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

New York Weekend Edition /
May.May 20, 2018 02:00 PM

(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


Related Articles

arrow_forward_ios
Hyatt CEO Mark Hoplamazian and Dream Hotel Group founder Sant Singh Chatwal with 355 West 16th Street in Manhattan NYC (Hyatt, Dream Hotel)
Hyatt to acquire Dream Hotel Group for up to $300M
Hyatt to acquire Dream Hotel Group for up to $300M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
Maefield Development's Mark Siffin and 20 Times Square (aka 701 Seventh Avenue) (Getty, Edition Hotels)
Massive loan on Maefield’s 20 Times Square in trouble
Massive loan on Maefield’s 20 Times Square in trouble
From left: 608 Fifth Avenue, 22 North Loop Road, 38 West 36th Street (608 Fifth, Weiss/Manfredi, Morphosis, and Handel Architects, Apartments, Getty)
Top 10 Manhattan loans: Big lending enters deep freeze
Top 10 Manhattan loans: Big lending enters deep freeze
Illustration of Joseph Sitt (Illustration by The Real Deal; Getty; Thor)
Thor launches $3B “underdog” Brooklyn casino bid
Thor launches $3B “underdog” Brooklyn casino bid
Sonesta Hotels’ John Murray and The Shelburne Hotel (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Affinia, Sonesta)
TRD Pro: Biggest hotel sales of the past year
TRD Pro: Biggest hotel sales of the past year
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...