Who Bought Lucky Dragon Las Vegas
LAS VEGAS (FOX5) - An auction for the Lucky Dragon casino saw no bids Tuesday, according to auction manager Anthony Martin. The opening bid amount was $35 million. When no one bid on the casino, it became property of Snow Covered Capital LLC, the beneficiary at the Clark County trustee sales auction. Apr 26, 2019 A failed Las Vegas casino was bought earlier this week, according to a report from the Las Vegas Review-Journal. Don Ahern, chairman of the board and CEO of.
| Lucky Club Casino and Hotel | |
|---|---|
| Location | North Las Vegas, Nevada 89030 |
| Address | 3227 Civic Center Drive |
| No. of rooms | 118 |
| Total gaming space | 15,600 sq ft (1,450 m2)[1] |
| Casino type | Land-Based |
| Owner | Lucky Silver Gaming |
| Previous names | Budget Host Inn Cheyenne Hotel The Ramada Inn and Speedway Casino The Speedway Casino |
| Website | http://luckyclublv.com |
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]
Lucky Dragon Las Vegas Hotel
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]
- ^'MTR Gaming Group Inc'. Retrieved 2008-02-09.
- ^ abBadger, Michael (July 25, 1995). 'Renovations perk up blighted corner'. Las Vegas Review-Journal. – via Factiva (subscription required)
- ^Vogel, Ed (December 11, 1996). 'Gaming regulators grill Ormsby House owner'. Las Vegas Review-Journal. – via Factiva (subscription required)
- ^Edwards, John G. (July 29, 1997). 'Las Vegan buys stake in Sands Regent'. Las Vegas Review-Journal. Retrieved 2012-09-21.
- ^'Company buys two resorts - Race track's parent group acquires hotels, casinos in Nevada'. Charleston Gazette. May 7, 1998. – via Factiva (subscription required)
- ^'MTR Gaming Group Purchases Two Nevada Gaming Properties' (Press release). MTR Gaming Group. May 7, 1998.
- ^'MTR Gaming Group opens Speedway Casino'. Reuters. March 9, 1999. – via Factiva (subscription required)
- ^'MTR Gaming receives licenses for casinos'. Las Vegas Review-Journal. September 24, 1999. Retrieved 2012-09-21.
- ^'MTR Gaming Group Announces Grand Opening of Speedway Casino & Cafe' (Press release). MTR Gaming Group. March 2, 2000. Retrieved 2012-09-21.
- ^Hodge, Damon (November 22, 2000). 'Fast times foreseen for Speedway'. Las Vegas Review-Journal. Retrieved 2012-09-21.
- ^ abKnightly, Arnold M. (February 14, 2007). 'Speedway Casino sold away'. Las Vegas Review-Journal (via Casino City Times). Retrieved 2012-09-21.
- ^Form 10-K (Report). MTR Gaming Group. April 3, 2008. p. 27. Retrieved 2012-09-21.
- ^ abcKnightly, Arnold M. (January 18, 2008). 'New Speedway owner has revival plans for NLV casino'. Las Vegas Review-Journal. Retrieved 2012-09-21.
- ^ abcKnightly, Arnold M. (September 26, 2008). 'Staging a revival in troubled times'. Las Vegas Review-Journal. Retrieved 2012-09-21.
- ^Knightly, Arnold M. (November 2, 2008). 'Feeling Lucky: Ex-Wynn worker aims to remake Speedway Casino'. Las Vegas Review-Journal. Retrieved 2012-09-21.
- ^'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]
Who Bought The Lucky Dragon In Las Vegas
Coordinates: 36°13′7″N115°7′17″W / 36.21861°N 115.12139°W