UPDATE JAN. 17: In December, The Lucky Dragon held a huge celebration for its one year anniversary. Now things are a little more somber.
Earlier this month they closed the casino, leaving just a sign on the door. Now it faces foreclosure. According to the Las Vegas Review-Journal , the hotel got a default notice months ago.
The Lucky Dragon Hotel and Casino is an exciting addition to the Las Vegas Strip with plenty of dining options for guests. Designed to appeal to the city's Asian tourists visiting from many countries, the Asian cuisine at Lucky Dragon is upscale and authentic. Sample the world's street foods, from dim sum to barbecue, with many prepared on order.
It was built just west of the strip on West Sahara Avenue and some experts think this was an obstacle from the get-go.
- Dec 04, 2016 The newest casino on the Las Vegas Strip is Lucky Dragon, a Chinese-themed boutique hotel-casino catering to Chinese tourists, with every eatery serving exclusively Chinese food. Here's a look at.
- The Lucky Dragon in Las Vegas is closing its casino and restaurants until further notice, Thursday, Jan. (Erik Verduzco/Las Vegas Review-Journal) The Lucky Dragon Pearl Ocean restaurant.
As for what's next, the foreclosure auction is set for next month.
If the lucky dragon is sold at auction, it doesn't necessarily mean the hotel will close.
ORIGINAL STORY: The Lucky Dragon hotel-casino, which has only been open for a little over a year, has temporarily closed its gaming and restaurant operations. Multiple workers on the property have been laid off as a result.
According to a statement from the property, the Lucky Dragon is 'beginning the process of reorganization.'
The hotel and gift shop will remain open, along with Cha Garden.
'While this is a difficult decision, this reorganization paves the way for Lucky Dragon to establish new partnerships that will enhance the property's long-term positioning and provide a better guest experience,' Lucky Dragon representatives wrote in a statement to the press. 'We would like to thank our outstanding colleagues for their many contributions, hard work and dedication to the resort.'
Lucky Dragon estimates that they'll be able to resume restaurant and gaming operations within six months. Staff that has been laid off will be eligible to be hired again once the restaurants and casino are back open.
'We had hints and you know we had warnings so it was kinda obvious that was gonna happen,' says Kaleb Edwards. Edwards was a dealer at Lucky Dragon up until Thursday.
For months they've noticed the resort was downsizing.
'Laying off let's say managers. And you got a manager who was let's say was just managing for VIP. He's now a manager for Food & Beverage, VIPS, slots.'
Lucky Dragon Las Vegas News
Those that still need to redeem their gaming tickets and chips can do so at the front desk of the hotel. Other gaming, food and beverage promotions or offers are no longer valid.
'I can tell you that every single effort to create something, to be successful was put into place.There was nothing skimped. Nobody saved any dollars. As I said the best professionals possible were hired for their positions there,' says Joe Muscaglione. He was a food and beverage consultant for Lucky Dragon.
'I'm shocked and I'll be disappointed if they don't just regroup and come back stronger than ever,' says Muscaglione.
Watch: Lucky Dragon grand opening from November 2016
The Lucky Dragon saga has taken yet another odd turn. The failed casino was purchased for $36 million by the owner of an equipment rental company, Don Ahern.
The biggest surprise is we didn’t break the story. Ha, ha. We find us hysterical.
The Las Vegas Review-Journal reports the Lucky Dragon sale closed on April 22, 2019 with Don Ahern, CEO of construction equipment firm Ahern Rentals.
Please try to contain your excitement.
The new owner plans to re-open the Lucky Dragon under a new name (a solid strategy) as a non-gaming hotel (insert sad trombone here).
Ahern says he will turn the Lucky Dragon’s casino space into conference and convention space. The sad trombone player is being put through his paces on this one.
The Asian-themed Lucky Dragon closed in October 2018, probably because the casino had no craps table. And we couldn’t find a slice of pizza to save our life.
Dibs on…nevermind.
While $36 million is more than we expected a buyer to pay (a bankruptcy auction garnered zero bidders), it was considerably less than what was owed on the hotel, about $50 million.
In the Las Vegas Review-Journal article, Enrique Landa of Associate Capital (linked to the Lucky Dragon’s lender, Snow Covered Capital) said, the Lucky Dragon “is a terrific property with a bright future.”
Lucky Dragon Las Vegas Closed
It’s just that kind of extraordinary vision and business acumen that helped the Lucky Dragon trainwreck happen.
You do not, by the way, want to delve into the financial wheelings and dealings of this whole debacle. About 179 EB-5 investors have been left holding the bag, losing $550,000 each because the casino didn’t stay in operation long enough for the investors to earn their promised green cards.
Lucky Dragon’s challenging location made it a longshot from day one, so it’ll be interesting to see what the new owner might have in mind.
Lucky Dragon Las Vegas Map
We’re seeing some cross-promotional ideas with Dig This, for starters.
And we just registered ExcavatorDragon.com. Just saying.