It had to be only a matter of time before the Lucky Dragon Casino in Las Vegas finally closed down its entire operation, and investors in that property much have known from a very early stage that they were taking some risks.
Those risks were indeed its location for a start, for being a casino that was built from the ground up, and being located at the North end of the Strip, passing trade was always going to be limited.
However, they did open with a blaze of publicity, their target market being the Asian gambling community, and no expense it appeared had been spared on the design of the casino and its adjoining hotel. However, with just 201 rooms it was always going to be a boutique hotel casino to say the least.
Well, the doors have finally swung shut on the hotel, which sadly went the way of the casino and closed its doors a few days ago.
The demise of the Lucky Dragon Casino has been one of the fastest in recent history, for whilst several casinos at one time or another have filed for bankruptcy protection in Vegas recently, they all kept trading, which is something that the Lucky Dragon Casino hasn’t managed to do.
It is expected that the entire property is going to be put up for auction at the end of this month, with an asking price of some $56 million. There may be somebody that is prepared to take a risk with being able to completely revive the property, but whether that asking price is a bargain or not, based on the fact it cost $165 million to build the property, does of course remain to be seen.
