May 18, 2018  Lucky Dragon developer Andrew Fonfa is looking for new investors to take a gamble on the financially distraught off-Strip Las Vegas casino. (Image: Lucky Dragon/Bill Hughes. A dragon chandelier hands over the casino floor at the Lucky Dragon hotel-casino under construction on Sahara Avenue near Las Vegas Boulevard South Monday, Nov.

Lucky Club Casino and Hotel is a casino and 118-room hotel located on 6.1 acres (2.5 ha) in North Las Vegas, Nevada. The casino is owned and operated by Lucky Silver Gaming.

• 1History

History[edit]

Budget Host Inn[edit]

In June 1995, after spending eight years in bankruptcy, the Budget Host Inn was acquired at auction for $1.1 million by Shawn Scott, owner of the Post Office Casino in Henderson.^[2]

Cheyenne Hotel (1995-99)[edit]

Scott renamed it as the Cheyenne Hotel, and made plans to revitalize the run-down property, including reopening the restaurant and lounge and adding a hotel tower and a casino, taking advantage of the site's grandfathered gaming status.^[2] He requested a license for 75 slot machines and 2 table games, but the Nevada Gaming Commission in December 1996 issued only an 11-month limited license for 25 machines, finding his record management to be sloppy.^[3] By 1997, the Cheyenne was operating as a Days Inn.^[4]

In 1998, MTR Gaming, the West Virginia-based parent company of the Mountaineer Racetrack, acquired the Cheyenne for $5.5 million in cash.^[5]

Ramada Hotel and Speedway Casino (1999-2008)[edit]

MTR said it would complete an expansion already in progress, adding 10,000 square feet (930 m²) of gaming space with 350 slot machines and 5 table games, and would rename the property as the Speedway Hotel & Casino and add a motor racing theme, in reference to the nearby Las Vegas Motor Speedway.^[6] The hotel became a Ramada Inn. The casino opened in March 1999, leased to Dynasty Games, with 143 slot machines.^[7] MTR received its gaming license the following September, and said it would take over operation of the casino on October 1.^[8] The official grand opening was held in March 2000, with the casino having expanded to over 300 slot machines, with table games and a Leroy's sportsbook, racing-themed dining areas, and a racecar simulator.^[9]

By November 2000, the property had failed to turn a profit, and was taking measures to attract value-conscious guests, including Hispanics, Nellis Air Force Base personnel, and North Las Vegas residents.^[10] By 2004, MTR was reporting annual net revenue of $9.8 million at the Speedway.^[11]

In February 2007, MTR agreed to sell the complex to Mandekic Cos. for $18.2 million.^[11] Mandekic assigned its agreement in May to Ganaste, LLC,^[12] a partnership of three investors managed by Seth Schorr, son of Wynn Resorts COO Marc Schorr.^[13] The buyers hoped to use the Speedway as a training ground to learn the gaming business before moving on to other acquisitions.^[13] The sale of the land and buildings was completed in January 2008 for $11.4 million, with MTR continuing to operate the casino, leasing it for $70,000 a month.^[13]

Lucky Club Hotel and Casino (2008-present)[edit]

Ganaste took full ownership in June 2008,^[14] and promptly renamed the property as the Lucky Club Casino and Hotel.^[15]

An electrical fire on June 9, 2008 forced the casino to close for two weeks while critical equipment was repaired.^[14]Nevada Gaming Commission approvals in 2013 indicated that a reorganization plan was approved and new ownership was held by Lucky Silver Gaming (LSG). LSG is owned by Seth Schorr, Jeff Fine and other partners.^[14]

In 2018, the property was put up for sale, with an asking price of $13 million.^[16]

References[edit]

1. ^'MTR Gaming Group Inc'. Retrieved 2008-02-09.
2. ^ ^abBadger, Michael (July 25, 1995). 'Renovations perk up blighted corner'. Las Vegas Review-Journal. – via Factiva (subscription required)
3. ^Vogel, Ed (December 11, 1996). 'Gaming regulators grill Ormsby House owner'. Las Vegas Review-Journal. – via Factiva (subscription required)
4. ^Edwards, John G. (July 29, 1997). 'Las Vegan buys stake in Sands Regent'. Las Vegas Review-Journal. Retrieved 2012-09-21.
5. ^'Company buys two resorts - Race track's parent group acquires hotels, casinos in Nevada'. Charleston Gazette. May 7, 1998. – via Factiva (subscription required)
6. ^'MTR Gaming Group Purchases Two Nevada Gaming Properties' (Press release). MTR Gaming Group. May 7, 1998.
7. ^'MTR Gaming Group opens Speedway Casino'. Reuters. March 9, 1999. – via Factiva (subscription required)
8. ^'MTR Gaming receives licenses for casinos'. Las Vegas Review-Journal. September 24, 1999. Retrieved 2012-09-21.
9. ^'MTR Gaming Group Announces Grand Opening of Speedway Casino & Cafe' (Press release). MTR Gaming Group. March 2, 2000. Retrieved 2012-09-21.
10. ^Hodge, Damon (November 22, 2000). 'Fast times foreseen for Speedway'. Las Vegas Review-Journal. Retrieved 2012-09-21.
11. ^ ^abKnightly, Arnold M. (February 14, 2007). 'Speedway Casino sold away'. Las Vegas Review-Journal (via Casino City Times). Retrieved 2012-09-21.
12. ^Form 10-K (Report). MTR Gaming Group. April 3, 2008. p. 27. Retrieved 2012-09-21.
13. ^ ^abcKnightly, Arnold M. (January 18, 2008). 'New Speedway owner has revival plans for NLV casino'. Las Vegas Review-Journal. Retrieved 2012-09-21.
14. ^ ^abcKnightly, Arnold M. (September 26, 2008). 'Staging a revival in troubled times'. Las Vegas Review-Journal. Retrieved 2012-09-21.
15. ^Knightly, Arnold M. (November 2, 2008). 'Feeling Lucky: Ex-Wynn worker aims to remake Speedway Casino'. Las Vegas Review-Journal. Retrieved 2012-09-21.
16. ^'Colliers International – Las Vegas offers sale of full-service hotel casino in North Las Vegas' (Press release). Colliers International. November 21, 2018. Retrieved 2018-11-24 – via Nevada Business.

Links[edit]

Coordinates: 36°13′7″N115°7′17″W / 36.21861°N 115.12139°W

Home » VT News » North Is The New South Dept: Enter The Lucky Dragon Hotel and Casino

The fight for north strip Asian gamblers is about to heat up.

The Lucky Dragon, a $135 million dollar project backed by Las Vegas real estate developer Andrew Fonfa (who owns neighboring Allure condominiums) and helmed by former Las Vegas Sands honcho William Weidner, the man responsible for building the global gaming empire LVS money man by Sheldon Adelson.

The Lucky Dragon is located on the north side of Sahara Avenue, just west of Las Vegas Boulevard. The area was previously a gas station and sits adjacent to the Allure condominiums, two doors down from The Worlds Largest Gift Shop. Directly to the south is the former El Rancho property, currently held by MGM Resorts International. SLS, Stratosphere and a proposed Walgreens/Casino are also within walking distance.

The Lucky Dragon boasts 'futuristic high-end resort luxuries, with an appreciation for ancient Asian culture' and will feature 200 hotel rooms and suites 'appointed in modern Asian style.' Decor will feature traditional graphic scroll calligraphy and modern Asian silk paintings designed to showcase the 'rich ancient culture of Asia.'

Keeping with its Asian theme, The Lucky Dragon boasts having a 23,500 square foot casino floor with 500 slot machines and 50 gaming tables which focus on Baccarat, Pai Gow, Fan Tan and Sic Bo plus a high limit salon Feng Shui'd to the max.

Dining, as you may have surmised, will also be Asian focused, with dim sum restaurant (Din Tai Fung?) a tea cafe, a food court done up like Beijing's Wangfujing Snack Street, a casual fine dining restaurant serving northern and southern cuisine from China plus a.... (trumpet fanfare) Karaoke Bar!

Retail will feature higher end jewelry, clothing and a sundries/logo merchandise shop.

Lucky Dragon has contracted with Penta Building Group as general contractor.

So, how are they going to pay for it? The principals will be contributing 30% of the development costs including site clean up, design work, legal fees, security, gaming licenses (Fonfa is licensed owner of Indian Springs Casino) principal development and the real estate - roughly $40m bucks. The remainder of the costs will be covered by a $500,000 per visa EB5 investment program. Investors into the EB5 program are also rewarded by being enrolled in Premier level of Lucky Dragon's rewards program.

Of the myriad vaporware casino projects that get announced each year, Lucky Dragon is one of the few to have spend the time actually organizing its (Peking) ducks. William Weidner was, for a time, the heir apparent of LVS and one of the five most powerful people in the Las Vegas casino industry. Having his name attached to this project lends it credibility it might never have. Additionally, the selection of solid Asian theme so close to Chinatown plus the boutique scale make this a very doable project on a very very limited budget and a non-existent player development Rolodex.

Big huge thanks to VT reader Phil for the tip!

Related Posts:

• North Is The New South Dept.: We're Getting A Walgreens! (29 Jan 2014)
• Peekaboo: Lucky Dragon's Sexy Hotel Rooms (11 Aug 2015)
• Lucky Dragon's Casino Takes Shape (1 Dec 2015)
• Lucky Dragon Casino Takes Shape - Part Deux (3 Dec 2015)
• Lucky Dragon Catches A Crystal Dragon (1 Oct 2015)

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