In Las Vegas, a local businessman has reportedly paid approximately $36 million to purchase the former Lucky Dragon Hotel and Casino and now has plans to re-open the shuttered property as a non-gaming hotel.
According to a report from the Las Vegas Review-Journal newspaper, Don Ahern, Chairman and Chief Executive Officer for construction-equipment firm, Ahern Rentals Incorporated, finalized his purchase of the 2.5-acre property yesterday and intends to convert its former 27,500 sq ft casino into a convention and conference space.
The newspaper reported that the China-themed Lucky Dragon Hotel and Casino opened in December of 2016 complete with its casino and 203-room hotel located in separate buildings. Despite grand plans, the nine-story Las Vegas enterprise subsequently failed to attract sufficient crowds and as a result was purportedly forced to shutter its restaurants and lone casino after only 14 months.
Much worse was to follow as the Las Vegas Review-Journal reported that the property located just off of the Las Vegas Strip filed for bankruptcy protections in February of 2018 before it closed down altogether some eight months later holding debts to principal lender Snow Covered Capital of around $50 million.
The newspaper reported that Ahern did not provide a timeline for the planned re-opening of the Nevada property but the 64-year-old did state that he intends to change its name to an as yet undetermined designation.
“I absolutely will not keep the name.”
‘Bright future’ belief:
Enrique Landa from San Francisco-headquartered Snow Covered Capital reportedly told the newspaper that the Lucky Dragon Hotel and Casino ‘is a terrific property with a bright future’ and that he is ‘very glad it has a new owner with a long-term vision.’