Closings of new homes at lowest level since April 2003   July 2006  

While commercial real estate remains strong in Southern Nevada, The Las Vegas' housing market picked the hottest month of the year to show its clearest signs of cooling.  New home sales in July dropped 41 percent from the same month a year ago and existing home sales fell 35.1 percent as the market continues its downward slide after two years of record-breaking sales and price appreciation.  The 1,808 new home closings were the fewest since April 2003 and slightly more than half of the 3,474 closings in the previous month, according to local research firm SalesTraq.

 Scarcity of industrial land in Las Vegas   July 2006

THE STARDUST HOTEL AND CASINIO ARE SCHEDUELD TO CLOSE  June 2006 

The owner of the Stardust said the casino-hotel would stop taking reservations as of Nov. 1, 2006 as it prepares for the demolition of the 48-year-old property next year.  Boyd Gaming plans to replace the 1,500-room Stardust with a multi-hotel and casino project covering 63 acres on the Las Vegas Strip. The hotel, which opened in 1958, was long the home of "Mr. Las Vegas" singer Wayne Newton.  The 5,300-room Echelon Place complex is expected to open in 2010 with four hotels, a 140,000-square-foot casino, theaters, a shopping promenade, spas and convention space.

MGM Unveils PLAN TO BUILD $7 Billion Mega resort   June 2006

MGM Mirage Inc., the world's second largest casino company, unveiled a model of its $7 billion Project City Center, a mega resort it says represents the single biggest employment opportunity in Las Vegas' history.  The seven-tower goliath will feature two glass residential towers by architects Murphy/Jahn that lean slightly in opposite directions and are surrounded by 500,000 square feet of retail space.   On both ends of the 66-acre plot's north and south corners on the Vegas Strip will be two boutique hotels: one a "Lifestyle Hotel" and the other a five-star, Mandarin Oriental luxury hotel that will "respond to the desert environment and climate".  Toward the west end of the property will stand two massive curved hotel towers linked to the casino and a 50-story ebony condominium-hotel with 1,543 units designed by Rafael Vinoly.  "With this world-class development, Las Vegas is on the fast track to becoming a major urban center in the western United States," says Terry Lanni, MGM chief executive.  The development will create 7,000 construction jobs and 12,000 permanent positions and is scheduled to open in 2009. 

GENERAL GROWTH PROPERTIES UNVEILS DETAILED PLANS      May 2006

General Growth Properties, parent company of The Howard Hughes Corporation, has unveiled plans for Summerlin Centre which includes a 100-acre community hub that combines retail shopping, dining, office space, a hotel and residences, all surrounding a series of grand public plazas to be known as Summerlin Square.  Summerlin Centre will be located northeast of the intersection of the 215 Beltway and Sahara Avenue. Construction begins in 2007

FANTASY SUITES OPEN AT THE PALMS CASINO RESORT           May 2006
The Palms Casino Resort recently opened its Fantasy Suites inside the all-new, $250 million Fantasy Tower.  Located on the tower's 25th and 26th floors, the Fantasy Suites take the themed hotel room to exotic extremes.  The rooms range from 1,500 to 4,200 square feet.  Each suite features custom furnishings and never-before-seen amenities like the Kingpin suite (a retro-style party room with two full-size bowling lanes) and the Erotic Suite, which features leather and metal finishes, an eight-foot, round, rotating bed equipped with special lighting and a dancer pole.

WORLD-CLASS EQUESTRIAN CENTER OPENS IN LAS VEGAS      May 2006
A world-class equestrian center recently opened its doors in Las Vegas.  The South Coast Equestrian and Events Center includes 4,400 seats in an enclosed area, 1,200 climate controlled horse stalls and a veterinary clinic.  South Coast officials say it offers one stop shopping for those taking part in the show.  The center is said to be the only one in the world attached to a hotel-casino.

MCCARRAN AIRPORT RANKED FIFTH BUSIEST PASSENGER AIRPORT    April 2006
Las Vegas' McCarran International Airport was recently ranked as the nation's fifth-busiest passenger airport last year according to the Airports Council International-North America's annual traffic ranking.  The Washington, D.C.-based trade group credited McCarran with 44,280,190 passengers in year-end 2005.  The recent growth in U.S. and international air travel, coupled with Las Vegas' burgeoning leisure and trade show industries, have raised the demand for flights to the destination.  Clark County is also committed to spending $2.4 billion to expand and improve McCarran over the next five years, thereby raising its capacity to roughly 53 million passengers a year.

 SEVERAL LUXURY CONDO PROJECTS, LACK FUNDING     April  2006

Demand has softened and the market for product is over run.  The pace of sales has started to show signs of softness as foot traffic at sales offices, unit reservations and number of contracts are dwindling.  Several projects have recently come online for sale in the Vegas valley.  Experience, location and branding with be the key to success for specific projects.

 RIVERA HOTEL SOLD FOR $426.5M     March  2006

Rivera Hotel, Casino in Las Vegas sold for $426.5M
Riv Acquisition Holdings will pay $426.5 million for the 2,070-room Rivera hotel casino and its 26-acre site in Las Vegas. The upper-end private investment group purchased the property from Rivera Holdings Corp. The sale also included the Riviera Black Hawk, a casino about 40 miles west of Denver in Black Hawk, CO. Riv Acquisition Holdings funded the purchase with the assumption of $215 million in debt. The deal is expected to close in the first half of 2007. Riv Acquisition Holdings said the company will not raze the Riviera but keep it open while improvements occur.

Previously Owned Homes     Jan  2006

Sales of previously owned homes feel in December of 2005.  Home prices nationwide fell 5.7% last month 2006 is expected to be a lack luster year for sellers wanting to sell their homes.  While demand is still there, it is now a buyers market.  Higher homes prices and raising interest rates will curtail demand this year.  It is expected that business  investment, not housing will be the growth engine of 2006.

 LV Feels Industrial Squeeze     Jan  2006

The amount of industrial inventory in the industrial market is rapidly diminishing.  Vacancy rates for the industrial market continues to drop indicating a high-demand, supply constrained market.  The valley wide industrial vacancy rate at the end of 2005 was at or below 4% valley wide.  In the 4th quarter of 05 rents on industrial space had increased from fifty seven cents per square foot to sixty six cents per square foot.

 vEGAS sCORES GRAND SLAM     Dec 2005

Las Vegas has just signed a made-for-television event from the Hawaiian Island and will stage "Golf Week" in conjunction with the PGA Grand Slam of Golf.  The Las Vegas Convention Authority will spend $4.5 million dollars over the next three years to host the event which usually pits the winners of golf's four major PGA tournaments.

 THE FUTURE OF DOWNTOWN ~ 61 ACRES CROWN JEWEL     Nov 2005

There are lots of people paying a lot of dough for land downtown.  But the Mayor's crown jewel is still available.  The city of Las Vegas dissolved talks last month on the development of downtown's much ballyhooed 61-acre parcel.  Despite the breakdown, two projects, a performing arts complex and the Lou Ruvo Alzheimer's Center are still moving forward.

 Wynn Las vegas resort ~ A success     Oct 2005

Steve Wynn's newest resort opened to much fanfare.  An anxious crowd spilled into the hotel as security guards restricted the number of people allowed into the curved bronze tower. The five-year, nearly $3 billion dollar project has elements of Wynn's earlier casinos evolved and carried to the next level.  The 2,700-room tower marks Wynn's first new project since the Bellagio resort, which was sold to MGM Mirage five years ago.  As you would expect, the interior of Wynn Las Vegas is richly decorated with textured wall coverings, dramatic draperies and mosaic floors. Curved escalators lead down to a patio facing a large pool with a 70-foot wall of water cascading at its back and Atriums and floor-to-ceiling windows in many areas bring daylight while the exterior of the property is showcased by a small man-made mountain covered with trees and featuring waterfalls, and a lake, creating dramatic views from restaurants and other venues inside the casino resort.

 The Manhattenization of Las Vegas:  Up, Up and Away      July 2005

Las Vegas is moving up, literally.  The Las Vegas Valley now boasts a record number of urban choices:  apartments converted to condominiums, lofts, mid-rises and luxury high-rises.  Las Vegas is approaching this next phase of vertical building the way it does everything else -- full throttle!  The high-rise industry alone (12 stories or higher) has 122 buildings under proposal with 21,000 residential units with an absorption of about 1,000 units a month in terms of sales.  In addition there are about 30 mixed-use urban living project such as the recently completed "The District at Green Valley".  The surprise, however, was that there are so many buyers in the world willing to pay that kind of money!  The demand for product exceeding $1 million for 1,000 squre feet is amazing.

LV TRUMP TOWER:  The Donald announces new condo hotel to be built in Las Vegas     April 2005

Following The Donald's mention of the Trump Las Vegas on the TV program The Apprentice,  units started selling faster than ice in the hot Vegas desert.  Approximately 65% of the building, all of Phase I, is reserved. That's what happens when a property gets mentioned on a network TV show watched by 24 million people!  The sales staff at Trump International has stopped taking any more reservations in Phase I. They will begin taking reservations in Phase II (same building as Phase I), after the Christmas weekend.  The Trump International Hotel & Tower Las Vegas will be a 1.6-million sq. ft. condo hotel tower. At 64 stories, it will in fact be the tallest hotel in Las Vegas. 

ROOM RATES: Few New Year's sellouts, so far     Jan  2005

With New Year's Eve landing on a weekend, the average cost of a Las Vegas hotel room for the three-day holiday is up 25 percent from a year ago, a report from a Wall Street gaming analyst shows. And, because of the prices associated with the Friday through Sunday period, only two resorts are reporting sellouts.  Overall, Las Vegas room rates have been solid for the year. Falcone said prices for the current quarter have increased 11 percent over last year, with the average rate for a night on the Strip at $168. The New Year's rates will help boost that figure since the prices during the Christmas holiday are traditionally lower.

Fewer civil lawsuits heading to trials     Dec 2005

A study commissioned by the American Bar Association Section of Litigation found that juries hear fewer civil lawsuits in federal courts and more cases end up in out-of-court settlements or various forms of alternative dispute resolution including mediation or arbitration.  Also the business community and some business-friendly politicians are pushing the idea that lawsuits against businesses are out of control in an effort to limit the public's access to the legal system. 

 Nevada firms looking outside country for customers      November 2004

An increasing number of small-business owners are looking to other countries such as Colombia, Brazil and China for new business opportunities, Nevada export officials say.  Alan Di Stefano, director of global trade and investment for the Nevada Commission on Economic Development, said Nevada's exports increased 72 percent in 2003 to $2.03 billion in products and smaller companies represented the majority of that business. Last year, Nevada's exports represented less than 1 percent of the nation's total exports, but the state continues to increase its presence.

Developer to build on prime 61 acres downtown      October 2004

The Related Cos. appears to have reinforced its position as the developer Las Vegas officials will work with to build on the vacant 61 acres downtown.  This will be a beautifully done mixed use project with new retail, residential and office space. A specific development agreement is expected to be hammered out early 2005. 

Station Casinos Purchases the Castaway Casino    October 2004

Station Casinos Inc. has snapped up the defunct Castaways hotel and casino on Fremont Street for $33.7 million from mortgage holder Vestin Group.T  he historic 447-room Castaway property, formerly known as the Showboat, was closed Jan. 28 following a U.S. Bankruptcy Court judge's order allowing creditors to foreclose.  Station Casinos says said if a decision is reached to reopen or redevelop the Castaways site, he doesn't expect the company would have much trouble finding employees.

Governor looks at changes in tax hike    September 2004

Gov. Kenny Guinn says he wants the 2005 Legislature to take a look at changing the $833.6 million tax increase that hit some small banks, other financial businesses and restaurants.  The Legislature needs to clarify the law.  The Legislature imposed a 2 percent tax on gross payroll on financial institutions.

"The Donald" Trumps Las Vegas    August 2004

The New York developer has announced his plans to build a 64-story hotel and apartment tower west of the Strip near the intersection of Industrial Road and Fashion Show Drive. Modeled after a successful New York venture, Trump promised his $300 million dollar Trump International Hotel and Tower will shake up Las Vegas' already thriving timeshare and high-rise residential markets. At approximately 645 feet,  the new Tower would be the tallest building built in Las Vegas so far but probably not for long in this city of one-ups-manship.

Hot Vegas Real Estate   July 2004

 Do you want one of the condominiums in the upcoming Luna di Lusso complex on the shores of Lake Las Vegas? Too bad, they have all been sold… in one day! The studio, 1-, and 2-bedroom condos ranging in price from $300,000 to $1 million went up for sale last week and all 85 of them were sold by the end of the day. Adding to the “wow” factor is the fact the complex hasn’t even been built yet. The Luna di Lusso complex will be built by Intrawest and should be ready for the new owners to move in starting late 2005.

Industrial Market is Very Strong   July 2004

Demand for industrial space in Southern Nevada has been fueled chiefly by its business-friendly environment and location, according to Donna Alderson, an executive with CB Richard Ellis in Las Vegas. In fact, she said a significant number of manufacturers and distributors have opened shop locally to escape the high cost of doing business in states such as California.  The area's central location as a hub of 11 Western states is an important selling point to companies looking at this market. Logistically, it sits in the middle of the Western U.S. with overnight access to 40 million customers. And because of our large resort industry, (it) typically has more freight arriving than leaving, resulting in favorable outbound shipping conditions.

I'll take Boardwalk and Park Place     July 2004

A recent string of merger proposals (Harrah's offer to buy Caesar's and MGM's offer to buy Mandalay Bay Resorts) is making the Strip look more and more like a real-life version of Monopoly as casino operators seek new growth opportunities through acquisitions.  The recent spate of mergers, merger agreements and rumors about mergers is beginning to turn the real estate on the Strip into a giant Monopoly board with fewer and fewer players who have larger and larger stakes in the game.  Industry sources have also been saying there is tremendous industry interest in buying and redeveloping the Tropicana on the south end of the Strip and the New Frontier, the Riviera, the Sahara, Wet 'n Wild and possibly the Stardust at the north end of the Strip. This game has just begun!

Town Square Unveiled At ICSC     June 2004

Turnberry Associates and CENTRA Properties unveiled plans for a massive shopping and activity center to built on the site of the old Vacation Village hotel during the International Council of Shopping Centers (ICSC) convention this week in Las Vegas.  The new mall, Town Square Las Vegas, is a 1.2 million-square-foot super regional lifestyle center that will be built on a 100-acre site at the south end of The Strip. Construction is scheduled to begin in the first quarter of 2005 with completion estimated for spring 2006.

The Hawaiian Marketplace Opens On The Strip     June 2004  

A  new Strip shopping center has opened this month. the Hawaiian Marketplace, a $175 million, 80,000-square-foot retail plaza just south of Harmon Avenue on Las Vegas Boulevard. The center is modeled after the famed International Marketplace in Honolulu.

The Galleria Mall At Sunset To Expand     May 2004

The Galleria at Sunset mall, jointly owned by Forest City Enterprises and Ranch Property Development Inc. (a Dunn family company) is planning an 80,000-square-foot expansion to the south side of the mall, facing Sunset Boulevard. The enclosed addition will have an outdoor feel, mall officials said.

Ellis Island Casino To Acquire Tuscany Casino     May 2004

The Ellis Island Casino and Brewery in Las Vegas has agreed to invest in it's nearby neighbor, the Tuscany Suites and Casino Resort pending approval from all regulatory agencies.  The Tuscany Suites and Casino Resort has a 60,000 square-foot casino.  The Ellis Island Casino and Brewery has long been a favorite of local casino workers featuring every night Karaoke and good food and drink specials.  Upon approval The Ellis Island Casino and Brewery will have joint ownership in the business and real property.

Wynn Sets The Date For Wynn Las Vegas Opening     April 2004

Mr. Wynn has confirmed a target date for opening his much-anticipated Wynn Las Vegas Resort: April 28, 2005, which is both his wife, Elaine's, birthday and the 55th anniversary of the opening of the Desert Inn.  Wynn Las Vegas's premiere Las Vegas Strip location provides easy access to the Las Vegas Convention Center, Fashion Show Mall and Sands Expo Center.

Homebuying Frenzy ~ Housing Boom Continues     April 2004

It was another record setting month for home sales in Las Vegas. Just over 2,000 new homes were sold in January, along with another 4,000 in re-sales.  New home prices in Clark County increased by $47,000 between 2002 and 2003.  Nevada existing-home sales rose 32.6 percent from a year earlier.   Land values are up too. Lee Barrett is president of the Greater Las Vegas Realtors Association. "The average developer is paying $300,000 per acre to develop."  Here's the problem: 6,800 people move to Clark County every month. All are looking for a home of their own.  It's supply and demand and it picks your pocket.  The Las Vegas Homebuilders Association says in January the average price for a new home was $242,000.  This doesn't mean a home is out of reach. First thing to do, before setting eyes on a house is get approved for a loan. "There are multiple offers on every single property. It's absolutely mandatory you be pre-qualified before you even start looking,"  Next, homes move fast and so must you!  Prime Source can provide you up to the minute access by email of new homes on the market.  Be prepared to act fast says Terry Barone, broker for Prime Source

State Job Growth Rate Is Accelerating      Mar 2004

"Nevada was the fastest-growing state last year in terms of job growth and certainly should be near the top this year, somewhere over 3 percent,"  said Jim Shabi, economist for the Nevada state employment agency.  In a recent speech to the Nevada Taxpayers Association, Gov. Kenny Guinn said not only is Nevada better off than most states in creating new jobs, a national study ranks the state second in highest-paying job creation.

 Wynn Las Vegas Hotel and Casino Update       Mar 2004     

The 50-story "Wynn Las Vegas" was topped off this month although the parapet that will bear the resort's name still has to be added.

The 613-foot hotel tower is the most visible element of the $2 billion resort development under construction and is about 20 percent taller than Mandalay Bay.  Wynn Las Vegas, Steve Wynn's latest Las Vegas creation, is not slated to open until April 2005.  Despite having neither cash flow nor operating income, and with more than a year to go before its Las Vegas property even opens, it is estimated that shares of Wynn Resorts Ltd. are up about 180% since IPO!  We are all excited about this beautiful hotel and casino under construction and believe it may be successful enough to lead the way to another wave of gaming expansion in Las Vegas!

 Mountain Edge Master Planned Community       Feb 2004

Homebuilding at the new 3,000-acre "Mountain's Edge" master planned community in southwest Las Vegas has begun.  Bound by Fort Apache Road, Rainbow Boulevard, Blue Diamond Roads and State Street, the Focus Property Group development will consist of 12,500 residences, 320 acres of open space and 670 acres of parks.  An estimated 32,500 people could live at Mountain's Edge upon its build-out in 2010. The median price for a new home at Mountain's Edge is estimated at $240,000, with residences ranging from $175,000 to $600,000. The first models are expected to open by May.

 New Luxury All Suite Hotel Being Planned       Feb 2004

Conrad Hotels and Majestic Resorts announced it plans to build, operate and manage a luxurious all-suite Conrad hotel that will be located on the world-famous Las Vegas Strip.  Groundbreaking for the 378-suite hotel project, along with an accompanying collection of high-end residences and an upscale dining, shopping and entertainment complex that will make up the Majestic Resort and Residences Las Vegas, is scheduled for late 2004. The hotel is scheduled to open to guests in 2006. Located just one block from the Las Vegas Convention Center, the Conrad hotel will be built on the site that once was home to the historic La Concha Motel.

 A Major Manufacturer Moves To North Las Vegas       Feb 2004

A major card manufacturer is relocating to North Las Vegas.  CPI Card Group Inc., a national producer of plastic credit, phone and gift cards, is moving its Los Angeles operation to North Las Vegas. The company signed a $6.1 million, 10-year lease for 155,384 square feet in the Hughes Cheyenne Center.  With $10 Million worth of state-of-the-art equipment, CPI’s new North Las Vegas facility will print about 6 million cards during its first year of operation and employ between 200 and 350 full-time employees.

Task Force On Growth Formed        Feb 2004

Commissioners proposed appointing a group of citizens to recommend strategies for dealing with the region's population boom. Woodbury said all the good and bad aspects of that growth need to be examined. The task force, modeled after similar citizens groups that have met over the last decade, will address "growth, its effects and how we want our community to look like in the future."

Women Make Their Mark        Jan 2004

Women-owned businesses are proving to be golden for the State as well as the business owners.  The number of companies that are women-owned grew by 38% last year according to a study conducted by Wells Fargo & Co.  Employment  at women-owned companies rose 58% compared with 25% for all other businesses.  The fastest growing areas for women-owned enterprises were clustered in the Western United States with Nevada 4th over all.

 Home Sales Soar      Jan 2004

Sales of homes in the Las Vegas Market increased nearly 22% thru August of 2003.  The median price of a new house was $206,167 and the median price of an existing home was $172,000.  Housing Expert estimates that it is possible that we will break last years sales record by recording 50,000 transactions!

 Las Vegas is Going Vertical      Jan 2004

The 30 story $160 million Panorama condominium tower proposed for 10 acres at Harmon and Industrial Road is one of the latest examples of vertical construction in Las Vegas.   Each of Panorama's 250  residential units, starting from $250,000 and more, offer an elegant and sophisticated lifestyle.

 Then and Now      Dec 2003

Ten years after three mega-resorts opened on the Las Vegas strip totaling almost 2 billion dollars worth the construction, The MGM Grand, Luxor and Treasure Island have evolved to be much different from each other and yet very successful destinations.  During this 10 year time all three resorts have undergone dramatic renovations and additions.  Treasure Island is currently redoing their signage and repositioning themselves in the market.  All three hotels are credited with helping to transform Las Vegas from a gambling town into a destination resort city.