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Dean Gettman is the CEO and founder of Platinum Contracting of Nevada, a Las Vegas-based full-service general contracting firm who specializes in underground utilities. Dean oversees the firm’s operations including business development and project management, spearheading its expansion to over 30 team members and the completion of more than $20 million in projects throughout Las Vegas within the span of five years. Dean is also the president of Lake Las Vegas Lake Management, LLC.

1) What is the current state of the underground utilities industry in Nevada and how do you see it continue to grow?

As the Las Vegas home market continues to grow, the need for underground utilities grows with it. Having the proper infrastructure in place for a growing Las Vegas region is imperative. With an average influx around 6,000 new residents per month, there is a dire need for reliable and efficient utility distribution systems.

The current state of the underground utilities market is stable and trending upwards. With the introduction of federal programs like the Infrastructure Investment and Jobs Act (IIJA), Inflation Reduction Act (IRA), Broadband Equity, Access and Deployment (BEAD) Program funding, we anticipate the need for underground utilities to only increase in the coming months. Especially the need for properly installed power grids. If the grid cannot sustain demand the situation will become critical, as we've seen in such states such as Texas and California.

2) What kind of trend are you seeing in the underground utilities industry in the Western region states and do you think Nevada will follow them?

We are seeing more and more states mandating underground utilities, slowly eliminating the install of above ground or overhead utility installations. Cities who have implemented underground utility ordinances such as, Ft. Collins and Colorado Springs, Colorado and Anaheim, California, are reporting 99.9 percent reliability rates and some with more than a 97 percent reduction in electric outage minutes.

Nevada seems to be following suit with almost all new community developments implementing underground utilities. Not only are these installations more reliable, but they are also safer, reducing the likelihood of weather damage, damages caused by equipment and overhead lines and the need for maintenance.

3) What do you see as the demand for underground utilities from real estate developers and residents in Southern Nevada?

More and more developers are pushing for underground utilities. Aesthetically, they are more appealing when entirely hidden from view. It also reduces the risk of inclement weather knocking down overhead power lines, potentially damaging homes or causing outages. The push for moving all utilities underground continues to grow as reliability and efficiency is becoming a priority, and as we prepare to accommodate more energy sources like electric vehicles.

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The Culinary and Bartenders Union’s Culinary Health Fund unveiled the brand new Culinary Health Center - Durango, which provides primary and preventative care to eligible Culinary and Bartenders Union members and their families.

Located at 6392 South Durango Drive Las Vegas, NV 89148, the 98,800 square-feet Culinary Health Center is a 2-story facility that offers primary and pediatric care, dental services, labs, physical therapy, acupuncture, chiropractic care, acupuncture, mental health counseling, and laboratory services. Wellness classes, a physical therapy gym, and advocacy services are also offered to patients on a case-by-case basis. The center employs approximately 200 staff.

“We opened the first Culinary Health Center in 2017 and now Culinary Health Center - Durango. We are looking forward to building and opening 2 more over the next couple of years for a total of 4 Culinary Health Centers," said Ted Pappageorge, Secretary-Treasurer for the Culinary Union.

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Link Logistics has acquired Skyline Industrial Portfolio, which consists of six industrial buildings totaling 350,712 square-feet across 18.41 acres in the Southwest submarket of Las Vegas, for approximately $80,000,000. The portfolio is is 100% leased to 14 tenants and institutionally managed.

With over 1,000 employees throughout the U.S., Link Logistics is an institutional industrial real estate company that owns 545 million square-feet of logistics real estate.

“The Las Vegas industrial market continues to boast solid fundamentals and strong demand,” said J.R. Cisneros, Vice President of Investments for the Las Vegas market at Link Logistics. “The addition of these functional buildings with attractive specifications for tenants is very exciting for us as we continue to execute our market investment strategy of adding high-quality infill properties to our Las Vegas footprint.”

Colliers’ Western Region Industrial Capital Markets Group, comprised of Michael Kendall, Gian Bruno, and Kenny Patricia, partnered with Colliers’ Las Vegas market experts Dan Doherty, Paul Sweetland, Chris Lane, and Jerry Doty in marketing the portfolio. Colliers exclusively sold the portfolio on behalf of the private seller.

Nevada State College announced its spring 2023 graduating class has 895 students who will earn degrees in psychology, business, education, speech-language pathology, criminal justice, and nursing.

Founded in 2002, Nevada State College has 7,162 students in its undergraduate and master’s programs. Seventy-seven percent of its student population comes from a culturally diverse background and 56% of the population are first-generation students. Since 2020, Nevada State College has seen a significant increase in the Hispanic graduation rate climbing from 20% to 34% in 2022. Following spring commencement, the college will surpass 7,700 alumni.

“We are proud of Nevada State’s continued growth and expansion over the past two decades and our 900 students graduating this spring,” says Nevada State College President Dr. DeRionne Pollard. “The diversity of our student population continues to grow, and we are proud to serve and provide quality and affordable higher education to our diverse student body with a majority of students of color, first-generation, immigrant, non-traditional and transfer students.”

The growing nursing program will have 358 graduates this spring. The School of Education will have 151 graduates this year, a 70% increase compared to five years ago. To help address Nevada’s teacher shortage, Nevada State is supporting teachers in the education program this year with fully covered tuition through a $3 million grant from CCSD.

The Nevada System of Higher Education (NSHE) Board of Regents recently passed a vote to rename Nevada State College to Nevada State University. The Nevada State Legislature will vote on the renaming during the current legislative session and would take effect July 1, 2023 if passed.

Wynn Resorts announced a new integrated resort development in Ras Al Khaimah, UAE. This is a joint venture partnership with RAK Hospitality Holding LLC and Al Marjan Island LLC. Wynn Resorts has a 40% equity ownership in the development. This resort is estimated to open in the first quarter of 2027.

The new $3.9 billion hotel consists of 1,500 rooms, suites and villas, 120,000 square-feet of retail space, 100,000 square-feet of conference and meeting space, and a theater. Total gross floor area of the property is estimated to be 5.6 million square-feet, in which the gaming area comprises 4%. The site also provides 115-acre for future long-term development.

In comparison, the property gross floor area of Wynn Las Vegas is 10.7 million square-feet, in which the gaming area comprises 2%. The Las Vegas property has 34 food and beverage outlets.

MAY 19 2022 / ISSUE NO. 74 / ARCHIVE

This Week's Top Stories

Nevada’s Unemployment Rate Down in April

CARSON CITY, NV - According to the Nevada Department of Employment, Training and Rehabilitation’s (DETR) April 2023 economic report, Nevada lost 2,900 jobs over the month. The state’s unemployment rate in April is 5.4 percent, decreased by 0.1 percentage point from 5.5 percent in March and increased by 0.2 percentage points when compared to April 2022.

Read More

Two Luxury Apartment Buildings Break Ground in Downtown Las Vegas

Southern Land Company broke ground on two luxury apartment buildings at Symphony Park in Downtown Las Vegas. Combined, the two new buildings will total more than 730,000 square feet and will bring 545 new units to the market.

Read More

Las Vegas’ First Cannabis-Friendly Hotel Opens on June 2

Las Vegas’ first cannabis-inclusive hotel, The Lexi Hotel, is scheduled to open on June 2. Located nearby the Las Vegas Strip and Downtown Las Vegas, the property features 64 guest rooms and suites in which each includes an advance RestorAir filtration system that employs Advanced Oxidation Cell technology.

Read More

Rockefeller Group Acquires Second Las Vegas Site for Industrial Park Development

Rockefeller Group announced today that it has purchased 7 acres of land in North Las Vegas for $8.5 million to develop two industrial buildings totaling 145,630 square feet. The project, Cheyenne Industrial Park, is located at 3102 North Lamb Boulevard and is fully entitled. Construction will begin by the end of year.

Read More

Hospitality Tech Firm Agilysys Opens West Coast HQ in Southwest Las Vegas

Agilysys, a publicly listed hospitality enterprise software company, is opening its west coast headquarters at the Narrative office building in southwest Las Vegas Valley. The company is occupying 36,181 square-foot of office space for its 130 local employees.

Read More

Las Vegas Multifamily Sees Rent Decreases, More Available Units

According to the Nevada State Apartment Association’s latest report, the greater Las Vegas valley continues to see a decrease in rent prices while the number of available units has grown. As rents around the valley have lowered by 2.2% in the last year, the average rent in Las Vegas is currently $1,430, which is below the national average of $1,660.

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LVGEA Announces Four New Board Members

Las Vegas Global Economic Alliance (LVGEA), one of the eight Regional Development Authorities in Nevada by the Governor’s Office of Economic Development for 2022-2023, announced four new members to its LVGEA50 Board of Directors.

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Gaudin Ford’s Commercial Vehicle Department raises $40,000 for the Boys & Girls Clubs of Southern Nevada

This week, the Gaudin Ford Commercial Vehicle Department presented a $40,000 check to the Boys & Girls Club of Southern Nevada for the needs of the James Clubhouse located in North Las Vegas.

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This week, the Gaudin Ford Commercial Vehicle Department presented a $40,000 check to the Boys & Girls Club of Southern Nevada for the needs of the James Clubhouse located in North Las Vegas.

The funds were raised at Gaudin Ford's third annual golf tournament held in April. The James Clubhouse features a brand-new game room, which was renovated with the $35,000 donation from last year’s Gaudin Ford Golf Tournament, along with a youth innovation lab, art studio, teen center, teen innovation lab, gym, and outdoor area with a field, patio area, and garden.

“We were thrilled with the turnout of our third annual golf tournament,” remarked Wesley Gregg, General Manager of Gaudin Ford. “Thanks to our sponsors and those who participated in the tournament which allowed us the opportunity to give back to an organization that does so much for the youth in our community – it just feels good.”

“This generous donation will make a significant impact by supporting us in renovating our cafeteria to help better serve the youth that walks through the doors each day," said Andy Bischel, President & CEO of Boys & Girls Clubs of Southern Nevada.

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CARSON CITY, NV - According to the Nevada Department of Employment, Training and Rehabilitation’s (DETR) April 2023 economic report, Nevada lost 2,900 jobs over the month. Employment is up 61,600 jobs since April 2022, an annual increase of 4.2%. The total employment level in the state is 1,540,300. The state’s unemployment rate in April is 5.4 percent, decreased by 0.1 percentage point from 5.5 percent in March and increased by 0.2 percentage points when compared to April 2022.

Metropolitan Statistical Area (MSA) Employment (Seasonally Adjusted):

• Las Vegas employment decreased by 500 jobs (0.0%) since March, an increase of 52,700 jobs (4.9%) since April 2023.
• Reno employment had no change since March, an increase of 10,100 jobs (3.9%) since April 2023.
• Carson City employment had a decrease of 200 jobs (-0.6%) since March, an increase of 1,200 jobs (3.9%) since April 2023.

“This month’s release continues the trend of recent months, with relatively strong employment growth over the past year but also a high unemployment rate compared to other states. Our change in employment from March to April was somewhat weaker than expected for this time of the year, particularly among full-service restaurants, retail trade, and other personal services.” said David Schmidt, Chief Economist.

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Today, Southern Land Company broke ground on two luxury apartment buildings at Symphony Park in Downtown Las Vegas. Combined, the two new buildings will total more than 730,000 square feet and will bring 545 new units to the market.

One of the buildings is a five-story mid-rise that will have 275 one- and two-bedroom units from 570 to 1,297 square feet. The other building is a 22-story high-rise that will have 270 one- and two-bedroom units, along with penthouses, ranging from 570 to 3,160 square feet. The ninth floor will feature an outdoor fitness terrace and a resident lounge with bar. The building will have more than 16,500 square feet of commercial and retail space on the first floor. Both buildings will have lounge, concierge, dog run, fitness center, pool and hot tub, cabanas, bike storage, and other amenities.

Construction for both projects is estimated to take approximately 27 months with completion planned for mid-year 2025. GDA Architects designed both projects. Burke Construction Group is the general contractor for the mid-rise building while T.B. Penick & Sons is the general contractor for high-rise building.

Symphony Park is a 61-acre master planned mixed-use community home to the Smith Center, Cleveland Clinic Lou Ruvo Center for Brain Health, Discovery Children’s museum, and multiple apartment buildings. Symphony Park is adjacent to the Las Vegas Premium Outlets North, World Market Center, Zappos’ headquarters, federal courthouses and the Las Vegas Medical District. Southern Land Company’s first project at the Symphony Park was Auric, a luxury apartment development project opened in 2021.

At the ground breaking ceremony, Southern Land Company Founder and CEO Tim Downey also announced a $5,000 gift to The Mayor’s Fund for Las Vegas LIFE to support the Going Green for Good Health initiative, which is committed to planting 60,000-plus trees by 2050 in areas of the city most affected by the urban heat island. The gift will purchase 10 park-ready trees.

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Rockefeller Group announced today that it has purchased 7 acres of land in North Las Vegas for $8.5 million to develop two industrial buildings totaling 145,630 square feet. The project, Cheyenne Industrial Park, is located at 3102 North Lamb Boulevard and is fully entitled. Construction will begin by the end of year.

The site is within a one-day drive to ten major U.S. cities and Mexico and is near Interstate I-15, Harry Reid International Airport, and the Las Vegas Intermodal Terminal. The project will include two buildings, a 104,440 square foot building and a 41,190 square foot building. The smaller building will include 62 auto-parking stalls and a 135’ truck court.

Rockefeller Group was represented by Jason Simon and Rob Lujan of Jones Lang LaSalle’s Las Vegas office who will also be the listing brokers for the project. HPA Architecture will design the project and Martin Harris Construction will be the general contractor.

The company also announced that it has begun construction on its first development in the region, Nellis Logistics Center, a 134,100 square foot distribution facility, which is located at the southwest corner of North Nellis Boulevard and East Carey Avenue.

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Las Vegas’ first cannabis-inclusive hotel, The Lexi Hotel, is scheduled to open on June 2. Located nearby the Las Vegas Strip and Downtown Las Vegas, the property features 64 guest rooms and suites in which each includes an advance RestorAir filtration system that employs Advanced Oxidation Cell technology.

The Lexi Hotel includes 44 Kings and 16 Doubles standard rooms, two 600 sq. ft. suites, one 1,000 sq. ft. materpiece suite, and one 1,100 sq. ft. penthouse suite. The hotel also has a resident DJ for entertainment and performance.

The hotel is the newest addition to the Elevations Hotels and Resorts portfolio. A members-only lounge, Elevations Nation, provides exclusive dinners, experiences, and invitations to special events, well-being activities, drink tastings, and more.

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According to the Nevada State Apartment Association’s latest report, the greater Las Vegas valley continues to see a decrease in rent prices while the number of available units has grown. As rents around the valley have lowered by 2.2% in the last year, the average rent in Las Vegas is currently $1,430, which is below the national average of $1,660.

“The changes we are seeing in the Las Vegas market are due to several factors including new multifamily housing properties in development, renters transitioning to different living situations and out-of-state interest subsiding,” said Robin Lee, executive director of the NVSAA.

Currently, 26 new multifamily properties are under development or slated for development in the greater Las Vegas area. With these new properties, inventory in the area will increase by 4.6% when the last is projected to finish in early 2024.

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Las Vegas Global Economic Alliance (LVGEA), one of the eight Regional Development Authorities in Nevada by the Governor’s Office of Economic Development for 2022-2023, announced four new members to its LVGEA50 Board of Directors, a diverse group of public and private sector leaders and the largest business board of its kind in Nevada.

Jason Adams is the founder and president of BEX Sunglasses Company, an ultra-lightweight eyewear company based in Logandale, NV. Born and Raised in Las Vegas, Adams had a successful professional rodeo career before founding BEX Sunglasses in 2009.

Molly Hamrick is the president and COO of Coldwell Banker Premier Realty. Since acquiring Coldwell Banker with her husband in 1998, she has grown the company to more than 300 sales associates and over $1B in annual sales volume. Hamrick is also a founding trustee and chairperson for the Board of Directors at Southern Hills Hospital.

Scott Muelrath has served as president and CEO of the Henderson Chamber of Commerce since 2011. Muelrath received the Urban Entrepreneurial Spirit Award of the Year by the Nevada District office of the U.S. Small Business Administration in 2022 and was also named Non-Profit Executive of the Year at the 29^th Silver State Awards.

Mary Beth Sewald is the president and CEO of the Vegas Chamber, Nevada’s largest business association. Sewald has been honored with the Silver State Award for Excellence in Service and named one of Nevada Business Magazine’s 2019 Women to Watch.

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Agilysys, a publicly listed hospitality enterprise software company, is opening its west coast headquarters at the Narrative office building in southwest Las Vegas Valley. The company is occupying 36,181 square-foot of office space for its 130 local employees. Agilysys operates across North America, Europe, Asia-Pacific, and India with corporate services located in Alpharetta, GA.

Developed by G2 Capital and LaPour Partners, Narrative is a four-story, roughly 100,000-square-foot Class A office building located in the southwest Las Vegas Valley. Agilysys joins Colliers International as the first tenant to take occupancy in the building.

Narrative broke ground in February of 2020 and was officially completed in December of 2022. The building is currently 75% leased. Designed by Yihoung Liu + Associates and constructed by Burke Construction, the building features a fitness room, lounge, private balconies, quiet room, conference room, bike to work capability, outdoor fitness equipment and seating areas along a quarter-mile wellness path.

“Agilysys move is part of a larger trend we are seeing, post COVID, where companies are relocating to new, best-in-class office buildings to appeal to their team members’ desire for a fresh space featuring walkable amenities and convenience. We are pleased with the response we are seeing from the market,” said Narrative partner Frank Marretti with G2 Capital.

MAY 5 2022 / ISSUE NO. 73 / ARCHIVE

Top Stories

shareDOWNTOWN Opens New Fremont East Apartment

Cherry Development opened its second shareDOWNTOWN multifamily property in Las Vegas. The five-story building consists of 84 units on four floors and a fashion pop-up store by Thrifters Anonymous on the ground floor.

Read More

Nevada State College Announces Largest Graduating Class in History

Nevada State College announced its spring 2023 graduating class has 895 students who will earn degrees in psychology, business, education, speech-language pathology, criminal justice, and nursing.

Read More

Wynn Resorts Plans New $3.9 Billion Development in UAE

Wynn Resorts announced a new integrated resort development in Ras Al Khaimah, UAE. This is a joint venture partnership with RAK Hospitality Holding LLC and Al Marjan Island LLC. Wynn Resorts has a 40% equity ownership in the development. This resort is estimated to open in the first quarter of 2027.

Read More

Link Logistics Acquires Las Vegas Industrial Portfolio for $80 Million

Link Logistics has acquired Skyline Industrial Portfolio, which consists of six industrial buildings totaling 350,712 square-feet across 18.41 acres in the Southwest submarket of Las Vegas, for approximately $80,000,000. The portfolio is is 100% leased to 14 tenants and institutionally managed.

Read More

Deloitte and Newmark Sign Leases at UnCommons

Matter Real Estate Group announced that Deloitte and Newmark will be among the first tenants of Phase II of UnCommons, a 40-acre mixed-use urban development in southwest Las Vegas.

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Q&A: Dean Gettman, CEO and Founder of Platinum Contracting of Nevada, on the Growth of Underground Utilities Industry

Dean Gettman is the CEO and founder of Platinum Contracting of Nevada, a Las Vegas-based full-service general contracting firm who specializes in underground utilities.

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Culinary Health Center - Durango Opens in Southwest

The Culinary and Bartenders Union’s Culinary Health Fund unveiled the brand new Culinary Health Center - Durango, which provides primary and preventative care to eligible Culinary and Bartenders Union members and their families.

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Guest Column:

SPREAD THE WORD: Southern Nevada is the world’s leader in water sustainability

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APRIL 14 2022 / ISSUE NO. 71 / ARCHIVE

This Week's Top Stories

MGM Receives Official Certification of Its $10 Billion Development in Japan

Japan’s Ministry of Land, Infrastructure, Transport and Tourism has officially certified the Area Development Plan submitted by Osaka Prefecture/City and Osaka IR KK, a joint venture entity between MGM Resorts Japan and ORIX Corporation. This certification is one of the final steps in the licensing process for MGM Resorts Japan and its joint venture partner to start the new $10 billion development project in Osaka.

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Nevada Receives $63 Million Federal Funds to Upgrade Water Infrastructure

More than $63 million from the Bipartisan Infrastructure Law has been awarded to Nevada to improve or replace the state’s water pipes, tanks, and treatment plans.

In February, U.S. Senator Catherine Cortez Masto announced that the state of Nevada will receive $11,390,000 this year from the U.S. Environmental Protection Agency’s (EPA) Clean Water State Revolving Fund (SRF) to help communities upgrade essential water, wastewater, and stormwater infrastructure.

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AIA Las Vegas Celebrates 2nd Annual Women Building Nevada Symposium

The American Institute of Architects Las Vegas Chapter’s Women in Architecture Committee hosted its 2nd Annual Women Building Nevada Symposium during Women’s History Month at the Blind Center of Nevada.

The mission of the symposium was to celebrate, elevate and acknowledge the women who make a different in the community and built environment through design, planning, construction, development, and public policy.

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Q&A: Sara Hall, VP of Client Services at Braintrust, on Marketing and Media Strategy for Businesses

Sara Hall is the Vice President of Client Services at Braintrust, an integrated marketing agency firm with offices across the country. For over 15 years, Hall has influenced hospitality in Las Vegas and beyond. Before Braintrust, she was instrumental in the strategy and development of hotel promotions and marketing campaigns for multiple properties with MGM Resorts International.

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Urban Farm Opens in Historic Westside

A new urban farm opened at Las Vegas’ Historic Westside this week. The project was funded by a $500,000 donation from MGM Resorts International to The Mayor’s Fund for Las Vegas LIFE.

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VGK Ball Hockey Rink Opens in Lorenzi Park

A new ball hockey rink opened in City of Las Vegas' Lorenzi Park this week. This project was funded by a donation from the VGK Foundation, with support from the NHL, to The Mayor’s Fund for Las Vegas LIFE.

Read More

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A new ball hockey rink opened in Lorenzi Park this week. A ribbon-cutting ceremony was hosted by Las Vegas City Councilman Cedric Crear, Vegas Golden Knights (VGK) President Kerry Bubolz, and National Hockey League (NHL) Senior Vice President Rob Knesaurek.

This project was funded by a donation from the VGK Foundation, with support from the NHL, to The Mayor’s Fund for Las Vegas LIFE.

“Ward 5 is thrilled to have this new rink at Lorenzi Park, and to continue our partnership with the Vegas Golden Knights” said Las Vegas City Councilman Cedric Crear. “There is no denying that our city loves hockey, and we are confident this new rink will be a big hit. On behalf of those I serve, I would like to thank VGK and the NHL for all do they do in our community to improve quality of life by making hockey accessible to everyone.”

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A new urban farm opened at Las Vegas’ Historic Westside this week. The project was funded by a $500,000 donation from MGM Resorts International to The Mayor’s Fund for Las Vegas LIFE.

The first crop was planted on March 7 and the first harvest is expected to be ready in late April. The city plans to distribute fresh produce from the urban farm to the Historic Westside community and eventually work with local partners to build a cooperative grocery store in James Gay Park.

“Public-private partnership and innovation is critical to addressing the needs of our city and neighborhoods,” said Mayor Goodman. “We are grateful to our partners who have joined with us to not only revitalize a currently unused public space, but to transform it into a farming facility that provides healthy food to neighborhood residents.”

This project is part of the HUNDRED Plan that was created in 2016. The master plan outlined the revitalization of the Historic Westside.

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Japan’s Ministry of Land, Infrastructure, Transport and Tourism has officially certified the Area Development Plan submitted by Osaka Prefecture/City and Osaka IR KK, a joint venture entity between MGM Resorts Japan and ORIX Corporation. This certification is one of the final steps in the licensing process for MGM Resorts Japan and its joint venture partner to start the new $10 billion development project in Osaka.

The Area Development Plan was submitted during the October 2021 to April 2022 application period. MGM has had a full-time development team in Japan for more than seven years to prepare for this development plan.

The new hotel is estimated to have 2,500 guest rooms with a variety of dining and food and beverage offerings, retail space, space, fitness center, banquet halls. Approximately 400,000 square feet will be conference facilities, with capacity to accommodate more than 6,000 visitors. In addition, approximately 330,000 square feet will be exhibition space, including an Innovation Laboratory. A 3,500-seats theater will also be part of this integrated resort.

The projected initial investment of this development is $10 billion. The projected number of annual visitors is 20 million and the projected number of employees is 15,000.

APRIL 7 2022 / ISSUE NO. 70 / ARCHIVE

This Week's Top Stories

Las Vegas March Median Home Price Down 7.6% from One Year Ago

According to the Las Vegas REALTORS® (LVR) March 2023 report, the median price of existing single family homes sold from its Multiple Listing Service (MLS) in Southern Nevada was $425,000, identical to the previous month and down 7.6% from March 2022. It’s also down from the all-time record price of $482,000 in May of 2022.

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Developer Announces 195-Unit Affordable Senior Housing Development in Clark County

Yesterday, Ovation Development announced a new 195-unit below-market rent affordable housing development for seniors whose income falls below 30, 50, and 60 percent of area median income. The 5-acre parcel is being conveyed to the County from the Bureau of Land Management (BLM) through the Southern Nevada Public Land Management Act and will in turn transfer the land to Ovation.

The County provided $11.8 million in funding for the project, including $10 million in Welcome Home Community Housing Fund dollars and $1.8 million in Country HOME funds.

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The Las Vegas Rotary Club Celebrates 100 Years

The Las Vegas Rotary Club celebrated its 100th anniversary with a special event held at the historic Fifth Street School in downtown Las Vegas on April 1st. The event was attended by members of the club, distinguished guests including Lieutenant Governor Stavros Anthony, and members of the community. Founded in 1923, the club is dedicated to civic and community service, supporting thousands of organizations  and donating millions to Las Vegas-based service efforts.

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New Pickleball Complex Coming to City of Las Vegas

The Las Vegas City Council approved Southern Nevada Public Lands Management Act Cooperative Agreements regarding the acceptance of two grants to develop the Regional Pickleball Complex at Wayne Bunker Park and the Regional Aquatic Complex at Pavilion Pool.

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Vegas Business Digest is a forward-thinking, local digital media publication that focuses on Las Vegas business news and community. #HomeMeansNevada

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Yesterday, Ovation Development announced a new 195-unit below-market rent affordable housing development for seniors whose income falls below 30, 50, and 60 percent of area median income. The project is located on the northwest corner of Pebble Road and Eastern Avenue. The construction is expected to start in the fall with completion planned for early 2025.

The project will consist of one- and two-bedroom apartments. The amenities at this affordable property will be on par with market-rate properties, including a swimming pool and jacuzzi, game area, hair salon, gym, outdoor courtyards, and community gardens.

The 5-acre parcel is being conveyed to the County from the Bureau of Land Management (BLM) through the Southern Nevada Public Land Management Act and will in turn transfer the land to Ovation.

The County provided $11.8 million in funding for the project, including $10 million in Welcome Home Community Housing Fund dollars and $1.8 million in Country HOME funds.

through the Southern Nevada Public Land Management Act and will in turn transfer the land to Ovation.

The County provided $11.8 million in funding for the project, including $10 million in Welcome Home Community Housing Fund dollars and $1.8 million in Country HOME funds.

Special guests at the ceremony included U.S. Senator Catherine Cortez Masto, Clark County Commissioner Michael Naft, BLM Director Tracy Stone-Manning, BLM Nevada State Director Jon Raby, and HUD representatives.

"Our community has a dire need for affordable senior housing," said County Commissioner Naft. "That's why Clark County is investing significant resources in our Welcome Home initiative to increase the options for individuals in need of assistance. I want to thank our partners in the federal government, Alan and Jess Molasky of Ovation, Coordinated Living of Southern Nevada and our staff for helping to make this project a reality for the betterment of our entire community."

The Welcome Home Community Housing Fund initiative was created on April 5, 2022 by Clark County to address the urgent need for housing for low-income residents. On September 6, 2022, the County Commission approved funding of nearly $120 million to fund multiple affordable housing new construction and rehabilitation. Funded projects can be viewed on the County's website.

According to the County officials, there is currently a shortage of more than 85,000 homes for low-income and very low-income residents who earn less than 50% of area median income. To address the need for more affordable housing, the Welcome Home funds are also being used to create a community land trust, and the County is planning a future funding round for permanent supportive housing projects.

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The Las Vegas Rotary Club celebrated its 100th anniversary with a special event held at the historic Fifth Street School in downtown Las Vegas on April 1st. The event was attended by members of the club, distinguished guests including Lieutenant Governor Stavros Anthony, and members of the community. Founded in 1923, the club is dedicated to civic and community service, supporting thousands of organizations  and donating millions to Las Vegas-based service efforts.

Throughout the evening, guests had the opportunity to learn more about the club's achievements over the past 100 years, as well as its current initiatives and goals for the future. Through its annual Santa Clothes program, the club has donated over $1.6 million in goods and services to more than 6,300 local children in need during the holiday season, providing at risk children with new clothes.

When the program launched 27 years ago, it provided clothes for 35 children with a budget of $5,000. Last year, the organization shopped for 348 children on a $114,000 budget. The 2022 event was in partnership with its sponsors Engelstad Foundation, Speedway Children’s Charities and all of the Southern Nevada RotaryClubs.

“The program has become a tradition for our Club, as it has grown into our most significant and successful annual charitable giving program,” said Caty Crockett, president of the Las Vegas RotaryClub. “Helping spread joy to children in need during the holidays is a gift to each of us. Giving back to our community and local children is at the core foundation of our values, which is why our goal is to always lend a helping hand wherever we can.”

Nevada Lieutenant Governor Stavros Anthony spoke passionately about the impact that the Las Vegas Rotary Club has had on the community and thanked the members for their dedication and commitment to service over the years. Keynote speaker Jack Sheehan conducted a presentation about the history of Las Vegas and his book "Quiet Kingmaker of Las Vegas: E. Parry Thomas".

The event also featured a silent auction, with proceeds going towards the club's ongoing charitable projects. One of the many service organizations the club has supported is the Salvation Army. Last year, over $20,000 was donated to their food pantry, which equates to 200,000 cans of food benefiting those in need.

In honor of its centennial anniversary, the club has donated $104,000 to The Smith Center, extending its educational efforts in support of local youth across five programs for the next two years. The evening concluded with live music and entertainment.

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Yesterday, the Las Vegas City Council approved Southern Nevada Public Lands Management Act Cooperative Agreements regarding the acceptance of two grants to develop the Regional Pickleball Complex at Wayne Bunker Park and the Regional Aquatic Complex at Pavilion Pool.

The 30-court Regional Pickleball Complex is estimated to cost $12,009,000. And the Regional Aquatic Complex is estimated to cost $8,839,317.

Below is an aerial map of the new pickleball complex submitted at the public City Council meeting by Mark Dixon.

The city was awarded funds from the United States Department of the Interior. The project period for the funds will expire on Jan. 29, 2028.

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According to the Las Vegas REALTORS® (LVR) March 2023 report, the median price of existing single family homes sold from its Multiple Listing Service (MLS) in Southern Nevada was $425,000, identical to the previous month and down 7.6% from March 2022. It’s also down from the all-time record price of $482,000 in May of 2022.

By the end of March 2023, LVR reported 4,196 single family homes listed for sale without any offer, up 109.3% from March 2022. A total of 2,962 existing homes, condos and townhomes sold in March 2023, down 27.8% for homes and down 35.6% for condos and townhomes from the same time last year.

The number of distressed sales remains historically low. Short sales and foreclosures combined accounted for 0.9% of all existing property sales in March 2023.

“Southern Nevada was one of the first places to experience this recent shift in the housing market,” said 2023 LVR President Lee Barrett. “It seems logical to me that we may also be among the first to come out of this recent slowdown. Our median home price hasn’t changed since December. Local home prices had previously been declining by 1 or 2% per month. This may be a sign that we’re near the bottom of this cycle.”

In March 2023, total transaction value for existing homes was more than $1.2 billion, down 33.1% from the same time last year.

LVR’s data was collected through its MLS, which does not account for all newly constructed homes sold by builders or homes for sale by owners.

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The Nevada Mining Association announced the appointment of Dana Bennett, Ph.D., to the position Interim President. She has previously served as the NVMA’s first female President from 2014 to 2020 and implemented the first strategic plan of the association.

During Bennett’s first term at the NVMA, she served on the Nevada Board of Economic Development under both Governor Brian Sandoval and Governor Steve Sisolak.

Dr. Bennett has over 30 years of experience in public policy in Nevada and a PhD in history. She is also the Vice President of the national Mining History Association. Most recently, she led the nonpartisan Kenny Guinn Center for Policy Priorities as the Interim Executive Director.

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Yesterday, Bellagio announced the $110 million renovation of all rooms and suites within its Spa Tower, which includes 819 guest rooms and 104 suites. The renovation is expected to complete in October, with the first collect of rooms available for guest stays beginning in July.

The new rooms and suites are designed by New York City-based interior design firm Champalimaud Design in partnership with MGM Resorts International Design Group. The design is influenced by Italian style and couture.

In 2024, Champalimaud Design will redesign the 400 suites at the Bellagio Tower. Bellagio recently completed its remodel of more than 2,500 guest rooms in its main tower.

MARCH 31 2022 / ISSUE NO. 69 / ARCHIVE

This Week's Top Stories

Las Vegas Unemployment Rate 6% in February 2023

According to the Nevada Department of Employment, Training and Rehabilitation’s (DETR) February 2023 report, the  state’s seasonally adjusted unemployment rate was 5.5% in February 2023 which was unchanged from January 2023.

The unemployment rates were 6 percent in the Las Vegas area, increasing from 5.9% in January 2023, and up from 5.3% in February 2022.

Read More

Bellagio Begins $110 Million Room Remodel

Yesterday, Bellagio announced the $110 million renovation of all rooms and suites within its Spa Tower, which includes 819 guest rooms and 104 suites. The renovation is expected to complete in October, with the first collect of rooms available for guest stays beginning in July.

Read More

Dr. Dana Bennett Announced as Interim Lead of Nevada Mining Association

The Nevada Mining Association announced the appointment of Dana Bennett, Ph.D., to the position Interim President. She has previously served as the NVMA’s first female President from 2014 to 2020 and implemented the first strategic plan of the association.

Read More

Four Seasons Appoints Konrad Gstrein as General Manager of Four Seasons Hotel Las Vegas

Four Seasons Hotel Las Vegas appointed Konrad Gstrein as the new regional Vice President and General Manager. Gstrein has over 27 years of hospitality experience, including 22 years at Four Seasons Hotels and Resorts properties across the globe.

Read More

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About Us

Vegas Business Digest is a forward-thinking, local digital media publication that focuses on Las Vegas business news and community. #HomeMeansNevada

To submit press releases and articles: press@vegasbusinessdigest.com

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Four Seasons Hotel Las Vegas appointed Konrad Gstrein as the new regional Vice President and General Manager. Gstrein has over 27 years of hospitality experience, including 22 years at Four Seasons Hotels and Resorts properties across the globe.

Gstrein joins the Las Vegas team from his most recent role as General Manager for Four Seasons Hotel San Francisco where he led the team through their post-pandemic reopening and the Hotel’s 20th anniversary.

“Las Vegas is a very unique, trend-forward city and there is nowhere else like it,” says Gstrein. “This year we will redesign our 424 guest rooms and suites, and introduce a new restaurant concept leading into the 25th anniversary of the property. In addition, Las Vegas will host two of the world’s biggest sporting events, Formula 1 and Super Bowl LVIII. I am thrilled to be part of this incredible team as we embark on an exciting new chapter of exceptional offerings for our guests.”

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According to the Nevada Department of Employment, Training and Rehabilitation’s (DETR) February 2023 report, the  state’s seasonally adjusted unemployment rate was 5.5% in February 2023 which was unchanged from January 2023. The unadjusted unemployment rate increased slightly, going from 5.6 percent to 5.7 percent for an increase of 0.1 percentage points.

The unemployment rates were 6 percent in the Las Vegas area, increasing from 5.9% in January 2023, and up from 5.3% in February 2022.

The unemployment rates were 4.5 percent in Reno and 5.2 percent in the Carson area in February 2023.

MARCH 24 2022 / ISSUE NO. 68 / ARCHIVE

This Week's Top Stories

PNC Chief Economist Gus Faucher: FOMC Raises Fed Funds Rate by 25 BPS, Says Further Rate Increases Likely

This commentary is written by PNC Chief Economist Gus Faucher.

• The FOMC raised the fed funds rate about 25 basis points, as expected.
• The statement noted said the bank system is “sound and resilient,” which acknowledging recent problems.
• PNC expects the FOMC to raise the fed funds rate by another 25 basis points at its early-May meeting.
• PNC also expects a mild recession starting in the second half of this year.
• The dot plot was little changed from December, although expected growth next year was lower.

Read More

Nevada State Bank’s Annual Survey Results Show Positive Economic Developments & Projections Throughout Nevada

Nevada State Bank has released the results of its 10th annual Small Business Survey, highlighting the economic experiences and insights of small business owners and executives in Nevada. The report reveals business concerns about eduction funding, affordable housing, and the challenges of finding and retaining quality employees.

Read More

Design Center Opens in Historic Westside School

City of Las Vegas hosted a grand opening ceremony of the Historic Westside Design Center inside the Historic Westside School. In collaboration with the UNLV Libraries Oral History Research Center, the design center features a photo wall with historical timeline of the area. This center is part of the HUNDRED (Historic Urban Neighborhood Design Redevelopment) Plan in Action.

Read More

Community

• Inaugural “Wine Walk Wish” Event at Lake Las Vegas to Benefit Make-A-Wish® Southern Nevada

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About Us

Vegas Business Digest is a forward-thinking, local digital media publication that focuses on Las Vegas business news and community. #HomeMeansNevada

To submit press releases and articles: press@vegasbusinessdigest.com

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Raintree, the developer of Lake Las Vegas, will host an inaugural “Wine Walk Wish” event to benefit Make-A-Wish Southern Nevada on Saturday, April 1 from 7-10 p.m.

Lake Las Vegas residents and visitors are invited to this wine tasting event at the waterfront Village. Throughout the event, guests can also try an assortment of delicious bites from local restaurants, visit booths from local businesses and organizations and enjoy a mix of live entertainment and performances.

Sponsors of the Wine Walk Wish event include Blue Heron, Del Webb, Pulte Homes, Taylor Morrison and Richmond American Homes. Seasons Grocery & Deli at the Village and the Lake Las Vegas Sports Club are also featured sponsors.

Raintree has supported Make-A-Wish Southern Nevada with various charitable events and initiatives throughout the years, including the Lake Las Vegas “Summer of Wishes” program at Seasons Grocery, which allowed patrons to donate directly to the foundation. Most recently, the community hosted the 2022 End of Summer Luau at the Lake Las Vegas Sports Club where Make-A-Wish Southern Nevada surprised Wish families with trips to Hawaii.

To learn more about Wine Walk Wish, or for more information on how to support Make-A-Wish Southern Nevada and purchase tickets, visit HERE.

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City of Las Vegas hosted a grand opening ceremony of the Historic Westside Design Center inside the Historic Westside School. In collaboration with the UNLV Libraries Oral History Research Center, the design center features a photo wall with historical timeline of the area. This center is part of the HUNDRED (Historic Urban Neighborhood Design Redevelopment) Plan in Action.

The HUNDRED Plan was developed in 2016 as a plan for community-led investment in the Historic Westside. Its vision is to make the Historic Westside to be a thriving district of African American culture in Las Vegas. It will be a unique place where the world will come together t live, work, visit, and ply, through the development of housing, local business, jobs, education, hospitality, and cultural pride.

The ribbon-cutting ceremony was joined by Mayor Carolyn G. Goodman, Congressman Steven Horsford, Councilman Cedric Crear, Commissioner William McCurdy, Brenda Williams, and Claytee White.

Last year, the Las Vegas City Council approved a contract with Gallagher & Associates, LLC. to develop a master plan for an African American Museum and Culture Center in the Historic Westside. The master plan is expected to be complete by the end of 2023.

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Nevada State Bank has released the results of its 10th annual Small Business Survey, highlighting the economic experiences and insights of small business owners and executives in Nevada. The report reveals business concerns about eduction funding, affordable housing, and the challenges of finding and retaining quality employees.

Conducted by Applied Analysis in January 2023 on behalf of Nevada State Bank, the report surveyed more than 400 randomly selected small business decision makers, representing Nevada businesses with annual sales ranging from $250,000 to $10 million.

Highlights include:

• Small businesses reported increased positivity relative to Nevada’s economy, with over half (53.8%) believing that Nevada’s economy is headed in the right direction, more than a 10% increase from 43.1% in 2022.
• Housing affordability is expected to remain a concern for small businesses amid high and rising interest rates. Roughly 40.0% are very concerned about housing affordability and 28.5% are moderately concerned.
• Over the past year, 42.7% of small businesses reported flat business revenues, while 41.4% reported unchanged profitability, a notable change from the prior year’s reports of rising revenues and profits.
• Hiring and retaining quality workers is among the most important challenges that small businesses face. While cost of business, economy, competition, and legislation are clearly challenges—a significant 23.7% consider hiring/retaining qualified employees their single most important challenge.
• More than 23.6% of respondents plan to expand their workspace, add a new building or renovate their current location in the next year. This is up 2% from 2022 and a historical high.
• Education funding, increasing affordable housing, and increasing funding for infrastructure are top priorities for small businesses in Nevada’s 2023 legislative session.

To download a copy of Nevada State Bank’s 2023 Small Business Survey report, please visit HERE.

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This commentary is written by PNC Chief Economist Gus Faucher.

• The FOMC raised the fed funds rate about 25 basis points, as expected.
• The statement noted said the bank system is “sound and resilient,” which acknowledging recent problems.
• PNC expects the FOMC to raise the fed funds rate by another 25 basis points at its early-May meeting.
• PNC also expects a mild recession starting in the second half of this year.
• The dot plot was little changed from December, although expected growth next year was lower.

The Federal Open Market Committee raised the federal funds rate by 25 basis points to a range of 4.75% to 5.00%. The statement also said that “some additional policy firming may be appropriate in order to attain a stance of monetary policy that is sufficient restricted to return inflation to 2% over time,” indicating that further near-term rate hikes are likely.

There had been some uncertainty as to whether the FOMC would raise the fed funds rate or keep it unchanged because of recent concerns about the stability of the banking system. The FOMC statement called the U.S. banking system “strong and resilient.” The statement also said that these banking problems are likely to result in tighter credit conditions, but the extent of the impact is unknown. The statement reiterated that the FOMC “remains highly attentive to inflation risks.”

Today’s FOMC announcement was largely as expected. After tightening monetary policy very aggressively in 2022 to combat inflation well above the 2% objective, the FOMC has been less aggressive in 2023. The rapid increases in interest rates has contributed to the recent failures of three banks. But concern about the financial system did not deter the FOMC from raising the fed funds rate, although by only one-quarter of a percentage point. Before the bank failures earlier this month, fed funds futures markets had been pricing in a 50 basis point rate increase.

Committee members remain concerned that letting up on rate hikes now could result in inflation persistently above 2% over the next few years, which would require even more tightening in monetary policy over the longer run. The FOMC appears to think that it has the tools to both cool inflation with higher rates and support financial system stability.

PNC expects the FOMC to raise the federal funds rate by 25 basis points at its next meeting, on May 3, and then maintain the rate in a range of 5.00% to 5.25% as it becomes more apparent that economic growth is slowing and inflation is receding. Given the lagged impact of the ongoing tightening cycle, including the problems in the banking system, PNC expects a mild recession starting in the second half of 2023.

In its discussion of current economic conditions, the statement noted modest economic growth, a strong labor market, and high inflation.

The statement was approved unanimously.

This meeting also included the release of the Summary of Economic Projections, or “dot plot,” which shows FOMC participants’ expectations for the outlook. The median participant expects the fed funds rate to be 5.1% at the end of this year, the same as in the previous projections, from December. But the median projection for the fed funds rate at the end of 2024 is now 4.3%, up from 4.1% in December. The outlooks for inflation and the unemployment rate over the next few years are little changed from December. But the median projection for GDP growth in 2024 has been moved lower, to 1.2%, from 1.6% in the previous dot plot.

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LAS VEGAS, NV – This spring break, the Atomic Museum invites students to Circuit Lab, a hands-on STEM camp filled with exciting educational experiences. Taking place on Friday, March 17 and Saturday, March 18 from 9 a.m. to 2 p.m., students 4^th through 9^th grade will explore energy, electricity and circuits. Students will also enjoy the opportunity to participate in fun learning opportunities such as learning how lemons can be used to power a lightbulb, learn to build a moving robot from recycled materials and will create a working flashlight out of paper.

Camp registration is $125 per student. Snacks and drinks will be provided but students must bring their own lunch. To register, click here.

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This week, about 50 students in the Jobs for Nevada’s Graduates (J4NG) program visited Carson City to learn about civic engagement and leadership. J4NG is an education-based nonprofit organization that aims to help all students, particularly vulnerable students, to achieve graduation and be ready to enter careers or college pathways after high school. The program serves more than 3,300 students statewide.

Students did a tour of the Capitol Building and Nevada Supreme Court, met with elected officials, and sat on the Assembly and Senate Floors. The students ended the day with a meet and greet with Governor Joe Lombardo.

J4NG hosts Legislative Day every other year during the Nevada State Legislative Session, giving students the opportunity to engage with elected officials, ask questions, learn about local government and the impact of civic engagement, and talk to legislators about the J4NG program.

“(J4NG) has honestly taught me to be the person I am today, and I wouldn't be as successful as I am today without this program,” says Skyler Dodd-Bailor, J4NG Student Damonte Ranch High School. ”What I'm thankful about today at the Legislative Building is meeting all of these great congresspeople, the assemblymen, senators, and learning why they're doing what they do.”

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According to the Nevada Department of Employment, Training and Rehabilitation’s January 2023 report, the total number of jobs in Nevada has passed 1.5 million jobs, up 6% year over year. The seasonally adjusted unemployment rate was unchanged from December 2022 to January 2023, sitting at 5.5%. This is the highest unemployment rate of any state.

The year-over-year employment growth reflects a continued trend in Nevada of more individuals entering the labor force, thus leading to higher employment and unemployment numbers. The state’s labor force participation rate over the year stayed quite steady over 2022 even as unemployment rose.

Metropolitan Statistical Area (MSA) Employment (Seasonally Adjusted):

• Las Vegas employment increased by 4,000 jobs (0.4%) since December, an increase of 62,600 jobs (6.0%) since January 2022.
• Reno employment had an increase of 800 jobs (0.3%) since December, an increase of 11,900 jobs (4.6%) since January 2022.
• Carson City employment had an increase of 100 jobs (0.3%) since December, an increase of 1,200 jobs (3.9%) since January 2022.

“This report shows Nevada has recovered from the COVID recession and is continuing to add jobs at a brisk pace. Except for the leisure and hospitality industry, every sector of our economy employs more people than before the pandemic, and every single industry is showing growth over the past year. Our unemployment rate is high as is the total number of job openings in the state, reflecting an ongoing tight labor market,” said David Schmidt, Chief Economist.

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The PENTA Building Group, a national general contractor headquartered in Las Vegas, announced the promotion of Joel Wallis to Chief Operating Officer. PENTA specializes in gaming/hospitality, healthcare, and higher education construction projects.

Joel has over 27 years of experience in field supervision, project management, and executive roles. Joel has been with the company for 20 years and has led many notable projects within PENTA’s hospitality & gaming and higher education verticals, including prominent casino resorts on and off the Las Vegas Strip.

Joel received his Bachelor of Science in Construction Management from California State University, Chico.

MARCH 17 2022 / ISSUE NO. 67 / ARCHIVE

This Week's Top Stories

Las Vegas Home Prices Leveling Off in February 2023

According to a report released by Las Vegas REALTORS^® (LVR), local home prices leveled off in February 2023. The median price of existing single-family homes sold in Southern Nevada through LVR’s Multiple Listing Service (MLS) during February was $424,995, down 5.6% from one year ago. By the end of February, LVR reported 4,665 single-family homes listed for sale without any offer, up 167.9% from the same time last year.

Read More

PNC Chief Economist Gus Faucher: Retail Sales Down in February, But Details Better; Huge January Increase Revised Even Higher

This article is written by PNC Chief Economist Gus Faucher.

• Retail sales were down 0.4% in February, but the details were better. Sales growth was mixed across segments.
• January’s big increase was revised higher, and retail sales are up from late 2022. The very strong labor market is the primary driver of rising retail sales.
• Consumer spending is set to fall later this year as the U.S. economy enters recession.

Read More

Four Tax Abated Companies Will Invest $53 Million in Nevada

The Nevada Governor’s Office of Economic Development approved four companies to receive $4,922,335 in tax abatements. In return, these companies are projected to create 85 jobs in the next two years at an average weighted hourly wage of $28.89. That figure is expected to grow to 134 in five years. Additionally, these companies will make capital equipment investments of $53,130,770 in the first two years of operation and generate $22,709,120 in new tax revenues over the 10-year abatement period.

Read More

Las Vegas City Council Approves HOME-ARP Allocation Plan for Homelessness Assistance

The Las Vegas City Council approved the HOME-ARP Allocation Plan (the plan) to fund development of affordable rental housing and for supportive services. As part of the 2021 American Rescue Plan Act (ARPA), the City of Las Vegas has been awarded $8,289,072 of HOME-ARP funds to address the need for homelessness assistance.

Read More

Hard Rock Announced as Presenting Partner for F1 Las Vegas Grand Prix

Hard Rock International has joined the roster of presenting partners for the Formula 1 Heineken Silver Las Vegas Grand Prix. Hard Rock will have its own Strip-adjacent grandstand structure, designed to seat up to 3,000 fans.

Read More

Community

• Shaquille O’Neal Foundation and Reebok Gift New Field to Local Boys & Girls Club
• Las Vegas City Council Approves Transitional Housing Master Leases

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About Us

Vegas Business Digest is a forward-thinking, local digital media publication that focuses on Las Vegas business news and community. #HomeMeansNevada

To submit press releases and articles: press@vegasbusinessdigest.co

Subscribe to our email newsletter and follow us on social media.

Hard Rock International has joined the roster of presenting partners for the Formula 1 Heineken Silver Las Vegas Grand Prix. Hard Rock will have its own Strip-adjacent grandstand structure, designed to seat up to 3,000 fans.

Fans who signed up for the priority interest list by donating a lucky $7.77 to the Las Vegas Grand Prix Foundation will have an opportunity to purchase The Mirage Grandstands tickets during their designed time slot beginning Wednesday, March 22. Any remaining tickets will be available to the public through the Las Vegas Grand Prix website on Friday, March 24 at 10 am PT. Room and ticket packages will be available on The Mirage website at a later date.

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The Nevada Governor’s Office of Economic Development approved four companies to receive $4,922,335 in tax abatements. In return, these companies are projected to create 85 jobs in the next two years at an average weighted hourly wage of $28.89. That figure is expected to grow to 134 in five years. Additionally, these companies will make capital equipment investments of $53,130,770 in the first two years of operation and generate $22,709,120 in new tax revenues over the 10-year abatement period.

The tax abated companies are:

• AVK Elastomer Technology is a manufacturing company that produces rubber sealing components for valves, pumps and more. The company is planning to build a 36,400 square foot facility in Douglas County. It is projected to create 12 jobs in the first two years of operation and expected to grow to 24 jobs in five years.
• Monin, Inc. is a syrup manufacturing company that is planning to expand its facility by 106,387 square feet in Washoe County.
• Sparks NV, LLC is a closed-loop recycling and manufacturing operation focused on providing green recycling solutions for scrap metal industry. It is planning to expand its operation to 225,834 square feet at the Tahoe Reno Industrial Center located in Storey County.
• United Parcel Service Inc. is planning to build a new 168,000 square foot building in Douglas County to expand its exiting Northern Nevada operations.

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Yesterday, the City of Las Vegas City Council approved mater Lease agreements with Catholic Charities for five rental units and Sierra Vista for 10 rental units to serve as transitional housing for homeless individuals. These units will be used for the Second Chance Employment Program, which connects individuals who are being served at the City's Courtyard Homeless Resource Center to job opportunities and housing.

The master lease agreements are for a period of 1 year with the option to renew for 5 additional terms. The Neighborhood Services Department requested a total of $195,120 from the American Rescue Plan/Redevelopment Set-Aside funding.

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Yesterday, the Las Vegas City Council approved the HOME-ARP Allocation Plan (the plan) to fund development of affordable rental housing and for supportive services. As part of the 2021 American Rescue Plan Act (ARPA), the City of Las Vegas has been awarded $8,289,072 of HOME-ARP funds to address the need for homelessness assistance. The city will submit the plan to U.S. Department of Housing and Urban Development (HUD) before March 31, 2023. HOME-ARP funds are a one-time allocation and must be spent by September 30, 2030 upon final approval by HUD.

Reports show that Las Vegas needs more affordable housing, especially for extremly low income population. According to National Low Income Housing Coalition’s report “The Gap: A Shortage of Affordable Homes”, the supply of affordable and available rental homes was 18 for every 100 extremely low-income renter households in Nevada.

According to the 2022 Annual Housing Report published by the Nevada Housing Division, the number of public or subsidized affordable units to households at 50% AMI (area median income) and below in the City of Las Vegas was just 13% of the existing need for subsidized units. Comprehensive Housing Affordability Strategy (CHAS) data shows 45,125 very low-income households are in need of affordable housing. However, as of December 2022, City of Las Vegas only has 6,025 existing units for households at 50% AMI and below.

The City will advertise a Request for Proposal process to seek developers and qualified non-profit organizations to carry out the identified HOME-ARP activities.

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This article is written by PNC Chief Economist Gus Faucher.

• Retail sales were down 0.4% in February, but the details were better. Sales growth was mixed across segments.
• January’s big increase was revised higher, and retail sales are up from late 2022. The very strong labor market is the primary driver of rising retail sales.
• Consumer spending is set to fall later this year as the U.S. economy enters recession.

Retail sales fell 0.4% in February from January. The details were somewhat better, however; sales excluding autos were down 0.1%, and sales excluding autos and gasoline were flat over the month. Sales growth was mixed across segments.

January’s huge increase was revised even higher, to a 3.2% gain, from the initially reported 3.0% increase. And the decline in sales in December was revised to a 0.8% drop, from a 1.1% fall.

Control sales—sales excluding food services, autos, gasoline, and building materials, and which go into nominal consumer spending in GDP—rose a solid 0.5% in February, after increasing 2.5% in January.

Although retail sales were down in February, they are still up from late 2022. A number of factors are driving continued strong nominal consumer spending, in particular the very strong job market, price increases, and the high level of household saving. These are offsetting the drags from a shift in consumer spending away from goods toward services, higher interest rates, prices that are increasing more rapidly than wages, and a loss of household wealth from falling home values and stock prices. Retail sales are set to decline later this year as the U.S. economy enters recession and a deteriorating labor market pushes households to cut back.

Sales of motor vehicles and parts fell 1.8% in February as high interest rates and continued supply-chain issues weighed on auto sales. The ongoing contraction in the housing market pushed sales of furniture and home furnishings down by 2.5% over the month, while sales of building materials fell 0.1%. Sales at gasoline stations fell 0.6% because of lower prices. Sales at restaurants declined 2.2% following an oversized gain of 5.6% in January, and sales were also down for clothing and specialty stores. On the positive side, sales of general merchandise rose 0.5%, sales of nonstore retailers (primarily online) rose 1.8%, and grocery store sales rose 0.5%.

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According to a report released by Las Vegas REALTORS^® (LVR), local home prices leveled off in February 2023, with more homes available for sale and fewer changing hands than one year ago.

The median price of existing single-family homes sold in Southern Nevada through LVR’s Multiple Listing Service (MLS) during February was $424,995, down 5.6% from one year ago. By the end of February, LVR reported 4,665 single-family homes listed for sale without any offer, up 167.9% from the same time last year.

The sales pace in February equates to nearly a three-month supply of properties available for sale. In February, 61.0% of all existing local homes sold within 60 days. In comparison, 88.6% of all existing local homes sold within 60 years the same time last year.

During February, 27.1% of all local property sales were purchased with cash, down from 30% one year ago. For distressed sales, short sales and foreclosures combined accounted for 1.2% of all existing local property sales in February.

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The Boys & Girls Clubs of Southern Nevada received more than $60,000 in donations from The Shaquille O’Neal Foundation and Reebok to renovate the Boulder Highway Clubhouse outdoor area and added a new, artificial turf, multi-sport filed.

“We’re thrilled we could provide the young people at the Boulder Highway Clubhouse with this upgraded facility,” said Kari Uyehara, executive director of The Shaquille O’Neal Foundation. “By supporting partners that promote physical fitness and create positive spaces for both sports and play, we can help even more kids achieve their full potential.”

“Our Healthy Lifestyles programs help kids to engage in positive behaviors, nurture their well-being, and build healthy habits that will strengthen their bodies and minds,” said Andy Bischel, president and CEO of Boys & Girls Clubs of Southern Nevada. “Having dedicated space for sports and fitness programming allows youth the opportunity to get outside, explore new activities, learn good sportsmanship, and discover passions that can last for a lifetime.”

MARCH 10 2022 / ISSUE NO. 66 / ARCHIVE

This Week's Top Stories

Nevada Employment Exceeds 1.5 Million Jobs, January Unemployment Rate 5.5%

According to the Nevada Department of Employment, Training and Rehabilitation’s January 2023 report, the total number of jobs in Nevada has passed 1.5 million jobs, up 6% year over year. The seasonally adjusted unemployment rate was unchanged from December 2022 to January 2023, sitting at 5.5%. This is the highest unemployment rate of any state.

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The Power of Community Impact: How Business Leaders Can Uplift the Next Generation

Business leaders in Southern Nevada came together to create a lasting impact for students across Las Vegas through a partnership with Leadership Henderson and Inspiring Children Foundation.

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Community

• Family to Family Connection Announces 17th Annual TOUCH-A-TRUCK® on April 1
• Atomic Museum to Host Circuit Lab STEM Camp for Local Students March 17, 18
• J4NG Students Visit The Nevada State Legislature to Learn About Civic Engagement and Leadership

People

• PENTA Building Group Promotes Joel Wallis to Chief Operating Officer
• Nevada State Bank Promotes Megan Comfort to Executive Management Committee

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Vegas Business Digest is a forward-thinking, local digital media publication that focuses on Las Vegas business news and community. #HomeMeansNevada

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LAS VEGAS, NV – Nevada State Bank recently promoted SVP and Small Business Manager Megan Comfort to the Executive Management Committee, the group that oversees the bank’s management decisions. The committee, led by NSB President and CEO Terry Shirey, includes EVP/Chief Financial Officer Ryan Ashley, and EVPs Jill Bell, Tom Elmer, Craig Kirkland, Mike Lane, Shannon Petersen, Micah Phillips, James Rensvold, and Rick Thomas.

“Megan leads NSB’s small business team unifying our group of relationship managers and business banking officers. As the leader of our bank-wide small business efforts, Megan’s promotion to the Executive Management Committee reflects our commitment to the Nevada business community,” said Shirey. “In her two decades with NSB, Megan has demonstrated exceptional ability to understand the banking needs of our business community—and in fact, led NSB’s support of the PPP loan program in 2020-2021.”

Comfort has worked at Nevada State Bank for 20 years, including 18 years in commercial lending. She has a finance degree from UNLV and actively participates in local organizations such as Las Vegas Rescue Mission, Green Our Planet, Junior Achievement, and The Shade Tree. She is also a member of the Risk Management Association and a graduate of Leadership Nevada, a Latin Chamber of Commerce program.

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LAS VEGAS, NV – Family to Family Connection, a local nonprofit organization that provides resources to families in Nevada through parent education and early childhood development classes, has announced its 17^th annual TOUCH-A-TRUCK® event on the grass at Downtown Summerlin on Saturday, April 1 from 9 a.m. to 2 p.m.

Over the years, TOUCH-A-TRUCK has become one of the community’s top family events that allow children of all ages to climb aboard and learn about their favorite vehicles and how they serve the local community. This hands-on experience will offer access to more than 60 vehicles, including fire engines, construction trucks, police cars and school buses. For those more sensitive to loud noises, 9 a.m. to 10 a.m. will be horn free. Parents and children can also enjoy a variety of food items from local food trucks and other vendors throughout the event.

“It is essential that the Las Vegas community has access to events like TOUCH-A-TRUCK,” said TOUCH-A-TRUCK Chair Carolyn Wheeler. “We strive to provide the best possible opportunities for children to improve their sensory skills, work on their physical and emotional development, make new memories and most importantly have fun!”

All proceeds will go to Family to Family Connection. Located in the Cambridge Community Center, Family to Family Connection has provided free classes and resources to families of infants and toddlers for over two decades. Family to Family Connections offers development activities, pre-kindergarten readiness courses, visits from community partners and monthly field trips. All classes are free but require advanced registration.

TOUCH-A-TRUCK is presented by NS8 Inc., a technology-based company that provides businesses with the software to fight against online fraud. TOUCH-A-TRUCK is also proudly sponsored by Diamondback Land Surveying, Cashman Equipment, Southwest Gas, Armstrong Landscaping, Truman Orthodontics, NDL Group, Inc., Sage Collegiate Public Charter School, Snell & Wilmer, DRI Tech Corp., Sunland Asphalt & Construction, Sun Property Management, North Star Plumbing, CenturyLink, Touro University School of Occupational Therapy and NextGen Fire Protection.

Tickets to TOUCH-A-TRUCK can be purchased for $8 per person at https://bit.ly/3wQkS2G. Tickets are also available for purchase at the door for $12 per person, and children under two are free. For more information about Family to Family Connection, visit HERE.