Las Vegas Convention and Visitors Authority Board Approves Sale of Ten Acres of Land on the Las Vegas Strip for $120 Million
Las Vegas Strip
LAS VEGAS – Today the Las Vegas Convention and Visitors Authority (LVCVA) Board of Directors unanimously approved the sale and licensed use of a ten-acre parcel of land located at Las Vegas Boulevard and Elvis Presley Boulevard for $120 million to CB Investment SpA, a company owned by South American businessman Claudio Fischer. The ten acres had served as a portion of the land of the former Riviera Hotel.
The agreement to sell requires the development of a resort or hotel operation on the parcel of land. The LVCVA retained CBRE Group, Inc., a commercial real estate services and investment firm, to sell the parcel.
Fischer’s successful business portfolio ranges from casinos to residential and commercial real estate, primarily in South America. Fischer is co-founder of Sun Dreams, the largest casino resort operator in Latin America with 19 properties in Chile, Argentina, Panama, Colombia and Peru. The hospitality-focused company features gaming, five five-star rated hotels, 66 food and beverage outlets and convention centers.
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.
Details of the proposed agreement were included in the agenda item presented to the Board of Directors today for their consideration and approval.
HISTORY OF LAND ACQUISITIONS
The LVCVA’s land acquisitions on the Las Vegas Strip date back to 1993, when it purchased the 20-acre Landmark Hotel site. The adjacent 26-acre Riviera Hotel site was purchased in 2015. Additional acquisitions in 2018 and 2019 resulted in an additional 9.6 acres, paving the way for the Las Vegas Convention Center’s $1 billion West Hall expansion, which debuted in June 2021.
- 1993 The LVCVA purchased the 20-acre Landmark Hotel site
- 2015 The LVCVA acquired the 26-acre Riviera Hotel site
- 2018 The LVCVA acquired an 8.3-acre parcel of land from the estate of Irwin Kishner and 1.34 acres of land that was controlled by the Siegel acquisition located off Convention Center Drive
- 2019 The LVCVA executed a sales listing agreement with CBRE Group, Inc. for the sale of the ten acres of land located at Las Vegas Boulevard and Elvis Presley Boulevard
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ABOUT THE LVCVA
The Las Vegas Convention and Visitors Authority (LVCVA) is charged with marketing Southern Nevada as a tourism and convention destination worldwide and with operating the 4.6 million square-foot Las Vegas Convention Center (LVCC). With nearly 150,000 hotel rooms and 14 million square feet of meeting and exhibit space in Las Vegas alone, the LVCVA's mission centers on attracting leisure and business visitors to the area. The LVCVA also owns the Las Vegas Convention Center Loop designed and operated by The Boring Company and also owns the Las Vegas Monorail, an elevated 3.9-mile system with seven stops throughout the resort corridor.
Erica JohnsonLVCVAUnited StatesEJohnson@lvcva.com702 892 7655