Project: Lucky Dragon Casino
Client: Lucky Dragon LP
Location: Las Vegas, NV
WHY IT MATTERS
Sophisticated approach to managing energy costs and addressing climate change.
CGS3 handled all the construction related contracts and energy services agreements for the $115-million development of the Lucky Dragon Casino in Las Vegas.
Of particular importance was the negotiation of an agreement for Lucky Dragon LP to build an energy plant that will be owned, operated and financed by LVL Energy Partners as part of the casino’s development. As part of the agreement, Lucky Dragon will pay LVL capacity and use charges over a 20-year period.
Outsourcing energy addresses concerns of developers regarding the availability and cost of electricity and utility services such as chilled and hot water.
In addition to the energy outsourcing issues, the financing aspects of construction contracts has a significant impact on this project. Often clients do not realize that timing of construction is critical to ensuring financing because of an issue known as “broken priority.” If construction starts prior to execution of the financing contract, the creditor will pull out because by law they lose priority to other creditors.
Lucky Dragon will be the first Las Vegas casino resort designed from the ground up to create an authentic Asian cultural and gaming experience. Located at the north end of the strip, the casino will include 200 hotel rooms and 65,000 square feet of gaming and entertainment space, including restaurants and retail shops.
The developers have a track record of building and operating some of the largest, most successful casinos worldwide including Venetian Las Vegas, Venetian Macau, Sands Macau, and Marina Bay Sands, Singapore.
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