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LAS VEGAS, NV - MARCH 26: A view of the Las Vegas Strip seen before Earth Hour from the House of Blues Foundation Room inside the Mandalay Bay Resort & Casino March 26, 2011 in Las Vegas, Nevada. Hotel-casinos in Las Vegas turned off marquees and non-essential exterior lighting to participate in Earth Hour, a global initiative by the World Wildlife Fund to focus attention on the threat of climate change. (Photo by Ethan Miller/Getty Images)

LAS VEGAS (AP) — A Chilean businessman has reached an agreement to buy 10 acres of Strip-front land from the Las Vegas Convention and Visitors Authority for $120 million. The authority’s board unanimously approved the sale Tuesday of the land that formerly housed the Riviera to CB Investment SpA owned by Claudio Fischer. The deal is expected to close in June. Fischer is the co-founder of the largest casino resort operator in Latin America, with 19 casino properties in Chile, Argentina, Panama, Colombia and Peru. He hasn’t disclosed any specific plans for the development. But the agreement requires a resort or hotel operation be developed on that parcel of land.