Randles’s Take: Lucky Dragon Bankruptcy Puts EB-5 Investments in Limbo
WSJ Pro, August 7, 2018, by Jonathan Randles —
Aspiring immigrants who invested in the Lucky Dragon, an Asian-themed hotel and casino in Las Vegas, are alleging developers didn’t disclose a funding shortfall or signiﬁcant loans that the troubled project took on before it fell into bankruptcy. Opened in 2016, Lucky Dragon was partially funded through the federal EB-5 visa program, which provides green cards to foreigners who invest $500,000 in certain qualiﬁed U.S. businesses. Developers say they raised $89 million for the hotel from about 179 EB-5 participants, pitching the idea of a hotel aimed at tourists from China and California’s sizable Asian-American community. To read entire article click here.
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