LAS VEGAS (KTNV) — 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.
CB Investment SpA, a company owned by South American businessman Claudio Fischer will purchase the land from LVCVA.
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.