Part of the site formerly occupied by the Riviera Hotel has been sold by the Las Vegas Convention and Visitors Authority (LVCVA) to CB Investment SpA for $120m.

A 10-acre parcel of the land which hosted the Riviera for more than half-a-century has been acquired by the company of South American businessman, Claudio Fischer, after unanimous approval from the LVCVA’s 14-person Board of Directors.

Once an integral part of the Las Vegas Strip, the hotel went bankrupt in 2010, passing into the hands of the LVCVA in 2015 who demolished the building over the course of three months in 2016.

The site has sat vacant ever since, but it is hoped that this deal, which requires the development of a resort or hotel operation, will bring some glamour back to the legendary lot located at Las Vegas Boulevard and Elvis Presley Boulevard.

With a history that features many famous American icons, from celebrities to mobsters, acquiring even a portion of the 26-acre site places a big burden on Fischer’s shoulders, but many believe that as a Co-founder of Sun Dreams, one of the leading casino resort operators in Latin America, he can leverage his expertise to reinvigorate some of the former resort’s reputation.

This news will be welcomed by Vegas stakeholders, with the economy of the city having suffered during the pandemic, though tourists have started to return to the gambling hub.

In a statement, the LVCVA said the profits from the sale will go towards the renovations of its convention halls: “Proceeds from the sale of the land will be used for Las Vegas Convention Center capital projects, primarily the initiation of the Las Vegas Convention Center District Phase 3 renovation of the pre-expansion 3.2 million square foot campus.”