The transaction closed at US $ 120 million and, according to the contract, the firm has a 10-year term to develop the project.
While in our country the Dreams casino operator is playing all its cards to dispute the places at stake in next Monday’s bidding, the president of the firm, Claudio Fischer, also throws his dice in Las Vegas.
On Wednesday, the Board of Directors of the Las Vegas Convention and Visitors Authority (LVCVA) unanimously approved the sale and licensed use of land located on the southeast corner of Las Vegas boulevards and Elvis Presley – known as The Strip, one of the most emblematic areas of the city – to CB Investment SpA, a firm owned by the Chilean businessman.
Claudio Fischer, President of Dreams.
The total amount of the transaction was US $ 120 million and the agreement requires the development of a hotel or resort operation on that property. According to the contract, the company has a period of 10 years to develop a project, for which it is estimated that construction would begin in January 2031.
According to a statement from LVCVA, “the proceeds from the sale of the land will be used for capital projects at the Las Vegas Convention Center.”
According to the Las Vegas Review-Journal, LVCVA President and CEO Steve Hill said the pandemic-induced wait was worth it. And, although Fischer was not present at the meeting that gave the green light to the transaction, Hill said that the businessman promises to be a good option for Las Vegas and is known among casino executives in southern Nevada. “He’s an interesting and fun guy,” she commented.
According to the outlet, Hill and LVCVA CFO Ed Finger flew to Santiago last year to meet with the president of Dreams. Hill said he was ready to close the deal with Fischer when the effects of Covid-19 began to manifest. “In March we thought we were pretty close, but obviously the pandemic put a pause on that,” the executive said, adding that “Claudio called again in December or early January and said: ‘Let’s get back to this conversation.’ So we started to speak again and we came to this conclusion. “