Las Vegas Casino Faces Foreclosure: ReportLucky Dragon Goes Up For Auction Early Next Month |
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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 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 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.
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