The Lucky Dragon is Not So Lucky – Bailout Denied
What started as something we looked forward to is now facing the same obstacles, (let’s call those obstacles “poor financial planning”) as other started-but-not-completed projects on the North Strip. If you haven’t already heard, a couple of weeks back, The Lucky Dragon folks asked the City of Las Vegas for money to finish construction. The Lucky Dragon was hoping that Las Vegas’ Redevelopment Agency would fund the casino’s completion. The City Counsel said no. Rightly so as they have not invested in strip casinos in many years.
Long story short, it looks for now that the North Strip might be the home of yet another unfinished property.
For more on this, see this story from Vegas Inc., and the pleading-yet-tongue-in-cheek story on Vital Vegas.
Resorts World, we’re looking at you.
Sing along at with us folks! “Luck, be a bail-out, toNIGHT!” *cues the brass section*
[Images: Greg C]
Michael Movestro founded Vegas Bright to continue the tradition when Vegas Chatter cashed out. Michael pays the bills, maintains the site, writes articles, hosts VBN – Vegas Bright Newscast.
4 thoughts on “The Lucky Dragon is Not So Lucky – Bailout Denied”
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I don’t understand why Las Vegas doesn’t require these developers to purchase a performance bond before approving the project! If they did, they wouldn’t have half built structures on the strip.
this is bummer. so much needs to be done on that end.
That Vegas Inc. article is from a couple of weeks ago. Another site reported yesterday that construction started up again and as of this week continues- they’re actually working on the steel framing for the casino and have reached the second-floor roof. Who knows if this will continue?
This dog is dead and will sit as is for decades. In one of the least brilliant marketing moves in history CEO Fonfa explained that they should be granted TIF funds as he described the location of his property. “It’s a very challenging area, with decades of decay and blight and crime-ridden in the city” said Fonfa. I cannot imagine anyone with more than a room temperature IQ ever investing in it (much less staying there). And when I say room temp IQ I’m speaking of a single wide, no heater, Fargo ND in December.