The hotel at the Asian-themed Lucky Dragon Hotel and Casino, a property on the Las Vegas Strip in Nevada, will stay in business until March 27, the date of the court’s next hearing regarding the property’s bankruptcy procedure, reported U.S. television station FOX5, citing a judge’s decision on Wednesday.
The casino at the property will remain closed, according to the media outlet. The judge also denied plans to move forward with a foreclosure auction of the casino hotel.
U.S.-based Lucky Dragon Hotel and Casino LLC, the promoter of the property, had on Friday voluntary filed for bankruptcy. The move was made less than a week before the property’s scheduled foreclosure auction today (February 22).
The Lucky Dragon Hotel and Casino had been served with a foreclosure notice in January. The property – which opened in November 2016 – had been geared towards catering in particular to Asian gamblers.
The promoter of the property had announced in early January that it would “temporarily” close all gaming and restaurant operations for six months; while the hotel would remain “fully operational”.
Samuel Schwartz, one of the lawyers representing the Lucky Dragon Hotel and Casino LLC, had said that the casino resort was “working actively with its investment bankers and attorneys to refinance or restructure its debt,” the Las Vegas Review-Journal reported on Monday.
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”Our own consensus is that any newcomers to this [junket] sector should be corporatised, and should be financially sound and able to commit a higher guarantee deposit”
Kwok Chi Chung
President of junket trade body, the Macau Association of Gaming and Entertainment Promoters