Lucky Dragon Auction Las Vegas
The Lucky Dragon casino just off the Las Vegas Strip has filed for bankruptcy protection.
- Lucky Dragon Auction Las Vegas Nv
- The Lucky Dragon Las Vegas Auction
- Lucky Dragon Auction Las Vegas 2017
- Lucky Dragon Las Vegas Hotel
- Feb 06, 2018 The auction will take place at Nevada Legal News at 930 South Fourth Street, near Charleston Boulevard and Coolidge Avenue. Nevada Legal News said a last minute bankruptcy or outside investors.
- The Lucky Dragon at 300 W. In Las Vegas was sold at a foreclosure auction on Tuesday, Oct. (Richard Brian/Las Vegas Review-Journal) @vegasphotograph The Lucky Dragon at 300 W.
The Lucky Dragon Hotel & Casino in Las Vegas, weeks after closing, is set to be auctioned off to a new owner after its lender took over the failed boutique-style resort.
Lucky Dragon Casino Goes Bust, Files for Bankruptcy. Lucky Dragon Las Vegas Files to Close Hotel After Unsuccessful Auction; Lucky Dragon Las Vegas Hotel Closes, Casino Project Aimed at Asian. Mar 12, 2018 After only 2 years of business, the Lucky Dragon Casino has filed for Chapter 11 bankruptcy in Las Vegas. Their risky strategy of only targeting one demographic of potential customers likely contributed to the financial turbulence. Read more about it here. The 2.5-acre Lucky Dragon, at 300 W. Just west of Las Vegas Boulevard, consists of a nine-story hotel and a 27,500-square-foot casino in separate buildings. The not so lucky Lucky Dragon Hotel & Casino in Las Vegas is facing foreclosure just 15 months after its much-heralded launch. On Wednesday, the Las Vegas Review-Journal reported that the Lucky.
Lucky Dragon Auction Las Vegas Nv
According to a report from the Las Vegas Review-Journal, the casino’s developer put the property into Chapter 11 protection on Friday. The casino is schedule to head to a foreclosure auction on Thursday. Lucky Dragon was the first casino-hotel built from the ground up to open in Las Vegas since the financial crisis of 2008-09.
The Lucky Dragon Las Vegas Auction
The bankruptcy filing is intended to help the casino “preserve jobs, pay its creditors and provide certainty to the market,” court papers said.
Lucky Dragon Auction Las Vegas 2017
Lucky Dragon opened in late 2016, equipped with 200 hotel rooms and a 27,500-square-foot casino. Its primary game was baccarat, a strategy developed to cater to its target customer. However, the casino, which did not have a poker room, struggled right out of the gate. Around 100 employees were laid off within a few months of its opening.
Lucky Dragon’s struggles come amid a citywide decline in baccarat winnings. Nevada casinos won $1.15 billion from the game last year, 5.6 percent less compared to 2016. Baccarat revenue has fallen every year since a peak of $1.6 billion in 2013.
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Andrew Fonfa, developer of the casino, told Las Vegas Weekly in 2016 that Lucky Dragon would primarily go after one group of customer. “The best player in the world right now is the Chinese gambler,” Fonfa said. “If you take a sample of 200,000 people, with Americans, probably 10 percent are gamblers, but probably 100 percent of Asians are gamblers. It just makes sense to go after this customer. Even if you look at the local casinos here, you see mostly Asian faces gambling. That’s our customer, and we think we’ve really hit on something.”
Dubbed a “boutique” casino, Lucky Dragon’s development team had high hopes for the facility. “I believe our property, per square foot, will be the most successful casino ever built in Las Vegas,” Fonfa said before it opened. About a year-and-a-half later it was in bankruptcy.
The casino ceased its gaming back in early January, but it said at the time that the move was temporary. Lucky Dragon sits slightly off the Las Vegas Strip on Sahara Ave., just south of the Stratosphere. Free slot games quick hits. Lucky Dragon also sits near SLS Las Vegas, a casino that has struggled mightily since it opened in 2014. SLS was formerly known as the Sahara casino.