Las Vegas to get new casino following $120-million land sale
By Bob Garcia
A piece of the site where the former Riviera Hotel-Casino stood is sold to a casino developer
The sale of 10 acres of Strip-front property to a Chilean resort and real estate developer for $120 million was given the go-ahead Tuesday after the Las Vegas Convention and Visitors Authority’s (LVCVA) board of directors unanimously approved the move. This means that Las Vegas will be filling up with more casinos ready to bring more entertainment to all visitors to the city.
Steve Hill, president and CEO of the LVCVA, is aware that the pandemic caused many delays for this news to arrive; however, he says it has been worth the wait, noting that after nearly a year and a half, an agreement has finally been finalized with the “curious innovator who is always looking for the next way to take care of his customers and employees.”
Although Chilean real estate developer and resort developer Claudio wasn’t at the meeting earlier this week, Hill made it clear that Fischer promises to be a good neighbor for the Convention Center and certainly one of the best options for Sin City. “He’s an interesting and fun guy,” Hill said of Fischer, who developed the Monticello casino resort near Santiago, Chile, and the Park Hyatt Mendoza hotel-casino in Argentina.
Hill noted that Fischer currently has other real estate holdings in Panama and has long had a desire to build in Las Vegas. The 10-acre opportunity has now opened on the southeast corner of Las Vegas and Elvis Presley boulevards.
CBRE Las Vegas executive VP and agent for the convention authority on the deal Michael Parks said the end result has left him more than satisfied. “I think it’s fantastic,” Parks said late Tuesday. “Any time we get a new investor to invest a significant amount of money on the Strip, it’s usually a good thing for Las Vegas and this circumstance is no different.”