1. Lucky Dragon Las Vegas Wikipedia
2. Lucky Dragon Hotel & Casino

Lucky Dragon, Las Vegas resort catering to Asian market, to open Saturday Video: Watch this huge glass dragon being installed at the Lucky Dragon How the unique Lucky Dragon casino and hotel came. The Chinese-themed Lucky Dragon, on Sahara Avenue near the Las Vegas Strip, closed its casino on Thursday, Jan. 4, 2018, “until further notice.” Restaurants also are closed, but the hotel remains.

Lucky Club Casino and Hotel is a casino and 118-room hotel located on 6.1 acres (2.5 ha) in North Las Vegas, Nevada. The casino is owned and operated by Lucky Silver Gaming.

• 1History

History[edit]

Budget Host Inn[edit]

In June 1995, after spending eight years in bankruptcy, the Budget Host Inn was acquired at auction for $1.1 million by Shawn Scott, owner of the Post Office Casino in Henderson.^[2]

Cheyenne Hotel (1995-99)[edit]

Scott renamed it as the Cheyenne Hotel, and made plans to revitalize the run-down property, including reopening the restaurant and lounge and adding a hotel tower and a casino, taking advantage of the site's grandfathered gaming status.^[2] He requested a license for 75 slot machines and 2 table games, but the Nevada Gaming Commission in December 1996 issued only an 11-month limited license for 25 machines, finding his record management to be sloppy.^[3] By 1997, the Cheyenne was operating as a Days Inn.^[4]

In 1998, MTR Gaming, the West Virginia-based parent company of the Mountaineer Racetrack, acquired the Cheyenne for $5.5 million in cash.^[5]

Ramada Hotel and Speedway Casino (1999-2008)[edit]

MTR said it would complete an expansion already in progress, adding 10,000 square feet (930 m²) of gaming space with 350 slot machines and 5 table games, and would rename the property as the Speedway Hotel & Casino and add a motor racing theme, in reference to the nearby Las Vegas Motor Speedway.^[6] The hotel became a Ramada Inn. The casino opened in March 1999, leased to Dynasty Games, with 143 slot machines.^[7] MTR received its gaming license the following September, and said it would take over operation of the casino on October 1.^[8] The official grand opening was held in March 2000, with the casino having expanded to over 300 slot machines, with table games and a Leroy's sportsbook, racing-themed dining areas, and a racecar simulator.^[9]

By November 2000, the property had failed to turn a profit, and was taking measures to attract value-conscious guests, including Hispanics, Nellis Air Force Base personnel, and North Las Vegas residents.^[10] By 2004, MTR was reporting annual net revenue of $9.8 million at the Speedway.^[11]

In February 2007, MTR agreed to sell the complex to Mandekic Cos. for $18.2 million.^[11] Mandekic assigned its agreement in May to Ganaste, LLC,^[12] a partnership of three investors managed by Seth Schorr, son of Wynn Resorts COO Marc Schorr.^[13] The buyers hoped to use the Speedway as a training ground to learn the gaming business before moving on to other acquisitions.^[13] The sale of the land and buildings was completed in January 2008 for $11.4 million, with MTR continuing to operate the casino, leasing it for $70,000 a month.^[13]

Lucky Club Hotel and Casino (2008-present)[edit]

Ganaste took full ownership in June 2008,^[14] and promptly renamed the property as the Lucky Club Casino and Hotel.^[15]

An electrical fire on June 9, 2008 forced the casino to close for two weeks while critical equipment was repaired.^[14]Nevada Gaming Commission approvals in 2013 indicated that a reorganization plan was approved and new ownership was held by Lucky Silver Gaming (LSG). LSG is owned by Seth Schorr, Jeff Fine and other partners.^[14]

In 2018, the property was put up for sale, with an asking price of $13 million.^[16]

Lucky Dragon Las Vegas Wikipedia

References[edit]

1. ^'MTR Gaming Group Inc'. Retrieved 2008-02-09.
2. ^ ^abBadger, Michael (July 25, 1995). 'Renovations perk up blighted corner'. Las Vegas Review-Journal. – via Factiva (subscription required)
3. ^Vogel, Ed (December 11, 1996). 'Gaming regulators grill Ormsby House owner'. Las Vegas Review-Journal. – via Factiva (subscription required)
4. ^Edwards, John G. (July 29, 1997). 'Las Vegan buys stake in Sands Regent'. Las Vegas Review-Journal. Retrieved 2012-09-21.
5. ^'Company buys two resorts - Race track's parent group acquires hotels, casinos in Nevada'. Charleston Gazette. May 7, 1998. – via Factiva (subscription required)
6. ^'MTR Gaming Group Purchases Two Nevada Gaming Properties' (Press release). MTR Gaming Group. May 7, 1998.
7. ^'MTR Gaming Group opens Speedway Casino'. Reuters. March 9, 1999. – via Factiva (subscription required)
8. ^'MTR Gaming receives licenses for casinos'. Las Vegas Review-Journal. September 24, 1999. Retrieved 2012-09-21.
9. ^'MTR Gaming Group Announces Grand Opening of Speedway Casino & Cafe' (Press release). MTR Gaming Group. March 2, 2000. Retrieved 2012-09-21.
10. ^Hodge, Damon (November 22, 2000). 'Fast times foreseen for Speedway'. Las Vegas Review-Journal. Retrieved 2012-09-21.
11. ^ ^abKnightly, Arnold M. (February 14, 2007). 'Speedway Casino sold away'. Las Vegas Review-Journal (via Casino City Times). Retrieved 2012-09-21.
12. ^Form 10-K (Report). MTR Gaming Group. April 3, 2008. p. 27. Retrieved 2012-09-21.
13. ^ ^abcKnightly, Arnold M. (January 18, 2008). 'New Speedway owner has revival plans for NLV casino'. Las Vegas Review-Journal. Retrieved 2012-09-21.
14. ^ ^abcKnightly, Arnold M. (September 26, 2008). 'Staging a revival in troubled times'. Las Vegas Review-Journal. Retrieved 2012-09-21.
15. ^Knightly, Arnold M. (November 2, 2008). 'Feeling Lucky: Ex-Wynn worker aims to remake Speedway Casino'. Las Vegas Review-Journal. Retrieved 2012-09-21.
16. ^'Colliers International – Las Vegas offers sale of full-service hotel casino in North Las Vegas' (Press release). Colliers International. November 21, 2018. Retrieved 2018-11-24 – via Nevada Business.

Links[edit]

Coordinates: 36°13′7″N115°7′17″W / 36.21861°N 115.12139°W

The struggling Lucky Dragon resort has closed its casino and restaurants.

We were the first to report Lucky Dragon was recently put up for sale, and while the resort’s hotel continues to take reservations, entrances to the casino have “Casino Temporarily Closed” signs.

“Temporarily” sounds a little optimistic at this point.

Lucky Dragon’s casino and restaurants closed on Jan. 4, 2018.

Lucky Dragon has had a tumultuous history, including ongoing questions about whether the Asian-themed, boutique resort would be financed or completed.

Even a massive dragon couldn’t change Lucky Dragon’s fortune.

Lucky Dragon officially opened Dec. 3, 2016, thanks in great part to EB-5 financing. With EB-5 financing, investors (typically from Asia) contribute funds to projects and get green cards in return. In the case of Lucky Dragon, those investors will henceforth be referred to as “the monumentally screwed.”

Here’s a statement from Lucky Dragon.

Every time a Las Vegas casino closes, an showgirl loses her tassels.

Optimism for the win!

Despite a strong opening, Lucky Dragon failed to attract its intended customers (including snagging local Asian customers who frequent casinos like Gold Coast and Palace Station), and has made a number of changes to its restaurant offerings.

Normally, this would provide some consolition, but not so much.

Lucky Dragon Hotel & Casino

Lucky Dragon’s challenging location, on Sahara, just off The Strip, near the Bonanza Gift Shop and SLS Las Vegas, made the resort an long shot, but sometimes in Vegas those pay off.

A Lucky Dragon insider says wild swings in baccarat were major factor in the closure of the casino. Whales (however few) would win big, then leave for bigger resorts on The Strip with more amenities. Casinos obviously rely on guests staying on-site for a chance to win some back.

Remember, Las Vegas was built on miracles. We hope that’s what the future holds for Lucky Dragon.

We were rooting for Lucky Dragon, but haven’t visited in some time, despite the great rooms (we were quoted a rate of $45 for early February), welcoming casino and top-notch (although limited) cuisine.

We’ve heard Lucky Dragon would need at least $90 million from a buyer to cover its first and second (EB-5) tier investors.

It’s unknown what’s next for Lucky Dragon, but here’s hoping employees find other options as the resort tries to change its luck.