Lucky Dragon Casino Puts Up Notice of Foreclosure Sale

Lucky Dragon CasinoThe Asian-themed Lucky Dragon Casino in Las Vegas that came into existence last year and was expecting to generate lots of revenue as it was situated in the heart of the town. The casino owners developed it specifically for the Asian gamblers because they help in producing a lot of money. But things do not seem to go planned as the casino is not able to make profits in the past 12 months and is facing foreclosure sale.

The Lucky Dragon Casino closed its operation and eateries apart from laying off several of its employees. Last week, it put a notice stating about foreclosure sale which is likely to take place next month. The county has received the auction notice where the casino owes a whopping amount of $48.9 million in overall debts.

This 2.5-acre Asian themed casino resort began construction back in 2015, and its primary investor was EB-5. In the past few years, EB-5 Visa Program has gained a lot of popularity because it paves the way for the foreign people to get residential status in the United States after making an investment of a minimum of $500,000 in any business venture that can generate at least ten full-time employees. It is reported that Lucky Dragon was able to raise $60 million through EB-5 fund program.

KTNV Channel 13 Las Vegas

Andrew Fonfa who is a developer at Lucky Dragon took $90 million loans in May 2016 from Snow Covered Capital for construction of the casino. As per records, Snow is linked to a firm called Enrique Landa of Associate Capital which is a real estate investor in San Francisco. 

The hotel was finally opened for public use in December 2016, and the place was swarming with customers who wanted to check what Lucky Dragon has to offer. Within a few months, there was a steep decline in the number of visitors and the casino was unable to attract customers. As a result of which, it was compelled to close the restaurants, and more than 100 staff members were handed pink slip which includes the General Manager to curtail the overall costs.

As per the Chinese patron who paid a visit to Lucky Dragon, they said that the biggest reason for the downfall of the casino was its tight games and comp policies. The casino initially wanted to attract the Asian gamblers but later on, changed its policy by drawing local players who failed severely.

According to the casino operator, Lucky Dragon is likely to commence the repositioning process where all the games and restaurants would be closed temporarily for six months. The 203 occupancy hotel, Cha Garden Restaurant Bar and Gift Shop would be open for public use.

When the casino operator made its first announcement, Lucky Dragon declined all comments regarding reposition plan. But now it is clear that the casino would be able to plan its repositioning through entering into a foreclosure sale.

Jay Stevens

Jay Stevens

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