MrCasinoGames
MrCasinoGames
Joined: Sep 13, 2010
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Gialmere
April 23rd, 2019 at 8:53:27 AM permalink
Failed Las Vegas Lucky Dragon sold for USD 36M. http://bit.ly/2UzHsXw

* The shuttered off-Strip resort has been acquired by the owner of a construction-equipment firm, who plans to re-open it as a nongaming hotel, with the former casino building turned into a conference and convention space... http://bit.ly/2UzHsXw
Stephen Au-Yeung (Legend of New Table Games®) NewTableGames.com
TigerWu
TigerWu
Joined: May 23, 2016
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April 23rd, 2019 at 8:58:39 AM permalink
Interesting.... I feel like the Lucky Dragon was too far away from everything else to be competitive as a casino, but as just a hotel and convention center, it's still close enough to everything to appeal to people who don't want to be in the thick of everything.
MaxPen
MaxPen
Joined: Feb 4, 2015
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April 23rd, 2019 at 9:04:25 AM permalink
Most likely acquired as a real estate investment until Resorts World has completed their property. I wonder if the casino license will be maintained. I imagine it will.
TigerWu
TigerWu
Joined: May 23, 2016
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kgb92
April 23rd, 2019 at 10:06:41 AM permalink
Is it just me or does $36 million seem really cheap? It's a fraction of what it cost to build just a couple years ago... Were they that desperate to sell?
FleaStiff
FleaStiff
Joined: Oct 19, 2009
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April 23rd, 2019 at 10:24:46 AM permalink
I thought only the real estate was for sale,, no gaming license.
rdw4potus
rdw4potus
Joined: Mar 11, 2010
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April 23rd, 2019 at 10:32:13 AM permalink
Quote: TigerWu

Is it just me or does $36 million seem really cheap? It's a fraction of what it cost to build just a couple years ago... Were they that desperate to sell?



Weren't they bankrupt? If so, I think they're compelled to take the highest bid, no matter how bad it is - the creditors require it to maximize the payments out to them.
"So as the clock ticked and the day passed, opportunity met preparation, and luck happened." - Maurice Clarett
Ayecarumba
Ayecarumba
Joined: Nov 17, 2009
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April 23rd, 2019 at 10:37:35 AM permalink
Quote: MrCasinoGames

Failed Las Vegas Lucky Dragon sold for USD 36M. http://bit.ly/2UzHsXw

* The shuttered off-Strip resort has been acquired by the owner of a construction-equipment firm, who plans to re-open it as a nongaming hotel, with the former casino building turned into a conference and convention space... http://bit.ly/2UzHsXw



Does the Strip need more conference and convention space? I can imagine the casino building being re-purposed as a big nightclub. It's about the right size. Parking in their structure was pretty tight though.
Simplicity is the ultimate sophistication - Leonardo da Vinci
FleaStiff
FleaStiff
Joined: Oct 19, 2009
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April 23rd, 2019 at 11:18:19 AM permalink
Quote: rdw4potus

Weren't they bankrupt? If so, I think they're compelled to take the highest bid, no matter how bad it is - the creditors require it to maximize the payments out to them.

Bankruptcy trustee forced bidders to qualify over a year ago, if I recall correctly.
Gialmere
Gialmere
Joined: Nov 26, 2018
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beachbumbabs
April 23rd, 2019 at 8:06:33 PM permalink
If anyone is interested, this somewhat lengthy video tells the whole sad story.

Have you tried 22 tonight? I said 22.
djatc
djatc
Joined: Jan 15, 2013
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MaxPenbeachbumbabstringlomane
April 23rd, 2019 at 10:24:53 PM permalink
TLDW: Orange chicken not available at the restaurant
"Man Babes" #AxelFabulous

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