LAS VEGAS—The Las Vegas Convention and Visitors Authority (LVCVA) has approved a contract for the $182-million purchase of the historic Riviera Hotel & Casino's 26-acre site as the cornerstone for its planned Las Vegas Global Business District.
"The Las Vegas Global Business District … will generate thousands of good-paying jobs and help lay a strong economic foundation for the benefit of the entire community,” said Rossi Ralenkotter, president/CEO of the LVCVA. “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."
Under the agreement, the LVCVA will purchase the site for a total of $182.5 million. 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.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
