See Lucky Dragon Rooms Las Vegas
The Lucky Dragon casino just off the Las Vegas Strip has filed for bankruptcy protection.
Casino del sol ava amphitheater address. This makes for a great atmosphere no matter who is on stage.In addition to the location, the amphitheatre itself also has a lot to offer. With a seating capacity of 5,000, the Anselmo Valencia Tori Amphitheatre is big enough to accommodate plenty of fans.
According to a report from the Las Vegas Review-Journal, the casino’s developer put the property into Chapter 11 protection on Friday. The casino is schedule to head to a foreclosure auction on Thursday. Lucky Dragon was the first casino-hotel built from the ground up to open in Las Vegas since the financial crisis of 2008-09.
The bankruptcy filing is intended to help the casino “preserve jobs, pay its creditors and provide certainty to the market,” court papers said.
Lucky Dragon opened in late 2016, equipped with 200 hotel rooms and a 27,500-square-foot casino. Its primary game was baccarat, a strategy developed to cater to its target customer. However, the casino, which did not have a poker room, struggled right out of the gate. Around 100 employees were laid off within a few months of its opening.
Lucky Dragon’s struggles come amid a citywide decline in baccarat winnings. Nevada casinos won $1.15 billion from the game last year, 5.6 percent less compared to 2016. Baccarat revenue has fallen every year since a peak of $1.6 billion in 2013.
Lucky Dragon Hotel & Casino. Las Vegas, NV 89102. For inquiries, please contact Lucky Dragon Reservations.
Lucky Dragon has a small but very elegant an indoor-outdoor tea garden accessed from the lobby. The space provides, among other things, ‘a rotating prayer wheel that holds rare teas in ornate urns and custom-built Gongfu tea tables for traditional tea ceremony services’ (from Las Vegas Review Journal). Lucky Dragon Hotel & Casino. Las Vegas, NV 89102. For inquiries, please contact Lucky Dragon Reservations. Lucky Dragon bankruptcy papers were filed on Friday, the first day of the Year of the Dog. Despite opening with a fanfare in 2016, the casino was located at the wrong end of the Strip and its. Lucky Dragon Las Vegas Hotel features an excellent accommodation in West of the Las Vegas Strip district of Las Vegas. This venue was opened in 2016 in an Asian inspired-style building. It features shuttle service, ironing service and porter service as well as a safety deposit box, a souvenir store and a newspaper stand.
Andrew Fonfa, developer of the casino, told Las Vegas Weekly in 2016 that Lucky Dragon would primarily go after one group of customer. “The best player in the world right now is the Chinese gambler,” Fonfa said. “If you take a sample of 200,000 people, with Americans, probably 10 percent are gamblers, but probably 100 percent of Asians are gamblers. It just makes sense to go after this customer. Even if you look at the local casinos here, you see mostly Asian faces gambling. That’s our customer, and we think we’ve really hit on something.”
Dubbed a “boutique” casino, Lucky Dragon’s development team had high hopes for the facility. “I believe our property, per square foot, will be the most successful casino ever built in Las Vegas,” Fonfa said before it opened. About a year-and-a-half later it was in bankruptcy.
The casino ceased its gaming back in early January, but it said at the time that the move was temporary. Lucky Dragon sits slightly off the Las Vegas Strip on Sahara Ave., just south of the Stratosphere. Lucky Dragon also sits near SLS Las Vegas, a casino that has struggled mightily since it opened in 2014. SLS was formerly known as the Sahara casino.
The struggling Lucky Dragon resort has closed its casino and restaurants.
We were the first to report Lucky Dragon was recently put up for sale, and while the resort’s hotel continues to take reservations, entrances to the casino have “Casino Temporarily Closed” signs.
“Temporarily” sounds a little optimistic at this point.
Lucky Dragon’s casino and restaurants closed on Jan. 4, 2018.
Lucky Dragon has had a tumultuous history, including ongoing questions about whether the Asian-themed, boutique resort would be financed or completed.
Even a massive dragon couldn’t change Lucky Dragon’s fortune.
Lucky Dragon officially opened Dec. 3, 2016, thanks in great part to EB-5 financing. With EB-5 financing, investors (typically from Asia) contribute funds to projects and get green cards in return. In the case of Lucky Dragon, those investors will henceforth be referred to as “the monumentally screwed.”
Here’s a statement from Lucky Dragon.
Every time a Las Vegas casino closes, an showgirl loses her tassels.
Optimism for the win!
Despite a strong opening, Lucky Dragon failed to attract its intended customers (including snagging local Asian customers who frequent casinos like Gold Coast and Palace Station), and has made a number of changes to its restaurant offerings.
Normally, this would provide some consolition, but not so much.
Lucky Dragon’s challenging location, on Sahara, just off The Strip, near the Bonanza Gift Shop and SLS Las Vegas, made the resort an long shot, but sometimes in Vegas those pay off.
A Lucky Dragon insider says wild swings in baccarat were major factor in the closure of the casino. Whales (however few) would win big, then leave for bigger resorts on The Strip with more amenities. Casinos obviously rely on guests staying on-site for a chance to win some back.
Remember, Las Vegas was built on miracles. We hope that’s what the future holds for Lucky Dragon.
We were rooting for Lucky Dragon, but haven’t visited in some time, despite the great rooms (we were quoted a rate of $45 for early February), welcoming casino and top-notch (although limited) cuisine.
Lucky Dragon Las Vegas Wikipedia
We’ve heard Lucky Dragon would need at least $90 million from a buyer to cover its first and second (EB-5) tier investors.
See Lucky Dragon Rooms Las Vegas Hotels
It’s unknown what’s next for Lucky Dragon, but here’s hoping employees find other options as the resort tries to change its luck.