Casino

Lucky Dragon Hotel and Casino Fails to Live up to its Name

hammer and gavel

If anyone fancies buying a casino then the opportunity comes along on September 10. That’s when the Lucky Dragon Hotel and Casino in Las Vegas is the subject of a bankruptcy auction.

The Hotel and Casino opened in December 2016 and was the first to be built from the ground up in post-recession Las Vegas.

The property is situated on a site just west of Las Vegas Boulevard and has a nine-story hotel tower, plus a separate 27.500 square-foot casino building. The owners specifically targeted customers from Asia, but sadly the Lucky Dragon Hotel and Casino didn’t live up to its name as the hoped-for guests from that region failed to arrive. Derek Stevens who owns the D Las Vegas and the Golden Gate casinos blamed the location of the casino and the lack of pedestrian traffic in the surrounding area.

Financial Problems Escalate

Last year the Lucky Dragon Hotel and Casino was valued at $143m. 2018 began with the owners revealing severe financial problems leading to the casino floor and its dining facilities being closed. The business was pushed into Chapter 11 bankruptcy protection in February and is now being auctioned off on September 10.

Developers have previously said that several prospective buyers had shown interest in the property. That’s despite the fact court papers show the owners have been offering assets without getting a buyer for over a year. The owners were even advised to “abandon the property” to avoid further costs.

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