The off-Las Vegas Strip Lucky Dragon Hotel-Casino, which opened less than two years ago but closed after a wave of financial trouble, will auctioned off on Oct. 30.
The property, which includes a 203-room hotel and 27,500-square-foot casino on 2.5 acres, was geared toward an Asian customer, also offering high-end trappings and expensive food offerings. The property cost more than $160 million to complete.
However, it quickly ran into a wave of financial difficulties and the ownership filed for bankruptcy. The casino and restaurants were closed earlier this year and the hotel was shut down in last month and the site was fenced off.
Michael Parks of CBRE said the auction is the correct path for the two-year-old property.
“For the right visionary and owner, this site and amenity-rich property represents an excellent opportunity to own a first-rate Las Vegas hospitality property distinctly situated between the blossoming north end of the Strip and the gateway to Downtown Las Vegas,” Parks said.
Parks said the North Strip area includes ongoing development of Resorts World Las Vegas; the potential redevelopment of The Drew – formerly known as Fontainbleau – a recently announced $100 million reinvestment in SLS Las Vegas, and the $1.4 billion expansion and development of the Las Vegas Convention Center District on the site of demolished Riviera.
