The Las Vegas tourism authority is moving forward with plans to purchase the Riviera so it can be demolished to make room for more convention space.
The Las Vegas Convention and Visitors Authority board of have met to consider acquiring the 60-year-old Riviera for $182.5m, according to the meeting’s agenda.
The authority would use the site as part of its $2.3bn Las Vegas Global Business District project, which includes a 1.8 million-square-foot expansion of exhibit and meeting space.
Aside from acquisition costs, the board will consider approving up to $8.5m in additional expenditures, including $3.5m for Morgan Stanley to handle the transaction.
The Clark County Commission approved issuing $185m in bonds for the authority to fund the Riviera purchase.
