Vegas Tourism Agency May Buy Riviera for Up to $191M

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LAS VEGAS (AP) - Las Vegas Convention and Visitors Authority officials want to spend up to $191 million to buy the Riviera hotel and casino on the Las Vegas Strip.

The tourism agency confirmed the potential purchase Tuesday after days of not commenting on rumors of a deal. If the deal is approved the agency would close and demolish the casino that opened in 1955 to make way for an expansion of its convention center space it is calling the Las Vegas Global Business District.

The agency's board of directors has scheduled a meeting at 9 a.m. Friday to vote on the proposed purchase.

The aging hotel-casino on the north end of the Strip has struggled in recent years. In a bankruptcy reorganization filing in 2010 the company said it expected losses through 2015.