December 28, 2017 | Las Vegas Review-Journal | Todd Prince
Fewer tourists flocked to Las Vegas in November, extending the streak of consecutive monthly declines to six — the longest in eight years.
November visitation declined 3.7 percent compared with the year-earlier period, bringing the year-to-date decline to 1.6 percent or roughly 645,000 people, according to figures released Thursday by the Las Vegas Convention and Visitors Authority.
Annual visitation is headed for its first annual decline since 2013 and first large-scale drop since 2009, the depth of the Great Recession. Visitation in 2013 fell by just 59,000 because of one less day compared with 2012, a leap year.
December 14, 2017 | Las Vegas Review-Journal | Todd Prince and Eli Segall
Wynn Resorts’ announcement that it is buying the Alon project site could raise hopes that a long-awaited revival of the sleepy north Strip is in the cards.
But analysts say it might be years before construction crews show up at Wynn’s new site, which was home to the New Frontier and has seen big plans come and go over the years.
Casino developer Steve Wynn’s namesake company announced late Wednesday night that it reached a deal to acquire about 38 acres of land across Las Vegas Boulevard from the Wynn Las Vegas for $336 million. The sale is expected to close in the first quarter of next year.
December 6, 2017 | Las Vegas Review-Journal | Nicole Raz
Nevada’s pull with out-of-state transplants is helping to offset the effects of a national labor shortage.
Speaking Wednesday at an event sponsored by the Las Vegas Global Economic Alliance, economist Christopher Thornberg said national unemployment “is just about as low as it can get.” But even so, job openings are near a record high as employers struggle to find workers with the skills they seek.
Job openings have been at or near record highs since June — with around 6.1 million job openings nationally, according to data from the Bureau of Labor Statistics.
November 21, 2017 | Las Vegas Business Press | Jeffrey Meehan
Lennar Corp. announced the planned acquisition of CalAtlantic Group Inc. at the end of October, a deal expected to create the nation’s leading homebuilder upon closing.
“Our overall company size and local critical mass will yield significant benefits through efficiencies in purchasing, access to land, labor and overhead allocation to a greater number of deliveries,” said Stuart Miller, CEO of Lennar.
The $5.7 billion deal, valued at more than $9 billion if $3.6 billion worth of debt is included, will bring efficiencies for Lennar, which is expected to have a presence encompassing 240,000 building plots across 21 states. The deal is pegged to close in early 2018.
November 6, 2017 | Las Vegas Sun | Ric Anderson, Adam Candee, Michael Lyle
The numbers tantalize leery minds: Housing prices, population growth and job creation in Southern Nevada all rebounded from the Great Recession over the past few years.
The same cannot be said for the battered psyche of a state staggered by the worst economic knockout punch in modern American history. A New York Times analysis showed the recession’s impact on Nevada caused the second-largest blow to a local or national economy of any crisis worldwide in the past four decades.
Southern Nevada housing cratered to a $118,000 median resale price in January 2012, while Nevada led the nation in delinquent mortgages and foreclosures for 62 consecutive months, from 2007 to 2012. As the economy righted, so did the local housing market. Both the median resale and new-home prices soared in the past two years, reaching their highest peaks since 2007 — just before forces beyond the control of most wrecked the American dream of owning a home.
September 18, 2017 | Las Vegas Review-Journal | Nicole Raz
With more same-day-delivery services popping up, who says you can’t always get what you want?
It’s just a matter of time before more local businesses add same-day delivery service, said Brian Gordon, co-owner of Las Vegas research and consulting firm Applied Analysis.
Austin-based startup Dropoff Inc. may speed up the trend locally.
Dropoff, a same-day delivery service for businesses, officially launches Tuesday in Las Vegas.
“The way that you think of FedEx and UPS for overnight is the way to think of Dropoff, but for same-day (delivery),” said Dropoff CEO Sean Spector.
Las Vegas is the company’s 17th city. Spector said he intends to grow the company into 50 cities, becoming the “first national same-day-delivery provider.”
September 12, 2017 | Las Vegas Review-Journal | Richard N. Velotta
The Las Vegas Stadium Authority will consider extending the time to write a development agreement with the Oakland Raiders to build its 65,000-seat domed football stadium in Southern Nevada when it meets Thursday.
The extension, which isn’t expected to delay the start of construction on the $1.9 billion project, puts the Raiders on the hook for paying for preliminary site work if the stadium deal stumbles.
A document to be introduced Thursday — called an “Enabling Work Memorandum of Understanding” — would move the deadline to complete the development agreement to February from Oct. 17. The original stadium legislation, approved by the Nevada Legislature in a special session in October 2016, contemplated the possibility of a need for additional time and included the option of a six-month extension, which would enable an extension to April.
September 11, 2017 | Las Vegas Business Press | Buck Wargo
Southern Nevada retail brokers and analysts said the public shouldn’t allow some lingering foreclosures and national retailers shuttering stores to dictate their view of the marketplace.
The message is the Las Vegas retail sector is recovering and even thriving despite growing online competition. It’s even in the midst of a transformation that in some way will strengthen it, analysts said.
Alarm bells went off for some observers this year when such retailers including J.C. Penney and Macy’s closed stories in Boulevard Mall. Kmart and Save-A-Lot announced store closings in the valley. In recent years, bankruptcies shuttered Sports Authority Sport Chalet stores as did grocery chain Haggen. Albertsons, Food 4 Less and Fresh & Easy among others.
August 28, 2017 | Las Vegas Business Press | Jeffrey Meehan
The existing and new-home market in Southern Nevada has been on the rise through 2017 — gaining in number of units sold, median price and construction activity.
“We were expecting a slowdown in August, and we are right on track to have another amazing month,” said Dave J. Tina, the 2017 president of the Greater Las Vegas Association of Realtors and co-owner of Urban Nest Realty in Summerlin.
The median price for an existing single-family homes hit $260,000 in July — up about 1 percent from June’s $257,373 median price on existing single-family residences and up 10.2 percent from a year earlier.
August 22, 2017 | Las Vegas Review-Journal | Wade Tyler Millward
Nevada retains an unemployment rate below 5 percent, but still awaits recovery in information, manufacturing and construction jobs. So say the latest numbers from the state’s Department of Employment, Training and Rehabilitation. The state posted an unemployment rate of 4.8 percent for July, the latest month available. The state’s unemployment rate has hovered around 4.7 percent for the past three months. In July, the state added 5,300 seasonally adjusted jobs, 74 percent of those jobs in the private sector.Read More »
August 18, 2017 | Las Vegas Review-Journal | Eli Segall
If you think it’s tough finding a house to buy in Las Vegas, your backup plan may not prove any easier.
The inventory of available condos and townhomes in Southern Nevada is falling at an even faster pace than that of single-family houses. Prices are rising almost twice as fast, as well, and the homes are selling at a more rapid clip, market data show.
There were 625 condos and townhouses on the market without offers at the end of July, down 48 percent from a year earlier, compared with 4,995 available single-family homes, down 32 percent, according to the Greater Las Vegas Association of Realtors, which pulls data from its resale-heavy listing service.
August 4, 2017 | Las Vegas Review-Journal | Nicole Raz
Nevada is the third-hardest state in which to find full-time work, behind New Mexico and Alaska, according a report by the news and opinion website 24/7 Wall St.
The state had an 11.9 percent underemployment rate, compared to the national rate of 9.5 percent, during the 12-month period analyzed through the first quarter of this year, according to the report released Tuesday.
The underemployment rate is a combination of workers who are highly skilled but working in low-paying or low-skill jobs, along with part-time workers who would prefer to be working full time.
July 30, 2017 | Las Vegas Review-Journal | Jeffrey Meehan
Commercial real estate in Las Vegas is showing signs of improvement in the retail and office sector, with industrial running at full speed. Absorption stayed strong in the industrial market, as millions of square feet of space came online in the market in 2017, a second-quarter report by Colliers International Las Vegas showed.
“I would say the state of the market is pretty good across all sectors,” said Jay Heller, the 2017 president of NAIOP Southern Nevada and co-owner of Heller Cos. in Las Vegas.
The industrial real estate market had roughly 3.7 million square feet of space completed in the first half of 2017, with 3.6 million square feet of that space absorbed, Colliers’ second-quarter report showed.
July 1, 2017 | Las Vegas Review-Journal | Nicole Raz
The demographics of Southern Nevada are growing increasingly young, diverse and wealthy.
“People follow the businesses, and the businesses follow the people,” said John Lettieri, co-founder and policy director at the Economic Innovation Group, a Washington, D.C.-based think tank.
Mia Gantt followed the the business. Gantt, a 26-year old African-American woman, moved to Las Vegas from Cleveland last August looking for job opportunities with better pay and to get away from the snow.
June 14, 2017 | Las Vegas Sun | Adam Candee
The bulleted list in tiny print stretches four pages, listing 119 potential issues in a stadium-use negotiation between UNLV and the Raiders.
Even that does not encompass the universe of what the team and the university might encounter in deciding how they will share the new 65,000-seat stadium, Las Vegas Stadium Authority staff said last week.
Jeremy Aguero of Applied Analysis leads the authority staff and created the document. Aguero compiled initial requests made by UNLV and the Raiders, combining those wants with matters covered in shared-use negotiations between colleges and NFL teams elsewhere.
June 12, 2017 | Las Vegas Review-Journal | Richard N. Velotta
The Oakland Raiders and local officials are no further along than they were a year ago in locking down a key aspect of the Las Vegas stadium project: how much it will cost.
It’s been widely reported that the domed stadium, scheduled to open in June 2020 just northwest of Interstate 15 and Russell Road, would cost $1.9 billion. But that figure remains nothing more than an estimate for the total cost of the stadium and a practice facility for the NFL team, which earlier this year received league approval to move to Las Vegas. The reality is the projects’ total cost could be more or less than that amount.
The Raiders confirmed in March that they had negotiated a loan with Bank of America for the stadium, a key element of approvals by the Las Vegas Stadium Authority and NFL owners for a conditional lease agreement. But the team never shared a dollar amount or whether a revolving credit facility is involved in the financing.
June 9, 2017 | Las Vegas Review-Journal | Wade Tyler Millward, Todd Prince, Nicole Raz, Eli Segall and Richard N. Velotta
If you plan to build it in Las Vegas — whether it’s a new casino, a freeway, or a stadium for the Raiders and UNLV — construction workers will come, officials believe.
And many of them will be needed to finish projects already planned.
Southern Nevada has seen many boom periods in its history. Another boom is now unfolding across Southern Nevada, with planned, proposed and construction projects underway totaling as much as $15 billion, according Jeremy Aguero.
June 8, 2017 | Las Vegas Review-Journal | Nicole Raz and Todd Prince
Nevada’s commercial banking space is heating up.
JPMorgan Chase, the nation’s largest lender by assets, opens its first commercial banking arm in the state Thursday to service the companies generating between $20 million and $500 million in annual revenue.
The banking giant set up shop at 3770 Howard Hughes Parkway, a business district where other financial firms are located. Company executives said they aim to get a slice of what they see as expanding business potential.
June 8, 2017 | 8News Now | Katie Boer
"Now leasing;" "under construction;" "accepting new tenants." These signs are popping up more and more around the Las Vegas valley because about a dozen new apartment complexes are under construction.
Nearly a dozen new apartment complexes are being built along the 215 beltway.
"It's picking up; there's no question," said Brian Gordon, principal, Applied Analysis. "We're tracking about 4,500 units in the development pipeline; projects that are either under construction or planning for future development."
June 8, 2017 | Las Vegas Review-Journal | Richard N. Velotta
Call it the calm before the storm.
The Las Vegas Stadium Authority breezed through a report-filled board meeting Thursday, taking no major actions, but prepping for next month when a barrage of agreements involving the Raiders, UNLV and stadium financiers begin.
High on the priority list when the board meets again July 13 will be the UNLV Joint-Use Agreement, a document that will spell out procedures and policies relating to the Rebel football team’s use of the $1.9 billion, 65,000-seat domed stadium being built by the Raiders at Interstate 15 and Russell Road west of Mandalay Bay.
June 8, 2017 | Las Vegas Sun | Adam Candee
The real work of hammering out a dozen contracts for the new Raiders stadium happens in the quiet, far away from public settings such as Thursday’s meeting of the Las Vegas Stadium Authority board.
An initial meeting about UNLV’s joint-use agreement with the Raiders took place in recent days. A sit-down involving union leaders and construction companies Mortenson and McCarthy closely followed. Bankers and lawyers delayed a planned discussion of the personal seat license contract draft as they review it one final time.
The board was updated on the progress of the past few weeks. Contracts that must be completed by October will likely be presented for the board’s approval next month. That timeline allows the Raiders to remain on schedule to start construction on the $1.9 million facility.
June 8, 2017 | Fox 5 Vegas | Vince Sapienza
LAS VEGAS (FOX5) -
The future Raiders stadium took another step in the right direction Thursday. The Stadium Authority board members said they felt positive about the talks between the Raiders and Rebels, who will also be calling Russell Road home.
"A lot of stuff to review, but nothing where it was any type of stalemate or big item that it looked like we couldn't overcome," board member, Mike Newcomb said.
Staff wouldn't comment on what issues, if any, the Raiders and Rebels disagreed on, but Chairman Steve Hill did mention the type of field, turf or grass, is something that is still being worked out.
June 8, 2017 | News 3 LV | Jeff Gillan
LAS VEGAS (KSNV News3LV) — The trick will be to make a stadium for the Raiders, feel just like home for UNLV’s football Rebels. It won’t be hard, says UNLV’s representative on the Stadium Authority board.
“The band in there, the cheerleaders, the team running out there - all the signage. The video boards. It's easily turned into a UNLV home game,” says Mike Newcomb, who is the Executive Director of the Thomas & Mack Center on campus.
May 24, 2017 | Las Vegas Review-Journal | Nicole Raz
Las Vegas has come a long way since the peak of the great recession.
Now, the city will be tested again.
“We are going to be judged (going forward) not by our ability to survive a recession, but on our ability to sustain our prosperity,” Jeremy Aguero, a principal at Las Vegas-based Applied Analysis told a crowd of about 525 business and area leaders Wednesday.
May 24, 2017 | Las Vegas Sun | Ric Anderson
Don’t worry, Las Vegas isn’t racing toward another economic cliff.
So said analyst Jeremy Aguero this morning to business, community and government leaders at the Las Vegas Global Economic Alliance’s Perspective event, an annual assessment of the local economy and forecast for the coming year.
May 16, 2017 | Las Vegas Review-Journal | Richard N. Velotta
Negotiators with the Oakland Raiders and the Las Vegas Stadium Authority wrapped up a series of lease agreement talks Tuesday that are expected to lead to a vote Thursday in advance of next week’s NFL owners meetings in Chicago.
Jeremy Aguero, principal for Las Vegas-based Applied Analysis, which serves as the authority staff, said late Tuesday that the finishing touches of the deal involved implementation of language from several sources into the document.
“It’s down to the minutiae, and we’ve been trading language from the NFL, Clark County, representatives of the Raiders’ lenders and from the members of the authority board,” Aguero said.
May 15, 2017 | Totally Gaming |
The global gaming supplier industry generates a total economic impact of $47.5 billion and supports more than 212,000 employees, according to a comprehensive report released last week by the Association of Gaming Equipment Manufacturers (AGEM).
Led by large slot companies, the report reveals that, in addition to the total impact of $47.5 billion, the gaming industry has a direct economic impact of $17.9 billion, paying a total of $14.2 billion in wages to 55,000 direct employees.
The report – titled Industry Impact Analysis: Global Gaming Supplier 2017 – was the result of an independent study commissioned by AGEM and conducted by Las Vegas-based research firm, Applied Analysis.
May 10, 2017 | Las Vegas Sun | Adam Candee
Lease negotiations between the Raiders and the Las Vegas Stadium Authority have intensified in the past few days as NFL owners set a soft deadline of May 23 for approving the document.
League owners will gather in Chicago on that date for spring meetings, and they want to bless the Raiders lease because they will not gather again until fall. Authority board chairman Steve Hill confirmed the NFL’s request to approve the lease in May.
“We’re going to do what we can to get the lease basically in final form by then, if it’s possible,” Hill said. “We told the Raiders we’ll do everything we can to make that happen.”
May 9, 2017 | Las Vegas Sun | Thomas Moore
Southern Nevada’s governments would have been $2.1 billion poorer if no tourists had come to Las Vegas in 2016.
That was the lead nugget from a presentation on the impact of tourism on public revenue conducted by Jeremy Aguero, a principal for Applied Analysis, at the Las Vegas Convention and Visitors Authority board on Tuesday.
May 4, 2017 | Vegas Inc | Adam Candee
The lack of available homes, which drives up sales prices in Southern Nevada, continues to have an effect on the local rental market as well.
The average monthly rent for a family-sized home in the Las Vegas Valley climbed to $1,328 per month in the first quarter of 2017, according to a report compiled by RentRange. That’s a jump of more than 3 percent over the same period from last year for a three-bedroom, single-family home. Nationally, the average rent moved up 2 percent to $1,379 per month.
May 3, 2017 | USA Today | Brent Schrotenboer
The new NFL stadium in Las Vegas doesn’t yet have a name and isn’t expected to open until 2020. But when it does, at least one nickname certainly will apply: The House That Gambling Built.
The $1.9 billion project never would have made it through the state legislature – or attracted the Oakland Raiders – without the support of the gambling industry, according to experts and the legislative record.
“The industry has been instrumental in the project,” said Jeremy Aguero, an analyst who works for the Las Vegas Stadium Authority, the stadium’s landlord.
May 1, 2017 | Las Vegas Review-Journal | Richard N. Velotta
The Oakland Raiders have closed on the purchase of 62 acres west of the Mandalay Bay resort, clearing a hurdle in the team’s bid to relocate to Las Vegas and build a stadium in time for the 2020 NFL season.
The purchase price disclosed in documents posted Monday morning on the Clark County Recorder’s Office website is $77.5 million. Early estimates projected that the Raiders would spend $100 million for stadium land.
May 1, 2017 | Las Vegas Business Press | Buck Wargo
Charitable giving by companies and individuals is up in Southern Nevada and credit goes not only to the recovery of the economy but the small-community feel that permeates Las Vegas compared to some larger cities, according to a high-wealth executive at Nevada State Bank.
Charitable giving by individuals in Nevada reached an all-time high in 2014, the latest Internal Revenue Service data available, according to a High Net Worth report compiled by research firm Applied Analysis on behalf of the Private Bank by Nevada State Bank.
April 26, 2017 | Las Vegas Review-Journal | Nicole Raz
A grocery delivery service rolls its carts into Las Vegas on Thursday.
Instacart lets shoppers use their website or app to order what they want, and then have those items delivered right to their doorstep — in as little as one hour for $5.99. Las Vegas will be part of the company’s entree into their 50th market, as they are launching not only in Las Vegas on Thursday but also in Detroit; Columbus, Ohio, and three cities in the Rio Grande Valley in Texas.
“To take two hours a week to go grocery shopping — on average people shop about 54 hours a year —we can give that back to them,” said David Holyoak, Instacart operations manager.
April 24, 2017 | Las Vegas Business Press | Buck Wargo
Few thought Las Vegas would ever attract an NFL franchise.
The NFL’s public aversion to gambling — despite the game being the most popular sport in the country in part because of it — was a big hurdle to overcome.
But with Oakland unable or unwilling to fork over the public financing that has allowed many other cities across the country to keep their teams, Las Vegas and Nevada exploited that gap by a willingness to fund part a $1.9 billion stadium project.
The NFL owners’ approval in March for the Raiders to relocate to Las Vegas paves the way for agreements to be reached between the team and the Las Vegas Stadium Authority on the domed facility.
April 21, 2017 | Las Vegas Sun | Adam Candee
The Oakland Raiders will go on the clock in the National Football League Draft in six days, but the ticking on their move to Las Vegas already sounds like the "60 Minutes" stopwatch to local officials.
Thursday’s two-hour meeting of the Las Vegas Stadium Authority Board highlighted just how much work needs to be packed into the next 40 months before the Las Vegas Raiders play their first game in their new $1.9 billion stadium.
A revised draft lease including free rent for the Raiders occupied much of the discussion, but that document is one of a dozen agreements that will need to be reached in the next few months. The remaining contracts are in nascent stages compared to the lease, which board chairman Steve Hill called 75 percent done earlier this week.
April 17, 2017 | KCLV | Nancy ByrneRead More »
April 12, 2017 | Las Vegas Review-Journal | Eli Segall
With the spring buying season underway, Las Vegas house hunters may have to spend more time scrolling through listings and visiting properties — and pay more than they hoped.
Southern Nevada’s inventory of available homes has been sliding for months amid a nationwide drop. Sales totals are still climbing, and the menu of options is not so diminshed that it’s impossible to find a place, but availability has reached its lowest point since summer 2013.
A shrinking supply can be good for sellers, who can fetch higher prices amid strong demand and decreased competition. But it doesn’t bode well for buyers or for real estate agents, who have fewer properties to sell.
April 10, 2017 | Las Vegas Review-Journal | Wade Tyler Millward
Ralph Knight took no small risk after the recession when he bought a business over a thousand miles away.
He moved his family from Seattle to the Las Vegas Valley, and jumped into a new career. The former custom homebuilder had high expectations for Power Pallets, a North Las Vegas manufacturer of portable wooden platforms used to move, stack and store goods.
“If this didn’t work out, I’d be starving,” he said.
Since Knight bought the company in 2011, Power Pallets has gone from $1.2 million in sales to $4.5 million last year, he said. It’s grown from about 15 employees to 35, adding a second shift.
Knight’s purchase of a manufacturing business appears to be paying off, and according to data from the U.S. Bureau of Labor Statistics, certain sectors within manufacturing have shown recent employment growth nationwide.
April 5, 2017 | Las Vegas Business Press | Buck Wargo
In a reflection of the continued recovery of the Las Vegas housing market, Walker Furniture has acquired 14 acres adjacent to IKEA to open a second superstore in the valley.
Construction is expected to start by the end of the summer on the 150,000-square-foot store that’s expected to open by the third quarter of 2018. The property will have pad sites for leasing 50,000 square feet for furniture-related retail outlets and restaurants.
March 27, 2017 | Las Vegas Review-Journal | Regina Garcia Cano
When the Monte Carlo casino closes its eight-table poker room in about a month as part of a $450 million overhaul, the Strip will be down nearly a quarter of the tables it had a decade ago.
Casinos constantly adjust their floors to meet customer demand. And unlike the boom years when they competed for card fans after everyman Chris Moneymaker won the World Series of Poker’s main event in 2003, poker’s appeal in Las Vegas has been weakening this decade.
March 27, 2017 | Las Vegas Review-Journal | Richard N. Velotta
Now that the NFL has approved the relocation of the Oakland Raiders franchise to Las Vegas, it’s time to buy those season tickets, right?Read More »
March 27, 2017 | News 3 Las Vegas | Kelsey Thomas
LAS VEGAS (KSNV News3LV) — Las Vegas Raiders fans celebrated Monday afternoon under the iconic Welcome to Fabulous Las Vegas sign.
It could be a hint of what's to come.
There is no doubt the Raiders coming to Las Vegas has the potential to have a major economic and social impact on Southern Nevada.
March 27, 2017 | Las Vegas Review-Journal | Wade Tyler Millward
With the Oakland Raiders officially OK’d to move to Las Vegas, local economists are now studying the path to a new stadium for signs the Raiders are more than just new entertainment.
The Las Vegas Stadium Authority has taken into account lessons of past stadiums deals — and failed ones — Applied Analysis principal analyst Jeremy Aguero said. Aguero has worked with the Las Vegas Stadium Authority.
March 27, 2017 | Las Vegas Business Press | Buck Wargo
Small business owners in Nevada are bullish on the economic prospects for the state and nation, and the election of Donald Trump as president has buoyed that outlook.
That’s part of the findings of a survey conducted by Nevada State Bank of more than 400 of the state’s small business decision-makers, including owners, operators and management executives representing businesses with annual sales ranging from $250,000 to $10 million.
March 24, 2017 | MMQB | Alex Prewitt
LAS VEGAS — Sunlight streams through the sixth-floor windows of the Clark County Government Center and bounces off 13 metal shovels hanging on commissioner Steve Sisolak’s office walls. Each one commemorates the start of a different construction project, more dirt dug in the desert. One for the clubhouse of the Las Vegas 51s, the Mets’ Triple-A affiliate and the city’s longest-tenured team. Another when ground broke on UFC’s headquarters, a sprawling campus for the world’s fastest-growing sports league. A third for the new practice facility of the NHL’s incoming Golden Knights, the first—and so far only—major professional franchise that Las Vegas has ever called its own.Read More »
March 17, 2017 | Las Vegas Review-Journal | Todd Prince
Southern Nevada is one $10 souvenir per tourist away from breaking the big 6-0.
The region’s tourism industry generated a record $59.6 billion in economic activity in 2016 driven mainly by higher spending per person, according to a new study by Las Vegas-based Applied Analysis. The number consists not just of direct spending by tourists, but also the indirect impact on suppliers and spending by tourism employees.
March 15, 2017 | Venues Today | Bridget Manley
Rendering of the proposed 65,000-seat Raiders' Las Vegas Stadium. (Photo Credit: MANICA Architecture)
If all goes according to the new plan, the Oakland Raiders could have a new home in Las Vegas. And they would have taxpayers partially to thank for it.
Last year, the Nevada Legislature approved an 0.88 percent increase in hotel occupancy taxes that will raise $750 million for the project, said Jeremy Aguero, a principal analyst with Applied Analysis, a firm The Las Vegas Stadium Authority has retained to study the proposed stadium.
March 14, 2017 | Las Vegas Now | Christianne Klein
LAS VEGAS - Record economic growth and what to do with the Cashman Center were hot topics at the Las Vegas Convention and Visitors Authority meeting Tuesday.
In addition to dealing with the economic impact of visitors in southern Nevada, the report also laid bare the region's Achilles heel, which is a massive dependence on tourism.
March 9, 2017 | Las Vegas Fox 5 | Vince SapienzaRead More »
March 7, 2017 | Las Vegas Review-Journal | Richard N. Velotta
More details of a proposed lease agreement between the Las Vegas Stadium Authority and the Oakland Raiders are expected to emerge Thursday when the 11-member board meets.
But the board hasn’t scheduled a vote on a lease at the meeting, the last scheduled board gathering before the Raiders take their relocation request to NFL owners March 26-29 in Phoenix.
Thursday’s meeting at the Clark County Government Center is more likely to be informational with few decisions reached.
Jeremy Aguero, principal for Applied Analysis, the stadium authority’s contracted staff, said Mark Arnold of the Houston-based Andrews Kurth Kenyon law firm, the lead attorney for the authority, will brief the board on the lease negotiations.
March 1, 2017 | Las Vegas Sun | Thomas Moore
CARSON CITY — Homeowners may not think about property taxes often, but Nevada’s county and city government officials do. During this year’s Legislature, they’re busy asking state lawmakers to change the property tax abatement, or the cap, that limits how much larger your property tax bill can grow from one year to the next.
The cap, enacted in 2005, those officials say, has caused revenues from property taxes to stay at roughly the same levels they were before the recession even though — as the economy improves — the demand for services from local governments has grown.
As they testified before legislative committees, local government representatives listed services they said are suffering from flat revenues, chief among them education and public safety. Representatives from Clark County specifically said emergency-dispatch and emergency-response services were being negatively affected. Representatives from rural counties said repairs needed on streets and parks were being delayed or simply ignored.
February 27, 2017 | Las Vegas Business Press | Craig A. Ruark
Philanthropy is built into the structure of many of the world’s biggest and most successful corporations. In fact, some argue that it is because of these corporate philanthropic endeavors that they are successful.
To measure that success, Moonridge Group, headed by founder Julie Murray, in partnership with Jeremy Aguero, Applied Analysis, and the Nevada Corporate Giving Council surveyed Nevada businesses as to their philanthropic efforts.
The survey asked questions to determine the amount of funds and time donated to charities, along with the types of charities and causes during the calendar year 2015 or the fiscal year that ended June 30, 2016. The questions also included the amount of time donated by employees; how engaged the employees are toward the company’s philanthropic commitments; and the expected returns on those charity investments.
February 17, 2017 | Las Vegas Review-Journal | Eli Segall
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Real Estate Insider appears every Saturday in the Business section of the Las Vegas Review-Journal. Contact Review-Journal writer Eli Segall at (702) 383-0342.
Follow him on Twitter: @eli_segall.
Follow on: Real Estate Insider
By ELI SEGALL
LAS VEGAS REVIEW-JOURNAL
Sitting on “billionaire’s row,” the megamansion features a Zen garden inside, a gym, elevators, a movie theater and even a nightclub. And last year, it fetched the highest price ever for a Las Vegas house.
Another home, east of the Strip, is a small one-bedroom condo that faced foreclosure during the recession. It’s been spruced up but was the cheapest sale in the valley in 2016, trading for the price of a subcompact car.
There were about 47,000 sales of previously owned homes in the Las Vegas Valley last year, with a median price of $199,900, according to Applied Analysis’ residential research arm, SalesTraq. But which properties sold at the extreme ends of this range?
February 17, 2017 | Las Vegas Review-Journal | Eli Segall
Las Vegas’ outer edges may have the most home construction and the highest prices. But if you’re looking for the fastest-rising values, look closer to the core.
The biggest jumps in median resale prices last year tended to be in older, more centrally located areas of the valley, according to a new report from Applied Analysis’ residential research arm, SalesTraq.
West of downtown around Washington Avenue and Martin Luther King Boulevard, the 89106 ZIP code posted the fastest price growth, climbing 22.8 percent from 2015. That was followed by ZIP code 89146, around Sahara Avenue and Jones Boulevard, at 17.5 percent, and 89030, around Cheyenne Avenue and Interstate 15, at 16.3 percent.
February 14, 2017 | Las Vegas Sun | Thomas Moore
CARSON CITY — A property tax cap has cost governments in Nevada as much money in the last two years as was raised from new taxes and fees enacted in the last legislative session, said an economist at a joint meeting of the Senate Committee on Revenue and Economic Development and the Assembly Committee on Taxation at the Nevada Legislature Tuesday.
“Lots of legislators have expressed to me that it feels like they were making strides and attempting to get forward but it felt like we’re not always getting ahead,” said Jeremy Aguero, a principal of the economic analysis firm Applied Analysis.
Aguero was hired by a group of local governments in Nevada to examine property taxes and the cap, or abatement as it’s officially called, that was enacted in 2005 to provide tax relief to homeowners who, because of the housing bubble, were experiencing huge increases in property values.
February 10, 2017 | Las Vegas Review-Journal | Nicole Raz
The conversation surrounding philanthropy is taking on a new tone in Nevada.
“Back in 2013 there was almost a stigma to it (philanthropy),” said Jeremy Aguero, principal analyst at Las Vegas-based Applied Analysis.
Back then, he said, he had a hard time getting information from companies about their volunteer programs and charitable giving efforts — but not anymore.
February 9, 2017 | The Mercury News | Elliott Almond
Las Vegas officials have received queries from at least a half-dozen suitors interested in filling the investment vacuum left by casino mogul Sheldon Adelson and Goldman Sachs, bringing a sliver of optimism that the Raiders are on track to move to southern Nevada.
Clark County Commission chairman Steve Sisolak said this week that he has forwarded all inquiries to Raiders officials, including one from a local Las Vegas developer with the resources to provide a substantial investment. Another came from a Japanese consortium and a third from a European group.
Jeremy Aguero, whose research firm Applied Analysis serves as a liaison for the Las Vegas Stadium Authority, said board members have received “literally dozens of those types of calls” offering to help bring the NFL to southern Nevada.
February 1, 2017 | Yahoo! Sports | Scott Winter
Two weeks ago, the Oakland Raiders presented a Las Vegas stadium plan to the NFL Owners Stadium Committee in New York. Team officials told the public that Goldman Sachs “guaranteed” the proposal.
Jeremy Aguero of Applied Analysis spoke with the team after the meeting. Later, he stated this to the Las Vegas Stadium Authority Board.
“The team’s presentation highlighted its research that the Las Vegas market can support the team, that bringing the NFL to the market aligns with the league’s strategic goals and that Goldman Sachs is committed to financing the project with or without a third party.”
“The Raiders told the committees that there is no deal in place yet with the Adelson family and that the team is pursuing approval with no third-party involvement.” “However, if an accord with the Adelson family is reached later, the team would bring that back for league approval.”
January 31, 2017 | CBS Sports | John BreechRead More »
January 27, 2017 | The Mercury News | Elliott AlmondRead More »
January 25, 2017 | Grand Rapids Business Journal | Adam Kramer
The Grand Rapids Business Journal’s 2016 Newsmaker of the Year is new to the region but plans to make a significant economic impact here far into the future.
“Since the first day we announced this project and every day since, we have been humbled by the support in the community,” said Adam Kramer, executive vice president of strategy for Switch, the massive technology firm and data center currently making its home in the former Steelcase Pyramid building in Gaines Township south of Grand Rapids.
January 19, 2017 | Business Insider | Alex Dobuzinskis
an 19 (Reuters) - The NFL's Oakland Raiders filed paperwork with the league on Thursday to move to Las Vegas following months of negotiations to build a new stadium in Nevada, officials said.
The National Football League said in a statement the Raiders' application would be reviewed in the coming weeks by its stadium and finance committees. The relocation of a franchise requires approval from three-quarters of the league's 32 owners.
January 19, 2017 | Las Vegas Review-Journal | Richard N. Velotta
Steve Hill recently put members of the Las Vegas Stadium Authority board on notice that they’d be meeting twice a month for awhile.
It was a good idea.
January 16, 2017 | Las Vegas Business Press | Jeffery Meehan
The housing market in Southern Nevada, for resale and new-home construction, is on course to see an increase in activity in 2017.
“Valleywide, we’re looking at over 8,000 new home closings in 2017,” said Brian Gordon, principal at Applied Analysis.
January 14, 2017 | CBS Sports | Ryan WilsonRead More »
January 13, 2017 | The Mercury News | Elliott Almond
The Oakland Raiders have told NFL officials they have commitments from Goldman Sachs to finance a proposed $1.9 billion Las Vegas stadium project even without the help of casino magnate Sheldon Adelson.
But the man helping the Las Vegas Stadium Authority develop a plan to bring the Raiders to Nevada said Friday many hurdles remain before relocation can happen.
January 12, 2017 | Las Vegas Review-Journal | Richard N. Velotta
Oakland Raiders executives have told the NFL that Goldman Sachs is committed to financing the team’s proposed domed stadium in Las Vegas with or without an investment from casino executive Sheldon Adelson, the Las Vegas Stadium Authority board learned Thursday.
Jeremy Aguero of Applied Analysis, the company serving as staff to the authority, on Thursday provided an update on the Raiders’ relocation efforts after consulting with team officials earlier in the day.
January 2, 2017 | Las Vegas Sun | Sun Staff
The new year always invites future-gazing, but after the presidential election and its aftermath, 2017 is especially hard to peg. So we’re focusing on our corner of the world — this valley of more than 2 million souls — and widening the scope to the next five years, and all of the aspirations and conflicts that will take shape.Read More »