Temporary liquor licenses extended for Privé, Living Room

Embattled nightclub owners of Privé nightclub and its sister club Living Room were granted an extension Thursday of its temporary liquor license until April 9 by the Clark County Business License Department.

The extension was issued by the county without a hearing before Clark County commissioners. Previous temporary licenses where issued following public hearings before the commissioners.

Clark County spokesman Dan Kulin said the owners have been in compliance with county regulations and conditions on the temporary license. The extension was issued pending completion of background investigations into the clubs’ new ownership based in Miami by the Metropolitan Police Department.

The club at Planet Hollywood Resort was shut down by the county in late July after its liquor license was revoked because the resort and club were found to be failing to "abide by the duties of a liquor licensee."

The clubs were cited for three violations in 2008 by the county business-license department. Violations included allowing topless and lewd activity to take place on site.

The management team was removed and ownership changed prior to reopening in September.

Privé Las Vegas filed for Chapter 11 bankruptcy protection in Miami in November.


No fight means no big payday for Las Vegas, analyst writes

Boxing fans aren’t the only ones upset about the apparent demise of the Floyd Mayweather Jr.-Manny Pacquiao championship fight that had been scheduled for March 13 at the MGM Grand.

Top Rank Chairman Bob Arum told the Review-Journal on Wednesday that the megafight won’t take place.

Wall Street said Las Vegas could be losing out on a potentially lucrative payday.

Macquarie Securities gaming analyst Joel Simkins told investors in a research note Thursday that the fight would have provided the Strip a large amount of business.

"Historically, megafights have been significant drivers of traffic into Las Vegas and high-end gaming activity, in addition to sports betting," Simkins said. "We believe that this fight would have been a nice shot in the arm for MGM Mirage and other Las Vegas Strip operators including Wynn Resorts and Las Vegas Sands, particularly when it was poised to be one of the highest grossing pay-per-view events in history."

The MGM Grand Garden seats about 17,000 for boxing but Simkins said there would have been a spillover into Las Vegas by a large international contingent, especially an Asian audience backing Pacquiao.


Boeing customers scale back on aircraft during recession

Boeing Co. said its customers ordered just 142 commercial airplanes last year as the recession forced airlines to shrink.

The net total reported on Thursday was Boeing’s lowest since at least 2003 and just one-tenth of the 1,413 orders in 2007.

Meanwhile, Boeing delivered 481 commercial planes last year, up 28 percent after a massive strike in 2008 slowed production.

Boeing had predicted 480 to 485 deliveries for the year.

The deliveries were "a solid achievement," wrote Jefferies & Co. analyst Howard Rubel, an achievement he said was not adequately valued by investors.

Boeing delivered four more widebodies than he had expected and three fewer 737s. By delivering more of the higher-priced widebodies, as well as setting an annual record by delivering 88 of its 777s, "the results were a slightly richer mix than we had expected."

The biggest seller was Boeing’s workhorse 737. The company delivered 372 of those last year, and has orders for another 2,076.


Lennar boss sees home prices rising; company posts profit

Lennar Corp.’s chief executive said Thursday that he sees a trend in rising prices and expects the homebuilder will be profitable this year.

"Prices are no longer free-falling downward and in fact in many instances, are actually starting to stabilize and even recover," Stuart Miller said. "I feel comfortable today saying that this is a trend and not an anomaly."

Miller added that he expects the company, which has operations in 17 states, will increase hiring as it begins to build new home developments this year.

That’s a clear signal Lennar is betting the real estate recovery, while shaky, will hold.

The remarks followed Lennar’s report that new-home orders rose for the first time in more than three years in its fourth quarter.

Lennar said it earned $35.6 million, or 19 cents per share, in the quarter ended Nov. 30, reversing a loss of $811 million, or $5.12 a share, a year earlier.

Revenue fell 29 percent to $913.7 million, because of a 22 percent drop in the number of completed home sales. The average sales price of a home dropped 9 percent annually to $238,000.

Lennar Corp. shares rose $1.76, or 12.85 percent, Thursday to close at $15.46 on the New York Stock Exchange.


Geithner’s New York Fed told AIG to stay quiet about deals

Controversial deals that sent billions of bailout dollars to Goldman Sachs and other banks were kept quiet under pressure from the Federal Reserve Bank of New York, then led by Treasury Secretary Timothy Geithner.

E-mails between lawyers for the New York Fed and bailed-out insurance conglomerate American International Group Inc. show AIG wanted to disclose some details about payments it made to banks, including Goldman and Deutsche Bank, to cancel financial deals.

But lawyers for the New York Fed, which engineered AIG’s bailout with the Bush administration’s Treasury Department, told AIG to remove the information from a draft.


Broadcom co-founder won’t face case involving narcotics

Federal prosecutors say they will drop a narcotics case against Broadcom co-founder Henry T. Nicholas III.

The announcement Thursday comes less than a month after a federal judge dismissed a parallel stock options backdating case against Nicholas. He was indicted in 2008 on drug and backdating counts, including allegations that he slipped ecstasy into the drinks of business associates and maintained a drug warehouse.

At that time, U.S. District Court Judge Cormac J. Carney also ordered prosecutors to prove why the drug case against Nicholas should not be thrown out.

A hearing had been set for Feb. 2.

Carney must approve the government’s motion to dismiss the drug case. A spokesman for Nicholas did not immediately return an e-mail requesting comment.


Sears Holdings Corp. lets rivals sell items on its Web site

Sears Holdings Corp. joined at least two other major retailers Thursday in allowing third parties — including some rivals — to sell items on its Web site.

Sears’ push to beef up its Web effort follows similar moves by Wal-Mart Stores Inc., at, and by, which have tussled over prices for books, movies and music.

Officials wouldn’t say how many products were available at before the announcement of "Marketplace at" But they said more than 10 million items were being sold there through 1,500 outside vendors by Thursday.

The vendors will pay Sears a listing fee plus a commission on sales they make through the site.

In late August Wal-Mart began selling third-party home and baby products, toys, clothing, sporting goods and sports memorabilia.

Amazon began its similar practice of letting third parties sell items to its shoppers in 2000.


Thirty-year mortgage rates decline in week, data show

Rates for 30-year home loans inched downward this week, the first decline in a month, but remained above last month’s record lows.

The average rate on a 30-year fixed mortgage was 5.09 percent this week, down from 5.14 percent a week earlier, mortgage company Freddie Mac said Thursday.

Rates dropped to a record low of 4.71 percent in early December, pushed down by an aggressive government campaign to reduce consumers’ borrowing costs, but then rose steadily for the rest of the month.

The average rate on a 15-year fixed-rate mortgage fell to 4.5 percent, down from 4.54 percent last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.44 percent, unchanged from a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.31 percent from 4.33 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.

Mortgage Rates

Today – 5.09
Last Week – 5.14

Today – 4.50
Last Week – 4.54


Holiday shopping and returns make this the busiest time of year for UPS
The UPS Las Vegas South facility is the company's busiest pre-load operation in the country, and it's even busier this time of year. (K.M. Cannon/Las Vegas Review-Journal)
Primm’s outlet mall has fallen on hard times
The mall, attached to Primm Valley Resort, opened in 1998. Back then, it was a “textbook, perfect outlet-center location." But now, Primm’s outlet mall has fallen on hard times. Las Vegas Boulevard has endless shopping spots. And there are other outlet malls that don’t require a hefty drive to the state line. Its mortgage-holder foreclosed on the mall in late September.
Miltary auction at Ritchie Bros. Auctioneers
Humvees, ammo cans, construction equipment, field gear and more is on the auction block Friday and Saturday at Ritchie Bros. Auctioneers. About 10,000 items in all are for sale in what GovPlanet bills as the largest auction of its kind.
Las Vegas residents discuss avoiding holiday scams
Las Vegas residents discuss their donation habits and how they avoid giving money to scam charities during the holiday season. (Bailey Schulz/Las Vegas Review-Journal)
Tesla’s Nevada Gigafactory ahead of economic impact expectations
The Tesla Gigafactory’s economic impact on Nevada has exceeded projections, bringing in more than 7,000 jobs. In 2014, Nevada agreed to give the automotive and energy company $1.3 billion in tax abatements. In return, Tesla promised to meet certain requirements in areas like employment and capital investment. As of June, Tesla has brought in a total of $6.05 billion in capital investment, surpassing the $4.95 billion projection. The original contract gave the company until 2024 to make $3.5 billion in capital investments in Nevada. Derek Armstrong, deputy director of the Governor’s Office of Economic Development.
Land sales near the Las Vegas Raiders stadium
Land around the Las Vegas stadium site has been selling for high prices. A few months before the stadium’s groundbreaking, Global Trust Group acquired a 2.5-acre parcel just north of the stadium site. The property sold for $7.25 million, or $2.9 million an acre. Osprey Real Estate Capital and Huntington Hotel Group acquired a 2-acre industrial site just west of the stadium site in late November. The property sold for $6.5 million, or $3.15 million per acre. That's roughly 12 times the average price of land in the valley this year as tracked by Colliers International.
T-Mobile Tech Experience Truck parks in Toshiba Plaza at T-Mobile Arena
The Tech Experience Truck is a state-of-the-art showroom on wheels, with demonstrations that put connected drones, smart cities, augmented/virtual reality and smart tracking. The exhibit shows new wireless technology – including 5G and the Internet of Things (IoT). (K.M. Cannon/Las Vegas Review-Journal)
Steve Siegel, CEO of the Siegel Group, speaks about helping families and other needy residents
Steve Siegel, CEO of the Siegel Group, speaks about helping families and other needy residents to keep them from teetering off into homelessness. Bizuayehu Tesfaye/Las Vrgas Review-Journal @bizutesfaye
Crowds camp out for Chick-fil-A opening
Dozens of customers camped out 24 hours ahead of the 6 a.m. Thursday opening of the new Chick-fil-A on Rainbow Blvd.
Cheapest listings for sale in Las Vegas
Listed for $39,990, 585 S. Royal Crest Circle, Unit #9 is one of the cheapest homes currently listed for sale in Las Vegas. (Caroline Brehman/Las Vegas Review-Journal)
MGM's sports betting deals
MGM Resorts International signed a sports betting sponsorship agreement with the NBA in July It was the first professional sports league to have official ties with a legal sports betting house. The deal came just two months after the U.S. Supreme Court overturned a law prohibiting sports betting in most states. In October, MGM became the first gaming company to sign a sports betting partnership with the NHL. In November, MGM became the first gaming company to sign a sports betting partnership with the MLB. Financial terms of Tuesday’s deal and earlier partnerships have not been announced.
Terry Miller discusses Convention Center
Project Manager Terry Miller explains the phases of Convention Center construction.
Zappos treats their team members on Cyber Monday
Zappos rolls out a variety of food, drinks and special activities for all team members at their downtown Las Vegas headquarters for Cyber Monday. (K.M. Cannon/Las Vegas Review-Journal)
Team Hybrid at the 2019-Model Motor Trend International Auto Show
Among the companies showing off the 2019 model cars, Team Hybrid shows off its modified cars. Las Vegas resident David David talks about the team, which is in its ninth year exhibiting at the show, and his show car.
Black Friday Shoppers at downtown Summerlin and at the Arsenal
Black Friday shoppers at downtown Summerlin and at the Arsenal. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfYe
Black Friday shopping in Las Vegas
Black Friday sale shopers express their shopping experience. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Las Vegas Livestock recycling Strip food waste
Las Vegas Livestock collects and recycles food from many Las Vegas Strip companies. (Nicole Raz/Las Vegas Review-Journal)
Black Friday at Fry's
Shoppers line up for deals early on Black Friday at Fry's Electronics on Las Vegas Boulevard South. (Mat Luschek/Las Vegas Review-Journal)
Black Friday shoppers at Best Buy at 5 am
Black Friday shoppers at Best Buy at 5 am on Nov. 23. (Mat Luschek/Las Vegas Review-Journal
Black Friday - 1am Closing Time
Quiet night.
Black Friday - 12:30am - Best Buy Arroyo Crossing
Sam's Town Holiday Lighting Ceremony
On Wednesday, Nov. 21, 2018, Mystic Falls Park opened with its annual tree lighting ceremony, hosted by Boyd Gaming Executive Chairman Bill Boyd. The attraction features a Winter Wonderland theme and holiday-inspired laser light show, available daily Nov. 23 to Jan. 1. (Mat Luschek/Las Vegas Review-Journal)
What Is A Smart City?
George Karayannis, vice president of CityNow, Panasonic’s smart-city arm, explains. (Nicole Raz/Las Vegas Review-Journal)
Walmart uses virtual reality to train employees
Walmart Academy Facilitator demonstrates the VR training program being used by Walmart stores across the country.
With holidays around the corner, department stores hiring extra staff
J.C. Penny hired 72 seasonal workers this year at the Galleria at Sunset mall in Henderson in order to handle the heavy traffic of the holiday shopping season. (Rachel Aston/Las Vegas Review-Journal)
Startup Weekend fosters new businesses
With the help of entrepreneurial peers and an expert panel of mentors, Techstars Startup Weekend fosters the ideas of attendees into marketable business plans. (Rachel Aston/Las Vegas Review-Journal)
Mecum Car Auction in Las Vegas
The Mecum Auctions is held at the Las Vegas Convention Center. Bizuayehu Tesfaye/ Las Vegas Review-Journal @bizutesfaye
Construction underway for new Google Data Center
Henderson is slated to be home to a new Google data center in December 2020. The Governor’s Office of Economic Development approved $25.2 million in tax abatements for Design LLC, a wholly-owned subsidiary of Google. The company plans to build the data center on 64 acres of land on Warm Springs Road west of Boulder Highway.
Anthony Rufo talks about his new product, an in-home digital companion and monitor.
Anthony Rufo talks about his new product, HAPPIE Home technology, an in-home digital companion and monitor designed for unpaid family caregivers that gives personalized alerts, messages and reminders. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Holiday parades help bring shoppers to Downtown Summerlin
Sports Town USA floor manager Angela Gardonio talks about the work that goes into the Downtown Summerlin holiday parades and how they benefit her and other businesses there.
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