It seems like every single year, a new major hotel-casino opens its doors in Las Vegas. Not long ago, the former Lucky Dragon Hotel officially opened to the public. This new property, called the Ahern Hotel, is hoping to capture the success that the Lucky Dragon never could.
It’s an interesting time for the owners of this venue. Many are eager to see how it fares in the increasingly-competitive Las Vegas casino market. Today, we’re going to look at why this venue changed its name and what is planned here.
More of Las Vegas’ Venues Change Ownership
There are a huge number of new hotel-casinos in Las Vegas. Some of these are beginning to open on the Strip. Others open their doors in the Downtown area. Unfortunately, not all of these gambling venues are successful.
Over the past few years, we’ve seen several major hotel-casinos close and change ownership. One that comes to mind is the Hard Rock Hotel & Casino. This property opened its doors way back in 1995 and was one of the most popular hotel-casinos off the Strip. Unfortunately, its owners decided to sell the venue to Virgin Hotels.
Some of the city’s biggest and most profitable casino-resorts are being sold, as well. Over the past six months, MGM Resorts International has sold a number of popular venues. MGM even sold The Bellagio to The Blackstone Group for an incredible $4.2 billion.
These sales aren’t likely to slow down. Reports indicate that more of the biggest casino companies in the city are preparing to sell some of their venues. This includes Caesars Entertainment, which is in the process of merging with Eldorado Resorts.
Some of these new venues are already proving to be hugely successful.
Former Lucky Dragon Hotel Set for Major Upgrades
Many people are familiar with the Dragon Hotel in Las Vegas. This was the first new gambling venue to open in the city after the recession and carried significant hype behind it. The goal was to capture the Asian market, yet this did not go as planned.
Not long after opening, this property began losing money. After just two years, it was forced to close down. Eventually, news broke that Don Ahern purchased the venue for $32 million. He told the media he wanted to upgrade and expand the former Lucky Dragon hotel.
These improvements are now beginning to take place. Ahern claims his company is investing approximately $10 million into this new venue. The hotel’s rooms have already been upgraded. Soon, construction will begin to improve the casino here.
There’s definitely some potential here. The hotel’s location and size make it favorable for many gamblers around the city. With a few improvements and perhaps a better marketing strategy, the former Lucky Dragon hotel could become one of the top properties located off of the Las Vegas Strip.
It’s still unclear what this venue will be named. Ahern told the media he expects it to be “fully functioning” by the Fourth of July. We’ll need to wait and see how successful it ends up being.
Resorts World Las Vegas is Almost Here
Every once in a while, a massive casino-resort opens in Las Vegas. The best of these venues are located on the Strip. In December of this year, Resorts World Las Vegas will officially open in the northern area of the Strip.
This property is the most expensive ever constructed in the city. Most analysts claim it will be one of the most impressive casino-resorts ever built. Several details have begun to emerge as to what this new venue will offer.
Its location is interesting. For years, the north part of the Strip has struggled to attract tourists. Only a few venues are located here. Owners of Resorts World believe this new property will completely change the public’s perception of this area.
A major new casino-resort is also opening up in Downtown Las Vegas. This venue, called Circa Las Vegas, will feature the largest swimming pool in the city.
It will be fascinating to see how the former Lucky Dragon hotel competes with some of the bigger venues in the city. Don Ahern seems determined to make the hotel successful. Stay tuned for updates over the next few months!