The Lucky Dragon, a planned Asian-themed hotel and casino being built just off the north Strip, failed today to advance its plan to get financial help from Las Vegas city leaders.
Las Vegas City Council members rejected a controversial request from the hotel-casino’s developers for the city to provide a subsidy to help complete the project.
The Lucky Dragon wanted the city’s Redevelopment Agency to award it with tax increment financing, which would allow the project to use some of the additional property tax revenue it would create.
The Lucky Dragon’s backers stressed that they only wanted approval to return with a specific plan — one that the agency could later reject — but the prospect of moving forward with the matter at all was met with strong backlash from the casino industry.
The agency, which is overseen by the City Council, has not made any major investments recently in hotel-casinos “as a matter of practice,” according to city staff.
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