The Las Vegas Convention and Visitors Authority has today confirmed the sale of 10 acres of land that once held the famous Riviera Hotel for a total of $120m.
The sale, which sees each acre sold for $12m, went to Claudio Fischer, a Chilean businessman working in the gaming industry. The deal received unanimous approval from the 14 directors at the LVCVA.
In a statement regarding the sale, the LVCVA said: “Proceeds from the sale of the land will be used for Las Vegas Convention Center capital projects, primarily the initiation of the Las Vegas Convention Center District Phase 3 renovation of the pre-expansion 3.2 million square-foot campus.”
The Riviera Hotel was once one of the strip’s most well-known and historied venues, with stories of celebrities and gangsters featuring throughout its storied past. Since going bankrupt in 2010, the hotel has remained empty and eventually came into the ownership of the Las Vegas Convention and Visitors Authority, which demolished the property in 2015.
Fischer owns a number of properties throughout Latin America, including the Monticello Resort in Santiago. The gaming mogul is also the co-founder of Sun Dreams, one of Latin America’s largest casino brands. Sun Dreams is currently in the process of finalizing a merger with one of its largest LatAm competitors, Enjoy.
After the devastating effects of the Covid-19 pandemic, this kind of investment by an experienced casino operator will be welcomed by the Vegas community, with many hoping this purchase can help revive what was once a legendary venue.