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Fiona Simmons March 15, 2023 3 min read
LVCVA to Sell 10 Acres of Strip Land for $125M
Previously, the company had agreed to sell the land to Claudio Fischer but he eventually pulled out of the deal.
The Las Vegas Convention and Visitors Authority (LVCVA) approved the sale of 10 acres of land on the Las Vegas Strip. The deal, which will see the entity sell the parcel to Brett Torino and Paul Kanavos for $12.5 million per acre, was unanimously approved by LVCVA’s directors.
The $125 million deal will see the land passed to the experienced real estate developers. The 10 acres have historic value for Las Vegas as they were once a part of the famous Riviera property.
The Riviera was a large casino resort that first opened in 1955. After decades in business, the resort and its associated land were acquired by the LVCVA in a $182.5 deal. The agency’s plan was to use the land to erect an expansion of the Las Vegas Global Business District.
In 2015, the LVCVA closed the Riviera and by 2016 it had wrapped up the demolition of the old casino resort. Now, it has secured the sale of an extra parcel of land it didn’t need for the expansion of the Las Vegas Global Business District.
Torino and Kanavos Might Revitalize the Northern Part of the Strip
Brett Torino and Paul Kanavos are seasoned developers with experience in developing Vegas properties. However, they didn’t reveal their plans for the 10 acres of former Riviera land. Still, Torino and Kanavos did say that they picked the location because of its attractive location. While they didn’t confirm anything outright, they implied that a hotel and/or an entertainment complex might be what the future of the plot hides.
The upcoming property might attract more pedestrians toward the northern end of the Strip. According to Steve Hill, the president and chief executive of the LVCVA, Torino and Kanavos’ project is certain to appeal to their neighbors.
The two businessmen have until September 11 to close the deal. If the sale is not completed within that time frame, the LVCVA plans to relist the parcel.
The Current Deal Comes in the Wake of a Failed Sale
This isn’t the first time that the LVCVA has tried to sell this 10-acre plot. Back in 2021, the company agreed to sell the land to Claudio Fischer, a Chilean billionaire. The mogul already owns several casinos in South America and might have resurrected the Riviera or at least the idea of it in some way. Fischer had agreed to buy the land in a $120 million deal but eventually backed out of it.
The billionaire cited the high interest rates as the reason for canceling the agreement.