The Lucky Dragon continues to target a 2016 opening, but the north Strip resort isn’t receiving tax increment financing from Las Vegas to help it get there.
Las Vegas City Council members during a redevelopment agency meeting in November rejected a request by the hotel’s developers for such financiing for the Asian-focused boutique casino going up at Sahara Avenue and Las Vegas Boulevard, less than a half-mile south of the Stratosphere.
Tax increment financing is a public financing method of spurring and providing incentives for developments in the form of expected future property tax revenue. The Las Vegas Redevelopment Agency grants rebates for retail, hotel and residential projects within the city’s redevelopment areas to defray costs for items such as water lines, traffic signals, sidewalks and flood control improvements.
Lucky Dragon was the first casino project request for direct financing in more than 20 years, city officials said in November. For some, this particular proposal, which the City Council acting as the agency voted down 6-1, raised a broader question of whether casinos should benefit from such subsidies.
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