🍒 Ahern Hotel - Wikipedia

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What was in retrospect the misnamed Lucky Dragon casino hotel in Las to attract bids when it was offered for sale in an auction last year.


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Lucky Dragon sold for $M less than developer’s estimate | Las Vegas Review-Journal
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Dibs on the dragon. The Las Vegas Review-Journal reports the Lucky Dragon sale closed on April 22, with Don Ahern, CEO of construction.


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And now he's preparing to change the luck of the Lucky Dragon. “This was a very challenged business plan when you think about it,” Knott says.


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The site of the Lucky Dragon had initially been planned for the second Allure tower, which was later cancelled because of poor sales caused by the Great.


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🤑 Ahern Hotel

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And now he's preparing to change the luck of the Lucky Dragon. “This was a very challenged business plan when you think about it,” Knott says.


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Check out our lucky dragon selection for the very best in unique or custom, 18k Gold Plated Dragon Pendant Necklace - 18 Inches Gold Chain - On Sale.


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of Las Vegas construction-equipment firm Ahern Rentals, acquired the Lucky Dragon for $36 million, property records show. The sale, by San.


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of Las Vegas construction-equipment firm Ahern Rentals, acquired the Lucky Dragon for $36 million, property records show. The sale, by San.


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Lucky Dragon casino in Las Vegas has been sold for a fraction of the His main creditor, Snow Covered Capital, anxious for a quick sale so it.


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Nearly six months after lenders foreclosed on the Lucky Dragon, the The sale, by San Francisco developer Enrique Landa's Snow Covered.


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After experiencing low customer turnout, the Lucky Dragon's casino and restaurants were temporarily closed in January so the property could reorganize, while the hotel remained open. Approximately 3, jobs associated with the ongoing project were lost due to the decision. Hilton considered Fonfa's property to be a desirable location for one of their hotels, and approached him about a possible deal, although discussions were still preliminary at the time of the project's announcement. At the end of the year, prior to the closure of the Lucky Dragon's restaurants and casino, there had been plans to reopen Dragon's Alley as a different food and beverage business. Both companies ultimately agreed to dismiss their claims. People in the front of the house of the resort will speak Mandarin, Cantonese and other Asian dialects. The Lucky Dragon was planned to be the first Las Vegas resort to offer an "authentic Asian lifestyle experience. 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 hotel would contain nine stories, while the casino was expected to contain two stories. The investors claimed that they were "fraudulently induced" by the developers to invest in the project. The resort's property was once planned as the site of a second Allure tower, which was cancelled due to poor economic conditions. 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. 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. Each restaurant offered only authentic Chinese food, which company officials expected to be the resort's primary advantage to bringing in customers. It eventually reopened as the Ahern Hotel and Convention Center in late , with redecorated rooms and new signage, while retaining the red exterior of its predecessor. Bankruptcy judge, [22] [56] and took effect on October 2, , while a foreclosure auction was expected to take place at the end of the month. He also planned to give the property a new name, which would be determined at a later date. From Wikipedia, the free encyclopedia. The Excalibur was ultimately built at the southern end of the Las Vegas Strip. The hotel subsequently closed on October 2, Ahern also planned to convert the casino into conference and convention space. Fonfa did not formally announce the project as it was unclear when the American credit market would recover. Archived from the original on November 15, Retrieved November 14, Archived from the original on October 18, Retrieved March 17, Construction Today Magazine.{/INSERTKEYS}{/PARAGRAPH} Chen later sued Fonfa, Weidner and Seager, stating that they had not made him aware of the casino's financial difficulties. Material deliveries to the construction site also resulted in inconveniences for local residents, who received gift cards as compensation for the disruptions. 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. 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. Ahern was among few prospective buyers who was financially capable of purchasing the property. Four small commercial buildings located on the property were to be torn down to make room for the new resort. The resort had a soft opening on November 19, An official grand opening was held on December 3, The Lucky Dragon was heavily inspired by Asian concepts in an effort to appeal to Asian customers, who were expected to be the resort's primary customer base. 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. 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. {PARAGRAPH}{INSERTKEYS}The resort is located on 2. The hotel closure was approved by a U. Ahern intended to eventually reopen the hotel and convert the casino area into conference and convention space. The developers hoped to sell the property through bankruptcy court. The Ahern Hotel includes an Italian restaurant. For its VIP members, the casino also introduced a rolling-chip program, a concept that was common in Macau. There were also plans to move Pearl's Ocean from the second floor to a larger space on the first floor, where it would occupy the dining area of Dragon's Alley. The property is located between the Golden Steer restaurant and the Allure Las Vegas condominium high-rise tower. Management believed that auctioning the Lucky Dragon through bankruptcy court would be the best way to preserve and maximize the value of the resort. Fonfa was in negotiations with GE Capital to finance the project, and hoped to begin construction at the end of the year, with completion scheduled in 15 months. James Weidner stated that he was partly inspired to join the project because of trips that he took with his father to China. Installation of the chandelier was completed in November , after two weeks. Chinese-themed statues and the dragon chandelier would eventually be put into storage and sold at a later date. In May , it was announced that the project had received full financing from Fonfa and Weidner's families. The default notice was not publicly revealed at that time. Our phone numbers don't have a 4 in it. 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. 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. The investors had yet to receive U. Both companies worked closely with city planning officials to re-categorize the property as a single parcel rather than as phase two of Allure. For other uses, see Lucky Dragon. Signage is in Chinese first, English second. The Lucky's Dragon's project manager , Paul Dutmer, said, "To get this particular color of red, we went through several dozen testing samples. 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. 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. Once the sun hits it, it will be a bright red that will be hard not to see. The hotel and a gift shop remained opened. 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. Archived from the original on July 30, Retrieved January 31, August 5, Archived from the original on January 10, Las Vegas Weekly. The Allure tower was opened in early And we were very pleased with what came back, which was over units sold to Chinese buyers. Las Vegas Review-Journal. 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. 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. In addition, it faced competition from the nearby Palace Station and SLS resorts, which also targeted Asian clientele. Approximately employees — including top managers, and bar and wait staff — had been fired by late March , as the result of poor customer turnout. Archived from the original on June 30, Retrieved May 8, Las Vegas Sun. Work to transform the casino into convention space was expected to begin in March He hoped the entire resort would be ready in time for a grand opening on July 4, Ahern later hoped to have the renovations finished in October In August , officials announced a contest to create a name for the Lucky Dragon's night market restaurant — the resort's last unnamed eatery — with the winner receiving a weekend stay package. In response, the casino began offering nightly entertainment — including Jazz Saturdays, and karaoke on Mondays — later that year. While selling units in the first tower, Fonfa decided to build a hotel and casino on the adjacent site. Under the partnership, Fonfa would own the hotel and casino, while Hilton would manage the hotel and would have no involvement in the casino operations. Work on the chandelier began in May , with nearly people working on it until its completion. At the time, Fonfa planned to build a hotel on the property, as he expected Circus Circus Enterprises to construct the Excalibur Hotel and Casino nearby, thus increasing tourism for the northern Las Vegas Strip. Works stated that EB-5 investors spent the most money on the project and that none of them had received permanent U. 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. 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. 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.