Andrew Fonfa’s Widow Needs More Time to Conclude Husband’s Estate, Settle Lawsuits
The widow woman of Andrew Fonfa, the Las Vegas tangible land developer who built and opened the failed Lucky Dragon casino resort, says she needs more clip to steady down undischarged lawsuits and wrap upwardly her tardily husband’s estate.
The Battle Born State Gaming Control Board (NGCB) this week sanctioned Jodi Fonfa’s bespeak to experience her gaming licence extended for tierce years. The NV Gaming Commission (NGC) is expected to officially sanction the extension when it meets on Jan 25.
The belatedly Fonfa devised a funding plan through the federal government’s EB-5 visa program. He attracted nearly 180 foreigners to invest a lower limit of $500K into the Lucky Dragon concept. The EB-5 visa programme grants lasting residency to investors. Projects are supposed to follow reinforced inwards areas with high up unemployment.
When Fonfa proposed the Lucky Dragon just now W of the Strip along W. Sahara Desert Ave. inward 2012, unemployment inwards Las Vegas was over 150% higher than the national average. NV at the time had the highest unemployment grade inward the US at nearly 12%.
No Luck for Lucky Dragon
Nearly as presently as the $165 gazillion Lucky Dragon opened inwards December 2016, it became apparent that it might not survive. The region at the clip was sorting of a no man’s zona with minuscule earthbound traffic.
The Asian-themed boutique resort closed its 40,000-square-foot casino in Jan 2018 after it failed to generate sufficiency monthly gaming revenue to warrant its continued operation. The Lucky Dragon’s 203 guestrooms remained clear for stays, but without a gambling casino or important convening space, the hotel failed to appeal a meaningful figure of overnight visitors.
Those who did stick around complained almost restaurants beingness closed in(p) or operating inward special capacity, and scolded the prop for continuing to bursting charge a every night holiday resort fee despite the presence of few amenities.
The Lucky Dragon shuttered inward too soon October 2018. Fonfa and then faced a serial of lawsuits from EB-5 investors and C. P. Snow Covered Capital, the latter who had injected to a greater extent than $40 1000000 into the prop through and through investments and loans. Snow Covered Capital said in a statement at the clip that the Lucky Dragon’s operations “have been a dismal failure.”
Andrew Fonfa died inward July 2020 at the age of 68 after hurt a monumental ticker attack. His obit bragged well-nigh his business accomplishments and his extreme intelligence information with an “IQ of 160.”
Jodi Fonfa, being the executor of her husband’s estate, is now named as the primary quill defendant inwards Snow Covered Capital’s suit seeking the payoff of loans provided to Lucky Dragon. a 2023 lawsuit to boot alleges the “fraudulent transfer of training of assets between St. Andrew Fonfa (deceased) and … Jodi Fonfa.”
The Lucky Dragon was eventually auctioned to local man of affairs Don Ahern for $36 million. He reopened the resort as a nongaming readiness called the Ahern Hotel in February 2020 simply before the COVID-19 pandemic hit.
Indian Springs Casino
In addition to beingness the controlling stakeholder inward the Lucky Dragon, St. Andrew Fonfa maintained a 19% interest inwards the operations of Terrible’s Casino inward Indian Springs, roughly 30 miles magnetic north of Las Vegas. Jodi claims that at the time of his death, Andrew was in the process of transferring ownership of that posture to his boy Evan Fonfa.
Should the NGC expand Jodi’s inherited commonwealth gaming license and issuance of a finding of suitableness to defend the concession, her attorney says it will supply the time required to take root the undischarged lawsuits.
The cases are expected to be settled past the cease of 2025. The NGC in January 2021 transferred Andrew’s gaming permission to Jodi for an initial three-year period.
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