Las Vegas Strip land sold to developer for $120M

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The Real Deal

Fontainebleau Las Vegas Opens After Years of Delays

The long-stalled Fontainebleau Las Vegas finally became a reality last week with a star-studded grand opening that included Tom Brady, Cher, Justin Timberlake and other celebrities on hand. The 67-story hotel-casino is one of the biggest in Las Vegas, spanning 25 acres and 9 million square feet, featuring about 3650 hotel rooms, 550000 square feet…

Industry ・ 21 December 2023

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Las Vegas Strip Gets a Dangerous Warning

Covid, M-Pox, RSV, and other illnesses could not keep the Las Vegas Strip Resort Casinos down, but a new development might be a major problem. While the covid pandemic closed the Las Vegas Strip, that closure almost seemed to create an opportunity for major resort casino operators to make changes. MGM Resorts International (MGM) - Get Free…

Land-based ・ 16 January 2023

Yogonet

Chilean casino company pulls out of deal to buy Las Vegas Strip land amid rise in interest rates

CB Investment, a company founded by Chilean businessman Claudio Fischer that was planning to develop a hotel-casino on the Strip near the Las Vegas Convention Center's West Hall, has pulled out of the $120 million deal. On Tuesday, Las Vegas Convention and Visitors Authority (LVCVA) CEO Steve Hill said the tourism agency's sale of 10 acres at the…

Land-based ・ 09 January 2023

The Street

Big Las Vegas Strip Casino Deal Cancelled

Nothing happens quickly or easily on the Las Vegas Strip. If you decide to build or buy on the Strip, you have elected to compete with the giants of the casino business -- Caesars Entertainment (CZR) - Get Free Report, MGM Resorts International (MGM) - Get Free Report, and Wynn Resorts (WYNN) - Get Free Report -- not to mention some of the huge…

Land-based ・ 04 January 2023

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Gambling News

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

Real Property reported that this came as a surprise as the $120 million deal was announced in October 2021 and on October 12 this year the state-funded convention and tourist agency LVCVA made an announcement that the sale has been finalized with just some regulatory approvals still pending. LVCVA acquired the land back in February 2015 when the…

Land-based ・ 04 January 2023

World Casino News

Fontainebleau Las Vegas will be realized after obtaining $2.2B construction loan

On Friday, December 23, the founders of the long-postponed Fontainebleau Las Vegas project publicly announced that they have acquired a $2.2 billion construction loan to complete construction of the Fontainebleau Las Vegas resort & casino in the fourth quarter of 2023. Obtaining a construction loan: A new union formed in 2021 between Fontainbleau…

Land-based ・ 31 December 2022

News-Daily

Las Vegas Strip Leader Sells Key Casino

Regional gaming got a shakeup this week, with a big Las Vegas player selling a key property on the East Coast. Liquidity is the name of the game in the current economic environment, and Wynn Resorts (WYNN) - Get Free Report is being proactive with its properties. The Las Vegas-based casino operator announced the completion of a planned sale of land…

Land-based ・ 12 December 2022

The Street

Caesars Las Vegas Strip Failure Turns Into a Huge Win

Every inch of land on the Las Vegas Strip has become incredibly valuable. Recent sales have placed the value of a single acre at $10 million -- and that's land located on the less popular northern end of the Strip. The Las Vegas Convention and Visitors Authority (LVCVA) Board of Directors recently approved the sale and licensed use of a ten-acre…

Land-based ・ 26 November 2022

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The Street

Caesars' Las Vegas Strip Failure Turns Into a Huge Win

Every inch of land on the Las Vegas Strip has become incredibly valuable. Recent sales have placed the value of a single acre at $10 million -- and that's land located on the less popular northern end of the Strip. The Las Vegas Convention and Visitors Authority (LVCVA) Board of Directors recently approved the sale and licensed use of a ten-acre…

Land-based ・ 26 November 2022

CoStar

Changes in the Cards for Iconic Las Vegas Strip After Big Hotel-Casino Deals

In the past two years, there has been a flurry of hotel investment activity in the Las Vegas market, with nearly 10 transactions achieving sale prices exceeding $1 billion. Total hotel sales volume for the past two years in Las Vegas is nearly $16.8 billion, representing 17% of the total U.S. hotel sales volume during that time frame. Las Vegas…

Land-based ・ 28 November 2022

The Street

Las Vegas Strip Adds Another Huge Casino Project

New hotel casino projects along the Las Vegas Strip continue to proliferate following the slowdown during the covid pandemic. Locals and visitors have gotten used to seeing cranes and construction equipment in the area, and they can expect to see a lot more in the coming months. In recent years, the 4.2 miles of the Strip had been dominated by…

Land-based ・ 14 November 2022

Vegas Slots Online

Sources Say Fertitta Buying Vegas Strip Site for Luxe Hotel

Sources are saying that Houston billionaire Tillman Fertitta is buying six acres of property on the Las Vegas Strip where he intends to build an upscale resort. [Image: Shutterstock.com] Landry's Inc. owner and CEO, Tillman Fertitta, is buying six acres on the Las Vegas Strip with an intent to develop an upmarket resort, according to sources cited…

Religion ・ 27 April 2022

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Mooresville Tribune

Latin casino operator buys Vegas Strip parcel for $120M

LAS VEGAS (AP) - A Chilean businessman and co-founder of the largest casino resort operator in Latin America has reached an agreement to buy 10 acres (4 hectares) of Strip-front land that formerly housed the Riviera from the Las Vegas Convention and Visitors Authority for $120 million. The authority's board unanimously approved the sale Tuesday to…

Travel ・ 18 October 2021

Gambling News

Part of the Former Riviera Hotel-Casino Site in Vegas to Get New Life

For more than five decades, the Riviera Hotel-Casino sat proudly among the casinos and resorts dotting the Las Vegas landscape. It was one of the originals to be included on the Las Vegas Boulevard row of gambling properties, but came to an end in 2015. The Las Vegas Convention and Visitors Authority (LVCVA) bought it that year, converting part of…

Covid ・ 13 October 2021

Travel Weekly

Latin casino operator buys Vegas Strip parcel for $120M: Travel Weekly

The authority's board unanimously approved the sale Tuesday to CB Investment SpA owned by Claudio Fischer. The deal is expected to close in June. Fischer co-founded Sun Dreams, which owns 19 casino properties in Chile, Argentina, Panama, Colombia and Peru. He hasn't disclosed any specific plans for the development of the land at Las Vegas Boulevard…

Travel ・ 14 October 2021

KTNV Las Vegas

LVCVA to sell 10-acre parcel for $120M on Las Vegas Strip

LAS VEGAS (KTNV) - Today the Las Vegas Convention and Visitors Authority (LVCVA) Board of Directors unanimously approved the sale and licensed use of a ten-acre parcel of land located at Las Vegas Boulevard and Elvis Presley Boulevard for $120 million. CB Investment SpA, a company owned by South American businessman Claudio Fischer will purchase…

Land-based ・ 13 October 2021

Review Journal

LVCVA to sell 10 acres of Las Vegas Strip property

The Las Vegas Convention and Visitors Authority is nearing a $120 million deal to sell 10 acres of Strip-front property where the Riviera stood. The LVCVA's board of directors on Tuesday is scheduled to consider selling the land at the southeast corner of Las Vegas and Elvis Presley boulevards, across the intersection from the long-stalled former…

Land-based ・ 11 October 2021

Forbes

Blackstone To Sell The Cosmopolitan Of Las Vegas For $5.65 Billion

MGM Resorts International will acquire the operations of The Cosmopolitan, the luxury casino and hotel on the Las Vegas Strip, for $1.625 billion from private equity giant Blackstone. Both MGM and Blackstone announced the deal on Monday. The private equity firm's Blackstone Real Estate Partners VII LP is selling the hotel and casino's real estate…

Covid ・ 14 October 2021

Casino News Daily

Casino Giant MGM Offloads Aria, Vdara to Blackstone in $3.9bn Deal

Las Vegas casino operator MGM Resorts International has agreed to sell Aria Resort & Casino and Vdara Hotel & Spa to New York-based private equity firm The Blackstone Group in a $3.89 billion deal. Blackstone will lease the resorts back to MGM for an initial annual rent of $215 million, it also became known. Both transactions are expected to close…

Travel ・ 02 July 2021

The Nevada Independent

Compañía sudamericana de casinos se retira de acuerdo para adquirir terreno en Las Vegas

Esta nota fue traducida al español y editada para brevedad y claridad a partir de una versión en inglés. Una empresa chilena que planeaba construir un hotel-casino en la franja turística o Las Vegas Strip, se retiró del acuerdo valorado en $120 millones de dólares. En un comunicado enviado este martes, Steve Hill, director ejecutivo de la Autoridad…

Land-based ・ 05 January 2023