Lucky Dragon Heads to the Auction Block | Eater Vegas

"Opened in December 2016, the resort Lucky Dragon closed its restaurants and casino earlier this month and has entered foreclosure after just over a year in business: it received a default notice in September on a $90 million loan and is scheduled to go on the auction block on Feb. 6, according to the Las Vegas Review-Journal. I note that the first resort built from the ground up since the Cosmopolitan in 2010 sits on 2.5 acres and was finished with a $90 million completion loan from developer Andrew Fonfa; the property features a nine-story hotel and a 27,500-square-foot casino. Reports say the project allegedly owes millions to its lead building contractor, staff have been laid off, and Fonfa used the EB-5 foreign investor program to help finance the development (he also owns the neighboring Allure residential building)." - Susan Stapleton