The last casino to casino that was actually built from scratch was the Cosmopolitan of Las Vegas, which opened in 2010. Enter Lucky Dragon Lucky Dragon is a boutique hotel and casino that will be opening later this year just off the Vegas Strip. The finishing touches are being put on the new casino which is located across the street from SLS. Lucky Dragon’s challenging location, on Sahara, just off The Strip, near the Bonanza Gift Shop and SLS Las Vegas, made the resort an long shot, but sometimes in Vegas those pay off. A Lucky Dragon insider says wild swings in baccarat were major factor in the closure of the casino.
A failed Las Vegas casino was bought earlier this week, according to a report from the Las Vegas Review-Journal. Free blackjack with side bets.
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.
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.
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.
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.
Visitors traveling to Las Vegas can remove one facility from the list. In case you want to visit 10 resorts that include Lucky Dragon Casino, remove it. That will mean you remain with 9 hotels. The facility makes an abrupt exit from the business. It is last years when the facility opens. During opening day, there are a lot of people in the house. Even after closing down the main business, the over 200 guest rooms are operating. The tea bar and the kitchen will continue to serve visitors.
According to a press release from the Dragon Hotel management, the company is closing. It is doing all it can to reposition itself. To do so, it is laying off a section of its staff. The company will remain with a few that it can manage to handle. When the resort opened up in 2016, the operator has big dreams. One of the aims is to siphon off business from other facilities. The operator believes that being new he can manage it.
Why Did Lucky Dragon Casino And Restaurant Shut Down?
It is a year since the fanfare and the firecrackers. But things are not as the operator thinks. Then on Thursday, there is an announcement that facility is closing. The report leaves many people in a shock. What is more is that as the resort shuts down, there are many losing jobs. What is more is that the announcement terms the closure temporal. Efforts to have the operator or at least an official disclose further are futile. Nobody is ready to speak about the time of reopening.
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Tried To Target The Asian Community
It is the intention of the operator to capture tourists. That is what is in the mind when the casino opens in 2016. Among the targets are tourists from the Asian community. Others who fall on this list are Asian families. Some of these families live in Southern California and the Bay Area. But even after opening with such big anticipations, the facility doesn’t have much. There are few shopping malls. The number of social amenities is also small. The number of amenities together with the actual facility space is small. Also, this is when you compare it with other neighboring facilities.
A few months after entering the market, the hotel starts to renovate. The aim is to expand the number of guest rooms. The operator also aims at painting and making several changes. But even after making many changes, there isn’t any significant impact. According to Las Vegas Review-Journal, this doesn’t change anything.
The Lucky Dragon Casino Has Trouble Retaining Customers
Attendance remains a significant challenge. The number of visitors checking into the facility remains low. When celebrating a month after opening, the number of guests is small. If you walk into the casino in the evenings, you will see only a few people. Chances are the number of those people cannot surpass a dozen. A visit to the facility towards the fall of 2017 reveals that there are only 14 people in Pearl Ocean. Phoenix, a high-end restaurant neighboring Pearl Ocean has no visitor at all.
If you take a closer look at the casino hall, there’re a handful of players. These are some of the reasons why the operator is shutting down this facility. Although no detailed communication, Lucky Dragon Casino is not in operation.
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