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Lucky Dragon hotel sold for $35M at auction

LAS VEGAS - The Lucky Dragon hotel and casino was sold back at an auction Tuesday morning to its main lender for $35 million.

It was the opening bid and offer was not made. The buyer was Snow Covered Capital.

The financially troubled 2-year-old property on Sahara Avenue west of Las Vegas Boulevard closed the hotel earlier in Oct. 2018, after closing the casino in Jan. 2018.

The casino was financed with money from Chinese investors through the EB-5 visa program, which grants green cards to foreigners in return for investments of at least $500,000 on job-creating projects.

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