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Visas for Dollars: Backers of Failed Vegas Casino May Lose Both

Submitted by jhartgen@abi.org on

The Lucky Dragon casino in Las Vegas was pitched to foreign investors as a way to make money and score permanent residence in the U.S., but the now bankrupt project could leave them with neither, Bloomberg News reported. The $165 million resort, which opened in November 2016, was billed as the first Las Vegas casino designed specifically for Asian customers. It was built, in part, with $98.5 million from 179 foreign investors, who backed the project under an immigration program, known as the EB-5 visa, that lets immigrants who create jobs in the U.S. stay here permanently. The casino closed in January, however, and is expected to be sold at a bankruptcy auction on Sept. 10. That means the foreign backers each could lose their $550,000 investment, as well as their shot at a green card, according to a bankruptcy court filing by the investors. Their attorney, Ryan Works, said his clients would like to see a new buyer who lets them retain some of their interest.