The Strip-area casino called Lucky Dragon could soon have a new owner thanks to a foreclosure auction scheduled for next month, according to a report from the Las Vegas Review-Journal.
The Lucky Dragon in Las Vegas has proven to be anything but lucky. It halted its gaming operations this past January, after about a year after opening, and subsequently closed all operations. Las Vegas Tourism Las Vegas Hotels Las Vegas Bed and Breakfast Las Vegas Vacation Rentals Las Vegas Vacation Packages Flights to Las Vegas Las Vegas Restaurants Things to Do in Las Vegas Las Vegas Shopping Las Vegas Travel Forum Las Vegas Photos Las Vegas Map Las Vegas Travel Guide All Las Vegas Hotels; Las Vegas Hotel Deals. Clark County court records say the Lucky Dragon hotel and casino near the Las Vegas Strip is on the auction block starting Tuesday.The hotel was built to create an Asian cultural and gaming.
The report said that the casino, which was the first of its kind in Las Vegas to be built from scratch since the Great Recession, was hit with a default notice back in September. The “boutique casino” opened in 2016 and has struggled since it first started welcoming guests and taking bets.
The auction notice reportedly states that nearly $50 million is still owed from a loan used to open the Asian-themed property that was tailored to locals.
Lucky Dragon decided earlier this month to close its gaming floor and nearly all of its food and dining options. The 203-room hotel remains open.
“Effective immediately Lucky Dragon Hotel & Casino is beginning the process of repositioning and, in doing so, will have a reduction in staff while it temporarily closes all gaming and restaurant operations,” the casino said in a statement.
Lucky Dragon Auction Las Vegas Locations
Lucky Dragon has struggled, in part, thanks to being a stand-alone casino. Many of the casinos nearby are owned by large, publicly-traded firms. According to the recently released Nevada Gaming Abstract, 62 casinos owned by public companies accounted for 72.5 percent of the total gaming revenue generated statewide during fiscal year 2017.
Lucky Dragon was developed by Andrew Fonfa, founder of Las Vegas-based ASF Realty & Investments.