This story was published more than 5 years ago.
The Las Vegas casino Lucky Dragon will be auctioned off at the end of October after it was forced into bankruptcy by failing to meet financial expectations.
The casino originally opened in December 2016 with the goal of focusing on visiting Asian customers, who primarily like to play games such as baccarat. Unfortunately, many of the VIP players that they'd hoped to lure in never came, instead playing at other properties or by visiting Macau. This led to financial difficulties, with the casino filing for bankruptcy earlier this year. The casino closed its doors, but the hotel remained open until earlier this month when that also closed.
The Lucky Dragon saw numerous investors from Asia looking to put money into the casino with the promise of being granted a visa for U.S. residency. Now that the casino is closed, those investors may be out of luck when it comes to obtaining permanent residency.
The property will be auctioned off to the highest bidder to complete the bankruptcy proceeding. The property will likely be re-branded and turned into a different casino resort by the winning bidder.
Casino Listings News is following this story and will update readers as we learn more.
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Comments
Yeah, tough luck for that casino and all who invested in it, but this just shows that a single orientated casino (Asian VIP players) like that one is always a dangerous project.
I guess some of the big fishes in Vegas would now make a sweet deal at the auction.
I guess you know the times are tough when casinos are not even making a profit and going broke , especially one that is based in Vegas of all the places to have a casino I would assume that even the entry level operators would at least make a living . interesting read