LVCVA buys Riviera Hotel & Casino, begins Las Vegas’ next evolution.
Las Vegas, NV— The Las Vegas Convention and Visitors Authority (LVCVA) Board of Directors voted today to approve a contract for the purchase of the historic Riviera Hotel & Casino’s 26- acre site as the cornerstone for its planned Las Vegas Global Business District.
“Today marks an exciting new milestone in Las Vegas’ long history of reinvention and evolution and ensures Las Vegas’ meeting and convention industry remains the envy of the world for decades to come,” said Rossi Ralenkotter, president/CEO of the LVCVA. “The Las Vegas Global Business District is the single most important economic development project in the state, and it will generate thousands of good-paying jobs and help lay a strong economic foundation for the benefit of the entire community. This strategic acquisition of land gives us the much-needed space for expansion while also providing a highly visible presence on one of the most famous streets in the world – the Las Vegas Strip – and is essential in helping us to reach our goal of 45 million visitors.”
Nevada Governor Brian Sandoval said, “Las Vegas has proven time and again, its ability to reinvent itself as the economic engine for Southern Nevada. For the better part of 60 years, this historic property has created memories for millions of guests and will always have a place in the history of this great city. As the storied resort makes way for the Global Business District, this site will continue to play an integral role in the attraction of visitors to Nevada.”
The $2.3 billion project is the largest economic development initiative the LVCVA hasundertaken since the Las Vegas Convention Center was originally built in the late 1950s. The expansion project is expected to lead to an additional 480,000 new attendees as current conventions grow and through attracting an estimated 20 new trade shows and conventions.
The Riviera site is a key component of the LVCVA’s land acquisition strategy, providing an iconic entrance to the Global Business District on the world-famous Las Vegas Strip. Envisioned to be completed in two phases, the first phase focuses on the Riviera site and includes 750,000 square feet of new exhibit space and 187,500 square feet of supporting meeting space as part of the new 1.8-million-square-foot expansion.
Phase two focuses on renovating the existing convention center and includes a 100,000-square- foot general session space and another 100,000 square feet of meeting space. Including public areas and service areas, the expansion and renovation increase the facility from its current total footprint of 3.2 million square feet to nearly 5.7 million square feet. Once construction begins, the entire project is expected to take five to eight years to complete.
About the LVCVA
The Las Vegas Convention and Visitors Authority (LVCVA) is charged with marketing Southern Nevada as a tourism and convention destination worldwide, and also with operating the Las Vegas Convention Center and Cashman Center. With more than 150,000 hotel rooms in Las Vegas alone and 10.8 million square feet of meeting and exhibit space citywide, the LVCVA’s mission centers on attracting everincreasing numbers of leisure and business visitors to the area.