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Phoenix & Southwest  + Southwest  + Hospitality  | 
Flag Luxury Group spends $125M on 10 acre Strip parcel.

Las Vegas Developers Buy 10 Acres of Strip Land for $125M

It’s the last ten acres left from the old Riviera Hotel. The land, owned by the Las Vegas Convention and Visitors Authority was purchased by Brett Torino and Paul Kavanos of the Flag Luxury Group. The two have partnered on two separate Las Vegas retail projects. The land is just south of the Fontainebleau.

The two partnered on the Harmon Retail Corner, which opened in 2012 at the corner of Las Vegas Boulevard and Harmon Avenue and also building 63, a four-story shopping mall next to The Shops at Crystals in the CityCenter complex.

Proceeds from the $125 million sale will help fund a $600M renovation of the Convention Center scheduled to begin in April. The LVCVA acquired the 26-acre Riviera site for $182.5M in 2015. They used it to build West Hall, a $1B, 1.4 million-square-foot expansion to the Las Vegas Convention Center that opened in June 2021.


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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.