The oldest operating casino on the Las Vegas Strip has been sold and will soon be scheduled for implosion. On Friday, the Las Vegas Convention and Visitors Authority board of directors agreed to purchase the Riviera Casino for $191 million.

The LVCVA plans to close the casino, implode it and use the property as part of the Las Vegas Global Business District. This project is considered more ambitious than the Tesla deal in upstate Nevada.

The Las Vegas Review-Journal reported on the story Friday, revealing that the LVCVA paid $182.5 million for the property as well as $8.5 million in other acquisition fees. They also retained the services of Paragaon Gaming, the company that is currently managing the Riviera for Starwood Capital Group.

Riviera’s Immediate Future