Interest on Lucky Dragon hotel & casino rises

According to developer Andrew Fonfa, there has been plenty of interest in the property after bankruptcy was filed in April.

US.- The Lucky Dragon hotel & casino opened in 2016 but didn’t accomplish the results it expected and the company was forced to file for bankruptcy on April 11th. However, developer Andrew Fonfa said there’s already been plenty of interest in the property as he has been talking about a sale with investment groups.

Mr. Fonfa suggested the buyers could be Chinese as he got back from Beijing last week and revealed to the Las Vegas Review-Journal that he may pick a buyer “to move forward with” by the end of June. The executive also suggested that his group may also accept to sign a partnership deal with an investment group, as the owners are aiming to “restructure and reorganise around the sales process.”

The potential sell is planned to take place at a hearing scheduled for July 20th, when qualified bidders would have to submit a deposit worth US$2.5 million and a business plan, among several other requirements. According to Innovation Capital founding partner Matt Sodl, there’s “good interest” in the property but he refused to disclose what the hotel’s opening bid might be and whether Las Vegas operators are among the interested companies.