Local media reported that the Las Vegas Convention and Visitors Authority (LVCVA), which is the city’s official destination marketing organization and owner of the cloth, unanimously approved the sale of the land located in the southeast corner of the intersection of Las Vegas and Elvis Presley boulevards. The transfer would take place in June 2022. And construction would not begin before 2023.
Negotiations began in early 2020, but the pandemic forced the transaction to be put on hold. In fact, in the summer of last year, Steve Hill, president and CEO of LVCVA, and Ed Finger, financial manager of the organization, traveled to Santiago to get to know the Monticello casino, Fischer’s flagship project in San Francisco de Mostazal. Upon their return, they made a stopover in Panama to see another of their properties.
Earlier this year, the businessman returned to contact with executives in Las Vegas and negotiations took place in recent months.
“When we got to March, we thought we were pretty close, but obviously the pandemic put the process on hold,” Hill told international media. He added that: “Claudio called again in December or early January and said, ‘Let’s get back to this conversation.’ So we go back and come to the current conclusion.”
For now, there are no official plans, but the agreement calls for the development of a resort or a hotel -that would add a casino-. Construction of which must begin before January 1, 2031. Otherwise, LVCVA will have the opportunity to buy back the land.
The decision to invest heavily in the US would also be a reflection that local operators are preferring to go out and invest in Chile, considering – the sector’s businessmen have repeatedly pointed out – the changes in the rules of the game that affect the industry and that are reflected in the controversial casino tender promoted by the authority, whose economic offers will be delivered on October 18. Currently, only incumbents have created societies to go through those places. There would be no foreign actors participating, in instances where there are also pending legal proceedings, challenging the process.
Between 1955 and 2015, the area acquired by Fischer housed the legendary Riviera Hotel & Casino. Commonly known as The Riv, at the time of its opening it was the first high-rise resort in Las Vegas and the ninth resort on the Strip, the avenue where the main casinos of the city are located, such as the Bellagio, The Mirage, the MGM Grand and the Caesars Palace.
Source: GMB / Today.in-24
