Lucky Dragon Closed Las Vegas
The Lucky Dragon hotel in Las Vegas is preparing to shut down after a lender owed about $55 million won a bankruptcy auction for the property. The lender, Snow Covered Capital LLC, has sought to. Lucky Dragon Heads to the Auction Block. Lucky Dragon, which closed its restaurants and casino earlier this month, heads into foreclosure after just over a year in business. Just one year, one month and a day after celebrating its official grand opening on Dec 3, 2016, the Asian-themed Lucky Dragon Hotel and Casino temporarily closed all gaming and restaurant operations at 7am on Thursday as the Las Vegas casino struggles to attract patrons. The Las Vegas Review-Journal reports the move by Lucky Dragon puts hundreds of jobs in jeopardy along with $60 million. Just one year, one month and a day after celebrating its official grand opening on Dec 3, 2016, the Asian-themed Lucky Dragon Hotel and Casino temporarily closed all gaming and restaurant operations at 7am on Thursday as the Las Vegas casino struggles to attract patrons. The Las Vegas Review-Journal reports the move by Lucky Dragon puts hundreds of jobs in jeopardy along with $60 million. The Lucky Dragon closed its casino and restaurants earlier this month as it faces foreclosure. But thanks to a quirk in Nevada gaming law, that could mean a big payout for those visiting the hotel. LAS VEGAS (KSNV) — 'Casino temporarily closed.' It's the sign at 7 a.m. On Thursday morning that greeted Lucky Dragon employees and hotel guests. We caught up with casino dealers and chefs as.
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The Chinese-themed Lucky Dragon, on Sahara Avenue near the Las Vegas Strip, closed its casino on Thursday, Jan. 4, 2018, “until further notice.” Restaurants also are closed, but the hotel remains.
BY ON April 23, 2019
It was meant to be a formidable competitor on the Las Vegas skyline, attracting the Asian market that was grossly underrepresented, according to its developers. However, in January 2018, less than a year after opening, the Lucky Dragon Casino & Hotel shut down its gambling operations and permanently closed eight months later. Since then, it has been looking for someone willing to take a big gamble on the unlucky property, only to not find a single suitor—until now.
Six months after it closed for not paying its bills, the Lucky Dragon has a new owner, and, in terms of Las Vegas prices, the property was purchased for pennies. Don Ahren, the chairman and CEO of a construction equipment rental company in Vegas, purchased the property for just $36 million. It cost $160 million to build the establishment two years ago.
Ahren expects to relaunch the property has a non-gaming hotel, capitalizing on the 203 keys originally offered by the venue. The casino space, which measures 27,500 square feet, will be converted into conference and meeting areas. That falls in line with the current campaign underway in Las Vegas to attract visitors for activities other than gaming. Ahren adds that the Lucky Dragon name will definitely be stripped away, but he has yet to decide on a replacement. History shows that he should stay away from names that contain “lucky” or “13.”
Lucky Dragon Casino Las Vegas Closed
The Lucky Dragon was unlucky for a great number of individuals. Investments were collected from a number of Chinese nationals who were offered residency in the U.S. in exchange for their money. That scheme was facilitated through a visa program offered in the U.S., the EB-5 visa program, that allows individuals to apply for residency in exchange for investments of $500,000 or more in certain industries. However, because the Lucky Dragon never really got off the ground, those investors have lost their money, as well as the shot at residency in the United States.
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Lucky Dragon Las Vegas Sold
There’s still a little hope for them, though, as they have been reportedly working with lawyers to try and figure out a solution to their issues. They had previously hoped to be able to recuperate something from the sale of the property, but, at a sales price of just $36,000, there isn’t anything to offer.