{"id":20844,"date":"2018-10-30T23:54:59","date_gmt":"2018-10-31T06:54:59","guid":{"rendered":"https:\/\/www.casino.org\/vitalvegas\/?p=20844"},"modified":"2018-11-01T09:37:26","modified_gmt":"2018-11-01T16:37:26","slug":"lucky-dragon-gets-zero-bids-at-bankruptcy-auction","status":"publish","type":"post","link":"https:\/\/www.casino.org\/vitalvegas\/lucky-dragon-gets-zero-bids-at-bankruptcy-auction\/","title":{"rendered":"Lucky Dragon Gets Zero Bids at Bankruptcy Auction"},"content":{"rendered":"\n

An auction for the Asian-themed Lucky Dragon resulted in zero bids, so it will go to the failed casino’s primary lender, Snow Covered Capital.<\/p>\n

The auction on Oct. 30, 2018, had a healthy turnout at the offices of Nevada Legal News in downtown Las Vegas. In fact, the auction was so well-attended, it had to be held in the building’s parking lot.<\/p>\n

\"Lucky
Shout-out to all the Toastmasters who know that’s a lectern and not a podium!<\/figcaption><\/figure>\n

Unfortunately for everyone involved, nobody in the crowd was willing to meet or beat Snow Covered Capital’s $35 million minimum bid, so the company will take ownership of the shuttered Lucky Dragon.<\/p>\n

Not only did Snow Covered Capital not get the $55 million it needed to recoup its loan, many others are losing their shorts in the Lucky Dragon saga as well.<\/p>\n

There’s a second tier of lenders who are likely to never see a dollar, as well as innumerable craftspeople who have yet to be paid for their work on the ill-fated hotel-casino.<\/p>\n

\"Lucky
Lucky Dragon may not have been a success, but nobody can say it wasn’t pretty.<\/figcaption><\/figure>\n

The bankruptcy of Lucky Dragon will be especially brutal for the 179 foreign investors who sunk a total of $89 million into the project. Those investors were promised green cards as part of the
\nfederal EB-5 program, and are now what industry experts call “S.O.L.”<\/p>\n

We’ve heard a class action lawsuit may be in the making.<\/p>\n

Read more<\/a> about how foreign investors got snookered.<\/p>\n

So, what’s next for Lucky Dragon?<\/p>\n

While Snow Covered Capital probably would’ve preferred a magical offer of $55 million falling into its lap, having the casino in its possession now means it can pursue a buyer unfettered by the pressures and time constraints of bankruptcy and foreclosure proceedings.<\/p>\n

It’s unknown what kind of business could make a go of Lucky Dragon, or whatever it becomes next.<\/p>\n

\"Lucky
Lucky Dragon was one of our favorite Las Vegas casinos we almost never visited.<\/figcaption><\/figure>\n

More development on the north end of The Strip would certainly make Lucky Dragon more appealing to a potential operator.<\/p>\n

We’d love to see a new casino concept, preferably one that serves budget-conscious visitors. A boutique hotel-casino along the lines of Ellis Island could target an under-served customer
\nlooking for a place to stay and play and gamble without being nickel-and-dimed.<\/p>\n

In fact, now would be the perfect time for an enterprising operator to establish a casino-hotel built from the ground up to take advantage of growing frustrations about paid parking, resort fees and other irksome practices which have become common in Las Vegas.<\/p>\n

Here’s the strategy, enterprising operator:<\/p>\n

Swear we’ll never pay for parking, never pay a resort fee or concession fee or venue fee or convenience charge.<\/p>\n

Ensure we’ll always get 3-to-2 on blackjack and one zero on roulette, with 100x odds on craps.<\/p>\n

Pledge to loosen the slots. We don’t mind losing when we gamble, just make it take longer!<\/p>\n

Make the food cheap, quick and a great value.<\/p>\n

Pour the liquor brands we want from the bottle, not the gun, and get rid of machines that tell us  when we’re worthy of a drink. Oh, and give us a damn straw with our cocktail without having to ask for one.<\/p>\n

Give us a “Do Not Disturb” sign rather than one that says “Room Occupied.”<\/p>\n

Let us check in early and check out late.<\/p>\n

And while we’re building a wishlist, bring back moving walkways. We loved those things!<\/p>\n

Build it (or rather, rebrand it) and they will come.<\/p>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"

An auction for the Asian-themed Lucky Dragon resulted in zero bids, so it will go to the failed casino’s primary lender, Snow Covered Capital. The auction on Oct. 30, 2018, had a healthy turnout at the offices of Nevada Legal News in downtown Las Vegas. In fact, the auction was so well-attended, it had to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[23,24,2],"tags":[],"class_list":["post-20844","post","type-post","status-publish","format-standard","hentry","category-vegas","category-las-vegas-casinos","category-lasvegashotels"],"acf":[],"yoast_head":"\nLucky Dragon Gets Zero Bids at Bankruptcy Auction<\/title>\n<meta name=\"description\" content=\"An auction for Lucky Dragon resulted in zero bids, so it will go to the failed casino's primary lender, Snow Covered Capital.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lucky Dragon Gets Zero Bids at Bankruptcy Auction\" \/>\n<meta property=\"og:description\" content=\"An auction for Lucky Dragon resulted in zero bids, so it will go to the failed casino's primary lender, Snow Covered Capital.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/vitalvegas\/lucky-dragon-gets-zero-bids-at-bankruptcy-auction\/\" \/>\n<meta property=\"og:site_name\" content=\"Vital Vegas\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/VitalLasVegas\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-31T06:54:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-11-01T16:37:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/vitalvegas\/wp-content\/uploads\/2016\/11\/lucky_dragon_las_vegas3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Roeben\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@vitalvegas\" \/>\n<meta name=\"twitter:site\" content=\"@vitalvegas\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Scott Roeben\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Lucky Dragon Gets Zero Bids at Bankruptcy Auction","description":"An auction for Lucky Dragon resulted in zero bids, so it will go to the failed casino's primary lender, Snow Covered Capital.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Lucky Dragon Gets Zero Bids at Bankruptcy Auction","og_description":"An auction for Lucky Dragon resulted in zero bids, so it will go to the failed casino's primary lender, Snow Covered Capital.","og_url":"https:\/\/www.casino.org\/vitalvegas\/lucky-dragon-gets-zero-bids-at-bankruptcy-auction\/","og_site_name":"Vital Vegas","article_publisher":"https:\/\/www.facebook.com\/VitalLasVegas","article_published_time":"2018-10-31T06:54:59+00:00","article_modified_time":"2018-11-01T16:37:26+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/www.casino.org\/vitalvegas\/wp-content\/uploads\/2016\/11\/lucky_dragon_las_vegas3.jpg","type":"image\/jpeg"}],"author":"Scott Roeben","twitter_card":"summary_large_image","twitter_creator":"@vitalvegas","twitter_site":"@vitalvegas","twitter_misc":{"Written by":"Scott Roeben","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.casino.org\/vitalvegas\/lucky-dragon-gets-zero-bids-at-bankruptcy-auction\/#article","isPartOf":{"@id":"https:\/\/www.casino.org\/vitalvegas\/lucky-dragon-gets-zero-bids-at-bankruptcy-auction\/"},"author":{"name":"Scott Roeben","@id":"https:\/\/www.casino.org\/vitalvegas\/#\/schema\/person\/c4d18a46e6ee47e7841b986c288f333e"},"headline":"Lucky Dragon Gets Zero Bids at Bankruptcy Auction","datePublished":"2018-10-31T06:54:59+00:00","dateModified":"2018-11-01T16:37:26+00:00","mainEntityOfPage":{"@id":"https:\/\/www.casino.org\/vitalvegas\/lucky-dragon-gets-zero-bids-at-bankruptcy-auction\/"},"wordCount":631,"commentCount":20,"publisher":{"@id":"https:\/\/www.casino.org\/vitalvegas\/#organization"},"image":{"@id":"https:\/\/www.casino.org\/vitalvegas\/lucky-dragon-gets-zero-bids-at-bankruptcy-auction\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/vitalvegas\/wp-content\/uploads\/2018\/10\/lucky_dragon_auction1.jpg","articleSection":["Las Vegas","Las Vegas Casinos","Las Vegas Hotels"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.casino.org\/vitalvegas\/lucky-dragon-gets-zero-bids-at-bankruptcy-auction\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.casino.org\/vitalvegas\/lucky-dragon-gets-zero-bids-at-bankruptcy-auction\/","url":"https:\/\/www.casino.org\/vitalvegas\/lucky-dragon-gets-zero-bids-at-bankruptcy-auction\/","name":"Lucky Dragon Gets Zero Bids at Bankruptcy Auction","isPartOf":{"@id":"https:\/\/www.casino.org\/vitalvegas\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/vitalvegas\/lucky-dragon-gets-zero-bids-at-bankruptcy-auction\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/vitalvegas\/lucky-dragon-gets-zero-bids-at-bankruptcy-auction\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/vitalvegas\/wp-content\/uploads\/2018\/10\/lucky_dragon_auction1.jpg","datePublished":"2018-10-31T06:54:59+00:00","dateModified":"2018-11-01T16:37:26+00:00","description":"An auction for Lucky Dragon resulted in zero bids, so it will go to the failed casino's primary lender, Snow Covered Capital.","breadcrumb":{"@id":"https:\/\/www.casino.org\/vitalvegas\/lucky-dragon-gets-zero-bids-at-bankruptcy-auction\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/vitalvegas\/lucky-dragon-gets-zero-bids-at-bankruptcy-auction\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/vitalvegas\/lucky-dragon-gets-zero-bids-at-bankruptcy-auction\/#primaryimage","url":"https:\/\/www.casino.org\/vitalvegas\/wp-content\/uploads\/2018\/10\/lucky_dragon_auction1.jpg","contentUrl":"https:\/\/www.casino.org\/vitalvegas\/wp-content\/uploads\/2018\/10\/lucky_dragon_auction1.jpg","width":800,"height":533,"caption":"Shout-out to all the Toastmasters who know that's a lectern and not a podium!"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/vitalvegas\/lucky-dragon-gets-zero-bids-at-bankruptcy-auction\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.casino.org\/vitalvegas\/"},{"@type":"ListItem","position":2,"name":"Las Vegas","item":"https:\/\/www.casino.org\/vitalvegas\/vegas\/"},{"@type":"ListItem","position":3,"name":"Lucky Dragon Gets Zero Bids at Bankruptcy Auction"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/vitalvegas\/#website","url":"https:\/\/www.casino.org\/vitalvegas\/","name":"Vital Vegas","description":"Essential Las Vegas News, Tips, Deals and WTF.","publisher":{"@id":"https:\/\/www.casino.org\/vitalvegas\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/vitalvegas\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.casino.org\/vitalvegas\/#organization","name":"Vital Vegas","url":"https:\/\/www.casino.org\/vitalvegas\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/vitalvegas\/#\/schema\/logo\/image\/","url":"https:\/\/www.casino.org\/vitalvegas\/wp-content\/uploads\/2016\/10\/vital_vegas_logo.jpg","contentUrl":"https:\/\/www.casino.org\/vitalvegas\/wp-content\/uploads\/2016\/10\/vital_vegas_logo.jpg","width":800,"height":533,"caption":"Vital Vegas"},"image":{"@id":"https:\/\/www.casino.org\/vitalvegas\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/VitalLasVegas","https:\/\/x.com\/vitalvegas"]},{"@type":"Person","@id":"https:\/\/www.casino.org\/vitalvegas\/#\/schema\/person\/c4d18a46e6ee47e7841b986c288f333e","name":"Scott Roeben","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/vitalvegas\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/vitalvegas\/wp-content\/uploads\/2021\/07\/author-logo-lg-96x96.png","contentUrl":"https:\/\/www.casino.org\/vitalvegas\/wp-content\/uploads\/2021\/07\/author-logo-lg-96x96.png","caption":"Scott Roeben"}}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/vitalvegas\/wp-json\/wp\/v2\/posts\/20844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.casino.org\/vitalvegas\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/vitalvegas\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/vitalvegas\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/vitalvegas\/wp-json\/wp\/v2\/comments?post=20844"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/vitalvegas\/wp-json\/wp\/v2\/posts\/20844\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/vitalvegas\/wp-json\/wp\/v2\/media?parent=20844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/vitalvegas\/wp-json\/wp\/v2\/categories?post=20844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/vitalvegas\/wp-json\/wp\/v2\/tags?post=20844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}