The locale previously occupied by the Riviera Hotel & Casino along the Las Vegas Strip is approaching renovation, spearheaded by a Chilean entrepreneur.
Published on November 14, 2022, 11:03 a.m.Last updated on November 14, 2022, 12:25 p.m.
Devin O'Connor
@CasinoorgDevinO
Devin O'Connor@CasinoorgDevinO
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Expertise:
Asia Pacific Gaming,
Commercial Gaming,
The iconic Strip resort, Riviera Hotel & Casino Las Vegas was reduced to rubble through two controlled implosions in June and August 2016. Now, six years later, the land where the Riviera once stood is seemingly poised for redevelopment.
Legislation,
Politics.
In February 2015, the taxpayer-funded Las Vegas Convention and Visitors Authority (LVCVA) purchased the bankrupt Riviera for $182.5 million. An additional $42 million was spent in the subsequent year to bring the casino down and make way for the West Hall expansion of the LVCVA’s Convention Center.
The LVCVA determined that approximately 10 acres of the Riviera’s former 26-acre complex were unnecessary for the West Hall project. The vacant 10-acre patch was subsequently put up for sale in February 2019. Chilean businessman Claudio Fischer, a billionaire in the salmon farming industry and gaming sector, and his company Sun Dreams, came into the picture as the buyer.
Fischer, with his interest in the global casino market, agreed to purchase the 10-acre plot from the LVCVA for $120 million in early 2020. However, the COVID-19 pandemic delayed the transaction, leading the two parties to agree on postponing the deal until the pandemic situation improved.
Steve Hill, LVCVA’s President and CEO, recently confirmed that Fischer is still interested in the acquisition of the former Riviera land, with the agreed-upon purchase price of $120 million remaining unchanged. However, Fischer requested that the deadline be pushed back to December 15.
eventually found a buyer by way of Chile.
Las Vegas Review-Journal, LVCVA President and CEO Steve Hill revealed that Fischer is still on board to acquire the former Riviera land. And the $120 million purchase price is unchanged.
Hill described the 10-acre property as a “real opportunity for the entire neighborhood”, stating that it could serve as a meeting point for neighboring properties such as Fontainebleau and Resorts World. Hill mentioned that LVCVA considers the sale to be a significant step toward the growth of the northern part of the Strip.
previous 19 months. The Strip is the state’s most critical gaming market, and is most responsible for the record run.
Nevada casinos, and particularly the Strip, have demonstrated robust resilience toward COVID-19, recording a total of $1 billion in winnings over the past 19 consecutive months, with the Strip being the primary driver of the state's gaming success.
Early blueprints suggest a 43-story hotel with more than 2,400 guestrooms, a 2,500-seat theater, a spa, a convention center, and an auto showroom where major auctions could be held.
Unsurprisingly, the newly-resurgent Strip market has garnered attention from other billionaires. Tilman Fertitta, owner of the downtown Golden Nugget and four other properties across the US, acquired around six acres of Strip frontage for $270 million earlier this year. Fertitta's site, situated opposite CityCenter and Aria, Vdara, and Waldorf Astoria, will eventually see a 43-story hotel and other amenities rise from the ground up.
Fernando Santos, a Chilean real estate tycoon, is another entrepreneur looking to leave his mark on the Strip. Santos reportedly procured the Catalina hotel on the Strip earlier this year and is likely to spend $200 million on the property's renovation and development[2].
Aside from the aforementioned deals, recent reports indicate that Margaritaville Holdings, a company owned by the family of late singer Jimmy Buffett, is in talks to recreate its famous resort brand on an unused Strip site. The partnership, if successful, could mark the return of the Margaritaville brand to the Strip after a hiatus of more than a decade.[1]
[1] Santos plans big for Catalina Hotel on Las Vegas Strip[2] Margaritaville Holdings eyes return to Las Vegas Strip[3] Chilean tycoon set to buy 10 acres of Las Vegas Strip land
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