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Yggdrasil Gaming. Big Time Gaming. Nextgen Gaming. The hotel-casino would be developed by Fonfa, and an Asian theme was chosen for the project as it was being financed by Chinese investors.
Both companies worked closely with city planning officials to re-categorize the property as a single parcel rather than as phase two of Allure.
The boutique hotel would contain nine stories, while the casino was expected to contain two stories. To avoid the heat, several concrete pours were completed during early morning hours, which resulted in noisy equipment for nearby businesses and residents directly north of the property.
Material deliveries to the construction site also resulted in inconveniences for local residents, who received gift cards as compensation for the disruptions.
Approximately 3, jobs associated with the ongoing project were lost due to the decision. Work on the hotel's roof and parapet was expected to begin in December The following month, framing and drywall installation was underway, as well as the installation of the hotel's exterior curtain wall.
The Lucky's Dragon's project manager , Paul Dutmer, said, "To get this particular color of red, we went through several dozen testing samples.
Once the sun hits it, it will be a bright red that will be hard not to see. In May , it was announced that the project had received full financing from Fonfa and Weidner's families.
The Lucky Dragon was planned to be the first Las Vegas resort to offer an "authentic Asian lifestyle experience. James Weidner stated that he was partly inspired to join the project because of trips that he took with his father to China.
James Weidner stated that the project "presented an opportunity to do something here [in Las Vegas] that really respects the culture directly and approaches the Asian market, which is really powerful.
David Jacoby, chief operating officer for the resort, said during construction that, "This whole place has been very specifically feng shui'd, from the color patterns, to the carpets, to where the seats are, to where the cash is.
There will be no fourth floor in the hotel - that's a superstition similar to what we have in the United States with the number There's no number 4 anywhere on the property.
Our phone numbers don't have a 4 in it. People in the front of the house of the resort will speak Mandarin, Cantonese and other Asian dialects.
Signage is in Chinese first, English second. What we're trying to do is build an authentic cultural experience from the ground-up for Asian clientele, both locally and regionally throughout the United States.
On September 6, , company officials announced that the resort would open on December 3, Each room included a wall mural designed to represent the "peace and tranquility of ancient China," according to the hotel.
The official grand opening took place on the afternoon of December 3, , and was accompanied by a ribbon-cutting ceremony , costumed dancers dressed as Chinese lions and a dragon, and firecrackers.
The Lucky Dragon's centerpiece is a 1. Work on the chandelier began in May , with nearly people working on it until its completion. Installation of the chandelier was completed in November , after two weeks.
For its VIP members, the casino also introduced a rolling-chip program, a concept that was common in Macau. Both companies ultimately agreed to dismiss their claims.
Approximately employees — including top managers, and bar and wait staff — had been fired by late March , as the result of poor customer turnout.
In response, the casino began offering nightly entertainment — including Jazz Saturdays, and karaoke on Mondays — later that year. The default notice was not publicly revealed at that time.
In December , the Las Vegas Review-Journal visited the Lucky Dragon on several occasions and noted that the property appeared to be struggling, as its casino and restaurants were mostly empty of customers.
The newspaper also interviewed local Chinese gamblers, who indicated that "the problem did not lie so much with Lucky Dragon's offering of entertainment or food as with its comparatively stingy gaming and comp policy.
In addition, it faced competition from the nearby Palace Station and SLS resorts, which also targeted Asian clientele. Chen later sued Fonfa, Weidner and Seager, stating that they had not made him aware of the casino's financial difficulties.
On the morning of January 4, , the casino and restaurants were temporarily closed and the property announced plans to reorganize itself by hiring new firms to operate those aspects of the resort.
The hotel and a gift shop remained opened. On February 16, , the Lucky Dragon entered Chapter 11 bankruptcy to preserve the jobs of its 98 employees, as well as to pay its creditors and to "provide certainty to the market," according to court documents.
Management believed that auctioning the Lucky Dragon through bankruptcy court would be the best way to preserve and maximize the value of the resort.
The developers hoped to sell the property through bankruptcy court. However, Ryan Works, an attorney representing of the project's EB-5 investors, said he would prefer a new investor rather than a sale, which he feared would wipe out the ownership stakes of his clients.
Works stated that EB-5 investors spent the most money on the project and that none of them had received permanent U.
Fonfa expected to choose a group by the end of June , and his group planned to auction the resort on July 20, Fonfa did not specify if his group planned to sell its entire stake in the resort or simply partner with the other group.
The hotel closure was approved by a U. Bankruptcy judge,   and took effect on October 2, , while a foreclosure auction was expected to take place at the end of the month.
The investors claimed that they were "fraudulently induced" by the developers to invest in the project. The investors had yet to receive U.
In April , Snow Covered Capital sued Fonfa, Weidner and Jacoby, alleging that they were required to reimburse the company for the cost of purchasing the Lucky Dragon.
Following the auction, the property received interest from numerous prospective buyers, although the listing broker stated that approximately 98 percent of them were "dreamers" with no realistic chance of closing on a purchase of the property.
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