One of the last remaining large tracts of land on the Las Vegas Strip was purchased last week by the Las Vegas-based Siegel Group. The site of the former Riviera hotel, the 10-acre plot at one time was owned by the Las Vegas Convention and Visitors Authority and was once planned as the entrance to the city’s convention center on the Strip. The Siegel Group reportedly paid $75 million in cash for the property, a bid lower than other bidders, but because the sale would close within 45 days, the lower offer was accepted.
The Siegel Group operates low-priced apartments and extended stay complexes along with retail shops and restaurants in Las Vegas. The group recently sold the off-Strip Artisan Hotel to a Los Angeles developer that plans to convert it into a “cannabis friendly” hotel.
Siegel Group founder Steve Siegel says his company has been shopping for land on the Strip for quite some time.
“We’ve been waiting years to acquire a large piece of land in the Strip, and have been watching this site for a long time,” Siegel said in a statement.
“When this opportunity presented itself there was no question that we had to purchase it. This is a phenomenal property that will one day soon have a development worthy of such an irreplaceable location on the Las Vegas Strip.”
The land is adjacent to the expansion of the convention center and just north of Wynn and Encore Las Vegas. It is across the Strip from the new $4 billion Resorts World Las Vegas and just south of the Fontainebleau, scheduled to open sometime in 2023.
