Gold Spike owner buys apartment complex

The company that bought the Gold Spike casino downtown isn’t done building the residential portion of its Las Vegas portfolio.

Last week the Siegel Group closed a deal to buy the Mark Twain Apartments at 955 E. Twain Avenue for $14.5 million.

Sasco Properties, a division of the Siegel Group, will operate the 228-unit complex under the name Siegel Suites Twain II. The company plans to renovate the apartments to catch up on deferred maintenance and convert it to flexible-stay style rentals.

Since moving into Las Vegas in 2004, the Siegel Group has developed more than 2,700 rental units in Las Vegas, Reno and Mesquite, including the Twain building.

The company also spent $21 million on the Gold Spike.

Proxy filings reveal utility execs’ payouts

Walt Higgins, who retired as chief executive officer last year and remains as chairman of Sierra Pacific Resources, last year made $6.27 million in direct compensation, including $848,000 in cash, according to a Wednesday proxy filing with the Securities and Exchange Commission.

The larger number includes restricted shares he was given because the company regained its investment-grade bond ratings.

New CEO Michael Yackira received $2.88 million in direct compensation, including $978,000 in cash.

Commissioners OK plans for Plaza Hotel

Clark County commissioners have given final approval to plans for a $6 billion Strip casino resort modeled after the Plaza Hotel in New York.

There was no mention during a brief public presentation by representatives of Elad IDB of reports earlier this week that the project was stalling due to a shaky credit market.

On Monday, Elad chief Miki Naftali said the project was “forging ahead as planned.”

Elad also owns The Plaza in New York.

A Las Vegas-based spokesman for the company says groundbreaking could take place later this year on the 3,500-room project. It’s slated to open in 2011.


Morgan Stanley profits top Street expectations

Morgan Stanley posted better-than-expected quarterly earnings on Wednesday.

The nation’s second-largest investment bank was able to parlay aggressive stock and bond trading into offsetting more losses linked to subprime mortgages.

The company said it earned $1.53 billion after preferred dividends, or $1.45 per share, down 42 percent from $2.66 billion, or $2.17 per share, a year earlier.

Analysts polled by Thomson Financial had forecast profit of $1.03 per share.

Revenue fell 17 percent to $8.3 billion from $10 billion.


Data on demand send prices for oil lower

Oil prices pulled back Wednesday after government data suggested high prices for oil and gasoline are depressing demand for petroleum products.

Consumption of oil and its products fell by 3.2 percent over the past four weeks from the same period last year, the EIA said. Demand for gasoline fell by 1 percent over the same period.

Light, sweet crude for April delivery fell $4.94 to settle at $104.48 a barrel on the New York Mercantile Exchange, the largest one-day price decline for a front-month oil contract since 1991. The April contract expired at the end of Wednesday’s session, and trading was much heavier in May oil futures, which fell $5.96 to settle at $102.54 a barrel on the Nymex.


Requirements relaxed for lending agencies

The government on Wednesday relaxed capital requirements at Fannie Mae and Freddie Mac as part of a plan to quickly inject an additional $200 billion of financing for home loans.

The Office of Federal Housing Enterprise Oversight, which oversees the government-sponsored companies, said the mandatory cash cushion for Fannie and Freddie — now nearly $20 billion for the two — will be reduced by a third under the new plan.

The capital requirement for each company will be reduced from the current 30 percent to 20 percent, and further reductions will be considered by the regulator in the future.

Paris court frees trader at center of scandal

A Paris court on Tuesday freed Jerome Kerviel, the trader accused of causing record losses at French bank Societe Generale, pending investigation.

SocGen unveiled $7.64 billion of losses in January in the biggest trading scandal in history, which it said was caused by rogue deals carried out by Kerviel, a junior trader at the bank.

Kerviel may not enter a trading room or an exchange, may not engage in activities related to financial markets and must present himself weekly at a police station.


Treasurys rally amid credit crisis worries

Treasurys staged a massive rally Wednesday, as fears about continuing fallout from the credit crisis prompted investors to seek safe assets ahead of a long holiday weekend.

The benchmark 10-year Treasury note rose 0.56 points to 100.72 with a yield of 3.41 percent, down from 3.50 percent late Tuesday, according to BGCantor Market Data.

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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