Chilean Billionaire Backs Out of Las Vegas Strip Property Deal with LVCVA

The state-funded convention and tourist agency LVCVA announced on October 12 that the sale of the Las Vegas Strip property is finalized.

LVCVA bought the 26-acre Las Vegas Strip property from the Riviera Hotel-Casino for $182.5 million in February 2015. LVC VA demolished the venue in 2016 and expanded the West Hall of its Las Las. Vegas Convention Center. The remaining 10 acres are being used as an extra parking lot for the convention center. Claudio Fischer, a Chilean billionaire, wanted to buy the land but he backed out due to the pandemic and global inflation crisis. He will pay LVVA a separate $7 million fee.