What Happened to the Lucky Dragon Casino?

The Lucky Dragon Casino was a casino and hotel located on the Las Vegas Strip in Paradise, Nevada. The casino closed permanently on January 4, 2018.

The Lucky Dragon was the first new casino and hotel to be built from the ground up since the recession of 2008, and was designed to appeal to Chinese tourists. The property was intended to feature an Asian theme, including a pagoda-like roof, dragon chandeliers, and an expansive health spa.

The hotel had 203 rooms, and the casino featured table games and slot machines.

The Lucky Dragon struggled from the beginning. It opened in December 2016, just as the Strip was beginning to rebound from a three-year slump caused by the Great Recession.

But visitation to Las Vegas was still down from pre-recession levels, and the Lucky Dragon’s location at the northern end of the Strip made it a less convenient destination for tourists. In addition, the Chinese economy had begun to cool off in 2016, leading to fewer Chinese visitors to Las Vegas.

The Lucky Dragon’s problems were compounded by its decision to cater exclusively to Chinese tourists. The property did not have a liquor license, and therefore could not serve alcohol on its casino floor or in its restaurants.

This made it difficult for the Lucky Dragon to compete with other casinos on the Strip that were able to offer a full range of gambling and entertainment options to their guests.

The Lucky Dragon also ran into trouble with its lenders. In March 2017, just three months after it opened, the casino defaulted on its loans and was taken over by a group of investment firms led by Snow Covered Capital. The new owners quickly began making changes at the property in an effort to turn things around.

They obtained a liquor license and began serving alcohol on the casino floor and in its restaurants. They also added more traditional casino games such as blackjack and roulette, and began offering discounts and promotions to lure guests back to the property.

Despite these efforts, the Lucky Dragon was unable to generate enough revenue to cover its costs, and it ceased operations in January 2018. The property was sold at auction in February 2018 for $36 million – less than half of what it cost to build just two years earlier.