In Brief

NV Energy, Great Basin sign deal to build transmission line

NV Energy and Great Basin Transmission signed an agreement to jointly construct and own the 500-kilovolt One Nevada Transmission Line (ON Line) in eastern Nevada. The 235-mile line will run from Ely to NV Energy’s Harry Allen Generating Station in Apex.

The two companies had proposed separate transmission lines, but announced in January that they’d combine efforts on the $510 million project. They’ll finance ON Line using stimulus money distributed through the Western Area Power Administration, a government agency that markets and delivers energy in 15 states.

The agreement is subject to final approval by the Public Utilities Commission of Nevada and the Federal Energy Regulatory Commission, though the state utilities commission approved ON Line in July based on the project’s inclusion in NV Energy’s integrated-resource plan.

NV Energy will own 25 percent of ON Line, while Great Basin Transmission, a subsidiary of New York transmission developer LS Power, will own the rest of the project.

The line will link NV Energy’s northern and southern grids for the first time and allow power-sharing between the two halves of the state. It also will connect the utility to renewable energy generated in remote areas of Nevada.

Construction of ON Line is scheduled to begin in late 2010, with completion set for 2012. The building process will create about 400 jobs.

Moody’s raises ratings for bonds covering LV Sands

Moody’s Investors Service boosted its ratings on bonds covering Las Vegas Sands Corp. two days after the casino operator announced plans to repay $1 billion in debt and extend the due dates of 75 percent of its loans.

In a report, Moody’s said Las Vegas Sands took steps that would allow the company to restart stalled construction projects in Macau and take advantage of gaming expansion opportunities worldwide.

Moody’s moved Las Vegas Sands’ corporate family rating to B2 from B3 despite lowered earnings from the company’s Strip casinos, The Venetian and Palazzo. In Macau, Las Vegas Sands operates three hotel-casinos and plans to resume construction of four developments on the Cotai Strip region.

In April, Las Vegas Sands opened the $5.7 billion Marina Bay Sands in Singapore.

AnnTaylor Stores reverses loss as same-store sales increase

Women’s clothing retailer AnnTaylor Stores Corp. posted second-quarter profits on Friday, reversing a loss from a year ago. A 15.2 percent year-to-year rise in same-store sales, or stores open at least a year, boosted the quarterly results.

The company had net income of $18.6 million, or 31 cents a share, for the three months ended July 31, reversing a loss of $18 million, or 32 cents, a year earlier.

Sales for the retailer, which operates five Las Vegas Valley stores, rose 2.8 percent to $483.5 million.


Google ‘Street View’ raises privacy worries in Germany

Germans have long harbored an obsession about protecting privacy, with memories of Nazi-era denouncements of neighbors and East German secret police snooping still alive. Now they have found a new target for their fears: Google “Street View.”

Under strong government pressure, the Internet giant made Germany the only country where people can request to have images of their homes deleted from the project before it goes online in November, along with other concessions.

Germany’s Consumer Protection Minister Ilse Aigner has repeatedly called for Google to reveal more about the information that it holds and how it is collected.

Workers make more hardship withdrawals from 401(k)s

A record number of workers made hardship withdrawals from their retirement accounts in the second quarter, a report issued Friday by Fidelity Investments shows.

And, the report shows, the number of workers borrowing from their accounts reached a 10-year high.

The trends reflect the financial stress many workers find themselves in as the economy struggles to find sure footing, said Beth McHugh, Fidelity’s vice president of marketing insight.

High unemployment and companies cutting back on overtime or overall hours have reduced the take-home pay of many workers.

Fidelity administers 17,000 plans, which represents 11 million participants. In the second quarter, some 62,000 workers initiated a hardship withdrawal. That’s compared with 45,000 in the same period a year ago.

To be eligible for a 401(k) hardship withdrawal, individuals must demonstrate an immediate and heavy financial need, according to IRS regulations.

Certain medical expenses; costs relating to the purchase of a primary home; tuition and education expenses; payments to prevent eviction or foreclosure on a primary home; burial or funeral expenses; and repair of damage to a primary home meet the IRS definition and are permitted by most 401(k) plans.

A key concern is that these withdrawals are just that, they are not loans. As a result there can be a significant impact on someone’s overall retirement savings.

If the worker is younger than 59½, he’ll pay a 10 percent penalty for early withdrawal in addition to taxes.


J.M. Smucker net income
rises 5 percent in quarter

J.M. Smucker Co.’s net income rose 5 percent in its fiscal first quarter on lower costs, though the company was squeezed by higher coffee bean prices and price competition on store shelves.

The maker of Jif peanut butter, Folgers coffee and other foods said Friday that it earned $102.9 million, or 86 cents per share, for the quarter. That’s up from $98.1 million, or 83 cents per share, earned in the same quarter last year.

Net income was $1.04 per share excluding restructuring and other charges. Analysts expected 96 cents per share.

But most of the improved profit came as the company cut costs and recorded lower integration costs for acquisitions. The company acquired the Folger’s brand from Procter & Gamble in 2008.

McCarran will become busiest station for Southwest Airlines

In a few months, McCarran International Airport will temporarily become the busiest station for Southwest Airlines.

As of today, Midway International Airport in Chicago is the carrier’s busiest station. However, in February, McCarran will become the carrier’s busiest port, with a schedule that includes 215 flights a day, down from 223 this summer. A Southwest official noted that the airline regularly adjusts flight frequencies.

During the first half of this year, Southwest carried 7.7 million arriving and departing passengers from McCarran .

Tropicana Entertainment
posts loss for second quarter

Tropicana Entertainment said Friday that it had a $1.6 million second-quarter loss and revenue of $165.1 million.

The company, controlled by billionaire Carl Icahn, operates the Tropicana in Atlantic City, the Tropicana Express and River Palms hotel-casinos in Laughlin, and the MontBleu in Lake Tahoe, but has no ties to the Tropicana on the Strip in Las Vegas.

Icahn’s holding in Las Vegas is the unfinished Fontainebleau, which he bought for $156.6 million in February.

Sunrise Hospital celebrates 60 years
Sunrise Hospital opened its doors to patients on Dec. 15, 1958. Employees of more than 35 years celebrated at a luncheon Wednesday, Dec. 12, 2018. Jessie Bekker/ Las Vegas Review-Journal.
Maya Cinemas to open soon in North Las Vegas
Moctesuma Esparza, CEO of Maya Cinemas, talks about the newest location in North Las Vegas, set to open Jan. 10. The aim of the theatre chain is to serve latino-centric, underserved communities.
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.
News Headlines
Add Event
Home Front Page Footer Listing
You May Like

You May Like