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![Room Room](/uploads/1/2/5/1/125195548/272698520.jpg)
- For at least the next six months, it’s going to be hard to get lucky at Lucky Dragon Hotel & Casino Las Vegas.One might have a tough time getting something to eat there as well. According to a statement from Lucky Dragon, the boutique-style casino resort designed to create an authentic Asian cultural and gaming experience is beginning the process of reorganization.
- Oct 30, 2019 Lucky Dragon Club is a members-only non-profit organization. Weekly memberships are available for $25. Members are provided one free round of bowling with up to three people and one free hour of pool at the Skyway Park Bowl during the same week the membership fee is paid.
March 16th, 2017 | Last updated on November 2nd, 2018
The Chapter 11 case was filed in U.S. Bankruptcy Court in Las Vegas by Lucky Dragon Hotel &Casino LLC, the resort’s operating entity. For one video poker player this weekend, a sequential.
Home » Poker News » Lucky Dragon Casino Brings a Permanent Rolling Chips Program to Las Vegas
The Lucky Dragon Casino is the first Las Vegas casino to offer a rolling chips program on a regular basis. Other Las Vegas casinos have tried rolling chips as a way to lure VIP guests, but none have embraced the system the way the new Chinese-themed boutique casino has.
Like the various more limited rolling chips programs in the city’s past, the rolling chips program at the Lucky Dragon is designed to attract high rollers. Anyone with ten-thousand dollars to gamble is paid a commission on their play, but they must be willing to use non-negotiable chips to receive that commission.
Emerald Room VIP Section
Because the reception at the Lucky Dragon has been positive, the casino is expanding its VIP gaming space. Dave Jacoby, COO of Lucky Dragon, said in mid-February that the casino would close the Dragon’s Alley (“Asian night market”) cafeteria-style eatery and expand the Pearl Ocean restaurant in order to open up a 1st floor VIP gaming space, the Emerald Room. Pearl Ocean provides food service for the Emerald Room.
The Lucky Dragon already had a VIP gaming area on the 2nd floor, so the Emerald Room offers additional space for premium players and high rollers. The rolling chips program is available for anyone who agrees to play for at least $10,000.
![Room Room](/uploads/1/2/5/1/125195548/272698520.jpg)
What are Rolling Chips?
Casinos which use a rolling chips program have a precise way to track a customer’s play and provide cashback. In fact, the cashback paid by rolling chips programs is referred to as a commission, at least in the Macau system. Rolling chips became famous among the VIP high roller games of baccarat in Macau.
Rolling chips are “non-negotiable chips” provided to VIP players in those casinos. A VIP player does not walk into a casino and pay cash for chips. Instead, high rollers play on credit in most casinos around the globe. In Macau, rolling chips are given to the players, usually by junket operators. The main trait of rolling chips is they cannot be exchanged for cash. A high roller does not walk get $1 million in rolling chips, cash it out ten minutes later, and walk out. You have to gamble them.
Non-Negotiable Chips and Dead Chips
When players win using rolling chips, their winnings are paid using cash chips. These they can cash-out for real money. The non-negotiable chips that are lost are kept by the casino as “dead chips”, which provide the casino of an accurate count of how much the player has lost.
In Macau, junket operators often run their own private rooms inside a casino, essentially paying a percentage of revenues to rent the space. Whoever offers the rolling chips, a player given rolling chips must wager the sum. The main factor is the creditor can depend on roughly 2.7% to 3% return on their credit, because that is the expected return. Since it’s gambling, the bottom line fluctuates for whoever offers rolling chips. Casino markers sometimes go unpaid and require lawsuits and (under Nevada law) criminal cases to have the creditor receive the payments due to them.
Commissions Paid to High Rollers
Rolling chip programs pay a commission to players who buy into the program. Obviously, when you lock yourself in to wagering a million dollars (or some other large sum), it is a boon to the casino operators. They thus pay a commission to high stakes gamblers willing to agree to such terms. One can see the commission as a form of cashback for high volume usage, but with a more direct
David G. Schwartz, director of UNLV’s Center for Gaming Research, says that the Lucky Dragon’s rolling chips program allows pit bosses to know how much a player gambles, instead of making an educated guess. The “dead chips” are counted by the pit boss, who then pays a commission on the losses. In that way, dead chips are like the online casino cashback or monthly insurance programs which are common now in Internet gambling.
Foxwoods Casino’s Rolling Chips
This is not the first time American casinos have used rolling chip programs, though most experiments have been outside Las Vegas. In 2009, Foxwoods Casino began a rolling chips program under its then-president, Michael Speller. It was said that Tan Sri T.K. Kim, the CEO of Genting Group, flew to Connecticut to confer with the Mashantucket Pequot Tribal Council on how to implement the Foxwoods Casino rolling chips program.
Best Sunshine Live Casino
Currently, Best Sunshine Live casino in the U.S. Overseas Territory of Saipan in the Northern Marianas uses rolling chips. The Best Sunshine Live was built to attract Chinese high rollers and is thought to be a big success, though the Saipan government received criticism for offering Best Sunshine Live a 0% tax rate.
Lucky Dragon VIP Room
While the Lucky Dragon Casino was designed to attract foreign Chinese high rollers and Chinese-American players from California, it should be noted that the casino is available to players of all nationalities. Much of the media coverage of the casino’s opening had to do with the authentic Chinese designs, right down the Feng Shui being used in room design. The Lucky Dragon welcomes all players, though.
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Lucky Dragon Casino For Sale
This week's Inside Gaming shares news of the imminent opening of what will be New York's largest casino, tells of the theft of millions' worth of chips from a Macau casino, updates the situation involving the still-closed Lucky Dragon in Las Vegas, and passes along some recent bad beat jackpot headlines.
Resorts World Catskills Announces February Opening
The opening date for New York's newest and largest casino has been moved up, as this week came the announcement that Resorts World Catskills will be opening its doors on February 8. That's three weeks ahead of the previously planned-for March 1 opening.
Located 90 miles north of New York City near Monticello, the $1.2 billion property looks to revive the once popular 'Borscht Belt' region as a tourist destination.
The casino will feature 150 table games and 2,150 slots, while the resort will have a hotel with 332 luxury suites, numerous restaurants, an entertainment village, an indoor waterpark lodge, and an 18-hole golf course.
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'We look forward to driving tourism to the Catskills, stimulating the economy and making meaningful contributions that help put the Catskills back on the map as a premier getaway and true destination,' said casino VP Charles Degliomini, as reported by USA Today.
Majority owned by the Genting Group, the new casino hopes to avoid the recent struggles of the three other upstate casinos — Rivers Casino & Resort, del Lago Resort & Casino, and the Tioga Downs & Casino — each of which have all performed below expectations of late.
$6 Million Worth of Chips Stolen from Wynn Macau
Just last week we passed along reports of two more robberies occurring at Las Vegas casinos, incidents which followed an earlier robbery at the Bellagio poker cage in late November.
This morning CNNMoney is reporting news of another casino heist, this one occurring in Macau. And it appears in this case it was an inside job.
Authorities are searching for $6 million worth of missing casino chips, allegedly stolen from the Wynn Macau by one of its own employees, reports CNNMoney.
Two suspects — a dealer and an accomplice — have been arrested, with Macau police stating they are currently not looking for anyone else in the case. While police didn't share details on how the theft occurred, 'local media reported that the suspect allegedly stuffed [the chips] into a bag in a VIP room and simply carried them out.'
The chips remain missing. Of course, whoever presently possesses them would have to return to the casino in order to attempt to use them in games or convert them to cash.
Lucky Dragon Casino Reportedly Facing Foreclosure, Auction in Early February
Two weeks ago we mentioned here how the Lucky Dragon Hotel & Casino located west of the Las Vegas Strip on West Sahara Avenue abruptly shut its doors barely a year after opening. At the time its owners indicated the shutdown would only be temporary, part of a cost-cutting plan that also included reducing staff.
It appears today the closing of the Asian-themed property may be more than temporary, however, with news that the casino is reportedly facing foreclosure. According to the Las Vegas Review-Journal, the property was delivered a default notice last September with a foreclosure auction already scheduled for February 6.
While the sale of the casino via auction doesn't mean it won't be reopening, it is nonetheless 'another sign of financial distress at the year-old boutique resort,' explains the LVRJ.
The auction notice specifies that $48.9 million remains owed on a $90M loan taken out in early 2016 by the casino's developer Andrew Fonfa.
Nevada Gaming Control Board Delays Red Rock Casino BBJ Ruling
Finally, and in case you missed it, there was recent news regarding the disputed bad beat jackpot that occurred at the Red Rock Casino last July.
You may recall the case involved dozens of players at various Station Casinos poker rooms thinking they had each won a portion of a $120,000 BBJ only to discover Red Rock Casino ruled the hand to have been invalidated due to one of the players involved showing his cards early.
An initial ruling in favor of the players resulted in an appeal by Station Casinos. That appeal led to a hearing in December before the Nevada Gaming Control Board regarding the situation.
Last week the NGCB held its first meeting of the new year, also the first following the resignation of former Chairman A.G. Burnett in December. There the board decided it still needed more time to consider details related to the case, and so delayed making any final ruling just yet.
For those who are curious, our Valerie Cross provides a detailed history of the case including the latest update in her article from yesterday, 'Red Rock Casino Bad Beat Jackpot Payout Dispute Continues.'
Meanwhile, there was some happier bad beat jackpot news this week as well from the Motor City Casino in Detroit. That's where players in a six-handed no-limit hold'em cash game were the lucky recipients of the biggest BBJ in history, dividing an incredible $1,068,590 after a player lost a quads-over-quads hand.
Read more about the Motor City miracle here: 'Poker Players in Detroit Hit Biggest Bad Beat Jackpot in U.S. History.'
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