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It’s unclear when Station would develop a project or if the company has drawn up plans for one. But its purchase is a wager on a fast-growing area and is a throwback to the pre-recession days , when the company loaded up on future resort sites before Station went bankrupt.
The Lucky Dragon’s main lender foreclosed on the shuttered resort Tuesday, opening a new chapter in the Las Vegas hotel’s short but troubled history.
The off-Strip Lucky Dragon, which opened less than two years ago, has fully shut down and is scheduled to come up for sale at a foreclosure auction Oct. 30. The property is now surrounded by chain-link fencing.
Less than two years after it opened, the Lucky Dragon’s hotel tower is set to close and the property is again headed toward a foreclosure sale.
An interior decorator and real estate investor bought Ted Binion’s former home in March 2017 for $820,000.
It marks a rare real estate deal for the sleepy southern edge of the Strip and carries an unusual backstory, as the late owner — without his estranged wife’s knowledge — allegedly transferred the motel’s ownership to a trust he had formed with his mistress, according to court documents.
Las Vegas’ casino business has a new competitor: flamboyant billionaire Richard Branson.
Days before an upcoming foreclosure sale, the Lucky Dragon is now in bankruptcy.
