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Chinese-themed Las Vegas casino has foreclosure auction delayed

Thursday, 08 February 2018 04:40
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A foreclosure auction for halted Las Vegas casino Lucky Dragon has been postponed until 22 February, the Las Vegas Review-Journal is reporting.

A crowd of around 30 people were informed by an auctioneer on Tuesday that the auction would be delayed. She did not provide a reason.

Lucky Dragon, the first Chinese-themed hotel and casino in Las Vegas, temporarily shut down all casino and restaurant operations in early January in what it said at the time was part of a “repositioning” process.

“Effective immediately Lucky Dragon Hotel & Casino is beginning the process of repositioning and, in doing so, will have a reduction in staff while it temporarily closes all gaming and restaurant operations,” the company said.

“While this is a difficult decision, 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.”

Two weeks later, in late January, it was revealed that Lucky Dragon was facing foreclosure due to unpaid debts stemming from a US$90 million loan by the property’s developer Andrew Fonfa.

Derek Stevens, who owns the D Las Vegas and Golden Gate casinos and was present at Tuesday’s postponed foreclosure auction, told the Las Vegas Review-Journal that Lucky Dragon was an impressive property but suffered from a bad location.

“It’s obviously a very nice hotel and there’s a lot of money that went into it, but I question whether or not it can be a viable casino location, that’s for sure,” he said.

Lucky Dragon, a boutique property featuring distinctly Chinese themes and aimed primarily at Asian tourists and California’s large Asian population, opened its doors just 14 months ago but has reportedly struggled to gain any momentum and was forced to make 100 staff redundant in March 2017.

It is the first of two Chinese-themed casino-resorts planned for the Las Vegas Strip with Genting’s US$4 billion Resorts World Las Vegas currently under construction nearby and scheduled to open in 2020.

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