The not so lucky Lucky Dragon Hotel & Casino in Las Vegas is facing foreclosure just 15 months after its much-heralded launch.
On Wednesday, the Las Vegas Review-Journal reported that the Lucky Dragon will endure the indignity of a foreclosure auction on February 6. Clark County records indicate that the official foreclosure notice was filed last week.
The property was hit with a default notice last September on a $90m loan the property’s developer Andrew Fonfa took out in spring 2016. The loan appears to have been something of a company secret, contradicting Fonfa’s original claims that the first from-the-ground-up casino project in Las Vegas since the similarly ill-fated Cosmopolitan in 2010 was “fully financed.”
The Lucky Dragon announced earlier this month that it was “temporarily” closing its gaming floor and restaurants as the property underwent a “process of repositioning.” The Asian-themed casino’s official Twitter account claimed the shuttered amenities would likely re-open “within six months.”