Las Vegas convention officials approve $125 million sale of former Riviera site

March 14, 2023 6:48 PM
  • Buck Wargo, CDC Gaming Reports
March 14, 2023 6:48 PM
  • Buck Wargo, CDC Gaming Reports

The Las Vegas Convention and Visitors Authority Tuesday signed off on a $125 million sale of 10 acres on and near the Strip formerly occupied by the Riviera Hotel-Casino. The buyer is a developer with plans to build a retail, food and beverage, and entertainment experience and possibly a 500-room hotel over time.

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The buyer team is led by Brett Torino and Paul Kanavos. Torino has more than $3 billion invested in entertainment and retail centers across the county, with about half of them in Las Vegas; his recent projects include the Harmon Corner Retail Center and Project 63, both on the Strip. Kanavos is the chairman and CEO of Flag Luxury Group, a developer of luxury real estate. Flag’s projects include five Ritz Carltons and several other high-end hotels, and retail and entertainment projects in Florida and Las Vegas.

The site at the north end of the Strip is adjacent to the Convention Center and, according to LVCVA CEO Steve Hill, “It will provide an opportunity for a lot of convention customers next door. That land is a meeting point for some of the great things around the Convention Center like Fontainebleau and Resorts World; the site ties together the Wynn and Sahara. It’s a focal point for the neighborhood.”

With its recent expansion out to the Strip, Hill claimed that the Las Vegas Convention Center now has “the most connectivity to hotels, casinos, and entertainment complexes of any in the country and that’s going to make a real difference for our customers.”

The LVCVA isn’t concerned about the new property potentially not having a casino. It’s not prohibited, but it’s not in the plan.

“I imagine that Brett and Paul’s plans for this property appeal to the neighbors,” Hill said. “But even when it’s directly competitive, any properties within walking distance help create a critical mass that raises the tide for all.”

The sale takes the place of one reached in October 2021, when Chilean businessman Claudio Fischer agree to pay $120 million for the 10 acres. Fisher pulled out of the deal to build a resort on the site and forfeited $7 million.

The LVCVA’s land acquisitions on the Las Vegas Strip date back to 1993, when it purchased the 20-acre site of the old Landmark Hotel. The nearby 26-acre Riviera site was purchased in 2015. The iconic Riviera opened in 1955 and closed in 2015.

Additional acquisitions in 2018 resulted in another 9.6 acres, paving the way for the Las Vegas Convention Center’s $1 billion West Hall expansion, which debuted in June 2021. Proceeds from this sale will be used to bring the original Convention Center halls up to the standards of the West Hall.