In the market for a Chinese-themed resort? Lucky Dragon, which closed its restaurants and casino earlier this month, heads into foreclosure after just over a year in business. The resort received a default notice in September for a $90 million loan and goes on the auction block on Feb. 6, according to the Las Vegas Review-Journal.
The first resort built from the ground up since Cosmopolitan in 2010 allegedly owes millions to its lead building contractor, while staff was laid off.
The resort’s developer, Andrew Fonfa, borrowed $90 million to complete construction on the 2.5-acre resort that features a nine-story hotel and a 27,500-square-foot casino as well as Dragon’s Alley, the night market at the resort, Pearl Ocean with its dim sum menu for lunch and dinner, Phoenix with a focus on modern Chinese fare, and Bao Now with its casual dishes. Fonfa, who also owns neighboring Allure residential building, also used the EB-5 foreign investor program that promises green cards for investors to finance the project.
Lucky Dragon opened in December 2016.
• Your Massive Guide to Lucky Dragon [ELV]
• All Coverage of Lucky Dragon [ELV]