The Las Vegas Convention and Visitors Authority on Tuesday will consider selling 10 acres of Strip-front property where the Riviera once stood for $12 million an acre.
The $120 million sale is part of a long-term plan the LVCVA has had to finance its renovation of four convention halls once the new West Hall was completed.
The massive decline in revenue resulting from the shutdown of the convention industry by the coronavirus pandemic has resulted in the delay of the renovation of the Convention Center’s North, Central and two South halls.
When the LVCVA’s board of directors meets Tuesday, it will consider selling the 10 acres on the southeast corner of Las Vegas and Elvis Presley boulevards to CB Investment SpA.
Under terms of the agreement, the board will consider, the property would be developed as a customary resort and/or hotel operation and prohibit any other use.
The convention authority would have the right of first refusal if CB Investment wants to resell the land and terms of the agreement also require the company to begin construction on the site by Jan. 1, 2031.
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