Lucky Dragon back on the auction block at the end of October
What was meant to be the only casino on the Las Vegas Strip catering to Asian clients never developed a footing after opening almost two years ago. It officially closed its doors and went to auction last month, but that auction didn't produce a single bid. Now, the casino is going back on the auction block at the end of the month and will be awarded to the highest bidder.
The auction will be held on October 30. According to a press release, “Today, the property comes to market free of all encumbrances and offers clear title to its new owner.
Michael Parks, Senior Vice President of the real estate services and investment firm CBRE Group, Inc., added, “For the right visionary and owner, this site and amenity-rich property represents an excellent opportunity to own a first-rate Las Vegas hospitality property distinctly situated between the blossoming north end of the Strip and the gateway to Downtown Las Vegas."
From the start, the Lucky Dragon had issues meeting its financial obligations and even tried to seek a bailout from Nevada. After the state denied a request, it found temporary relief from a private backer, but still couldn't turn a profit. It shuttered its doors on the casino in February, with the hotel operations staying intact for a few more months.
Not only does the development company stand to lose with the casino's closure, so do a number of its backers. The casino was financed, in part, by Asian investors, some of whom put up as much as $500,000. The deal was made in exchange for US residency visas, but the Dragon's slaying could result in those investors losing both their money and their green cards.
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