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A New Casino Wants In Next Door To The Scorched Key Largo

April 29, 2013 at 5:16 PM | by | ()

They must be putting something in the Las Vegas water, these days. Lots of investments and resurrection of old ideas are surfacing. Oh, we hear rumors. Then there are projects that sound like they might have a shot.

In September, investor Shuiyan Cheng's company Las Vegas Lucky Investment LLC bought the Fortune Hotel & Suites on Flamingo for $11,300,000. A former Ramada, it sits one block from the Tuscany and two blocks from Terrible's. Diagonally across the street from Lawry's Prime Rib. And, almost a mile from Bally's on the Strip, by foot. (We've passed it up close while walking to Terrible's, but still had to Google to discover it was real place.)

It's also located right next door to the recently destroyed Key Largo casino. The asking price for that Key Largo plot of land that no longer possesses a gaming license? $47,999,999

There's currently no gambling at the Fortune location, either; but, Cheng wants to add gaming, some shops, maybe a showroom or lounge, restaurants and outside dining. They already have some meeting space and a pool and small versions of his wish list. It's a six-acre plot with 150 rooms. We await the word "boutique" when the press releases eventually roll around.

Until than, we're going to guess much of this hinges on the gaming license. They've invested $11 million so far so there's some leverage for generating investment capital. And, they've also created a company called Vegas Dynasty Casino Hotel LLC so we guess that might be the new name. Reason that struck our eye? In 2001, there was a plan to create a "Dynasty Forbidden City" resort featuring a 600-room hotel,a 33,050 square-foot casino and a huge fake Great Wall of China out front. The project collapsed before renderings were even available.

Bit of a stretch we know, but we actually really hope this is turned into an Asian-themed casino. There are so many empty plots of land around town that folks are trying to revive with fancy blueprints but no concrete foundations, both figurative and literal. At least this place exists in a basic form. As usual, we'll keep you posted.

(Photo:Fortune Las Vegas)

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