Gold Card to Replace Visa Program That Built Vegas Casinos

President Donald Trump has another immigration initiative on his table. Under the name “Gold Card,” the flashy, high-dollar program would be used to offer an alternative to the current green card system. 

“For $5 Million, This Could Be Yours”

The big reveal was made aboard Air Force One. 

The former casino owner, who may get his hands on $115 million if Bally’s gets a casino license for New York, showed off a shiny, credit card-style piece of plastic featuring his face with what appear to be beams shining out of his head, the Statue of Liberty over his left shoulder, a bald eagle below his right one, his signature, and a particularly steep $5 million price tag attached.

“For $5 million, this could be yours,” Trump told reporters. “Anybody want one?”

The proposed program would grant permanent U.S. residency to wealthy foreigners who decide to invest their money in new commercial ventures. 

Trump’s pitch is simple: bring in the rich, and they’ll pour money into the economy, create jobs, and pay taxes.

“Wealthy people will be coming into our country by buying this card,” he said. “They’ll be wealthy, and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people. We think it’s going to be extremely successful,” he added. 

Replacing the Program That Funded High-Profile Casinos

The Gold Card would essentially replace the EB-5 visa program, which has allowed immigrant investors to earn green cards by investing in American development projects. 

The EB-5 has been around since 1990 and has played a role in several high-profile Las Vegas projects. Unfortunately, not all of them scored the desired results.

One notable example is the ill-fated Lucky Dragon casino. Mainly funded through EB-5 investments, the off-Strip resort targeted Asian high-rollers but failed to gain traction. 

Despite raising around $165 million from nearly 180 foreign investors, the property was forced to shut down just two years after opening in late 2016. 

While investors did get their green cards, most never saw their money back.

Developer Andrew Fonfa, who led the Lucky Dragon project, faced legal action from several EB-5 backers before his death in 2020. 

The property was sold for just $36 million and now operates as a non-gaming hotel under new ownership.

Another EB-5-funded Las Vegas project, SLS (formerly the Sahara), also ran into trouble. Although nearly $400 million was raised through the visa program, the rebranded resort flopped and eventually went back to its original Sahara branding.

While the EB-5 program has seen mixed results, it has helped U.S. developers tap into foreign capital without relying on traditional bank loans. 

Given the uncertainty that global markets are currently looking at amid trade tensions, Trump’s new $5 million “Trump Card” could become a lucrative tool for developers.

“I’m the first buyer,” Trump said with a grin. “Pretty exciting, huh?”

In February, Trump said his administration was hopeful of selling “maybe a million” golden cards. 

He also didn’t completely dismiss Russian oligarchs from becoming eligible for the program that could receive applicants in less than two weeks’ time.