In November of 2016, the $165 million, Lucky Dragon Hotel & Casino, Las Vegas venue opened their doors as the city’s first specifically designed for Asian gamblers. With 203 rooms in 30,000 sq ft.
However, the development soon found it difficult to attract guests, which was not helped by a less-than-ideal location alongside its lack of a customer loyalty program, leading it to bankruptcy.
But the heavy bankrupt is that this could leave the foreign investors, who had backed the project under the EB-5 program, out of pocket financially and unable to obtain permanent residence visas in the United States.
Which has become a trend in the united states, that foreign investors look forward to build casinos in order to have permanent residence in the country. This time are around 178 foreign investors who each stumped up approximately $550,000 to help bring The Lucky Dragon Hotel and Casino to the north end of the Las Vegas Strip. The EB-5 ‘green card’ scheme has been around since 1990 and allows foreign nationals to legally immigrate to the United States if they can show that they have created local jobs.
But the Lucky Dragon Hotel and Casino represents the second recent controversy surrounding the EB-5 program and its use in funding casino projects.
The $415 million renovation of the SLS Las Vegas had resulted in similar immigration difficulties after the struggling property was eventually sold to real estate firm Meruelo Group.
