Lucky Dragon closes casino
Food was mediocrely priced. I have to pay for all of my family's food on a trip, so I try to keep it under 25$/day/pp. (My own are usually way lower. Hello thar, 1$ Spicy McChicken.)
Games? Nobody I travel with plays bacc. And the rest of it... Eh.
Offers? Site lacked meaningful info, and with minimal BJ, there was no point for me to stick around for further investigation. Which meant there might be something good in there, but I doubt it.
The staff all looked like they didn't care (or, as my mother put it, like they owned the place, and not in a good way).
It's kind of annoying to get to, and annoying to navigate.
About all I can say is that the decor was pretty solid, and I remember being impressed by their flooring.
"annoying to navigate"? What is there to navigate? Navigating Caesars Palace is a pain in the ass.
Sure, CP is a giant maze, but it's one where I've already suffered enough to figure out the shortcuts. And I have the consolation of being able to cheapskate my way to a passable meal at either Harrah's or Flamingo's DL.
Quote: speedycrapWhen they have craps,give me a call.
They had a “Shoot To Win” bubble craps machine. I was there on a Saturday afternoon last spring, and it was pretty dead. The table minimums on the floor were 15 when they should have been 5. There’s no chance for walk in traffic due to the lack of casino properties around them. I wonder if they even talked to the owners of “The Golden Steer” next door about a cross promotion?
There’s a VIP room on the second floor, but I didn’t bother to peek inside.
Not all Asians are alike, and it seems many of the comments are casting a narrow stereotype on a wide group with many variations. Most of the cultural issues are with Chinese nationals. However, folks from Singapore, Korea, Japan or American born progeny are different. Check out “The California” hotel downtown for a different experience with “Asians”
Quote: AyecarumbaThey had a “Shoot To Win” bubble craps machine. I was there on a Saturday afternoon last spring, and it was pretty dead. The table minimums on the floor were 15 when they should have been 5. There’s no chance for walk in traffic due to the lack of casino properties around them. I wonder if they even talked to the owners of “The Golden Steer” next door about a cross promotion?
There’s a VIP room on the second floor, but I didn’t bother to peek inside.
Not all Asians are alike, and it seems many of the comments are casting a narrow stereotype on a wide group with many variations. Most of the cultural issues are with Chinese nationals. However, folks from Singapore, Korea, Japan or American born progeny are different. Check out “The California” hotel downtown for a different experience with “Asians”
Absolutely! Japanese at el are normal compared to them.
Alcoholic Beverage Control ??Quote: VenthusI'm an ABC .
Quote: FleaStiffAlcoholic Beverage Control ??
I think it means "American-born Chinese." (I had to look that one up - at first glance, I would have said something like "Asian But (not) Chinese.")
Quote: VenthusI'm an ABC
Quote: FleaStiffAlcoholic Beverage Control ??
I am not familiar with the abbreviation, but I don't think Venthus has ever been shy/secretive around here regarding his ethnicity. He proudly posed for the third photo in the first post of this thread, from a gathering three years ago. He may have joined us for other WoV gatherings, but this was the only photo I could come up with.Quote: ThatDonGuyI think it means "American-born Chinese." (I had to look that one up - at first glance, I would have said something like "Asian But (not) Chinese.")
As for my only personal experience at the Lucky Dragon, I described that in a long rambling post here.
Other than overbearing security, the only problem I saw was the location, as everybody has noted. I don't think it ever attracted big players. They seemed to book a lot of hotel rooms to Chinese tour groups but it seemed to me those tourists just wandered the casino and didn't play,. Contrary to the stereotype, not all Chinese are gamblers.
Right from the start it was being run to drive the casino into red ink and keep it there.
Investors thought they were getting a green card and a business instead they just got their greencards.
Quote: FleaStiffInvestors thought they were getting a green card and a business instead they just got their greencards.
Did they? I can't find anything online that says they qualify for their green cards after a year.
so they could have bought the green cards for$500k directly from the usa govt.Quote: FleaStiffUsing the bankruptcy court to shed investors...
Right from the start it was being run to drive the casino into red ink and keep it there.
Investors thought they were getting a green card and a business instead they just got their greencards.
Sounds like the architect of this scheme made out like a bandit
During those two years, they can apply for I-829 which removes the conditions and establishes permanent residency... ideally, while at least ten jobs have been created. I did some quick prodding, and it seems that the processing time for I-829 is like 14 months right now, so if they filed for the removal of conditions immediately, they may have squeaked through, but anything filed later... nope.
Also, does that area actually classify as high unemployment/at-risk/etc.? Because if it isn't, then it's actually 1m per person, not 500k. Not that it changes how much the 'winners' in this arrangement get, but it does make the gut punch hit all the harder.
It is NOT an auction for furnishings or fixtures of the casino or hotel but a foreclosure on the unpaid construction loan provided by some shadowy entities. High bidder takes the land, the hotel, the casino and everything inside them but can not operate a casino without a casino license and all key personnel being licensed. Winning bidder at auction still has to be approved by the bankruptcy court and winning bidder will take subject to existing security interests on furnishings.Quote: WizardThe Lucky Dragon auction has been postponed until Feb 22. Does anyone know if it is a single auction for the whole casino or if they will auction stuff inside item by item?
Rumors of Feb 22 auction to be opened, suspended and reconvened at geographically inconvenient place are just that: rumors. Won't happen in such a closely watched proceeding.
Quote: FleaStiffIt is NOT an auction for furnishings or fixtures of the casino or hotel but a foreclosure on the unpaid construction loan provided by some shadowy entities....
Thanks. Out of curiosity, why is this casino going to auction so quickly? Why isn't doesn't it sit idle for years like the Fountain Blue or Revel, waiting for a buyer? Not that I'm complaining. I just don't fully understand why some bankruptcies are handled one way and others another.
Quote: WizardThanks. Out of curiosity, why is this casino going to auction so quickly? Why isn't doesn't it sit idle for years like the Fountain Blue or Revel, waiting for a buyer? Not that I'm complaining. I just don't fully understand why some bankruptcies are handled one way and others another.
Just a half assed guess, but I'm thinking the casino doesn't own the land it's built on. Foreclosing on a casino that actually owns the land is different from doing so when the land is leased. I don't think the Dragon can make rent payments to the landlord while not paying its other debts.
Dice and cards are usually sold at gift shop which is still open
Quote: GlenGKeep an eye on Nellis Auctions...They do sell casino stuff from time to time
Keep two eyes on your stuff after you win it. You pay for what was on the table when it sold, not for what is actually still there by the time you pick it up.
Card decks usually get sent to a private contractor who uses prison labor to re-assemble decks, shave an edge off and repackage them for sale in a casino's gift shop. I think its thirty cents an hour for the prisoners. Many casinos plug a die and then sell them in their gift shop but the Venetian to this day grinds their used dice down to smithereens. Casinos in New Mexico actually force their employees to sort and process used card decks and sure as shooting there is no one toking them for those hours.
Casinos that go out of business but are sitting on land they own free and clear often hire that firm that specializes in one day a year operations bringing in trained personnel, fire safety equipment and operating the casino just long enough to keep the license alive while pariahs scramble over the license. Before actual sale all unpaid progressives have to be either awarded or paid to the gaming board's trust fund. By the way, that specialized firm will also supply gamblers even though the law only requires that they be open for business a certain number of hours.
Quote: FleaStiffMany casinos plug a die and then sell them in their gift shop but the Venetian to this day grinds their used dice down to smithereens.
I have about 40 Venetian dice from when I worked there. I didn't know they were not available to the public. Maybe they're worth something.
Quote: WizardI have about 40 Venetian dice from when I worked there. I didn't know they were not available to the public. Maybe they're worth something.
There are 4 or 5 sets on EBay right now from $4 to $20.
Quote: FleaStiffCard decks usually get sent to a private contractor who uses prison labor to re-assemble decks, shave an edge off and repackage them for sale in a casino's gift shop. I think its thirty cents an hour for the prisoners. Many casinos plug a die and then sell them in their gift shop but the Venetian to this day grinds their used dice down to smithereens. Casinos in New Mexico actually force their employees to sort and process used card decks and sure as shooting there is no one toking them for those hours.
Somebody at the Venetian told me once that there was one store there (not the gift shop) that sold Venetian dice, but I was never there when it was open. It seems strange that there wouldn't be Venetian dice, but there is no problem selling Palazzo dice.
But would there be Lucky Dragon dice? Did it have any craps tables, or sic bo? Okay, maybe if they had pai gow tiles...
I’m sure most of the 100 some machines they actually had were all leased
Quote: ThatDonGuySomebody at the Venetian told me once that there was one store there (not the gift shop) that sold Venetian dice, but I was never there when it was open. It seems strange that there wouldn't be Venetian dice, but there is no problem selling Palazzo dice.
There was a very small employee store. It was more like a counter and things they had for sale were behind it. The selection was pretty poor. As I recall, mostly stuff from the hotel rooms that got replaced with newer models. I think I bought an alarm clock for a couple bucks once.
Quote:But would there be Lucky Dragon dice? Did it have any craps tables, or sic bo? Okay, maybe if they had pai gow tiles...
Yes on the pai gow, no on the sic bo, and I'm pretty sure it's a negative on craps.
did they ever make use of the few months of work you did there?Quote: WizardI have about 40 Venetian dice from when I worked there. I didn't know they were not available to the public. Maybe they're worth something.
Or is Venetian not sands corp?
Quote: 100xOddsdid they ever make use of the few months of work you did there?
I analyzed a bunch of games for use at the Marina Bay Sands. However, after that backlog was completed the boss I was directly under simply didn't know what to do with me. His department was already overstaffed and he had trouble keeping everybody busy. It turns out I was just the first casualty. One by one they the whole department got cut down and today it doesn't exist.
https://www.reviewjournal.com/business/casinos-gaming/lucky-dragon-now-in-chapter-11-bankruptcy/
Lucky Dragon developer Andrew Fonfa pushed the off-Strip, Chinese-themed resort into Chapter 11 protection Friday, less than a week before the property’s scheduled foreclosure auction this Thursday, court records show.
Quote: rdw4potusSo they want to restructure and to be able to keep control of the building. Interesting. Are they really crazy enough to try to reopen?
According to the article:
"Management expects to run a “quick” but “thoughtful” auction and believes that a sale through bankruptcy court “is the best opportunity … to preserve and maximize” its value."
This doesn't sound like something that would be said if the current owners were trying to keep the property from being sold.
Sounds more like legal shenanigans to me - what if the scheduled "foreclosure auction" didn't cover the debts?
And speaking of auction, does Thursday's auction happen anyway?
I would tend to doubt it since any bankruptcy filing constitutes an automatic 90 day stay of all state collection actions. Once a petition is filed and the fee is paid, the automatic stay is in effect and their can be no collection efforts, phone calls, foreclosures, etc. without the permission of the bankruptcy court.Quote: ThatDonGuyAnd speaking of auction, does Thursday's auction happen anyway?
Quote: ThatDonGuyAccording to the article:
"Management expects to run a “quick” but “thoughtful” auction and believes that a sale through bankruptcy court “is the best opportunity … to preserve and maximize” its value."
This doesn't sound like something that would be said if the current owners were trying to keep the property from being sold.
Sounds more like legal shenanigans to me - what if the scheduled "foreclosure auction" didn't cover the debts?
And speaking of auction, does Thursday's auction happen anyway?
You can start an auction at a minimum bid.
Quote: wiliA judge approved bid procedures for the resort later that month, and Fonfa was in discussions with various investment groups, including some in Asia. Fonfa expected to choose a group by the end of June 2018, and his group planned to auction the resort on July 20, 2018. Fonfa did not specify if his group planned to sell its entire stake in the resort or simply partner with the other group.
Quote: TigerWuI don't know how this works... are they going to auction off the whole "Lucky Dragon Casino" as a single entity or actually auction off bits and pieces like bed sheets and dice and the physical buildings?
I bought a bar at a bankruptcy auction. At the start of the auction they asked for bids on everything. I was the only one to submit the minimum, which was around $20,000. Phase 2 would have Involved people submitting individual bids on some couple hundred lots.
If the sum of bids in Phase 2 exceeded mine, the individual bids would win. The auctioneer wasn't keen on all the added expenses and offered to forego it for $10,000 more. We settled for about half.
I suspect someone will come up with the Phase 1 number, eliminating the need for a total liquidation.
