Las Vegas: LVCVA to consider 10-acre, $125M Strip land sale on Tuesday

Las Vegas: LVCVA to consider 10-acre, $125M Strip land sale on Tuesday

Article brief provided by Las Vegas Review-Journal
  • Richard N. Velotta and Eli Segall , Las Vegas Review-Journal
March 9, 2023 4:19 PM
  • Richard N. Velotta and Eli Segall , Las Vegas Review-Journal

After the high-priced sale of a north Strip lot fell through, two developers are set to buy it for an even bigger amount.

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Las Vegas developer Brett Torino and New York’s Paul Kanavos, who built retail projects on the Strip together, have teamed up to buy a 10-acre parcel just south of Fontainebleau Las Vegas for $125 million from the Las Vegas Convention and Visitors Authority.

The LVCVA board is scheduled to consider the sale Tuesday. The property, at the southeast corner of Las Vegas and Elvis Presley boulevards, occupies part of the footprint where the Riviera stood.

Proceeds from the sale would help finance a $600 million Las Vegas Convention Center renovation project scheduled to start in April.

The buyers declined to comment Thursday ahead of next week’s hearing.