Part of the site formerly occupied by the Riviera Hotel was sold by the Las Vegas Convention and Visitors Authority (LVCVA) to CB Investment SpA for $120 million.
A 10-acre parcel of land that has hosted the Riviera for more than half a century has been acquired by South American businessman Claudio Fischer’s company, after the unanimous approval of the board of directors of 14 people from the LVCVA.
Once an integral part of the Las Vegas Strip, the hotel went bankrupt in 2010, passing into the hands of the LVCVA in 2015 who demolished the building in three months in 2016.
The site has since remained vacant, but it is hoped that this deal, which requires the development of a resort or hotel operation, will restore some glamor to the legendary land located at Las Vegas Boulevard and Elvis Presley Boulevard.
With a history that features many famous American icons, from celebrities to gangsters, acquiring even part of the 26-acre site places a heavy burden on Fischer’s shoulders, but many believe that as co-founder of Sun Dreams, one of the leading casino operators in Latin America, he can leverage his expertise to reinvigorate some of the former resort’s reputation.
This news will be welcomed by Vegas stakeholders as the city’s economy has suffered during the pandemic, although tourists have started to return to the gambling hub.
In a statement, the LVCVA said proceeds from the sale will go towards renovating its convention halls: “The proceeds from the sale of the land will be used for capital projects at the Las Vegas Convention Center, primarily the opening of the Las Vegas Convention Center. 3.2 million square foot Campus District Phase 3 renovation prior to expansion.