Cleanup continues at the Riviera site on Las Vegas Boulevard South Thursday, Sept. 8, 2016.
Tuesday, Oct. 12, 2021 | 12:31 p.m.
A Chilean businessman has reached an agreement to buy 10 acres of Strip-facing land that formerly housed the Riviera from the Las Vegas Convention and Visitors Authority.
The land, which will be sold for $120 million, is expected to be used for a new resort, according to the agreement.
Located southwest of Las Vegas Boulevard and Elvis Presley Boulevard, the parcel is just east of the Las Vegas Convention Center West Hall complex.
The buyer is Claudio Fischer, a casino owner and businessman from Chile who made part of his fortune in the salmon-farming industry.
Approved by the LVCVA’s board of directors Tuesday, the deal is expected to close in June.
Construction on any new property, according to LVCVA officials, wouldn’t start before April 2023. That’s partly because the land will be used for temporary convention-related space under existing lease agreements until then.
Steve Hill, president and CEO of the LVCVA, told board members that negotiations with Fischer started before the COVID-19 pandemic, which delayed the agreement.
Fischer and his brother, Humberto Fischer, are involved in several industries in Latin America, including airlines, real estate and gaming.
The Riviera opened in 1955 and closed in 2015. The LVCVA acquired the property and tore down the casino to make way for the West Hall expansion.
