Claudio Fischer is a former commercial airline pilot who once owned one of the largest salmon farms. But Fischer might add a new title by becoming a resort owner in Las Vegas after connecting with the Las Vegas Convention and Visitors Authority (LVCVA).
Prior to the pandemic, in early 2020, he negotiated a deal to purchase ten acres of property on the southeast corner of Las Vegas and Elvis Presley boulevards.
The property is where the Riviera once stood, LVCVA President and CEO Steve Hill and CFO Ed Finger flew to Santiago, Chile, to meet with Fischer and negotiated a $120m deal to sell the land.
When the pandemic began, however, both parties agreed to put the deal on hold. The deal didn't resume until October 2021, when Hill presented the proposal to the LVCVA Board of Directors.
The terms of the deal state that the LVCVA will continue to have access to the property for parking and any outdoor convention exhibits.
Fischer won't need to start construction until January 1, 2031, after that point LVCVA has the option to repurchase the land.
In a 2021 interview, Hill said this of Fischer: "Claudio understandably wants as much freedom to build what he would like. We see this parcel as a real opportunity for the entire neighborhood.
"Not only is it our next-door neighbor, but it’s next door to the Fontainebleau and across the street from Resorts World and it’s a place where all those properties can meet.
"The growth of the northern part of the Strip is important to us and we see this as a real opportunity because there are a lot of great things going into this area along the resort corridor."
Fischer has developed the Monticello casino resort near Santiago, Chile, and the Park Hyatt Mendoza hotel and casino in Argentina.
