LAS VEGAS (KLAS) — The Las Vegas Convention and Visitors Authority (LVCVA) says a new buyer is lined up for the 10-acre site where the Riviera once stood, at the corner of Las Vegas Boulevard South and Elvis Presley Boulevard.
According to a newly published agenda for the LVCVA board meeting on March 14, if approved, the property will sell to “65SLVB LLC” for $125 million.
According to the LVCVA agenda, “The Buyer team is led by Brett Torino and Paul Kanavos. Mr. Torino has developed over $3 billion of entertainment and retail centers across the county and retains ownership in almost $3 billion of properties. Approximately half of those properties are in Las Vegas. His recent projects include the Harmon Corner Retail Center and Project 63 on the Las Vegas Strip. Mr. Kanavos is the Chairman and CEO of Flag Luxury group, a developer of luxury real estate. Flag’s projects include five Ritz Carlton Hotels, several other high-end hotels, and retail and entertainment projects in Florida and Las Vegas.”
In October 2021 it was announced that the LVCVA would be selling the property for $120 million to a group called CB Investment SpA.
The LVCVA acquired the 26-acre Riviera site for $182.5 million in 2015. Another $52.2 million was spent on demolition and improvements at the site.
The land that is being sold is adjacent to property acquired by the LVCVA as the convention center expanded.