Luxury Real Estate in North Strip Changes Hands for $125 Million, Fate of Property Remains Undecided
The 10-acre plot where part of the Riviera stood for six decades will soon be under new ownership, having been on the market since early 2019.
The Las Vegas Convention and Visitors Authority (LVCVA) gave the green light to selling the Strip-facing property for a whopping $125 million, or $12.5 million per acre, to real estate developers Brett Torino and Paul Kanavos on Tuesday.
These businessmen are no dears to Las Vegas as they co-developed Harmon Corner, a three-story mall on the northeast corner of the Strip at Harmon Ave. Tenants at Harmon Corner include Bubba Gump Shrimp Co., Rainforest Cafe, Sugar Factor, and Walgreens.
The Riviera occupied 26 acres in total, with the 10 acres set to belong to Torino and Kanavos stretching from the Strip eastward, just north of the Peppermill Restaurant and Lounge, across from Resorts World Las Vegas. The property reaches nearly to the Las Vegas Convention Center at the Siegel Select Convention Center motel.
A Mysterious Future Awaits
Torino and Kanavos haven't revealed, and are keeping quiet publicly, about their plans for the Strip parcel. The LVCVA states that the deal must close by September 11, or the property will be relisted.
It's not the first time. In October 2021, the LVCVA reached an agreement with Chilean billionaire Claudio Fischer to sell him the land for $120 million. Fischer, who owns casinos across South America, announced in early 2023 that he was scrapping the deal as high-interest rates no longer made the acquisition enticing, costing the LVCVA a $7 million separation fee.
The LVCVA bought the Riviera through bankruptcy in February 2015 for $182.5 million. The government tourism agency spent $42 million demolishing the former Rat Pack hotspot to make way for the Convention Center's expansion. The 10 acres were not necessary for the West Hall project but served as a construction staging area. With construction complete, they are no longer needed.
The LVCVA aims to upgrade the North, Central, and South halls of the Convention Center to modernize and keep pace with the new West Hall, spending a substantial $597 million.
Torino and Kanavos find the former Riviera land appealing due to its proximity to the Convention Center. They hinted to the LVCVA that they have no concrete plans for the property but suggested a possible retail and entertainment complex with a nongaming hotel.
Pedestrians Need a Pull Northward
For a long time, the northern end of the Strip has lacked attractions that pull pedestrians north beyond Wynn. The June 2021 opening of Resorts World, a $4.3 billion development, was a significant step in that direction. However, foot traffic in the area remains much less than the bustling southern end, such as Caesars Palace and the Bellagio.
Rumors are swirling that the Fontainebleau might face additional delays in its opening. Officials at Resorts World, Circus Circus, and the Fontainebleau development team might find Torino and Kanavos' plans for an entertainment and shopping destination, rather than a casino, encouraging news.
"I'd guess that the plans Brett and Paul have for the property are appealing to their neighbors," said LVCVA President and CEO Steve Hill. "But even if it's a competitor, any property within walking distance helps create a critical mass that lifts all boats."
