Summerlin developer Howard Hughes Corp. sold more land for new housing last year than it did in 2017. It sold 244.8 acres of residential land in Summerlin – Las Vegas’ largest master-planned community – for $144.7 million last year. That’s up from 206.6 acres for $120.7 million in 2017. Summerlin spans 22,500 acres along the valley’s western rim and has roughly 110,000 residents.
Southern Nevada is about 800 mechanics short, according the Governor’s Office of Economic Development. As the technology in cars continues to advance, it’s becoming more difficult to find auto mechanics and technicians who know how to work on the vehicles. Usually, a labor shortage translates to higher wages. But the median wage for auto service workers in Clark County is $17.50 an hour, according to Emsi, a labor market analytics firm The average hourly wage in the Las Vegas Valley is $21.37, according to the Bureau of Labor Statistics.
Eastern and Ione 9925 S Eastern Ave , Las Vegas, NV 89183 Rainbow & Lake Mead 1991 N Rainbow Blvd, Las Vegas, NV 89108 Sahara at I-15 192480 S Rancho Dr, Las Vegas, NV 89102 Stephanie at Warm Springs 460 N Stephanie St, Henderson, NV 89014 South McCarran and 580 6365 S McCarran Blvd, Reno, NV 89509 Sparks Blvd & I-80 1390 Big Fish Dr, Sparks, NV 89434 More are on the way
Valley Electric Association is an energy cooperative headquartered in Pahrump, Nevada. The cooperative provides electric service to more than 45,000 people in a 6,800-square-mile service area, primarily along the California-Nevada border. The cooperative is member-owned, meaning all members who receive electricity through its transmission grid are also considered owners. The “member-owner” status gives each person a voice in how their cooperative operates. Members elect the leadership, and any member can become part of the leadership team. According to Valley Electric’s website, it has 17,500 member-consumers who participate in its governance.
The highest fines assessed by the Nevada Gaming Commission, according to commission Chairman Tony Alamo: 1) Wynn Resorts Ltd., $20 million, 2019 2) CG Technology (then known as Cantor G&W Holdings), $5.5 million, 2014 3) The Mirage, $5 million ($3 million fine, $2 million compensatory payment), 2003 4) Stardust, $3 million, 1985 5) Santa Fe Station, $2.2 million ($1.5 million fine, $700,000 compensatory payment), 2005 6) Las Vegas Sands, $2 million, 2016 7) CG Technology, $1.75 million, 2018 8) CG Technology, $1.5 million (also $25,000 in escrow for underpaid patrons), 2016 9) Caesars Entertainment, $1.5 million, 2015 10) Imperial Palace, $1.5 million, 1989 11) Peppermill Casinos, $1 million, 2014
Home prices rose in every ZIP code in the Las Vegas Valley in 2018 for the second year in a row, according to SalesTraq. Prices grew fastest in older, more centrally located areas. But prices were highest in the suburbs. The top three ZIP codes for price growth were 89119 (29.8%), 89146 (25%) and 89030 (24.6%). The top three ZIP codes for median sales prices were 89138 ($464,500), 89135 ($420,500) and 89052 ($370,000).
Las Vegas’ apartment market has accelerated in recent years. Developers are packing the suburbs with projects, landlords are on a buying spree, and tenants are filling buildings. Rents are also rising at one of the fastest rates in the country, stretching affordability for some. The average asking rent for a Las Vegas apartment is $1,059, up more than 25 percent since early 2013, according to research firm Reis Inc. The rental market has gained speed amid strong job and population growth. And landlords, despite raising the rents, are having little trouble signing tenants.
In 2020, The Drew, formerly known as the Fontainebleau, is slated to open along with the $3 billion Resorts World Las Vegas, an Asian-themed casino slated to open in 2020, will have 3,000 rooms. The $1.8 billion Raiders stadium will open.
The Las Vegas Convention and Visitors Authority will finish its expansion of the Las Vegas Convention Center. The 18,000 seat concert venue MSG Sphere is expected to open.
Southern California investors bought nearly 60 acres of mostly empty real estate near the Strip for $130 million. The Daneshgar family, owners of 3D Investments, acquired the spread at Harmon Avenue and Koval Lane. Previous plans for the site included hotel-condo projects the W Las Vegas and Las Ramblas. Backers of the $3 billion Las Ramblas included actor George Clooney and nightclub owner Rande Gerber.
Billionaire hedge fund activist Carl Icahn has made some big bets on Nevada that have paid off. Icahn purchased the Stratosphere out of bankruptcy court in 1998. He also bought two Arizona Charlie’s casinos and a Laughlin casino. He sold those properties for $1.3 billion in 2007. Icahn bought the partially built, mothballed Fontainebleau hotel out of bankruptcy for around $150 million in 2010. He sold it for $600 million in 2017. In 2008, Icahn bought a stake in Tropicana Entertainment. He sold it last year before the market selloff to Eldorado Resorts for $1.85 billion. In 2019, Icahn confirmed that he has purchased a 9.8 percent stake in Caesars Entertainment Corp. worth more than $600 million.