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US – Las Vegas Convention and Visitors Authority buys Riviera site

The Las Vegas Convention and Visitors Authority (LVCVA) Board of Directors have 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.

“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 45m visitors.”

Under the agreement, the LVCVA will purchase the site for a total of $182.5m. Funds for the acquisition will be drawn from the LVCVA’s bank credit facility with JPMorgan. The LVCVA will issue long-term bonds to retire the bank credit within the next two years. Terms of these bonds will follow the standard public bonding process.

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 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 $3.6bn 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 $700m and $221m in wages and salaries.

The $2.3bn project is the largest economic development initiative the LVCVA has undertaken 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 1.8m-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 3.2m 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.

I proprietari e la direzione del Riviera Hotel & Casino hanno informato i propri dipendenti e i loro rappresentanti sindacali dell'accordo e stanno lavorando con i partner del resort e i sindacati per identificare opzioni di impiego alternative.

“Riconosciamo la lunga storia e la lealtà che molti dei nostri associati hanno dimostrato alla Riviera nel corso degli anni. Incaricati di gestire la logistica della chiusura dell'operazione, concentreremo la nostra attenzione sui circa 1,000 associati e sui numerosi ospiti che hanno visitato la proprietà anno dopo anno. Attiveremo più risorse e canali per aiutare a realizzare una transizione graduale per tutti coloro che sono colpiti", ha affermato John Groom, direttore operativo di Paragon Gaming, la società di gestione del Riviera Hotel & Casino.

"Questa è chiaramente un'opportunità entusiasmante per Las Vegas come destinazione e non auguriamo altro che successo alla Las Vegas Convention and Visitors Authority mentre cercano di inaugurare una nuova era in questo sito", ha affermato Rob Kunkle, Presidente e Direttore generale del Rivera Hotel & Casino.

In addition to the $2.3bn convention center expansion and renovation, the Las Vegas Global Business District is a visionary project that includes developing a district concept in the neighborhoods surrounding the center. The district would provide a distinct look and feel to the area and provide the opportunity for economic development related to the industry, including the development of a global business center that utilizes the facility’s World Trade Center designation to attract corporations wanting to interact with the tens of thousands of businesses who visit the convention center each year.
Il Global Business District prevede anche piani per un hub di trasporto centralizzato che costituirebbe il fulcro di un nuovo piano di trasporti per l’intera città. L'LVCVA sta lavorando a stretto contatto con la Commissione regionale dei trasporti del Nevada meridionale e con le autorità e le aziende dei trasporti per sviluppare un sistema di trasporto più efficiente ed esteso nella valle.

The Las Vegas Convention Center currently hosts approximately 1.2m convention delegates each year. Those visitors and the conventions they attend support 14,000 local jobs, sustain $530m in wages, and generate an annual economic impact of $1.7bn.