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North Strip Assemblage in the Works

LAS VEGAS-A 5.4-acre site fronting the Las Vegas Strip next to the Riviera resort and casino sells for $180 million; the buyer options two other adjacent properties.

By Brian K. Miller | Updated on November 19, 2007

LAS VEGAS-An entity of Triple Five Nevada has paid $180 million for a 5.4-acre site fronting the Las Vegas Strip next to the 26-acre Riviera resort-casino. Located at 2955 S. Las Vegas Blvd., the site was previously home to the La Concha Motel. The seller, Lorenzo Doumani, CEO of Majestic Resorts, tells GlobeSt.com that the buyer has optioned two adjacent parcels that, if exercised, would give it nearly 18 acres to master plan.

The buyer is listed on county records as Las Vegas Strip North Holdings LLC, whose local address matches that of Triple Five Nevada. Triple Five recently sold its 9.2% stake in Riviera Holding Corp. to Riv Acquisition Holdings, the private equity group that is trying to acquire the publicly held casino owner and operator.

The smaller of the two additional parcels optioned by the Triple Five entity is the Peppermill, a Strip-front restaurant immediately south of the Riviera that sits on a 1.13-acre site controlled by Doumani. The Triple Five entity has a three-year option to acquire the property, Doumani says.

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