Las Vegas Sun

December 1, 2015

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Eli Segall

Business Reporter

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Unification Church opens long-gestating events center
Wednesday, Aug. 5, 2015
The Unification Church has built an events center in Las Vegas that it’s calling “America’s most heavenly place” and “a new beacon of hope,” years after buying the project site and changing plans a number of times — including scrapping a museum dedicated to the late ...
Bump in credit-card debt of Las Vegans almost double national rate
Friday, July 31, 2015
Las Vegas had the second-fastest rate of debt growth among the 25 largest metro areas, Equifax said. The valley trailed — albeit barely — another area synonymous with America’s real estate bust ...
Allegiant’s second-quarter earnings are up 62 percent from last year
Wednesday, July 29, 2015
The airline, with small base fares and a large menu of add-on fees, flew more people in the second quarter compared with a year earlier but, to fliers’ delight, charged less money per ticket ...
Las Vegas ranked last in report on large cities’ housing market health
Wednesday, July 29, 2015
Las Vegas’ housing industry is stronger today than it was after the economy collapsed, but it’s still bogged down by an array of problems — and according to a new report, it’s the unhealthiest market in America. Personal-finance website WalletHub ...
With Ikea building, a major project finally sprouts at Sunset and Durango
Wednesday, July 29, 2015
When Ikea was in talks to buy a big piece of land in Las Vegas, executives wanted to keep it hush-hush. They even gave the deal a code name in honor of Nevada: “Project Silver.” “I named it myself,” Ikea spokesman Joseph Roth said. Ikea, the popular ...
With luxury complex, homebuilder making leap to Las Vegas’ apartment market
Friday, July 24, 2015
The partially built site at Tropicana Avenue and Grand Canyon Drive was supposed to have pricey condos years ago, but previous owners lost the project, dubbed the Mercer, to foreclosure during the recession ...
Home purchases by investors in Las Vegas now on par with national rate
Wednesday, July 22, 2015
Institutional investors — those who purchase at least 10 homes annually — bought 1.9 percent of homes sold in the Las Vegas area in the first half of the year. That’s down from ...
Gordon Silver’s move leaves Hughes Center with swanky, 54,000-square-foot vacancy
Wednesday, July 22, 2015
With stone flooring, glass conference-room walls, a private stairwell and a lounge with ventilation that sucked the cigar fumes from the room, the high-rise headquarters of law firm Gordon Silver conveyed a message of success. It cost a lot to look that good and live that large. But Gordon Silver, hollowed out by waves of defections this year, has moved across town, leaving a gaping hole in ...
Despite hurdles, 2015 has been kind to Southern Nevada homebuilders
Monday, July 20, 2015
Local builders sold 633 new homes last month, bringing the year’s total to 2,993, up 10.7 percent from the same period in 2014, according to Las Vegas-based Home Builders Research ...
Firm buys out partner in The District at Green Valley Ranch
Thursday, July 16, 2015
Almost four years after buying the District at Green Valley Ranch out of foreclosure, a Phoenix real estate firm has bought out its partner on the deal, paying far more than the duo originally spent. Vestar has paid $120 million to ...
Signs point to healthier resale housing market in Las Vegas
GLVAR president says the market overall is 'fairly stable'
Thursday, July 16, 2015
Two types of buyers in particular are fueling the uptick in sales totals: those who went through a foreclosure or short sale years ago and for a long time couldn’t get a mortgage, and those who were beat out by the investors who flooded the valley for housing deals that ...
Allegiant stock bounces back, hits new high after strike averted
Wednesday, July 15, 2015
Allegiant Air’s stock price, pummelled after its pilots threatened to walk off the job a few months ago, has recouped its losses and reached a new high. Shares of parent Allegiant Travel Co. closed today at ...
Q+A: Houses popping up at long-dormant Skye Canyon development on valley’s northwest edge
Friday, July 10, 2015
In the midst of the real estate bubble, developer John Ritter led a group that paid more than half a billion dollars for sprawling desert land in the upper northwest corner of Las Vegas, with plans for a massive community. But he never built a thing and ...
Southern Nevada’s retail market is most saturated in the nation, report says
Thursday, July 9, 2015
A new report, by publisher Directory of Major Malls and mail-services company Pitney Bowes, says Las Vegas has 44.9 square feet of gross leasable retail space per household. That’s highest among the 54 U.S. metro areas with at least 1.5 million residents ...
Office park owners sue Gordon Silver law firm in dispute over unpaid rent
Thursday, July 9, 2015
Owners of the Hughes Center office park, where Gordon Silver occupied three floors totaling about 54,000 square feet, sued the decades-old firm, alleging ...
Home sales and prices rise, but so does number of ignored listings
Wednesday, July 8, 2015
The median sales price of single-family homes in Southern Nevada in June was $220,000, up 4 percent from May and 10 percent from a year ago, according to the Greater Las Vegas Association of Realtors ...
First luxury home being built in Henderson mountains
Monday, July 6, 2015
Ascaya, the long-delayed luxury-home community blasted out of the Henderson mountains, is getting its first house. A groundbreaking ceremony is scheduled Tuesday to celebrate construction of the first home at ...
Bought out of foreclosure, Searchlight airpark could become a draw for RC enthusiasts
Wednesday, July 1, 2015
Bill and Joan Turnbull of Seattle bought the roughly 40-acre property — off U.S. 95 at the southern edge of Searchlight, about 60 miles south of Las Vegas — out of foreclosure for $400,000. They don’t have “hard and fast plans” for the property but are thinking of ...
Commercial real estate is slowly making a comeback, but banks are being more cautious
Monday, June 29, 2015
Southern Nevada’s banks have drastically cut back on construction and development lending since the market tanked. They’ve boosted profits and overall lending, but when it comes to real estate development, bankers aren’t opening the vault nearly as often as they did during the go-go years last decade ...
Vision for Alon Las Vegas, resort on former New Frontier site, is filed with county
Friday, June 26, 2015
Plans filed with Clark County late last month show a two-tower, 1,100-room project called Alon Las Vegas to be built on the 34.6-acre site just north of Fashion Show mall ...
New-home prices, sales and permits up this year in Southern Nevada
Friday, June 26, 2015
Las Vegas homebuilders are gaining speed with rising sales, prices and construction plans, a new report shows. Builders sold 527 new homes in Southern Nevada last month, bringing the year’s total to 2,360, a year-to-year ...
Home repossessions are rising as banks start to clear out foreclosure backlog
Monthly tally hits its highest point in more than 2 1/2 years
Friday, June 26, 2015
Lenders are ramping up foreclosures in Southern Nevada, seizing homes that in many cases likely have been in default — and possibly empty and in disrepair — for a considerable ...
Allegiant board will return intact; investors reject proposal to curb executive pay
Thursday, June 18, 2015
The board members' elections were far from unanimous. Linda Marvin, chairwoman of the audit committee, got “yes” votes from investors representing about 10.3 million of Allegiant’s roughly 17 million shares, by far the fewest of any board member ...
Allegiant board members under scrutiny for approving contracts with CEO’s side businesses
Wednesday, June 17, 2015
CtW Investment Group is asking Allegiant investors to vote out half the six-member board of directors at the ultra-low-cost carrier’s annual shareholders meeting Thursday. The firm, which works with union-sponsored pension funds, cited the three directors’ “collective failure to guard against” the “poor use” of company money ...
Luxury-home construction may not be booming, but it is bouncing back
Friday, June 12, 2015
Azure, a luxury, gated community within a luxury, guard-gated community, is walking distance from a golf course and nestled outside Red Rock Canyon, with hills and mountains practically in its backyard. And now, it’s packed with work crews building mansions ...
‘Zombie’ foreclosures in the Las Vegas Valley are up 16 percent this year
Wednesday, June 10, 2015
About 34 percent of valley homes in the foreclosure process but not yet bank-owned have been vacated by their owners. That means there is more property-ditching in ...
Spirit Airlines will hold Las Vegas job fair to hire flight attendants
Wednesday, June 10, 2015
The company said it’s looking to hire 500 flight attendants. Between 80 and 85 of those jobs would be based in Las Vegas, spokeswoman Irisaida Mendez said. Prospective candidates must ...
Pre-owned home prices up 8.3 percent in May from 2014
Tuesday, June 9, 2015
Las Vegas pre-owned home prices dipped in May from the previous month but were higher than the same time a year ago, a new report shows. The median sales price ...
Henderson mansion available for rent — for the price of a car each month
Tuesday, June 9, 2015
Built on a hillside, the Henderson mansion has marble flooring, a movie theater, an elevator and a wine cellar, along with replica sections of the Sistine Chapel's paintings on the walls. If it were for sale, the three-story estate would ...
13 more attorneys leaving Gordon Silver’s Nevada offices
Sunday, June 7, 2015
Seven attorneys in Las Vegas and six in Reno are joining rival Dickinson Wright, nearly doubling that firm’s lawyer headcount in Nevada. The departures are wiping out Gordon Silver’s small presence in Reno and depleting its already-shrunken ranks in Las Vegas ...
Proposed Las Vegas track would let drivers zoom in Ferraris, other exotics
Friday, June 5, 2015
Having received a green light from Clark County commissioners, executives with World Class Driving are planning to open the Speed Vegas racetrack, which they dub the “fastest” and “most extreme new experience in Las Vegas,” a few miles south of ...
Broker gets FAA approval to use drone to take real estate photos
Thursday, June 4, 2015
Across Southern Nevada, homes listed online usually have a slideshow of photos — some good-quality, some not — showing the yards, bedrooms, kitchen, garage and other areas of the house. Real estate broker Jeff Galindo wants to spruce up such marketing pitches — with the help of a drone. Galindo, of Simply Vegas, obtained Federal Aviation Administration approval in mid-April to use a small, unmanned aircraft system for commercial purposes. He’s one of a growing number of people ...
Homebuyers in Las Vegas are making smaller down payments, report says
Wednesday, June 3, 2015
The quarterly numbers are a possible sign of easier mortgage lending in what had been ground zero for America’s real estate bust ...
Allegiant pilots appeal court order barring strike
Tuesday, June 2, 2015
Allegiant Air pilots have appealed a judge’s ruling that they did not have a legal right to walk off the job when they tried to go on strike in ...
Summerlin land prices keep rising, but homebuilders aren’t shying away
Friday, May 15, 2015
Homebuilder Kent Lay knows all too well that Summerlin land isn’t cheap. His company, Woodside Homes, is paying double what it did a few years ago. It’s not alone. Land prices have been climbing at a faster rate in the sprawling Las Vegas community than in the valley at large, with the gap ...
Developer Larry Siegel talks Grand Bazaar Shops, ‘dwell time’ and retail on the Strip
Wednesday, May 13, 2015
The developers of the new retail plaza in front of Bally's on the Strip are betting that, with a not-so-ordinary property, they’ll grab shoppers and tenants in ...
Amid resignations, law firm Gordon Silver figuring out what’s next
Monday, May 11, 2015
The resignations have shrunk the roster of local attorneys at the firm, known for its big bankruptcy practice, and sparked rumors that it’s on the brink of closing ...
Hooters Casino Hotel is snapped up for $53.8 million
Friday, May 8, 2015
The Las Vegas resort famous for its wings, and other things, has been sold. Hooters Casino Hotel, just east of the recently sold Tropicana, has been snapped up by the resort investment company Trinity Hotel Investments of New York.
Henderson man has good reason for building igloo-shaped house
Friday, May 8, 2015
In east Henderson, in a quiet neighborhood with custom homes, equestrian properties and wandering coyotes, Aeron Tozier is building a house that, at first glance, looks like a big, steel igloo. His two-story home — with an attached garage in front — also looks like ...
Sales and prices of used homes rise in April in Las Vegas
Thursday, May 7, 2015
The median sales price of single-family homes in Southern Nevada in April was $212,568, up 3.7 percent from March and 10.7 percent from a year ago, according to the Greater Las Vegas Association of Realtors ...
Fuel-purchasing strategy helps low-cost Allegiant save even more
Thursday, May 7, 2015
The Las Vegas-based discount airline booked a record $65 million in net income in the first quarter, nearly double from a year earlier, despite only a 9 percent rise in revenue. Airlines’ biggest expense is fuel, and Allegiant wasn’t alone in reaping the benefits of cheaper ...
Flipping homes remains profitable — especially outside Nevada
Wednesday, May 6, 2015
House-flipping is still a popular pastime in Nevada, but investors can make a lot more money doing it elsewhere, a new report says. Flipping accounted for 6.4 percent of home sales statewide in the first quarter, the ...
Investors buy almost 360 acres at BLM auction; 240 acres don’t sell
Tuesday, May 5, 2015
BLM auctions are a source of raw land for Las Vegas homebuilders, whose business is picking up steam this year after falling hard in 2014.
Analysis: Judge’s ruling that blocks Allegiant pilots from striking isn’t a surprise
Tuesday, May 5, 2015
Airline pilots face more barriers than almost any other set of U.S. workers to legally go on strike, experts say, and such walkouts rarely occur. One lasted just minutes before ...
Face-lifts at two major malls on the Strip to bring new restaurant, retail offerings
Friday, May 1, 2015
In a bid for diners, two shopping malls in Las Vegas’ resort corridor are getting mini face-lifts to make room for more restaurants. The projects, at Fashion Show mall and Miracle Mile Shops, come as developers ...
Allegiant, Teamsters fighting over executive pay
Thursday, April 30, 2015
The union, which owns a miniscule portion of Allegiant’s stock, is pushing back against the Las Vegas-based discount airline’s $8.5 million payout to former president and chief operating officer Andrew Levy following his resignation ...
Is Chick-fil-A finally coming to Southern Nevada?
Wednesday, April 29, 2015
The popular chicken sandwich chain is in the process of buying a vacant 5,100-square-foot building near Galleria at Sunset mall in Henderson, landlord Julius Ballardini told the Las Vegas Sun ...
Dick’s Sporting Goods coming to Fashion Show mall
Wednesday, April 29, 2015
The sports equipment and apparel retailer plans to open by ...
Retail reimagined: Boulevard mall owner welcomes out-of-the-ordinary tenants
Wednesday, April 29, 2015
The owner of Boulevard mall has lured a call center, an Asian grocery, a pizza-and-games business and a hand-me-down retailer in an effort to occupy long-empty spaces at the aging shopping hub. Goodwill of Southern Nevada, best known for its network of donation centers and its stores with used clothing ...
Tropicana to be sold to Penn National Gaming
Tuesday, April 28, 2015
M Resort operator Penn National Gaming is buying the Tropicana, a classic but money-losing resort, according to an internal letter. The sale gives Penn its first resort in Las Vegas’ main casino corridor ...

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