A new report reveals that a Chilean real estate developer and entrepreneur who owns the largest casino resort in Latin America continues to pursue plans for a resort on the famous Las Vegas Strip.
LVCVA to Close Deal with Millionaire Claudio Fischer
Claudio Fischer is the owner of one of the largest casino resort in Latin America, Sun Dreams, has been seeking to purchase land on the Strip in Las Vegas for a new resort. The efforts of the ex-pilot and entrepreneur date back to before the pandemic. Sadly, like with every industry, Fischer’s plans were impacted by the global COVID-19 pandemic. Regardless, a new report now reveals that Fischer is on his way to closing a deal for the purchase of land on the Strip.
The land that the Chilean millionaire seeks to purchase belongs to the Las Vegas Convention and Visitors Authority (LVCVA). Overall, Fischer is after purchasing 10 acres of land located on Las Vegas Boulevard and Elvis Presley Boulevard, a site that once hosted the Riviera. The deal has a price tag of $120 million and according to a report by the Las Vegas Review-Journal, is expected to close by November 30 this year. With that in mind, the final date for Fischer to complete the transaction for the land is set for December 15, 2022.
A Win-Win Deal
The 26-acre land where the Riviera once offered its services was acquired by the LVCVA back in 2015. This happened after the venue went bankrupt back in 2010. Consequently, in 2016, the LVCVA demolished the venue.
Once completed, the deal will enable Fischer to construct a new resort right on the Strip. On the other hand, the LVCVA will use the $120 million to fund the renovation of its South, North and Central halls. Ultimately, the LVCVA plans to renovate those halls to meet the amenities and standards offered by its revamped West Hall.
Considering that the LVCVA acquired the 26-acre site for $182.5 million, the deal to sell 10 acres for $120 million sounds good. In fact, the Authority didn’t plan to use the whole land anyway as it needed extra parking next to West Hall and a change in the approach of the building to facilitate more uncomplicated deliveries. At the same time, the LVCVA had in mind the option to sell the 10 acres to fund its renovations. While the Chilean entrepreneur will have access to the Strip and the LVCVA will fund its renovation projects, that deal sounds like a win-win for everyone.
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