Sale of former Riviera Land in Las Vegas to Chilean Gaming Czars

Sale of former Riviera Land in Las Vegas to Chilean Gaming Czars

For 60 years, Riviera stood on the Las Vegas strip. However, part of this land has been sold. However, the new owners of the land are not new to the casino business. The Las Vegas Convention and Visitors Authority (LVCVA) has now agreed to sell 10 acres of the property that is located on the strip for $ 120 million. The new owner is CB Investment SpA that is newly established in Chile.

More on the new owners

CB Investment SpA, the newly formed company is owned by businessmen in Chile. The new owners are Claudio and Humberto Fischer, two brothers who are based in Chile. The Fischer brothers are veterans in the field of gaming. In 2016, they have acquired ownership of Sun International. This is the parent company of the Sun Monticello casino resort that is located near Santiago.

Since that acquisition, the Fischer brothers have gone on an expansion drive. They acquired five more casinos in Chile. The Sun International has combined 8200 slot machines and 400 table games. This makes the company the second-largest gaming operator in Chile.

Las Vegas Convention and Visitors Authority (LVCVA) makes resort mandate

The LVCVA purchased the Riviera Casino and Hotel in February 2015. At that time, the property was bankrupt. A further amount of $ 42 million was spent by the government-funded tourism agency in 2016 for the demolition of the property by two implosions. The property is located across 26 acres.

However, there is a mandate that with the sale of 10 acres of the property, construction by the new owners of a casino must begin by January 1, 2031. The Fischer brothers are in agreement with this requirement set by LVCVA.

Proceeds from the sale of the property

The amount received through the sale of the 10-acre property will be used to finance the renovation of the four older exhibit halls of the Convention Center over a period of 24 months. The sale of the 10-acre property has earned $ 120 million and has generated a sale of optimism in the area in which the property is located.

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.