Advertisement

New Lucky Dragon owner to reopen hotel within 60 days

Bookmark this
May 17, 2019 By Eli Segall

The new owner of the shuttered Lucky Dragon aims to have the off-Strip resort fully up-and-running by the fall.

Don Ahern, chairman and chief executive of Las Vegas construction-equipment firm Ahern Rentals, told the Review-Journal Wednesday that he hopes to reopen the property’s nine-story hotel tower in the next 60 days.

Ahern, who bought the property last month for $36 million, also said he hopes to have transformed the former casino building into a convention hall by around Thanksgiving.

He plans to change the property’s name but said he has not settled on a new one yet.

The Lucky Dragon, 300 W. Sahara Ave., was the first hotel-casino built from the ground up in Las Vegas since the recession and tried to capitalize on a coveted slice of the tourism market — Asian gamblers. It failed fast, shutting down less than two years after it opened.

It debuted in November 2016. But it struggled to draw big crowds, closed its casino and restaurants in January 2018, faced foreclosure and then filed for bankruptcy in February 2018.

In early October, management closed the 203-room hotel tower and sealed off the property with chain-link fencing. Project lender Snow Covered Capital foreclosed on the 2.5-acre resort in late October and then sold it to Ahern.

The new owner acquired the Lucky Dragon at a steep discount to valuations given in court filings last year.

Lucky Dragon developer Andrew Fonfa’s group, citing an appraisal, said the property was worth $143 million. But Snow Covered Capital, linked to San Francisco developer Enrique Landa, said it obtained an appraisal that valued the property at $60 million.


Recent Articles

MGM employees can go to college for free through Nevada partnership

MGM employees can go to college for free through Nevada partnership

in News

More than 500 MGM Resorts International Employees have the chance to attend college for free this fall.

June 11, 2019 By Bailey Schulz

Plaza hotel upgrades 100 rooms with new decor, Amazon Echo Dots

Plaza hotel upgrades 100 rooms with new decor, Amazon Echo Dots

in Downtown News, News

Starting in August, the Plaza hotel will offer 100 upgraded rooms and suites that come with energy efficiency updates, new decor and Amazon Echo Dots that let guests communicate with hotel staff.

June 10, 2019 By Bailey Schulz

These are cities Las Vegas will compete with for MLS franchise

These are cities Las Vegas will compete with for MLS franchise

in News

The soccer landscape changed April 18 when MLS announced it would ultimately expand from 27 teams to 30.

June 10, 2019

Las Vegas Bowl changes a step forward for hosting College Football Playoff

Las Vegas Bowl changes a step forward for hosting College Football Playoff

in News

Progress is still impossible to create without change, a truth made even more evident with how Las Vegas is now viewed across the college football landscape.

June 10, 2019 By Ed Graney

Advertisement

Must Read Articles

Three Basic Immigration Laws You Need to Know

Three Basic Immigration Laws You Need to Know

in Sponsored Content

Immigration is one of the most talked about -- yet least understood topics -- in today’s headlines.

December 26, 2017 By Law Offices of Peter L. Ashman

Bunk bed rooms coming to Las Vegas Strip hotel

Bunk bed rooms coming to Las Vegas Strip hotel

in Future Las Vegas, News

The next phase of the Flamingo Las Vegas’ remodeling project includes 14 new bunk bed rooms along with several bunk bed suites.

December 12, 2018 By Bailey Schulz

Locals’ guide to free and unrestricted Las Vegas pools

Locals’ guide to free and unrestricted Las Vegas pools

in Entertainment News, News

See our list of some of Las Vegas’ top dayclubs, as well as pools that are not restricted to hotel guests.

March 27, 2018 By Al Mancini