Lucky Dragon Hotel and Casino Fails
Las Vegas’s Lucky dragon casino was recently sold for $36 million. The resort has been around for 2 years. The casino and hospitality space was sold off on Monday and the new hotel will be without a gaming facility. Chairman and CEO of Ahern Rentals confirmed the news to a media house, stating that he had purchased Lucky Dragon. The casino now joins a long list of the most short-lived casino operators in the gambling hub of Las Vegas.
The many problems that Lucky Dragon casino and hotel was faced with were plenty. Location, funding and lack of marketing are among just some of the problems. Las Vegas North Strip area, where Lucky Dragon was, is considered to be far from where the action is. The casino closed its doors last year October. The luxurious hotel was meant to attract Asian high rollers but failed to do so. Lucky Dragon cost $160-million to construct. The casino boasted games such as pai gow, sic bo and baccarat, just to name a few.
Lucky dragon financials
The company survived as a loss in its short life. The Casino was among the first project to kick start in Las Vegas following the 2009 recession. They did attempt to save the organization by going through a restructuring process. This was a process which cost hundreds of employees their jobs. In February last year, the company filed for bankruptcy protection. The company was officially closed in October 2018. It only recently sold off in an auction.
It’s safe to assume that Lucky Dragon is permanently shut down. The new owner of the establishment has said the first order of the day will be renaming of the hotel. Don Ahern revealed plans for his new hotel. Among these plans will be a hotel with a conference centre.