Foreclosed Lucky Dragon casino hotel bought for $36M

Sothys Spa at Lucky Dragon launches with SpaSoft         
The Lucky Dragon Hotel and Casino in Las Vegas changed hands for $36 million. Photo credit: Lucky Dragon Hotel and Casino

Snow Covered Capital has sold the closed Lucky Dragon Hotel and Casino in Las Vegas for $36 million, according to CasinoNewsDaily. The San Francisco developer sealed the deal with Don Ahern, the chairman of the board and CEO of construction equipment company Ahern Rentals.

SCC, the resort’s main lender, gained ownership of the property after setting the opening bid at $35 million and receiving no bids at a foreclosure auction last October, said the Las Vegas Sun. Ahern told CasinoNewsDaily he plans to reopen the property under a different name and as a nongambling hotel, with the casino building to be converted to a conference and convention facility.

The nine-story Lucky Dragon opened in December 2016 and featured 203 rooms, 27,500 square feet of casino space, five restaurants and a spa. At the time, it was the first new-build casino in Las Vegas in six years.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Suggested Articles

The transaction adds seven properties and more than 600 keys to Aimbridge Hospitality’s portfolio.

The hotel real estate market is very different from what it was a year ago. Today, the best path is forward.

As civil unrest continues, hotels are cutting rates to attract guests—and investors are getting deals, too.