Lucky Dragon Casino Property Sold

A year after it went out of business, the Lucky Dragon Casino & Hotel property has been sold to Las Vegas businessman Don Ahren for $36 million.

Ahren said that he'll be shedding the Lucky Dragon branding and also doing away with the gambling space, instead turning the property into a hotel and convention center. The hotel will have 203 rooms, and the property as a whole will end up being used to help draw visitors to Sin City using means other than gambling, and will likely be home to an assortment of different shows.

The high price paid by Ahren is actually a steal, as the property cost the initial investors $160 million to build. The Lucky Dragon closed less than a year after opening, as it failed to attract high-end gamblers from Asia, as was its goal. The property cost many investors large sums of money, and some invested for a chance to get an EB-5 visa, which grants residency in the US for large investments. Because the property failed, those visas are not being granted.

Mr. Ahren hasn't issued comment on the purchase as of press time, and we don't have a timeframe for the opening of the new locale.