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.

Technology reshapes the pawn shop industry
Devin Battersby attaches a black-colored device to the back of her iPhone and snaps several of the inside and outside of a Louis Vuitton wallet. The device, installed with artificial intelligence capabilities, analyzes the images using a patented microscopic technology. Within a few minutes, Battersby receives an answer on her app. The designer item is authentic.
Recreational marijuana has been legal in Nevada for one year
Exhale Nevada CEO Pete Findley talks about the one year anniversary of the legalization of recreational marijuana in Nevada. (K.M. Cannon/Las Vegas Review-Journal)
Young adults aren't saving for retirement
Financial advisors talk about saving trends among young adults. (Bailey Schulz/Las Vegas Review-Journal)
President Trump’s tariffs could raise costs for real estate developers, analysts say
President Donald Trump made his fortune in real estate, but by slapping tariffs on imports from close allies, developers in Las Vegas and other cities could get hit hard.
Las Vegas business and tariffs
Barry Yost, co-owner of Precision Tube Laser, LLC, places a metal pipe into the TruLaser Tube 5000 laser cutting machine on Wednesday, June 20, 2018, in Las Vegas. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Nevada Film Office Connects Businesses To Producers
The director of the Nevada Film Office discusses its revamped locations database and how it will affect local businesses. (Bailey Schulz/Las Vegas Review-Journal)
Opendoor isn't the typical house flipping company
Unlike most house flippers, the company aims to make money from transaction costs rather than from selling homes for more than their purchase price.
The Venetian gondoliers sing Italian songs
Gondolier Marciano sings a the classic Italian song "Volare" as he leads guests through the canals of The Venetian in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal)
Building In Logandale
Texas homebuilder D.R. Horton bought 43 lots in rural Logandale. (Eli Segall/Las Vegas Review-Journal)
Indoor farming in Southern Nevada
Experts discuss Nevada's indoor farming industry. (Bailey Schulz/Las Vegas Review-Journal)
Former Fontainebleau could have become a Waldorf Astoria
Months after developer Steve Witkoff bought the Fontainebleau last summer, he unveiled plans to turn the mothballed hotel into a Marriott-managed resort called The Drew. But if Richard “Boz” Bosworth’s plans didn’t fall through, the north Las Vegas Strip tower could have become a Waldorf Astoria with several floors of timeshare units. (Eli Segall/Las Vegas Review-Journal)
LVCVA CEO Rossi Ralenkotter announces plans to retire
Rossi Ralenkotter, CEO of the LVCVA, on Tuesday confirmed a Las Vegas Review-Journal report that he is preparing to retire. Richard N. Velotta/ Las Vegas Review-Journal
Cousins Maine Lobster to open inside 2 Las Vegas Smith’s stores
Cousins Maine Lobster food truck company will open inside Las Vegas’ two newest Smith’s at Skye Canyon Park Drive and U.S. Highway 95, and at Warm Springs Road and Durango Drive. Cousins currently sells outside some Las Vegas Smith’s stores and at Fremont Street and Las Vegas Boulevard. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas home prices to continue to rise, expert says
Lawrence Yun, chief economist at the National Association of Realtors, gives homebuyers a pulse on the Las Vegas housing market. (Eli Segall/Las Vegas Review-Journal)
NV Energy announces clean energy investment
The company is planning to add six solar projects in Nevada, along with the state's first major battery energy storage capacity. Bailey Schulz/Las Vegas Review-Journal
3 Mario Batali restaurants on Las Vegas Strip to close
Days after new sexual misconduct allegations were made against celebrity chef Mario Batali, his company announced Friday that it will close its three Las Vegas restaurants July 27. Employees of Carnevino Italian Steakhouse, B&B Ristorante and Otto Enoteca e Pizzeria, all located in The Venetian and Palazzo resorts, were informed of the decision Friday morning. Bastianich is scheduled to visit the restaurants Friday to speak to employees about the next two months of operation as well as how the company plans to help them transition to new positions.
Nevada has its first cybersecurity apprenticeship program
The Learning Center education company in Las Vegas has launched the first apprenticeship program for cybersecurity in Nevada. It was approved by the State Apprenticeship Council on May 15. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas union members voting to authorize the right to strike
Thousands of Las Vegas union members voting Tuesday morning to authorize the right to strike. A “yes” vote would give the union negotiating committee the power to call a strike anytime after June 1 at the resorts that fail to reach an agreement. (Todd Prince/Las Vegas Review-Journal)
Small businesses struggle to find qualified candidates
A 2018 survey found that over two-thirds of small businesses in Nevada find it somewhat to very difficult to recruit qualified candidates. Bailey Schulz/Las Vegas Review-Journal
Nevada secretary of state website offers little protection against fraudulent business filings
Property developer Andy Pham tells how control of his business was easily seized by another person using the secretary of state website.
Caesars may be going solo in its marijuana policy
Several Southern Nevada casino companies aren’t following Caesars Entertainment’s lead on marijuana testing.
How much is the Lucky Dragon worth?
Less than a year-and-a-half after it opened, the Lucky Dragon was in bankruptcy.
Gyms and discount stores take over empty retail spaces
Grocery stores used to draw people to shopping centers. But many large retail spaces have been vacant since 2008. Discount stores like goodwill and gyms like EOS Fitness are filling those empty spaces, and helping to draw shoppers back in. K.M. Cannon/Las Vegas Review-Journal
Funding source of Las Vegas stadium for the Raiders is sound, expert says
The stadium is funded in part by $750 million of room taxes, the biggest such tax subsidy ever for a professional sports stadium. Robert Lang, executive director of Brookings Mountain West and The Lincy Institute at UNLV, says that is a good use of public funds. (Richard Velotta/Las Vegas Review-Journal)
Las Vegas needs light rail, expert says
Robert Lang, executive director of Brookings Mountain West and the Lincy Institute said he is afraid of a "congestion mobility crisis." Las Vegas needs a light rail system, he said, to accommodate the city's growing number of attractions. (Richard Velotta/Las Vegas Review-Journal)
Three takeaways from Wynn Resorts' Earnings Call
Matt Maddox came out swinging in his first earnings conference call as Wynn Resorts chief executive officer, boasting of record Las Vegas quarterly revenues and applicants lining up for work.
Star Wars VR Comes to Las Vegas
Sneak peak at the new "Star Wars: Secrets of the Empire" VR experience at the Grand Canal Shoppes.
Elaine Wynn continues her fight to change Wynn Resorts board
Elaine Wynn, the largest shareholder of Wynn Resorts Ltd., is seeking to kick a friend of her ex-husband Steve Wynn off the company’s board of directors. (Todd Prince/Las Vegas Review-Journal)
Zillow is getting into house flipping in Las Vegas
Las Vegas Review-Journal real estate reporter Eli Segall says flipping houses has waned in popularity after the housing bubble burst.
Ellis Island Buys Mt. Charleston Lodge
Ellis Island, which operates a casino, brewery and hotel just off the Strip, purchased the Mt. Charleston Lodge in early April.
News Headlines
Add Event
Home Front Page Footer Listing
You May Like

You May Like