Lucky Dragon Casino Resort has been among the hottest topics in the past several weeks as the unfortunate turn of events led to the official closure of the hotel tower only two years after the launch of operation. Now it has been confirmed that the location would be seeking its new owner with the help of an auction scheduled on 30th October.
The casino resort which cost some $160 million to its developer would have to look for its new owner towards the end of this month. It could be recalled that this February saw the official filing for voluntary bankruptcy of Lucky Dragon Hotel and Casino, LLC which marked the beginning of a potentially long way down.
The Las Vegas integrated resort had big potential for success due to its Asian theme running throughout the entire property, but the reality was far from the expectations and the projections for success.
Lucky Dragon Braces for the Auction
Come 30th October, major developers in the region would have the chance to express their interest in overseeing operation of the resort. The venue where the auction is going to take place starting 10 a.m. is the Nevada Legal News building. The previous action set in February could be utilized for making guesstimations. Derek Stevens is among the well-known investors in the area, overseeing management of the D Hotel and Casino.
The rumor mill was going at top speed at that point and his name was among the ones allegedly interested in purchasing the Lucky Dragon. However, at the end of the day, an auction never took place, as it was postponed for a later date. Alex Meruelo, owner of SLS Las Vegas might also be interested in bidding, due to the proximity of the two properties. Several weeks back Lucky Dragon held another auction which granted the resort’s real estate to Snow Covered Capital associated to investor Enrique Landa.
Characteristics and Future Potential of the Property
The property would welcome its new owner with a well-rounded hotel tower providing accommodation with its 203 hotel rooms and suites. Furthermore, the casino venue available on site of the resort spans over some 27,500 square feet. As for the more family-friendly offerings available on site, there are as many as five restaurant slots which could be developed in the foreseeable future, a spa facility, and retail space.
A parking lot is also provided on site, featuring as many as 408 spots. The vicinity of Lucky Dragon could also provide its future operation with a needed boost, as there are proliferating businesses. Among them are the future Chinese-themed Resorts World property, SLS Hotel and Casino which would soon see some $100 million poured in its expansion, as well as a 38-acres land lot purchased by Wynn Resorts.
January saw the management of the hotel and casino facility taking measures in order to ease its future operation and reduce the costs they have. The first step towards this was cutting the number of employees hired. In addition to that, management decided to close the casino venue and restaurant offerings for the time being.
Back then it was stated that three venues will reopen in six months time. The only restaurant option which remained open for business was Cha Garden so that the location is not rendered entirely without food options. The hotel tower closed only recently, on 2nd October in preparation for the auction at the end of this month.