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VisasforDollars:BackersofFailedVegasCasinoMayLoseBoth
ByChristopherPalmeri
September4,,3:00PMPDT
TheLuckyDragoncasinoinLasVegaswaspitchedtoforeigninvestorsasawaytomakemoneyandscorepermanentresidenceintheU.S.,butthenowbankruptprojectcouldleavethemwithneither.
Themillionresort,whichopenedinNovember,wasbilledasthefirstLasVegascasinodesignedspecificallyforAsiancustomers.Itwasbuilt,inpart,with98.5millionfromforeigninvestors,whobackedtheprojectunderanimmigrationprogram,knownastheEB-5visa,thatletsimmigrantswhocreatejobsintheU.S.stayherepermanently.
ThecasinoclosedinJanuary,however,andisexpectedtobesoldatabankruptcyauctiononSept.10.Thatmeanstheforeignbackerseachcouldlosetheir,investment,aswellastheirshotatagreencard,accordingtoabankruptcycourtfilingbytheinvestors.Theirattorney,RyanWorks,saidhisclientswouldliketoseeanewbuyerwholetsthemretainsomeoftheirinterest.
“I’mhopefulwecanpreservesomeequityforthesefolks,butalsoI’dliketoseetheimmigrationprocesssucceedforalltheinvestors,”Workssaidinaninterview.
SamuelSchwartz,anattorneyfortheLuckyDragon,disputestheinvestors’claims,sayingallofthemreceivedpreliminaryapprovalsforgreencards,andatleastonehasobtainedapermanentone.
ImmigrationService
MichaelBars,aspokesmanfortheU.S.CitizenshipandImmigrationServices,saidthatwhilehecouldn’t
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