There are Good Ideas; and there are Bad Ideas.
The Lucky Dragon was a Bad Idea.
Sure, a resort casino dedicated to the Asian Gambler was a Good Idea -- at concept.
However, a resort casino dedicated to just the Asian Gambler is a Bad Idea -- at the end result.
My take is, you don't build a tourist attraction anywhere near the 'edge of sketchy,' as one investor I was dealing with called it.
But, that's exactly where they built this property.
The neighborhood to the north is well known as The Naked City. It's a collection of 6 to 10 unit low income apartments which have always had a difficult time maintaining tenants simply because they only attract the low income minimum wage workers who can barely afford their monthly rents.
(I know several owners of properties in this area. They constantly complain about the lack of qualified renters. One, I know, had let his 8 unit apartment property go into foreclosure only to re-acquire it post Trustee Sale for less than half what he owed.)
Oh, well. But, as this news story tries to explain, the bank thinks this location will be successful some day. I think they are being overtly optimistic.
Have a read for yourself to see if you agree with me: Lucky Dragon
Since most of the hotel rooms were never used, I think a major re-tool as a locals casino is more in line than as an Asian Gambling Resort. But, I think it's days as a major Asian Resort are long gone.
That's just my two cents.
To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!
The Lucky Dragon was a Bad Idea.
Sure, a resort casino dedicated to the Asian Gambler was a Good Idea -- at concept.
However, a resort casino dedicated to just the Asian Gambler is a Bad Idea -- at the end result.
My take is, you don't build a tourist attraction anywhere near the 'edge of sketchy,' as one investor I was dealing with called it.
But, that's exactly where they built this property.
The neighborhood to the north is well known as The Naked City. It's a collection of 6 to 10 unit low income apartments which have always had a difficult time maintaining tenants simply because they only attract the low income minimum wage workers who can barely afford their monthly rents.
(I know several owners of properties in this area. They constantly complain about the lack of qualified renters. One, I know, had let his 8 unit apartment property go into foreclosure only to re-acquire it post Trustee Sale for less than half what he owed.)
Oh, well. But, as this news story tries to explain, the bank thinks this location will be successful some day. I think they are being overtly optimistic.
Have a read for yourself to see if you agree with me: Lucky Dragon
That's just my two cents.
To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!
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