City of Las Vegas declines to help Lucky Dragon casino project

The people behind the Strip-adjacent property were seeking the money to complete the project.

Though they are still building, they're running out of funds, prompting the request for Tax Increment Financing, or TIF funds, which usually subsidize redevelopment.

Andrew Fonfa, CEO of Lucky Dragon, believes that’s what the hotel will do for the north end of the Strip. "The fact that it’s a very challenging area, with decades of decay and blight and crime-ridden in the city, we believe that this challenging area deserves incentive for a redevelopment area,” he said.

The hotel will need about $60 million, $30 million of which will be matched if they fronted $25 million, according to Fonfa.

They asked council members to discuss granting $25 million, but they voted 6-1 to not even consider it. Mayor Carolyn Goodman said they’ve never used TIF funds to build a casino.

The hotel is majority-funded by Chinese investors. The plan moves to appealing with those investors for more money. The hotel may also approach private investors locally.

Either way, Fonfa promises the Lucky Dragon Hotel and Casino won’t be the next skeleton building next to other on the north end of the Strip. He is still eyeing an August 2016 opening date.