The Asian-themed Lucky Dragon Hotel and Casino (pictured), on the Las Vegas Strip in Nevada, United States, was served with a default notice and is scheduled to be offered for sale at a February 6 foreclosure auction, reports the Las Vegas Review-Journal, citing Clark County records.
Property records seen by the media outlet reportedly show that Lucky Dragon developer Andrew Fonfa took out a US$90-million loan in 2016 to finance the construction of the scheme.
A default notice was filed in September last year in connection with that loan, and a notice for the foreclosure sale was filed last week, reported the newspaper, citing the county records. According to the auction notice, US$48.9 million is owed on the loan, it added.
The promoter of the property, Lucky Dragon Hotel and Casino LLC, had announced earlier this month that it would “temporarily” close all gaming and restaurant operations for six months.
“Effective immediately, Lucky Dragon Hotel and Casino is beginning the process of repositioning and, in doing so, will have a reduction in staff while it temporarily closes all gaming and restaurant operations,” the firm had said in a statement.
The property, opened in November 2016, has aimed to cater in particular to Asian gamblers. Lucky Dragon’s website says the property offers 204 hotel rooms and suites. The promoter said the hotel would remain “fully operational” despite the closure of the gaming and restaurant operations.
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"If you ask who is controlling [Okada Holdings, the controlling shareholder of conglomerate Universal Entertainment] now, I would say my control was fraudulently taken away from me and I am now doing everything in my power to take it back"
Japanese gaming entrepreneur