{"id":14228,"date":"2016-05-12T00:15:08","date_gmt":"2016-05-12T07:15:08","guid":{"rendered":"https:\/\/www.casino.org\/vitalvegas\/?p=14228"},"modified":"2020-12-03T04:13:55","modified_gmt":"2020-12-03T12:13:55","slug":"lucky-dragon-on-track-after-finding-55-million-under-couch-cushion","status":"publish","type":"post","link":"https:\/\/www.casino.org\/vitalvegas\/lucky-dragon-on-track-after-finding-55-million-under-couch-cushion\/","title":{"rendered":"Lucky Dragon Back on Track After Finding $55 Million Under Couch Cushion"},"content":{"rendered":"\n

Backers of the beleaguered Lucky Dragon resort have stunned their detractors by announcing the project is fully funded, a result of discovering $55 million under a couch cushion.<\/p>\n

The resort’s principals conveyed through a news release<\/a>, “Lucky Dragon is on track to be completed on schedule in late 2016, assuming our construction company is comfortable accepting lots and lots of coins.”<\/p>\n

\"Lucky
Lucky Dragon was originally going to be a boutique lesbian and gay resort, the Q. We are not making this up.<\/figcaption><\/figure>\n

The announcement of Lucky Dragon being fully funded came as a shock to many observers given the resort’s rocky financial history.<\/p>\n

In February 2016, construction halted<\/a> on the partially-completed hotel-casino due to a lack of funding.<\/p>\n

Prior to that, developers went before the City of Las Vegas to ask for $25 million in subsidies, referred to as “tax increment financing” or TIF assistance. Their pleas were rejected<\/a>, putting the kibosh on an additional $30 million in bank funding.<\/p>\n

\"Lucky
The Lucky Dragon site on May 8, 2016. Lucky Dragon is using yellow insulation materials because unlike in American culture, where yellow is associated with cowardice, in Chinese culture, yellow symbolizes heroism.<\/figcaption><\/figure>\n

Now, Lucky Dragon’s financial woes appear to be in the past with the miraculous discovery of $55 million.<\/p>\n

“We became concerned when Asian financing activity dried up,” said real estate developer Andrew Fonfa. “We tried a number of fundraising avenues, including busking on Fremont Street. But the new performance circle ordinance has made it nearly impossible to finance a Las Vegas resort. Luckily, our thong investment was minimal, so it did not have a significant fiscal impact.”<\/p>\n

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