The Real Deal New York

Lucky Dragon hotel and casino is searching for a buyer as its prepares for onslaught of guests

The casino and hotel opened in 2016 and filed for Chapter 11 bankruptcy in April
May 20, 2018 02:00PM

(Credit from back: AJFU, Pixabay)

If you’re headed to RECon 2018, you can try to find a room at Lucky Dragon, but move fast because rooms are still selling out despite the hotel’s bankruptcy proceedings.

Developer Andrew Fonfa is trying to sell the distressed boutique hotel and casino after filing for Chapter 11 bankruptcy in April, and claims to have found some interested investors from Asia. Until a deal is inked, restaurants and the casino floor in the property remain closed, while the hotel continues operations, according to Casino.org.

Fonfa tried to auction the property in February, but creditors objected, however the owner of a nearby property with bigger investment aims for Vegas, Derek Stevens, showed up to the eventually-cancelled auction–a sign that there might be some homegrown interest in the property.

The nearly $140 million casino was mostly financed through the EB-5 investor visa program, through which Fonfa raised about $100 million from roughly 200 investors. [Casino.org]Erin Hudson