Trump ‘Gold Card’ Could Replace Visa Program That Built Failed Lucky Dragon, SLS Las Vegas Casinos

Posted on: April 6, 2025, 11:05h. 

Last updated on: April 6, 2025, 11:06h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.
  • President Donald Trump unveiled a physical Gold Card
  • The Gold Card requires a $5 million investment from eligible foreigners
  • In exchange, investors gain a pathway to permanent residency

President Donald Trump’s so-called “Gold Card,” should the billionaire get his way, is set to replace the visa program that helped build many hotels nationwide, including two casino resorts in Las Vegas.

Trump Gold Card Las Vegas casinos
President Donald Trump shows off his Gold Card aboard Air Force One on Thursday, April 3, 2025. The Gold Card could replace the EB-5 visa program that helped build two Las Vegas casinos. (Image: New York Post)

Last Thursday aboard Air Force One, the former casino owner showed off his new revenue-generating immigration scheme called the Gold Card. Trump first announced the path to citizenship investment program in February and referenced the planned initiative during his Joint Address to Congress in early March.

For $5 million, this could be yours,” Trump told reporters while showing off the flashy gold pocket-sized card emblazed with his face. “Anybody want one?”

Trump’s Gold Card agenda allows eligible immigrant investors to become permanent residents — informally known as “green card” holders — by investing a minimum of $5 million in a new commercial enterprise.

“Wealthy people will be coming into our country by buying this card,” Trump continued. “They’ll be wealthy, and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people. We think it’s going to be extremely successful.”

EB-5 Funded Las Vegas Casinos

Trump wants his Gold Card to replace the Employment-Based (Fifth Preference), or EB-5, visa arrangement. EB-5 has been active since 1990 when Congress passed the Immigration Act.

EB-5 requires qualified foreigners to invest $1,050,000 into a commercial enterprise, or $800,000 in a Targeted Employment Area (TEA) as deemed by the federal government. TEAs include three categories — infrastructure projects, projects in high-unemployment areas, and rural projects.

EB-5 was responsible for the Lucky Dragon, an off-Strip casino hotel that targeted high-roller Asian travelers visiting Las Vegas.

Real estate developer Andrew Fonfa used the EB-5 program to bankroll the $165 million project located just off S. Las Vegas Blvd. at Sahara Ave. When Fonfa announced the project in 2012, EB-5 required a minimum investment of $500,000. Fonfa attracted nearly 180 foreigners.

While the Lucky Dragon provided permanent residency for those investors, most lost the bulk of their funds after the enterprise went belly up. The casino and its 203 hotel rooms failed nearly from the start. The property opened in December 2016. Its 40,000-square-foot casino closed in January 2018, and the hotel winded down that October.

Fonfa faced lawsuits from EB-5 investors who wanted their money back. Fonfa died in July 2020 of a heart attack at the age of 68.

The Lucky Dragon was sold to local businessman Dan Ahern in April 2019 for just $36 million. It’s since reopened as the non-gaming Ahern Las Vegas Hotel.

Ahern’s neighbor across S. Las Vegas Blvd. — Sahara — also benefited from EB-5. After Sam Nazarian’s SBE Entertainment and Stockbridge Real Estate bought the casino resort on the Strip’s northern end in 2007, they raised almost $400 million through EB-5 to convert the destination into SLS.

SLS, like Lucky Dragon, was also a failure. EB-5 investors in that project brought lawsuits against the development team, too. SLS was eventually converted back to Sahara in 2019. 

Foreign Investments Beneficial for US Developers 

EB-5 and other foreign investor green card schemes like it are often considered win-win for developers and investors. While the foreigners gain investments and a pathway to residency, U.S.-based developers raise funds without appealing to banks and paying interest.

With the global economy unsettled due to Trump’s worldwide tariffs, the Gold Card could become a critical real estate tool for developers in the near term.