Harcourt Nevada files counterclaim

Harcourt Nevada filed a counterclaim Friday against Glen Smith & Glen Development and its principals over the Sullivan Square mixed-use development that was suspended last year.

Glen Smith & Glen sued Harcourt and its parent company, Harcourt Developments of Dublin, Ireland, in June for breach of fiduciary duty.

District Court Judge Mark Denton dismissed the charges in March for lack of jurisdiction.

“The fact of the matter,” Denton wrote, “is that Harcourt Developments, simply by virtue of owning a membership interest in an entity that is doing business in Nevada, is not the one doing business or owning property here.”

Glen Smith & Glen had brought Harcourt on as a financial partner for the $850 million Sullivan Square planned for 16 acres near the Las Vegas Beltway and Durango Drive.


PepsiCo bids $6 billion to buy two big bottlers

PepsiCo Inc.’s $6 billion bid to buy its two largest bottlers should make the owner of the Gatorade, Naked juices and Aquafina brands more nimble in a market in which soft drinks have declined in popularity in favor of healthier options like water and juices.

The deals for Pepsi Bottling Group and PepsiAmericas would let PepsiCo control about 80 percent of its total North American beverage volume — something the company and analysts said would streamline the process of getting newer or smaller products to stores.

Consumers could see products such as Izze sparkling juice and Naked fruit juices at more places, Chief Financial Officer Richard Goodman said, since the company would be able to negotiate with retailers directly rather than persuading the bottlers that now control most distribution to include smaller products in their network.


Solar plant planned for Mohave County

A subsidiary of Spain-based Albiasa Solar has selected northwest Arizona for development of a $1 billion solar-thermal generating facility, it was announced Monday.

Albiasa Corp. has secured 1,400 acres of land for the project in Mohave County.

County and company officials declined to provide the specific location for the Kingman-area plant. Jesse Tippett, director of U.S. operations for Albiasa, cited competitive factors having to do with linking the plant to the power grid.

Tippett said construction should begin early next year and the facility should be producing power in 2013. He said the plant should provide enough power for up to 50,000 homes.

As many as 2,000 people will be employed during peak construction of the facility, and 100 workers will be needed to staff the plant once it’s operational, he said.

Zions Bancorporation reports loss for quarter

Shares of Zions Bancorporation, the Salt Lake City-based parent of Nevada State Bank, plunged Monday after the holding company reported an $832.2 million loss.

The loss amounted to $7.29 per share and reversed net income of $104.3 million, or 97 cents per share, a year earlier.

The company said $634 million of the loss stemmed from writing down goodwill associated with the 2005 purchase of a Texas bank. Zions also increased its loan loss reserves to $298 million from $285 million.

Zions shares fell $2.09, or 13.91 percent, Monday to close at $12.93 on the Nasdaq National Market.


Economic gauge falls more than expected

A private sector group’s index of leading economic indicators fell more than expected in March, but the forecast called for the recession’s intensity to ease this summer.

The Conference Board said Monday that its monthly forecast of economic activity fell 0.3 percent in March and has not risen in nine months. Economists surveyed by Thomson Reuters expected a 0.2 percent decline.

The index for February was better than previously reported, falling 0.2 percent instead of 0.4 percent. But it was revised lower in January to a 0.2 percent decline, instead of a 0.1 percent increase.


Interest rates decline in Treasury auction

Interest rates on short-term Treasury bills fell in Monday’s auction to the lowest levels since January.

The Treasury Department auctioned $28 billion in three-month bills at a discount rate of 0.135 percent, down from 0.180 percent last week. It auctioned $27 billion in six-month bills at a discount rate of 0.33 percent, down from 0.37 percent last week.

The three-month rate was the lowest since those bills averaged 0.12 percent on Jan. 12. The six-month rate was the lowest since those bills averaged 0.32 percent on Jan. 20.


GM firing staff, spent millions on lobbying

General Motors Corp. started firing 1,600 white-collar workers Monday, continuing its effort to slash costs and qualify for more government loans on the same day it revealed it spent $2.8 million in the first three months of this year to lobby federal lawmakers.

Meanwhile, Fiat’s CEO left Italy to resume critical talks on an alliance with Chrysler LLC, as deadlines draw closer for GM and Chrysler to finish their restructuring plans.

If GM can swap much of its debt for stock and get concessions from the UAW and Canadian Auto Workers by June 1, the government says it will provide more loans to keep the company going. Bankruptcy financing also is possible if the company determines Chapter 11 is its best bet to achieve the cuts it needs.

Meanwhile, GM said in a government filing that it spent $2.8 million in the first quarter lobbying the U.S. government on a range of issues, including the economic stimulus package, and environmental, consumer safety and health issues.

GM shares fell 20 cents, or 10.75 percent, to close at $1.66 on the New York Stock Exchange.


Treasury prices rise as stocks head down

Treasurys rebounded Monday as stocks tumbled, leading investors to put their money back in safer assets like government debt.

The benchmark 10-year Treasury note rose 0.97 to 99.25. Its yield dropped to 2.84 percent from 2.93 percent late Friday. Since March 18, when the Federal Reserve said it would start buying $300 billion in Treasurys over six months, the 10-year yield has not surpassed 3 percent.

The 30-year bond rose 2.09 to 96.69, and its yield fell to 3.69 percent from 3.78 percent.

Bellagio, MGM Resorts International’s luxury hotel turns 20
The more than 3,000-room Bellagio hotel is situated on the site of the former Dunes Hotel. The Dunes was imploded in 1993, and construction of the Bellagio started in 1996. It cost $1.6 billion to build, making it the most expensive hotel in the world at the time. The Bellagio was former Wynn Resorts Ltd. Chairman and CEO Steve Wynn’s second major casino on the Strip after The Mirage. MGM Resorts International acquired the property from Steve Wynn in 2000. (Tara Mack/Las Vegas Review-Journal)
Facial recognition software at G2E – Todd Prince
Shing Tao, CEO of Las Vegas-based Remark Holdings, talks about his facial recognition product. (Todd Prince/Las Vegas Review-Journal)
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Bobby Baldwin to leave MGM
MGM Resorts International executive and professional poker player Bobby Baldwin is set to leave MGM.
Caesars has new armed emergency response teams
Caesars Entertainment Corp. has created armed emergency response teams. They are composed of former military and law enforcement officials. "These teams provide valuable additional security capabilities,” Caesars spokeswoman Jennifer Forkish said. Caesars is hiring Security Saturation Team supervisors, managers and officers, according to LinkedIn. The company did not say how many people it plans to hire for the units. (Las Vegas Review-Journal)
Las Vegas, airlines prepare for CES
CES in January is expected to attract more than 180,000 attendees. (Las Vegas Review-Journal)
AGS partners with Vegas Golden Knights
AGS is the nation’s second-largest manufacturer of Class II slot machines used primarily in tribal jurisdictions. It announced a marketing partnership with the Vegas Golden Knights NHL team. (Las Vegas Review-Journal)
Lehman Brothers bet big on Las Vegas
Lehman Brothers collapsed 10 years ago, helping send the country into the Great Recession.
Fremont9 opens downtown
Fremont9 apartment complex has opened in downtown Las Vegas. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Ross & Snow launches in Las Vegas
Luxury shoe brand Ross & Snow has opened in Las Vegas, featuring "functional luxury" with premium shearling footwear. (Bailey Schulz/Las Vegas Review-Journal)
Remote Identification and Drones
DJI vice president of policy and public affairs discusses using remote identification on drones. (Bailey Schulz/Las Vegas Review-Journal)
Drones and public safety in Nevada
Two representatives in the drone industry discuss UAV's impact on public safety. (Bailey Schulz/Las Vegas Review-Journal)
Frontier Airlines to launch flights from Las Vegas to Mexico
Frontier, a Denver-based ultra-low-cost carrier, will become the first airline in more than a decade to offer international service to Canada and Mexico from Las Vegas when flights to Cancun and Los Cabos begin Dec. 15. (Rick Velotta/Las Vegas Review-Journal)
MGM Resorts International CEO Jim Murren addresses Oct. 1 lawsuits
MGM Resorts International Chairman and CEO Jim Murren addresses criticism his company has received for filing a lawsuit against the survivors of the Oct. 1 shooting. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International opens the doors on MGM Springfield
Massachusetts’ first hotel-casino opens in downtown Springfield. The $960 million MGM Springfield has 252 rooms and 125,000-square-feet of casino. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International prepares to open MGM Springfield
Las Vegas-based MGM Resorts International gave news media and invited guests a preview of the $960 million MGM Springfield casino in Massachusetts. The commonwealth's first resort casino will open Friday, Aug. 24. (K.M. Cannon/Las Vegas Review-Journal)
A Walk Through Circus Circus
It only takes a short walk through Circus Circus to realize it attracts a demographic like no other casino on the Strip: families with young children. (Todd Prince/Las Vegas Review-Journal)
Morphy Auctions, a vintage slot machines seller, wants gaming license
Vice president Don Grimmer talks about Morphy Auctions at the company's warehouse located at 4520 Arville Street in Las Vegas on Thursday, Aug. 16, 2018. (Rick Velotta/Las Vegas Review-Journal)
Nevada's venture capital money doesn't stay in state
Zach Miles, associate vice president for economic development for UNLV, said there’s venture money in Southern Nevada, “but trying to find the right groups to tap into for that money is different.” According to a 2017 report from the Kauffman Foundation, Las Vegas ranked number 34 out of 40 metropolitan areas for growth entrepreneurship, a metric of how much startups grow. With a lack of growing startups in Las Vegas, investment money is being sent outside of state borders. The southwest region of the U.S. received $386 million in funding in the second quarter, with about $25.2 million in Nevada. The San Francisco area alone received about $5.6 billion. (source: CB Insights)
Neon wraps can light up the night for advertising
Vinyl wrap company 5150 Wraps talks about neon wraps, a new technology that the company believes can boost advertising at night. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Nevada on the forefront of drone safety
Dr. Chris Walach, senior director of Nevada Institute for Autonomous Systems, talks to a reporter at NIAS's new Nevada Drone Center for Excellence of Public Safety, located inside the Switch Innevation Center in Las Vegas. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
Motel 8 on south Strip will become site of hotel-casino
Israeli hoteliers Asher Gabay and Benny Zerah bought Motel 8 on the south Strip for $7.4 million, records show. They plan to bulldoze the property and build a hotel-casino. Motel 8 was built in the 1960s and used to be one of several roadside inns on what's now the south Strip. But it looks out of place today, dwarfed by the towering Mandalay Bay right across the street.
Project billed as one of the world's largest marijuana dispensaries plans to open Nov. 1
Planet 13 co-CEO Larry Scheffler talks about what to expect from the new marijuana dispensary, Thursday, July 19, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Oasis Biotech opens in Las Vegas
Brock Leach, chief operating officer of Oasis Biotech, discusses the new plant factory at its grand opening on July 18. (Bailey Schulz/Las Vegas Review-Journal)
UNLV Tech Park innovation building breaks ground
Construction on the first innovation building at the UNLV Tech Park is underway. (Bailey Schulz/Las Vegas Review-Journal)
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