LAS VEGAS (KLAS) — A piece of the former site of the Riviera on the Las Vegas Strip is being sold for $120 million.
Las Vegas Convention and Visitors Authority board member approved plans to sell the site this morning.
The 10-acre plot across from Circus Circus is likely being bought by an international real estate investment company. The buyer is listed as CB Investment SpA. In March, the LVCVA hired CBRE’s Global Gaming Group to sell the property.
No word yet on future plans.
Documents indicate 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 was sold is adjacent to property acquired by the LVCVA as the convention center expanded. Officials determined that the sale of the land would not adversely impact convention center operations.