In Nevada, 178 foreign investors, each with around $ 550,000 for the transportation of The Lucky Dragon Hotel and Casino to the north end of the Las Vegas Strip, could lose all of their effort and a chance of sustained recourse. green cards. ‘
According to a Bloomberg News Service Tuesday report, the $ 165 million Las Vegas venue was opened in November 2016 as the city’s first venue for Asian gamers. The 203-room hotel was equipped with Chinese signs, multilingual staff and a tea garden. The 30,000-square-meter casino offered popular games in the Far East, such as Baccarat and Paigow.
However, the development soon made it difficult to attract guests, aided not least by a less than ideal location and the lack of a customer loyalty program. Despite the support of well-known names such as William Weidner, the former president of the Las Vegas Sands Corporation, the venue was allegedly further affected after his rivals began to increase their marketing spend on Asian players.
Bloomberg reported that all of this aggravated in January, when the Lucky Dragon Hotel and Casino closed its arcade, while the entire property is now being sold through a bankruptcy auction. This could lead to foreign investors, who had supported the project under the EB-5 program, out of pocket financially unable to obtain a permanent visa in the United States.
The intelligence service reported that the EB-5 green card system has existed since 1990 and that foreigners can legally immigrate to the US if they can prove that they have created local jobs.
Although a total of $ 98.45 million was spent to bring The Lucky Dragon Hotel and Casino to life, only one investor has been granted permanent resident status, while the bankruptcy of the property may now prevent the remainder he follows.
Ryan Works, a lawyer to some investors, reportedly told Bloomberg that he now hopes that any new owner of the Lucky Dragon hotel and casino will allow their customers to retain some interest in the property so they can take advantage of EB’s benefits can -5 scheme.
Works to Bloomberg … “I am confident that we can give these people some justice, but I also want the immigration process to be successful for all investors.”