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The Lucky Dragon which closedin 2018 is scheduled to reopen. The failed casino was only in business for twoyears before it had to close its doors.
When it first opened back in November 2016, the Luck Dragon casino resort cost around $165 million to construct. This is why its short life span was a surprise to many!
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Recently the casino resort was purchased by Don Ahern, a Las Vegas businessman. The company mainly deals in heavy construction equipment.
Ahern bought the Lucky Dragon out of bankruptcy for $36 million, which is a fraction of the original construction cost. Ahern now owns the 2.5-acre property located at W. Sahara Avenue.
The Lucky Dragon was rebranded earlier to Ahern Hotel and is now operating at full capacity.
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Ahern mentions that “The hotel portion is up and running and working beautifully. We’re open to the public and we’re in good shape.”
He also added that “thousands of bookings have been made. The hotel’s website is not currently offering online reservations. Instead, requesting potential guests to call a telephone number to inquire about accommodations.”
It is worth mentioning that Ahern Hotel’s official grand opening is scheduled for the 4th of July.
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Can AhernHandle a casino resort?
“The hotel business is nothing more than the rental business,” said Ahern. “Whether you’re renting a piece of construction equipment or a hotel room, it’s just a rental.”
Ahern has no previous experience in running such a facility. This is way Ahern hopes to focus more on the hotel aspect of the property.
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The company wants to focus its efforts on the 203-room boutique hotel without the casino. Ahern is wise enough to know that competing with larger casinos might not be in his advantage at this point.
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We will just have to wait andobserve the companies new plan for the property. Especially since the LuckyDragon was tailored to attract Asian gamblers.
FormerLucky Dragon casino remains closed
The Lucky Dragon was mainly funded by the US government’s EB-5 Visa program. The program grants foreigners permanent citizenship in the US against investing at least $550,000 in an American business that fulfills certain criteria.
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The main criteria of fulfillment was guaranteeing a certain number of job for people in the area with no employment. During the time the project was approved back in 2012, Las Vegas had a high rate of unemployment.
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It is noteworthy to mentionthat around 180 investors bought into the Lucky Dragon and currently they areaccusing the broker of fraud.
Cached
According to a statement released by the Lucky Dragon they said, “effective immediately lucky Dragon Hotel and Casino is beginning the process of recognition and, in doing so, will have a reduction in staff while it temporarily closes all gaming and restaurant operations. The hotel and gift shop will remain fully operational.”