It is understood that Lucky Dragon developer Andrew Fonfa took out a $90 million loan from Snow Covered Capital in 2016. According to the auction notice, $48.9 million is still owed on the loan.
Earlier this month, Lucky Dragon said it was temporarily closing all gaming and casino restaurant operations.
The operator said the closure was related to its plans to reposition the hotel casino.
“While this is a difficult decision,” the statement read, “this reorganization paves the way for Lucky Dragon to establish new partnerships that will enhance the property’s long-term positioning and provide a better guest experience,” it said.
At the time, the company said the casino floor and restaurants will resume operations “within six months”, while the hotel, gift shop and Cha Garden restaurant will remain open.
Source: GMB / AGB
