The Las Vegas Convention and Visitors Authority (LVCVA) Board of Directors has voted 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. Under the agreement, the LVCVA will purchase the site for a total of $182.5 million.
“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.”
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 Strip.
The $2.3 billion project—the largest economic development initiative the LVCVA has undertaken since the Las Vegas Convention Center was originally built in the late 1950s—is 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-milion-square-foot expansion.
The second phase will focus 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.
The Las Vegas Global Business District is projected to bring 6,000 construction-period jobs to Southern Nevada, and the construction portion alone is projected to generate $3.6 billion in economic activity. When the project is complete, the resulting increase in economic activity could sustain up to 6,000 permanent jobs and generate an estimated incremental economic impact of nearly $700 million and $221 million in wages and salaries.