A coin-operated gambling machine was first invented in 1895 by San Francisco inventor Charles Fey. Ten years later, he invented the first “true slot machine.” It had three reels and automatically paid winners. In 1915, the machines were camouflaged to avoid anti-gambling laws and dispensed things like cigarettes, candy and gum every time the handle was pulled. The gum was decorated with illustrations of the flavors. The fruit and bar symbols on machines today evolved from these illustrations. Source: University of New Orleans professor George Fenich’s 1996 paper, “A Chronology of (Legal) Gaming in the U.S.”
The EB-5, or Immigrant Investor Program, was created by Congress in 1990. Its purpose was to stimulate the economy through job creation and capital investment by immigrant investors by creating a new commercial enterprise or investing in a troubled business, according to the U.S. Citizenship and Immigration Services website. Foreign investors put in a capital investment (either $500,000 under one pathway or $1 million under another pathway) into an eligible project. The investment must create at least 10 full-time jobs for qualifying U.S. workers generally within two years. If all terms of the program are met, investors are able to get a Green Card.
Regent Cathy McAdoo held a dinner at her son’s Elko restaurant … and had the higher ed department pay for it. Then the Regents catered a meeting at the same restaurant for $10,000. Regent John T. Moran frequents top Vegas restaurants … sometimes with campaign donors. And Regent Kevin Page goes to dinner with his brother and others. The Regents and agency say the spending is appropriate but … a good government advocate questioned the expenses. Robert Fellner, policy director Nevada Policy Research Institute.
Caesars Entertainment Corp. has been swept up in takeover speculation since the company’s share price tumbled last year amid disappointing earnings and concerns over a recession. Amid the decline, hedge funds scooped up shares. Billionaire activist investor Carl Icahn began buying shares of Caesars as early as January. Icahn acquired nearly 18 percent by mid-March. In February Icahn called on the Caesars board to study a sale as a way to boost shareholder value.
Nov. 22, 2011: The Expanded Gaming Act initiates a commercial casino industry in Massachusetts. Dec. 16, 2013: Wynn Resorts Ltd. and its Massachusetts subsidiary are found suitable to apply for a state gaming license. Sept. 16-17, 2014: The Massachusetts Gaming Commission votes for Wynn Resorts’ $1.6B Wynn Everett proposal. The commission then votes to award a license to Wynn. Jan. 2, 2015 : Wynn Resorts acquires the 33-acre Everett site on the Mystic River. March 2016 : Steve Wynn announces a budget of $2B for the resort and a new working name — Wynn Boston Harbor — as well as a planned July startup. Construction begins in August. Jan. 26, 2018: The Wall Street Journal publishes a story alleging sexual misconduct and sexual harassment over several years by Steve Wynn. Wynn denies harassing anyone. Jan. 29, 2018: The Massachusetts Gaming Commission begins a regulatory investigation of Steve Wynn and Wynn Resorts. Feb. 6, 2018: Steve Wynn steps down as chairman and CEO of Wynn Resorts. April 2, 2019: The Massachusetts Gaming Commission begins a hearing to determine the standing of Matt Maddox and Wynn Resorts. April 30, 2019: The Massachusetts Gaming Commission delivers its decision.
Las Vegas home prices grew fastest among major markets in February for the ninth straight month. But amid affordability concerns, the growth rate has slowed down. Southern Nevada prices in February were up 9.7% from a year earlier, according to the latest S&P CoreLogic Case-Shiller index. The last time Las Vegas’ price growth fell below 10% was in September 2017, S&P Dow Jones Indices reported.
According to a 2018 report from the Las Vegas Convention and Visitors Authority, bars and lounges are showing to be more popular than night clubs in the valley. While 7 percent of respondents said they went to a hotel nightclub, 52 percent made a stop at a hotel bar or lounge. Additionally, the number of visitors who said they’d visited a hotel nightclub with a cover dropped from 13 percent to 7 percent between 2017 and 2018. Matthew Minichino, vice president of nightlife and daylife for Hard Rock International
Las Vegas has no shortage of construction around town, and new plans are pitched regularly. But some projects are making more progress than others. Dining and entertainment complex Treehouse Las Vegas was initially scheduled to open in March 2019 but is nowhere close to being finished. Kind Heaven, a Southeast Asian-themed attraction on the Strip, was supposed to debut in August 2019. It’s now scheduled for April 2020. The Bend, a project with restaurants, a movie theater and an office building, was supposed to be finished in 2019. Its developers hope to break ground this year.
April 15 is tax day, the last day to file taxes without penalties. According to the postal service, tax returns are considered on-time if they’re addressed correctly, have enough postage and are postmarked by tax day. For those whose returns didn’t make the cut, the IRS can enforce penalties. The fee for filing late is usually 5 percent of the unpaid taxes for each month the return is late, and won’t exceed 25 percent of unpaid taxes. Failing to pay by the tax deadline results in a penalty of half a percent of the unpaid taxes each month after the due date. According to personal finance website WalletHub, the average American spends 11 hours and $200 to complete an annual income tax return form.
About 90 percent of the specialty jewelers in the U.S. generate less than $2.5 million in annual sales, according to the International Diamond Exchange. Most only operate one or two stores, IBISWorld data shows that the jewelry and watch wholesaling industry revenue dropped 1.8 percent over the past five years as the price of precious metals continue to be volatile. Additionally, IBISWorld reported the marriage rate was expected to decline in 2018, a potential threat to the jewelry stores industry.
Walmart plans to invest $16.3 million in Nevada stores this year. The improvements and innovations are part of Walmart’s plan to invest $11 billion in stores nationwide. Sixteen Nevada stores will offer a grocery pickup option this year, and another six will begin delivering groceries. Five Nevada stores will see pickup towers put in place. The 16-foot-tall machines can fulfill a customer’s online order within a minute of their arrival. Fifteen stores will be seeing FAST unloaders — a device that automatically scans and sorts items unloaded from trucks . Another 15 stores will see autonomous floor scrubbers. Tiffany Wilson, Walmart Director of Communications
Located at the corner of South Third Street and Gass Avenue, the three-story building offers eight screens as well as a bar and lounge. The 72,000-square-foot cineplex features extra-padded reclining seats and theaters that accommodate from 30-40 people to 70-80 people. It opened in 2016, more than two years after its first planned opening date. At the time, its executive director of operations told the R-J the company was “absolutely interested” in growing the brand in Las Vegas and around the country.
Las Vegas’ median sales price of a previously owned single-family house was $300,000 in March, up 7% from a year earlier. Despite the increase, home prices are still below their bubble-era peaks. The median sales price of a previously owned single-family home peaked at $315,000 in mid-2006. Adjusted for inflation, the peak was around $392,430 in today’s dollars — more than $92,000 above the current median.
Summerlin is Las Vegas’ largest master-planned community with 22,500 acres and roughly 110,000 residents. Howard Hughes Corp. also owns the minor-league Aviators team, the ballpark and nearby land, and the open-air Downtown Summerlin mall.
Henderson is no longer a bedroom community. The city accounted for about 11 percent of all of the jobs in the Las Vegas valley in 2018, according to Emsi. While both Henderson’s job market and population are on the rise, the job market is growing at a faster pace. Henderson’s job market is projected to grow 19 percent between 2018 and 2028, while the population is expected to grow 13 percent. Henderson accounted for 23 percent of the valley’s annual new home sales in 2018. In 2005, it was only 11 percent, according to Home Builders Research. John Restrepo, RCG Economics
Bonnie Springs Ranch, the replica Old West town near Las Vegas, has sold for $25 million. Developer Joel Laub closed his purchase of the 64-acre property on April 2, county records show. He has drawn up plans for 20 custom-home lots, a 25-room motel, a restaurant and a 5,400-square-foot event barn. Bonnie Springs was a decades-old desert attraction that offered mock gunfights and hangings, a petting zoo, horseback riding and a motel.
Las Vegas-based data center company Switch was founded in 2000 by Rob Roy. The company has campuses in Las Vegas, Reno and Grand Rapids, Michigan. It is also constructing a campus in Atlanta, Georgia, slated to open later this year. Clients include Amazon, Zappos, Marvel and more.
Faraday Future is trying to sell more than 900 acres of land at Apex Industrial Park for $40 million. But will the startup electric-car-maker find a buyer? Besides Faraday’s property, at least 2,000 acres of land is on the market in the Apex area, listings show. On top of that, Apex is a decades-old, desert industrial park that developers have largely avoided.
Las Vegas home prices in January grew fastest among major U.S. markets for the eighth month in a row, S&P Dow Jones Indices reported. Southern Nevada’s prices were up 10.5% year-over-year, more than double the national rate of 4.3%. In 2018, prices rose in every ZIP code in the Las Vegas Valley for the second year in a row, according to SalesTraq. Prices grew fastest in older, more centrally located areas. But prices were highest in the suburbs.
All Charges Against Jussie Smollett Have Been Dropped During a surprise court hearing in
Chicago on Tuesday, prosecutors decided to
drop all charges against the ‘Empire’ actor. Attorneys Tina Glandian and Patricia Brown Holmes The actor will forfeit the $10,000
he posted for bond as part of a
deferred prosecution deal. Prosecutors previously alleged that
Smollett hired two men to stage a
hate crime against himself. Smollett has maintained his innocence
from the beginning and pleaded not
guilty to 16 felony counts on March 14. Attorneys Tina Glandian and Patricia Brown Holmes Attorneys Tina Glandian and Patricia Brown Holmes
There are no data showing a relationship between Strip resort and parking fees and the number of out-of-state visitors to Las Vegas. But there are data showing a relationship between Strip parking fees and the number of local visitors to the the Strip. ‘’As a local, I find myself picking hotels I visit for dinner or entertainment, based on whether they charge for parking or not,”’ said David Perisset, the owner of Exotics Racing. ‘’It is not a matter of money, more of principle.’’
A 2018 survey by the Las Vegas Global Economic Alliance found 36.9 percent of Clark County residents reported avoiding parking at Strip casinos that charge for parking. 29.1 percent reported avoiding using any services from a Strip casino that charges for parking.
Former LVCVA boss Rossi Ralenkotter pushed for funds for a police substation expansion while police investigated his agency. He set up a meeting with Sheriff Joe Lombardo to discuss the project
after he became a target of the investigation. Experts say the meeting raises potential conflict of interest concerns for Lombardo, who won’t comment. The investigation is looking into $50,000 in missing Southwest Airlines gift cards. Ralenkotter used $17,000 in gift cards for personal travel. He repaid the money and denies wrongdoing.
Boulder City, population 15,970, limits its growth by putting a cap on residential construction. But Las Vegas builder Wayne Laska sees little competition and has launched a 127-home project there. His development, Boulder Hills Estates, will span about 30 acres and is the biggest new housing tract in the city in decades. Home prices start around $410,000. By comparison, the median sales price of newly built homes in the Las Vegas Valley last year was about $383,700.
One flight a week to become two weekly to and from Cabo San Lucas, Mexico, on Frontier beginning May 1. One flight a week to become four to five weekly to and from Frankfurt, Germany, on Condor Airlines beginning in the summer. Two weekly flights to and from Monterrey, Mexico, on Viva Aerobus beginning June 2. Three weekly flights seasonally to and from Amsterdam, on KLM Royal Dutch Airlines beginning June 6. One seasonal flight a week to and from Tel Aviv, Israel, on El Al Airlines beginning June 14. Two seasonal flights a week to and from Kelowna, British Columbia, Canada, on Swoop Airlines beginning June 27. Three seasonal flights a week to and from Dusseldorf, Germany, on Eurowings Airline beginning July 3.
Eilers & Krejcik Gaming estimates March Madness will annually generate a total handle of about $15.2 billion. And gross gaming revenue of approximately $1.2 billion. Bettors located in Delaware, Mississippi, Nevada, New Mexico (tribal lands), New Jersey, Pennsylvania, Rhode Island, and West Virginia will be able to place wagers on March Madness games this year. Last year, March basketball handle in Nevada reached an all-time high of $436 million, according to the research and consultancy firm.
Allegiant Travel Co. announced plans in 2017 to build a beachfront resort. The plans said the resort would have a hotel, nine condominium towers and a marina spanning 22 acres in Western Florida. The initial phase of Sunseeker Resorts Charlotte Harbor calls for around 510 hotel rooms, 189 extended-stay units, meeting and conference space, and restaurants, bars and retail. The resort is set to open in 2020.
Metro Police Department detective Michael Gomez said Southern Nevada residents should be wary of gas station pumps. He said skimmers — devices installed in gas pumps to steal credit card data — are one of the most prevalent scams in the valley. Michael Gomez, Metro Police Department There was a 10 percent increase in the number of payment cards compromised at ATMs and merchants in the U.S. in 2017, according to a March 2018 report from Silicon Valley analytic software firm FICO. A skimmer at just one gas pump can collect data from up to 100 cards per day, according to the National Association for Convenience Stores. Gomez suggested sticking to pumps with security stickers attached. Michael Gomez, Metro Police Department
The scars of the recession have largely faded from Las Vegas’ real estate market, but around town, there are still reminders of the boom and bust. An empty parcel of land off the south Strip was supposed to have a 26-story condo tower during the mid-2000s bubble. A vacant lot near The Orleans was earmarked for an $850 million project with two 36-story towers. A parcel at Tropicana Avenue and Interstate 15 now has two small hotels, but it was supposed to have a 41-story resort. Across from the SLS, a Walgreens occupies property that years ago was earmarked for an 80-story condo tower called Ivana Las Vegas. In the southwest valley, developers set out to build the multi-tower Sullivan Square. But today, the project site is just a giant hole in the ground.
Summerlin developer Howard Hughes Corp. sold more land for new housing last year than it did in 2017. It sold 244.8 acres of residential land in Summerlin – Las Vegas’ largest master-planned community – for $144.7 million last year. That’s up from 206.6 acres for $120.7 million in 2017. Summerlin spans 22,500 acres along the valley’s western rim and has roughly 110,000 residents.
Southern Nevada is about 800 mechanics short, according the Governor’s Office of Economic Development. As the technology in cars continues to advance, it’s becoming more difficult to find auto mechanics and technicians who know how to work on the vehicles. Usually, a labor shortage translates to higher wages. But the median wage for auto service workers in Clark County is $17.50 an hour, according to Emsi, a labor market analytics firm The average hourly wage in the Las Vegas Valley is $21.37, according to the Bureau of Labor Statistics.