Developers Brett Torino and Paul Kanavos, who built Harmon Corner and are working on the 63 retail center, would become the owners of property near the Convention Center.
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The towering north Strip hotel-casino will feature a pillarless ballroom spanning more than 105,000 square feet, one of the largest in Las Vegas.
The Las Vegas Convention and Visitors Authority board will consider selling land at Las Vegas and Elvis Presley boulevards to finance convention hall renovations.
Nevada added more than 10,000 jobs last month as coronavirus restrictions loosened and tourism regained its footing in Las Vegas, though unemployment remains high.