The Lucky Dragon's struggle is actually spurring another deal on the Strip that was lingering. The owner of Reno's Grand Sierra Resort announced last spring it was going to buy the SLS Las Vegas.
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.
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.
Lucky Dragon Las Vegas Wiki
Lucky Dragon Hotel brings a new twist to the Las Vegas hotels scene—an Asian inspiration. The hotel project along the northern portion of the Las Vegas Strip was designed to appeal to incoming travelers from Asian countries, especially those from China, and anyone else interested in experiencing a touch of the Orient without leaving the Nevada desert. Developers broke ground on a 2.5-acre lot at 300 West Sahara Avenue, west of the Las Vegas Strip. It’s located near the Stratosphere Hotel and the newly updated SLS Resort. The address is between one of Las Vegas’ classic restaurants, the Golden Steer, and the Allure condos. Construction on the $373 million project began in 2014 without a splashy announcement or major fanfare. Though the project continues to run quietly, some details have emerged about the boutique hotel.
Lucky Dragon Hotel Rooms
The property reaches 9 stories into the desert sky, putting it on par with the Cromwell Las Vegas and other smaller specialty hotels. Its 206 rooms will be well appointed with the principles of Feng-Shui guiding the design. Expect to see elements like natural wood, cherry-blossom murals, and rich satin linens. Guests will be able to book spa treatments from the comfort of their rooms. The spa carries much of the same feel as the guestrooms, with the mix of Chinese-inspired culture and modern elements expected in luxury hotels. Signs leading the spa and the rooms, as well as others throughout the hotel are written in both English and the languages of China. The staff is bilingual and ready to answer questions in the languages guests prefer.
Like many of the Las Vegas resorts, the hotel is located in a separate tower from the casino. From the rooms, it’s not a far walk to get to gaming. The casino covers 19,000 square feet, featuring Feng Shui elements for its private gaming rooms and the gaming floor. Rather than focusing on traditional Las Vegas games, the focus will fall on games with Asian roots—Fan Tan, Sic Bo, and the always popular Pai Gow. The casino building also has room for boutique shops with luxury goods imported from Asia like clothing and jewelry.
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Lucky Dragon Las Vegas Restaurant
Lucky Dragon Las Vegas News
Not surprisingly, the dining scene at the Lucky Dragon was inspired by Asia. The hotel will join the list of Las Vegas buffets, adding to it a gourmet sit-down restaurant with a menu inspired by the cuisines of northern and southern China. The fine-dining establishment was built especially with a view of the Las Vegas Strip and the neon lights. Also at the Lucky Dragon, guests and visitors can grab a quick bite to eat at the noodle bars or at the dim-sum restaurant or relax at the tea café. For more of the Asian experience, it’s not far to Chinatown, a short drive to the west.