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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 construction equipment company Ahern Rentals, purchased the closed Lucky Dragon Hotel and Casino from Snow Covered Capital for $36 million.
Dec 20, 2016 Lucky Dragon is not another cookie-cutter Las Vegas casino. The boutique sensibility of Lucky Dragon continues into the players club. The Dragon Club is a no frill, no-nonsense casino players club that caters specifically to gamblers. The only casino connected to the Dragon Club is Lucky Dragon. For at least the next six months, it’s going to be hard to get lucky at Lucky Dragon Hotel & Casino Las Vegas.One might have a tough time getting something to eat there as well. According to a statement from Lucky Dragon, the boutique-style casino resort designed to create an authentic Asian cultural and gaming experience is beginning the process of reorganization.
The Asian-themed casino opened in December 2016 and was the first new casino in Las Vegas since Aria was opened in 2010. It was a $139 million project located just north of the strip.
The casino struggled from the start, however, and by March 2017, approximately 100 of the 800 employees were fired as a result of poor customer turnout. In September of that same year, the Lucky Dragon received a default notice on its $90 million loan.
In January 2018, the casino and restaurants were closed in an effort to reorganize the company and reopen within six months. A foreclosure notice was filed the following month. At the time of foreclosure, there was still $48.9 million remaining on the loan.
Lucky Dragon entered Chapter 11 bankruptcy, which temporarily preserved the jobs of the remaining 98 hotel employees. The hotel closed in March of 2018.
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Snow Covered Capital, the resort’s main lender, took ownership of the property and set the opening bid for the property at $35 million at the foreclosure auction last October. It received no bids.
The property features a nine-story hotel with 203 rooms and 27,500 square feet of gaming space. When the property was open, there were five restaurants and a spa as well.
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March 16th, 2017 | Last updated on November 2nd, 2018
Home » Poker News » Lucky Dragon Casino Brings a Permanent Rolling Chips Program to Las Vegas
The Lucky Dragon Casino is the first Las Vegas casino to offer a rolling chips program on a regular basis. Other Las Vegas casinos have tried rolling chips as a way to lure VIP guests, but none have embraced the system the way the new Chinese-themed boutique casino has.
Like the various more limited rolling chips programs in the city’s past, the rolling chips program at the Lucky Dragon is designed to attract high rollers. Anyone with ten-thousand dollars to gamble is paid a commission on their play, but they must be willing to use non-negotiable chips to receive that commission.
Emerald Room VIP Section
Because the reception at the Lucky Dragon has been positive, the casino is expanding its VIP gaming space. Dave Jacoby, COO of Lucky Dragon, said in mid-February that the casino would close the Dragon’s Alley (“Asian night market”) cafeteria-style eatery and expand the Pearl Ocean restaurant in order to open up a 1st floor VIP gaming space, the Emerald Room. Pearl Ocean provides food service for the Emerald Room.
Slot machine mobile games. Such slot games retain their full functionality – everything from graphics to the mathematics of a particular game. You can play for fun as much as you like with no registration and no downloads. The only distinction is the absence of the money bet function.
The Lucky Dragon already had a VIP gaming area on the 2nd floor, so the Emerald Room offers additional space for premium players and high rollers. The rolling chips program is available for anyone who agrees to play for at least $10,000.
What are Rolling Chips?
Casinos which use a rolling chips program have a precise way to track a customer’s play and provide cashback. In fact, the cashback paid by rolling chips programs is referred to as a commission, at least in the Macau system. Rolling chips became famous among the VIP high roller games of baccarat in Macau.
Lucky Dragon Casino Closed
Rolling chips are “non-negotiable chips” provided to VIP players in those casinos. A VIP player does not walk into a casino and pay cash for chips. Instead, high rollers play on credit in most casinos around the globe. In Macau, rolling chips are given to the players, usually by junket operators. The main trait of rolling chips is they cannot be exchanged for cash. A high roller does not walk get $1 million in rolling chips, cash it out ten minutes later, and walk out. You have to gamble them.
Non-Negotiable Chips and Dead Chips
When players win using rolling chips, their winnings are paid using cash chips. These they can cash-out for real money. The non-negotiable chips that are lost are kept by the casino as “dead chips”, which provide the casino of an accurate count of how much the player has lost.
In Macau, junket operators often run their own private rooms inside a casino, essentially paying a percentage of revenues to rent the space. Whoever offers the rolling chips, a player given rolling chips must wager the sum. The main factor is the creditor can depend on roughly 2.7% to 3% return on their credit, because that is the expected return. Since it’s gambling, the bottom line fluctuates for whoever offers rolling chips. Casino markers sometimes go unpaid and require lawsuits and (under Nevada law) criminal cases to have the creditor receive the payments due to them.
Lucky Dragon Casino NewsCommissions Paid to High Rollers
Rolling chip programs pay a commission to players who buy into the program. Obviously, when you lock yourself in to wagering a million dollars (or some other large sum), it is a boon to the casino operators. They thus pay a commission to high stakes gamblers willing to agree to such terms. One can see the commission as a form of cashback for high volume usage, but with a more direct
David G. Schwartz, director of UNLV’s Center for Gaming Research, says that the Lucky Dragon’s rolling chips program allows pit bosses to know how much a player gambles, instead of making an educated guess. The “dead chips” are counted by the pit boss, who then pays a commission on the losses. In that way, dead chips are like the online casino cashback or monthly insurance programs which are common now in Internet gambling.
Foxwoods Casino’s Rolling Chips
This is not the first time American casinos have used rolling chip programs, though most experiments have been outside Las Vegas. In 2009, Foxwoods Casino began a rolling chips program under its then-president, Michael Speller. It was said that Tan Sri T.K. Kim, the CEO of Genting Group, flew to Connecticut to confer with the Mashantucket Pequot Tribal Council on how to implement the Foxwoods Casino rolling chips program.
Best Sunshine Live Casino
Currently, Best Sunshine Live casino in the U.S. Overseas Territory of Saipan in the Northern Marianas uses rolling chips. The Best Sunshine Live was built to attract Chinese high rollers and is thought to be a big success, though the Saipan government received criticism for offering Best Sunshine Live a 0% tax rate.
Lucky Dragon VIP Room
While the Lucky Dragon Casino was designed to attract foreign Chinese high rollers and Chinese-American players from California, it should be noted that the casino is available to players of all nationalities. Much of the media coverage of the casino’s opening had to do with the authentic Chinese designs, right down the Feng Shui being used in room design. The Lucky Dragon welcomes all players, though.
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