Fontainebleau Development, the owner of the Fontainebleau Las Vegas casino resort is purchasing a five-acre strip of land nearby for $112.5m. The land is part of the site that formerly housed the Riviera Hotel and Casino.
has not revealed its intentions for the land
The Las Vegas Convention & Visitors Authority, which took over the 26-acre site in 2015 and demolished the Riviera, is holding a vote on the possible sale on Tuesday. The five-acre section that Fontainebleau is looking to buy is currently a parking lot; the casino company has not revealed its intentions for the land if and when it completes the sale.
Fontainebleau CEO Jeffrey Soffer issued a statement regarding the matter, speaking about the “positive and encouraging results” since the resort opened in December. He said the land it is trying to acquire is “strategically located for future growth.”
Despite Soffer’s optimism about the casino’s performance to date, others point towards numerous senior-level executives quitting within a month of the property opening and underwhelming visitor numbers as reasons to be wary.