At the time, Fonfa planned to build a hotel on the property, as he expected Circus Circus Enterprises to construct the Excalibur Hotel and Casino nearby, thus increasing tourism for the northern Las Vegas Strip. Developer Andrew Fonfa had initially purchased the property as part of a five-acre parcel in 1987. The property is located between the Golden Steer restaurant and the Allure Las Vegas condominium high-rise tower. The resort is located on 2.5 acres (1.0 ha) of land at 300 West Sahara Avenue, a block west of the northern end of the Las Vegas Strip, an area that had become known for a number of vacant lots, older resorts, and failed projects. Ahern also planned to convert the casino into conference and convention space. It was sold in April 2019, to Don Ahern, who reopened the hotel later that year as Ahern Hotel. The hotel subsequently closed on October 2, 2018. After experiencing low customer turnout, the Lucky Dragon's casino and restaurants were temporarily closed in January 2018 so the property could reorganize, while the hotel remained open. With 203 rooms and a 27,500 sq ft (2,550 m 2) casino, the Lucky Dragon was considered small in comparison to nearby competitors on the Las Vegas Strip.

The Lucky Dragon was heavily inspired by Asian concepts in an effort to appeal to Asian customers, who were expected to be the resort's primary customer base. An official grand opening was held on December 3, 2016.

The resort had a soft opening on November 19, 2016. The Lucky Dragon was designed by Ed Vance & Associates Architects and was announced in February 2012, with groundbreaking in May 2015. While selling units in the first tower, Fonfa decided to build a hotel and casino on the adjacent site. The resort's property was once planned as the site of a second Allure tower, which was cancelled due to poor economic conditions. The Ahern Hotel is adjacent to the Allure Las Vegas high-rise condominium, opened in 2008 by developer Andrew Fonfa. The resort is located on 2.5 acres (1.0 ha) of land at 300 West Sahara Avenue, near the Las Vegas Strip.

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