Last Tuesday, the Las Vegas Convention and Visitors Authority (LVCVA) OK’d the sale of 10 acres on the site of the former Riviera Hotel-Casino in a $120 million deal. The buyer is Claudio Fischer, a Chilean real estate developer who owns airlines and hotels and co-founder the largest casino-resort operator in Latin America, Sun Dreams.
According to the Las Vegas Review-Journal, the arrangement requires the property be developed as a resort, with construction to begin by January 1, 2031.
LVCVA CEO Steve Hill said he met with Fischer in Santiago prior to the sale. “We got to see his flagship property (Monticello Grand Casino) south of Santiago and the impressive operation he has there. It’s a beautiful property, with a convention center, arena, hotel and casino on a great site.”
Fischer is an experienced operator, Hill said; Sun Dreams has 19 properties in Chile, Argentina, Panama, Colombia and Peru, “and reached an agreement that has not closed yet to merge with a company called Enjoy, in which they’ll be the majority owner of the combined operation. At that point, it will be about 75 percent of the gaming market in Latin America.
“Claudio has been interested in Las Vegas for some time,” Hill added. “Several of our companies here in town know Claudio to be a very credible operator whom we would welcome to Las Vegas. We think Claudio would be a great neighbor. If you ever get to spend some time with him, you’ll enjoy it. He’s a very interesting and fine guy.”
The Riviera was a Vegas Strip landmark from 1955 to 2015, when the 26-acre site was acquired by the LVCVA for $182.5 million and demolished to make way for the expansion of the Las Vegas Convention Center. The 10 acres with Strip frontage weren’t needed as part of that expansion.
