Failing Lucky Dragon Casino Sold for $36 Million
Recently updated on April 25th, 2019
Lucky Dragon Casino Short-Changed on Fortune
During development, developer Andrew Fonfa asked for $25 million in subsidies from the city. However, the Las Vegas City Council denied his request, because it was ‘unheard of’ for public money to be used to prop up casino development. Also, Mr Fonfa claimed that he had roughly $89.5 million from Chinese families in search of American citizenship. Back then, foreigners who invested more than $500 000 into US businesses could qualify for green cards.
When the city denied help, Mr Fonfa turned to Snow Cover Capital for a $50 million loan. Last January, he had to shutter the casino and restaurants while facing foreclosure from Snow. He claimed that the Lucky Dragon was worth $143 million. Sadly, this was not the case for the final selling price. Later in 2018, the Lucky Dragon was also offered at auction, but got no bids.
Hopefully, the new owner will have better luck than Mr Fonfa. Keep visiting Best USA Casino Sites for the latest casino news!