Lucky Dragon to stay open another month amid bankruptcy filing - FOX5 Vegas - KVVU

Lucky Dragon to stay open another month amid bankruptcy filing

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LAS VEGAS (FOX5) -

The Lucky Dragon casino's hotel will remain open another month amid the property's bankruptcy filing this week, according to a judge Wednesday. 

After a bankruptcy hearing, it was decided the hotel will stay open until March 27, the date of the next hearing. Judge Laurel Davis ruled there will not be a foreclosure auction. The casino will remain closed. 

Financial troubles were first made public in early January when the casino posted a sign on its door reading "Casino Temporarily Closed." Lucky Dragon management told FOX5 the casino was "reorganizing," and that meant less gaming and dining options and layoffs for casino workers. 

[RELATED: Las Vegas' Lucky Dragon Casino facing foreclosure]

During the hearing, lawyers for Lucky Dragon said the property was appraised at $143 million in November, however creditors said it was appraised at $60 million. The hotel's representation also said the property has a number of interested bidders should the property become available for sale, but wouldn't disclose who those potential buyers could be.

There are several individuals, companies and groups the Lucky Dragon owes, including "Snow Covered Capital," of which it owes $48.8 million.

A number of the property's investors are EB-5 investors -- people who are not American citizens who invested at least $500,000 in the property and can get a green card. None of the lawyers were certain how the bankruptcy would affect the immigration status of those individuals.

Stay with FOX5 for updates.

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