Wednesday, 17 October 2018

Las Vegas’ Lucky Dragon Casino to be Auctioned Off At End of Month

Las Vegas’ Lucky Dragon casino will be placed on auction at the end of the month.

The Lucky Dragon casino, which was developed by the Lucky Dragon Hotel and Casino, LLC, completed construction in December 2016 and cost a whopping $160 million, the Las Vegas Review Journal reports.

The venue featured Asian restaurants and a one-and-a-quarter ton glass dragon chandelier hanging above the casino floor as well as a 203-room hotel in a separate building.

Lucky Dragon was based on Asian culture in order to attract more Asian gamblers, a market segment the company said was “unrepresented” in Las Vegas.

Shortly after the casino opened, however, it ran into several financial problems as it failed to pull in large crowds. It later asked for a bailout from the state of Nevada but the request was refused.

The casino’s owners then contacted their investors to try and find some funds to cover missing expenses but failed to do so.

Casino Closure

Then, in February of this year, the Lucky Dragon filed for bankruptcy a week before it officially closed the casino’s doors to Las Vegas customers.

A month earlier, the casino owners had claimed that they were “temporarily” closing down the casino so they could the venue could be “reorganised”.

September was the last chance for someone to buy the casino but no one was interested in saving the Lucky Dragon. The Lucky Dragon hotel remained open but finally closed its doors on October 2.

Now, the casino will go on auction for around $55 million on October 30 at the Nevada Legal News Building near Charleston Boulevard.

Most of the funds raised for the casino came from Asian investors who donated all the money they had in exchange for permanent US residency. With the casino now closed, many of the investors, who had donated over $500,000 to the casino, may no longer have a permanent residency.