Wednesday, September 28, 2022

Lucky Dragon to hit the auction block next month


After closing its casino and restaurants this month, the Lucky Dragon hotel and casino now faces foreclosure, local media reports.

The Chinese-themed hotel in Las Vegas is scheduled to be sold, or repossessed at a foreclosure auction on February 6.

It is understood that Lucky Dragon developer Andrew Fonfa took out a $90 million loan from Snow Covered Capital in 2016. According to the auction notice, $48.9 million is still owed on the loan.

Earlier this month, Lucky Dragon said it was temporarily closing all gaming and casino restaurant operations.

The operator said the closure was related to its plans to reposition the hotel casino.

“While this is a difficult decision,” the statement read, “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,” it said.

At the time, the company said the casino floor and restaurants will resume operations “within six months”, while the hotel, gift shop and Cha Garden restaurant will remain open.

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