By July 1993, representatives of Lloyds Bank had approached the LVCVA about the possibility of purchasing the Landmark. LVCVA was interested in the proposal, with plans to use the Landmark's 21-acre property either for a parking lot or expansion. LVCVA purchased the Landmark in September 1993, at a cost of $15.1 million. During 1994, board members of LVCVA debated on whether to restore the Landmark or demolish it, ultimately deciding on the latter. Only three LVCVA board members voted to save the building. Among those voting in support was Lorraine Hunt, who later said that the Landmark "was iconic and part of the history of Las Vegas. Had they kept it, it could have been the office for the Las Vegas Convention and Visitors Authority."