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28
May

Four Turnberry Place Earns 4 Green Globes Certification – Nevada Business Magazine

First Multifamily Building West of the Mississippi River to Earn 4 Green GlobesLAS VEGAS – The Green Building Initiative (GBI) is pleased to announce that Four Turnberry Place has earned Four Green Globes® certifications for its tower and common areas.The Green Globes certification assesses green building best practices for energy and water use; resources; emissions, effluents and pollution controls; indoor environment; and environmental management systems.“We are pleased that Four Turnberry Place chose Green Globes for Existing Buildings to certify its property and applaud its management for demonstrating national leadership in the incorporation of green building best practices,” said Shaina Weinstein, Sr. Director of Engagement. “The Four Green Globes certification is the highest assessment given by GBI; it documents Four Turnberry Place’s commitment to resource efficiency and reducing environmental impacts.”“The Four Turnberry Place Condominium Association (FTPCA) is committed to effectively managing this property on behalf of its residents,” FTPCA President Robert Tyre stated. “Thanks to our engineering and management staff, our residents benefit from green building best practices that reduce water and energy waste in common areas, save resources, and provide a more enjoyable living environment.”“Using green best practices is good business. All of our residents benefit because it makes our operations more efficient. At the same time, we are providing additional financial advantages for the property and its’ homeowners,” said FTPCA Treasurer Stephen Pierce. “Thanks to Nevada’s leadership, environmental responsibility will also provide an economic bonus. Four Turnberry Place was able to successfully participate in a Property Tax abatement program, which is tied to reductions in energy consumption and achievement of Green Globes certification.”

Source: Four Turnberry Place Earns 4 Green Globes Certification – Nevada Business Magazine

27
May

Pool and Nightclub Expansion Next for the Palms – Eater Vegas

It will be a busy second half of the year for parent company Station Casinos as they continue to remodel the Palms resort. Still under construction is the multi-million dollar overhaul of the 24 Seven Cafe, once promised to debut this spring and Hooters shuttered last month, leaving a 15,200-square-foot void that has yet to receive an official replacement. Confirmed for now will be a new focus on the pool area and the exterior of the former Rain nightclub. Newly filed paperwork shows the resort seeking pe

Source: Pool and Nightclub Expansion Next for the Palms – Eater Vegas

23
May

Australian company looks to sell Strip casino-resort site – Las Vegas Review-Journal

Months after bailing on the Alon casino project, Australian billionaire James Packer’s company is looking to sell the property — for a cool $400 million. Crown Resorts has hired brokerage CBRE Group to unload the vacant 34.6-acre project site, located just north of Fashion Show mall on the Strip, CBRE announced. The land is the former home of the New Frontier but has been empty since investors imploded that hotel a decade ago.   “This is one of the most exciting properties to become available in Las Vegas i

Source: Australian company looks to sell Strip casino-resort site – Las Vegas Review-Journal

23
May

Redesign pushes Resorts World Las Vegas opening date to 2020 – Las Vegas Sun Newspaper

A years-delayed multibillion-dollar casino-resort project on the Las Vegas Strip that would cater to the city’s Chinese and Chinese-American tourists announced Wednesday that it is pushing back its opening date by another year to 2020. The new delay is the result of an overhaul of the original design meant to attract younger gamblers, said Edward Farrell, the veteran casino industry executive leading the $4 billion, 3,000-room Resorts World Las Vegas project. The plans of Malaysia-based Genting Group for

Source: Redesign pushes Resorts World Las Vegas opening date to 2020 – Las Vegas Sun Newspaper

23
May

SLS on Strip sold to owners of Reno casino – Las Vegas Sun Newspaper

SLS Las Vegas announced Tuesday it had agreed to be purchased by Alex Meruelo and Meruelo Group, the owners of the Grand Sierra Resort Hotel & Casino in Reno. Neither company would reveal the purchase price but in a press release announcing the sale said they expect the sale to be completed by the end of the third quarter of this year. The SLS is owned by Las Vegas Resort Holdings, LLC a private company. The Meruelo Group is a management company that serves 35 companies in seven different industries. Whi

Source: SLS on Strip sold to owners of Reno casino – Las Vegas Sun Newspaper

15
May

Las Vegas sees best March ever for tourism – Las Vegas Review-Journal

Las Vegas posted its highest March visitation numbers, mimicking gaudy airport traffic statistics reported earlier in the week, Las Vegas Convention and Visitors Authority officials said Wednesday. The authority reported 3.78 million visitors to Southern Nevada for the month, a 1.4 percent increase over March 2016. It was the third-best month in history behind last July (3.83 million) and October 2015 (just under 3.78 million).   ADVERTISING Experts attributed the high number to having an additional week

Source: Las Vegas sees best March ever for tourism – Las Vegas Review-Journal

15
May

Clark County property tax rate doesn’t budge for 10th year – Las Vegas Review-Journal

Clark County anticipates its property tax rate will remain flat for the 10th consecutive year, according to the budget county commissioners unanimously approved Monday. County commissioners will be asked next month to approve a tax rate of 0.6391 for the 2018 fiscal year, which runs from July 1 to June 30, 2018. That means the owner of a new $300,000 home without abatements would pay the county about $672 in property taxes.

Source: Clark County property tax rate doesn’t budge for 10th year – Las Vegas Review-Journal

14
May

Cosmo hoping to hook high rollers with latest upgrades – Las Vegas Review-Journal

From a new penthouse on the 71st floor of Boulevard Tower of The Cosmopolitan of Las Vegas, nearly all of Las Vegas can be seen. The balcony, about 100 feet long, wraps around the hotel, giving a 270-degree span, including a bird’s-eye view of the Bellagio fountain some 500 feet below. This two-bedroom, 3,200-square-foot penthouse, decorated by designer Adam Tihany, is one of six on the floor.   ADVERTISING Down the hallway, decorated with a Marilyn Monroe portrait, is The Reserve, a 2,300-square-foot ro

Source: Cosmo hoping to hook high rollers with latest upgrades – Las Vegas Review-Journal

12
May

Tourists contributed $2.1B to Southern Nevada coffers in 2016 – Las Vegas Sun Newspaper

Southern Nevada’s governments would have been $2.1 billion poorer if no tourists had come to Las Vegas in 2016. That was the lead nugget from a presentation on the impact of tourism on public revenue conducted by Jeremy Aguero, a principal for Applied Analysis, at the Las Vegas Convention and Visitors Authority board on Tuesday. In his presentation, Aguero divided that money into two large buckets. The first included money from sales- and use-tax collections on activities both tourists and locals engage

Source: Tourists contributed $2.1B to Southern Nevada coffers in 2016 – Las Vegas Sun Newspaper

11
May

Apple plans $1 billion expansion at data center in Nevada – Las Vegas Sun Newspaper

RENO — Apple announced plans Wednesday for a $1 billion expansion of its massive data center east of Reno, doubling its investment and roughly tripling its workforce at the technology campus where company officials expect to hire 100 additional workers.The announcement came as the Reno City Council approved Apple’s plans to build a $4 million shipping and receiving warehouse on a vacant lot in downtown Reno that will make it eligible for millions of dollars in tax breaks.”We’re excited to be increasing

Source: Apple plans $1 billion expansion at data center in Nevada – Las Vegas Sun Newspaper

08
May

Calculated Risk: Las Vegas Real Estate in April: Sales up slightly YoY, Inventory down Sharply

This is a key distressed market to follow since Las Vegas saw the largest price decline, following the housing bubble, of any of the Case-Shiller composite 20 cities. The Greater Las Vegas Association of Realtors reported Local home prices keep rising as Southern Nevada faces a housing shortage, GLVAR Housing Statistics for April 2017Local home prices continued to climb in April amid what leaders of the Greater Las Vegas Association of REALTORS®(GLVAR) are now calling a housing shortage……. The total number of existing local homes, condos and townhomes sold in April was 3,529, up from 3,518 in April 2016. Compared to one year ago, sales were up 1.7 percent for homes, but down 5.3 percent for condos and townhomes. According to GLVAR, local home sales in 2017 continue to outpace 2016, when 41,720 total properties were sold in Southern Nevada. That was more than the 38,577 properties sold during 2015. It was also more total sales than in 2014, but fewer than each year from 2009 through 2013….By the end of April, GLVAR reported 5,083 single-family homes listed for sale without any sort of offer. That’s down 30.9 percent from one year ago. For condos and townhomes, the 639 properties listed without offers in April represented a 71.4 percent drop from one year ago.

Source: Calculated Risk: Las Vegas Real Estate in April: Sales up slightly YoY, Inventory down Sharply

08
May

Bonds likely to pay for roads near Raiders’ stadium in Las Vegas – Las Vegas Review-Journal

State bonds will likely cover roughly $200 million in improvements meant to relieve freeway traffic near the 62-acre stadium site for the NFL’s Raiders on Russell Road, just west of Interstate 15, Nevada Department of Transportation Director Rudy Malfabon said Monday. There are no immediate plans to accelerate those freeway projects, with construction currently scheduled to coincide with the Raiders’ targeted move-in date in 2020. “We’ll just be watchful and anticipate that we’re going to be working on our

Source: Bonds likely to pay for roads near Raiders’ stadium in Las Vegas – Las Vegas Review-Journal

08
May

Timeline shows Raiders stadium in Las Vegas completed by June 2020 – Las Vegas Review-Journal

Construction of a 65,000-seat domed football stadium is expected to begin in January and be completed by June 2020, giving the Raiders three months to move in before their first NFL regular-season game.The Las Vegas Stadium Authority’s draft of a preliminary project timeline shows a 30-month construction period after stadium bonds are issued. Site work on 62 acres at Interstate 15 and Russell Road, purchased by the Raiders for $77.5 million on May 1, is targeted by December.Autoplay: On | Off The Stad

Source: Timeline shows Raiders stadium in Las Vegas completed by June 2020 – Las Vegas Review-Journal

07
May

Five Restaurants To Try in Summerlin This Weekend – Eater Vegas

Positioned at the intersection of urban development and desert wilderness, Summerlin has long been defined by its lush golf courses and crimson cliffs. But thanks to new developments such as Downtown Summerlin, the community named after Howard Hughes’ grandmother is seeing a burgeoning population with a growing appetite for dining options. From Sunday brunch to post-hike tacos, there are always new dishes to try in Summerlin. Whether your weekend plans include climbing in Red Rock Canyon or shopping at Down

Source: Five Restaurants To Try in Summerlin This Weekend – Eater Vegas

06
May

BEFORE THERE WAS RAIDER NATION…A HISTORY OF PRO FOOTBALL IN THE LAS VEGAS VALLEY | Las Vegas Business Press

The Raiders will be kicking off in one of the most expensive stadiums on earth beginning in 2020. Many local residents may be surprised to learn that the city has already served as home to professional football which was not played in indoor soccer-sized arenas. In 1994, the Canadian Football League expanded into the United States, placing a franchise in Sacramento. The following year, three more American teams were added, including the Las Vegas Posse. Coached by Ron Meyer, former head coach at UNLV and two NFL teams, the Posse played their home games at Sam Boyd.

Source: BEFORE THERE WAS RAIDER NATION…A HISTORY OF PRO FOOTBALL IN THE LAS VEGAS VALLEY | Las Vegas Business Press

06
May

Las Vegas new-home sales rise 33.5 percent in first quarter of ‘17 – Las Vegas Review-Journal

Las Vegas homebuilders have booked a sharp rise in sales this year, and there are “no signs of it slowing,” a new report says. Builders closed 831 new-home sales in Clark County in March, bringing the year’s tally to 2,023. That was up 33.5 percent from the same three-month period last year and the most first-quarter sales since 2008, according to Home Builders Research. Sales prices have been hovering near record levels for the past year or so, the report said, and March was no different.

Source: Las Vegas new-home sales rise 33.5 percent in first quarter of ‘17 – Las Vegas Review-Journal

05
May

Progress occurs on more then 300,000-square-foot industrial project | Las Vegas Business Press

Indianapolis, Indiana-based Scannell Properties, a privately-owned real estate development and investment company, announced in April that it reached a milestone on construction, with pouring the concrete slab and preparation of wall panels at its 338,520-square-foot industrial facility in North Las Vegas.The Lincoln Business Center industrial project at 3910 Alto Ln., near Cheyenne Avenue and Walnut Road, will feature a 32-foot clear height and 70 trailer parking spaces, 62 dock doors and four drive doors. The facility is planned for completion in August 2017.“We’re excited seeing the progress Arco Construction has made and appreciate our new relationship with Clark County,” said Daniel Madrigal, development manager, Scannell Properties, Minneapolis Office. “North Las Vegas is an ideal location for growing companies looking for efficient western operations. Its two-day delivery time to major markets, access to labor, and Nevada’s competitive tax abatement programs makes it prime real estate for distribution or manufacturing facilities.”The Larkin Industrial Group at NAI Vegas has been retained by Scannell as the leasing agent.Scannell works on commercial build-to-suit and speculative development projects across the U.S. and Canada.Two new housing communities coming to west Las VegasSummit Homes of Nevada and Presidio Residential Capital announced the group’s plan to build two new communities on the valley’s west side. The group will raise 41 single family homes to the market.“As housing prices rise and supply dwindles, the Las Vegas market gets hotter every day,” said Nathan White, division manager for Summit Homes of Nevada. “We’re thrilled that we’re able to offer two beautiful new communities here.”One of the communities, Summit Agate, located on West Agate Avenue, between S. Jones Boulevard and Duneville Street, will see 19 single-family detached homes. The community’s three floorplans range from 2,182 to 2,621 square feet.The second community, Summit Centennial, at Centennial Parkway and North Alpine Ridge Way, will see 22 new single-family detached homes. Floorplans will range from 2,600 to 3,800 square feet. The community will break ground in in June and start construction in September.Summit Centennial will open for sale in January 2018 and be completed by December 2018. Summit Agate will also open for sale in January 2018 and be completed by September 2018.

Source: Progress occurs on more then 300,000-square-foot industrial project | Las Vegas Business Press

05
May

Red Rock Resort revenues up in 1Q – VEGAS INC

“There has been 69 straight months of job growth and unemployment is the lowest it’s been in 10 years,” Falcone said. He also mentioned how retirees still find Southern Nevada’s cost of living and low taxes attractive. Falcone discussed Station Casinos’ company-wide slot system upgrade, saying early guest feedback was positive. He also boasted about the renovation of the Palace Station, saying the upgrades have transformed the property’s appearance. He also talked about the contributions to company earnin

Source: Red Rock Resort revenues up in 1Q – VEGAS INC

03
May

Raiders close purchase on 62-acre stadium site in Las Vegas – Las Vegas Review-Journal

The Oakland Raiders have closed on the purchase of 62 acres west of the Mandalay Bay resort, clearing a hurdle in the team’s bid to relocate to Las Vegas and build a stadium in time for the 2020 NFL season. The purchase price disclosed in documents posted Monday morning on the Clark County Recorder’s Office website is $77.5 million. Early estimates projected that the Raiders would spend $100 million for stadium land. Michael Parks, first vice president of CBRE, who brokered the deal for the Raiders with Exe

Source: Raiders close purchase on 62-acre stadium site in Las Vegas – Las Vegas Review-Journal

03
May

LVCVA : Las Vegas Tourism Annual Report Shows Increased Visitor Spending, More First-Time Visitors in 2016

LAS VEGAS – Visitor spending is on the rise in multiple categories including food and beverage, local transportation, shows and entertainment, shopping and sightseeing, according to the Las Vegas Convention and Visitors Authority’s (LVCVA’s) 2016 Visitor Profile Study. Additionally, 27 percent of visitors were in Las Vegas for the first time, an 11 percent increase from 2015.“The Visitor Profile Study is a tremendous resource for determining the trends and visitor traits that are integral to formulating our future strategies for the LVCVA and our resort partners to market the destination,” said Kevin Bagger, executive director of the LVCVA Research Center. “This year’s study contains great insights into today’s visitor, including that visitor spending is on the rise and there is a change in the visitor demographic. We’re attracting more first-time visitors to the destination, and those visitors are younger and more diverse than in years past. We also saw growth in the number of non-gaming visitors. However, the visitors who did participate in gaming budgeted to spend more on gaming than in previous years.”Visitor spending is up on average across all key areas. Average per trip spending on food & beverage increased from $292.42 in 2015 to $319.93 in 2016, an increase of 9.4 percent. Also showing significant increases over previous years was average per trip spending on sightseeing at $35.93, up from $14.86 in 2015, and shopping at $156.91, up from $122.66 in 2015.

Source: LVCVA : Las Vegas Tourism Annual Report Shows Increased Visitor Spending, More First-Time Visitors in 2016

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