UPDATE JAN. 17: In December, The Lucky Dragon held a huge celebration for its one year anniversary. Now things are a little more somber.

Earlier this month they closed the casino, leaving just a sign on the door. Now it faces foreclosure. According to the Las Vegas Review-Journal, the hotel got a default notice months ago.

It was built just west of the strip on West Sahara Avenue and some experts think this was an obstacle from the get-go.

As for what's next, the foreclosure auction is set for next month.

If the lucky dragon is sold at auction, it doesn't necessarily mean the hotel will close.

ORIGINAL STORY: The Lucky Dragon hotel-casino, which has only been open for a little over a year, has temporarily closed its gaming and restaurant operations. Multiple workers on the property have been laid off as a result.

According to a statement from the property, the Lucky Dragon is "beginning the process of reorganization."

The hotel and gift shop will remain open, along with Cha Garden.

"While this is a difficult decision, this reorganization paves the way for Lucky Dragon to establish new partnerships that will enhance the property's long-term positioning and provide a better guest experience," Lucky Dragon representatives wrote in a statement to the press. "We would like to thank our outstanding colleagues for their many contributions, hard work and dedication to the resort."

Lucky Dragon estimates that they'll be able to resume restaurant and gaming operations within six months. Staff that has been laid off will be eligible to be hired again once the restaurants and casino are back open.

"We had hints and you know we had warnings so it was kinda obvious that was gonna happen," says Kaleb Edwards. Edwards was a dealer at Lucky Dragon up until Thursday.

For months they've noticed the resort was downsizing.

"Laying off let's say managers. And you got a manager who was let's say was just managing for VIP. He's now a manager for Food & Beverage, VIPS, slots."

Those that still need to redeem their gaming tickets and chips can do so at the front desk of the hotel. Other gaming, food and beverage promotions or offers are no longer valid.

"I can tell you that every single effort to create something, to be successful was put into place.There was nothing skimped. Nobody saved any dollars. As I said the best professionals possible were hired for their positions there," says Joe Muscaglione. He was a food and beverage consultant for Lucky Dragon.

"I'm shocked and I'll be disappointed if they don't just regroup and come back stronger than ever," says Muscaglione.

Watch: Lucky Dragon grand opening from November 2016