Valuable Property On Las Vegas Strip Could Sell For $125 Million
A very valuable piece of property on the Las Vegas Strip could soon sell for $125 million dollars if the Las Vegas Convention and Visitors Authority (LVCVA) approves the deal at their next meeting on March 14th.
According to an article written by Corey Levitan on Casino.org, 10 acres of prime property where the Riviera Hotel Casino used to reside may be sold to Brett Torino and Paul Kanavos. They have already developed the Harmon Retail Corner that opened up for business back in 2012. They are currently building a four-story mall in the City Center Complex. Their company, Flag Luxury Group of New York, has put up a bid of $125 million dollars for the property which is located just south of the Fontainebleau near the intersection of Las Vegas Boulevard and Elvis Presley Boulevard.
Their bid is actually $5 million dollars higher than the bid the LVCVA approved in 2021 from Chilean billionaire Claudio Fischer. Per Levitan’s article, he backed out of the deal due to rising interest rates in the U.S.A. Fischer forfeited his $7 million dollar non-refundable deposit last December when he missed the closing deadline and the LVCVA canceled the sale.
Now it’s up to the 14 members of the LVCVA to approve or deny the latest deal. If they approve it, Flag Luxury Group of New York will have five days to make a non-refundable deposit of $3 million dollars on the old Riviera property on the Las Vegas Strip. If they meet that deadline, they will have to make another non-refundable deposit of $2 million bucks after 90 days. The deal would have to be finalized by September 11, 2023.
The Casino.org article goes on to explain that the funds collected from the previously canceled sale to Claudio Fischer, and the possible deal with Flag Luxury Group, would all go towards the LVCVA’s $600 million dollar renovation project of the Las Vegas Convention Center, which is set to begin next month. There is no word yet on what they would be planning to build on this valuable piece of property on the Las Vegas Strip.
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Larry Martino is the long-time Afternoon Drive personality on 96.3 KKLZ. The views and opinions expressed in this blog are those of Larry Martino and not necessarily those of Beasley Media Group, LLC.