” Hayden said. “The challenge is, we got to find somebody who wants the job, too.”

Mick didn’t announce a specific deadline for finding a buyer or lessee, but eventually, he said it will become unsustainable to keep paying bills and turning down offers from those looking to redevelop the land.

“If this is a 12-round fight [to keep the restaurant], the bell’s ringing for round 10,” he said.

Hayden suggested that Cassie’s future success hinges on someone creating a “beautiful experience” for local customers and tourists, recalling how the Singers treated him like family when he dined there years ago. 

“I think if we can find that person that has the experience and a little bit of money and [is] willing to put their time, energy, sweat and tears into it, it’ll be back and thriving again like it had been for 28 years,” he said.

No matter what happens, Mel Singer noted that “Cassie’s will never be the old Cassie’s.”

After the 2022 sale, her family members moved on to other things; none of them wanted to restart Cassie’s without Steve, she said, as it just wouldn’t be the same.

Things change with time and life goes on, Singer said, “but hopefully whatever comes next is going to be just as good in a different way.”