A failed Las Vegas casino was bought earlier this week, according to a report from the Las Vegas Review-Journal.
Don Ahern, chairman of the board and CEO of construction equipment company Ahern Rentals, purchased the closed Lucky Dragon Hotel and Casino from Snow Covered Capital for $36 million.
The Asian-themed casino opened in December 2016 and was the first new casino in Las Vegas since Aria was opened in 2010. It was a $139 million project located just north of the strip.
Lucky Club gives you the best value for your money of any hotel casino in the Las Vegas area. Located adjacent to I-15 for convenience, it is family and pet friendly and near all the fun and excitement Las Vegas has to offer.
The casino struggled from the start, however, and by March 2017, approximately 100 of the 800 employees were fired as a result of poor customer turnout. In September of that same year, the Lucky Dragon received a default notice on its $90 million loan.
- Lucky Dragon, off the Las Vegas strip, is one of the shortest-lived casino projects in Sin City. For just $36 million, the Lucky Dragon will now become a ‘non-gaming’ venue and conference space. Most off-strip casinos have a little success, but the venue fell into debt quickly after it was built.
- What happened is the strict Asian concept didn’t play out according to plan. We received this question a couple months ago, when what was happening at Lucky Dragon was still a little in flux, so we waited to address it till the situation resolved itself, which it has: A little over a year after opening, the Lucky Dragon has entered into Chapter 11 bankruptcy.
In January 2018, the casino and restaurants were closed in an effort to reorganize the company and reopen within six months. A foreclosure notice was filed the following month. At the time of foreclosure, there was still $48.9 million remaining on the loan.
Lucky Dragon entered Chapter 11 bankruptcy, which temporarily preserved the jobs of the remaining 98 hotel employees. The hotel closed in March of 2018.
Snow Covered Capital, the resort’s main lender, took ownership of the property and set the opening bid for the property at $35 million at the foreclosure auction last October. It received no bids.
Lucky Dragon Las Vegas Wiki
The property features a nine-story hotel with 203 rooms and 27,500 square feet of gaming space. When the property was open, there were five restaurants and a spa as well.