Lucky Dragon, at 300 W. Sahara Ave., just west of Las Vegas Boulevard, consists of a nine-story hotel and a 27,500-square-foot casino in separate buildings. It debuted in November 2016. The 2.5-acre resort was designed to cater primarily to Asian-American and Asian immigrant customers.
Just a few months after opening, the resort closed a restaurant and axed about a hundred workers to save costs. however, the resorts that employs 98 people, the property was scheduled for a Feb. 6 of 2018 foreclosure auction, but that morning, the auctioneer announced that it had been postponed to Feb. 22.
It hasn’t finished all there, because the Chinese-themed resort filled the papers for Chapter 11 protection this Friday, Bankruptcy, under the argument they want “to preserve jobs, pay its creditors and provide certainty to the market,” according to court papers. (READ SO: ¡SCANDAL ! TRIBE CASINO VIOLATES INDIAN REGULATION AND ITS FORCED TO CLOSE)
Lucky Dragon’s bankruptcy lawyer, Samuel Schwartz, said in an email to the Las Vegas Review-Journal that the resort “is working actively with its investment bankers and attorneys to refinance or restructure its debt.”
According to bankruptcy papers, Lucky Dragon was appraised at $143 million last fall, and about 179 people invested $500,000 each, or $89.5 million total, in the project through the federal EB-5 visa program.
Foreigners can obtain U.S. residency through the EB-5 program if they put at least a half-million dollars into a business venture and the funding creates at least 10 full-time jobs.
