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Shuttered Las Vegas Casino Seeks Cash Bids In Oct. 30 Auction

Lucky Dragon Casino-Hotel To Find New Owner

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The failed Lucky Dragon Hotel & Casino heads to the auction block later this month.

The Sahara Ave. casino will be sold to the highest cash bidder on Oct. 30, according to a press release. The casino, which focused on baccarat players, was built less than two years ago. It struggled right out of the gate, which was a buzzkill for Sin City considering it was the first casino built from the ground up since the Great Recession.

More than $160 million was spent to build the property, which is equipped with 203 hotel rooms and 27,500 square feet of gaming floor space.

“Today, the property comes to market free of all encumbrances and offers clear title to its new owner,” said a press release.

“For the right visionary and owner, this site and amenity-rich property represents an excellent opportunity to own a first-rate Las Vegas hospitality property distinctly situated between the blossoming north end of the Strip and the gateway to Downtown Las Vegas," said Michael Parks, Senior Vice President of the real estate services and investment firm CBRE Group, Inc.

Other projects under development in the area include the long mothballed Resorts World Las Vegas and a $100 million reinvestment in the SLS casino.

The Oct. 30 auction will take place at Nevada Legal News, 930 So. Fourth St. in Las Vegas. Bidders can pay in cash or in the form of a check, said the press release.

 
 
Tags: Lucky Dragon,   Las Vegas,   Nevada,   Auction