Las Vegas Economy News
Greater Las Vegas Valley economic news articles covers, Summerlin, North Las Vegas, Lake Las Vegas, Henderson, Green Valley, Downtown, Mountain's Edge, Southern Highlands and the Strip's economic news.
Las Vegas economy news
- NEVADA ECONOMY: Gaming revenue at 2004 level, Casinos seen as less busy on weekdays. Las Vegas Review-Journal 08/12/09. June marked the end of fiscal year 2008-09 and gaming revenues for the 12 months were almost $10.8 billion statewide, a 13.7 percent decline from $12.5 billion in 2007-08. On the Strip for the fiscal year, gaming revenues declined 15.3 percent to $5.65 billion, compared with $6.67 billion in the previous fiscal year.
- NEVADA'S ECONOMY: Taxable sales plummet, May's 21.1 percent decline is worst recorded since 1980. Las Vegas Review-Journal 11/26/08. Clark County's businesses sold $2.4 billion worth of goods in May, down 21.9 percent from $3 billion in May 2008. The hardest-hit sectors include construction, wholesale durable goods, dealers of cars and car parts, furniture retailers and sellers of appliances and electronics. All were down at least 30 percent.
- Deal will let OneCap keep servicing hard-money loans. Las Vegas Review-Journal 07/31/09. A state financial regulator on Thursday announced an agreement that allows OneCap Mortgage Corp. to continue servicing hard-money loans it made with investor money. OneCap, a hard-money or private lender, raised money from 2,000 investors and was servicing $400 million in short-term mortgage loans on behalf of the investors in 2007 when state financial regulators ordered OneCap to stop alleged violations of state regulations.
- Area economy hits 'pause' period, economist says. Local indicators show modest improvement. Las Vegas Review-Journal 07/07/09. If there's any positive in Southern Nevada's economy, it's the flattening of month-over-month declines compared with year-ago declines, a UNLV economist said Monday. The Southern Nevada Index of Leading Economic Indicators rose a modest 0.6 percent in June to 126.96, compared with 126.83 in May. The index is down from 130.63 in June 2008.
- Forum touts Nevada's efforts in renewable energy. Las Vegas Review-Journal 07/01/09. A day after the Interior Department announced plans to fast-track solar-power plants on public lands in Nevada, a clean-energy forum met to discuss how government agencies, legislators and private businesses have advanced green power.
- NEVADA ECONOMY: Edging closer to stability, Gaming revenue sees lower percentage fall. Las Vegas Review-Journal 05/08/09. "We're still reporting 2004 gaming revenue-type numbers, so we have a ways to make up," Streshley said. "Going forward we're going to be comparing numbers where gaming revenues declined in the double-digit range every month. So, it seems we're getting close to the bottom, or very, very close."
- Hopes increase for Las Vegas economic recovery. Las Vegas Review-Journal 05/06/09. Could the Las Vegas economy sit on the brink of recovery? A handful of new reports seem to suggest so. The Greater Las Vegas Association of Realtors reported Friday that home sales in the Las Vegas Valley jumped nearly 80 percent year-over-year in April, though most of those closings involved foreclosures. Bank-owned inventory pushed down median prices nearly 40 percent.
- Index shows local economy foundering, almost all categories post declines. Las Vegas Review-Journal 04/08/09. Southern Nevada's economic indicators show no signs of recovery and suggest the recession will last through the rest of the year, a local economist said Tuesday.
- Executive says LV housing poised to rally. Las Vegas Review-Journal 02/24/09. Las Vegas will lead the nation's housing market recovery, probably starting in the second half of the year, the chief economist for the National Association of Realtors said Monday. Low mortgage rates, combined with first-time homebuyer assistance from the federal stimulus package, will push buyers off the fence and into affordable homes, Lawrence Yun said at the Realtors association's Rocky Mountain Regional Conference held at Green Valley Ranch Resort.
- Expert: Foreclosures to dominate Las Vegas real estate in 2009. Las Vegas Sun 02/20/09. The reason is the affordability that prospective buyers are finding in the marketplace, Hamrick says. Someone buying a 1,535-square-foot home in 2006 — the median size of those bought — had a monthly payment of $1,606 if they put 10 percent down. Today, the monthly payment on a similar sized home, given price drops and better interest rates, is $852 a month.
- Reid tells Nevadans stimulus plan will aid economy. Senator says 'This is not going to be a Great Depression. Las Vegas Review-Journal 02/18/09. Nevada's senior senator also said that Obama is going to announce a $50 billion program today to help alleviate the home foreclosure debacle. He did not disclose any details of the program. However, he said the plan will be particularly important in Nevada, where one out of 75 homes is in foreclosure, about twice the national rate. Another gives first-time home buyers an $8,000 tax credit that can be kept if the buyer doesn't sell the home within three years. "That's something that's going to stimulate the purchase of homes," Reid said.
- THE STRIP: CityCenter to begin filling jobs, Complex starts taking outside applications Jan. 5. Las Vegas Review-Journal 12/19/08. CityCenter will on Jan. 5 begin filling more than 12,000 jobs for MGM Mirage's $9.1 billion CityCenter project. But Bill McBeath, president of Aria, CityCenter's 4,000-room hotel-casino centerpiece, isn't viewing the task with apprehension. He said the company expects to receive more than 100,000 applications for a variety of jobs.
- Energy official: Nevada's future is in renewables, Transmission line viable without coal, regulator says. Las Vegas Review-Journal 2/13/09. Instead of developing the Ely coal plant, NV Energy will invest in renewable power projects, energy efficiency programs and power plants that burn natural gas, Chief Executive Officer Michael Yackira said.
- Economist sees help, not panacea for real estate; Obama plan won't bring economy all the way back, official tells group. Las Vegas Business press 01/26/09. A year's inventory of existing homes must be consumed before new construction can start. Builders won't build until inventory levels drop to a five-month supply. "For every 10 construction jobs, 17 more jobs are created in the region (and) stay in place even after the completion of the project," Sullivan said. "This increases consumer income and sales tax revenues for states."
- Forecast grim for Southern Nevada, economic index falls for third straight month. Las Vegas Review-Journal 2/10/08. With a surplus of empty homes and falling employment numbers, prospects for selling new homes remain dim, causing builders such as Las Vegas-based Astoria Homes to suspend any new construction. Other builders such as Engel, Woodside and Kimball Hill have filed for bankruptcy.
- Credit unions feeling pinch, bad loan totals at 'scary' levels. Las Vegas Review-Journal 12/12/08. While two Nevada banks have gone belly up this year, no Nevada credit unions have failed or been forced into a merger because of financial woes. But Nevada credit unions are starting to see what one chief executive calls a "scary number" in the nonperforming loan category.
- Official sees deeper recession; UNLV economist says unemployment eventually may hit 10 percent locally. Las Vegas Review-Journal 12/12/08. Southern Nevada's economic recession is expected to worsen from mild to bad in the next couple of years, though most indicators are forecast to show growth relative to a weak 2008, UNLV economist Keith Schwer said Thursday.
- Local economic index flat in October. Las Vegas Review Journal 11/18/08. The October index, based on August data, showed significant declines in both residential and commercial building permits and valuation. Residential permits dropped 33.1 percent in August to 1,576 units and the value of those permits declined 31.4 percent to $204.5 million. Commercial permits were down 32.7 percent to 76 and valuation dropped 55.4 percent to $82.8 million.
- Exports climbing in Nevada, Las Vegas Review-Journal 11/26/08. Nevada's exports increased 10 percent in the year's first nine months, as manufacturing, agricultural and mining sold more goods to foreign countries, the Nevada Commission on Economic Development reported Tuesday. Nevada is adding relatively high-paying manufacturing jobs while the number of service jobs for the tourism and gambling industry declines.
- Dubai World seen as suitable partner, State gaming commission to decide whether entity can work as ally with MGM Mirage. Las Vegas Review Journal 11/06/08. Nevada gaming regulators said Wednesday that Dubai World, the investment arm of the Persian Gulf state, was a suitable business partner for casino giant MGM Mirage. Dubai World asset base worth more than $100 billion and had revenues of almost $11 billion in 2007, has already made a substantial investment in MGM Mirage. Dubai World paid $5.1 billion last year to acquire 9.4 percent of MGM Mirage and 50 percent ownership in the massive $9.1 billion CityCenter development. Dubai World paid $80 a share for its stake in MGM Mirage, MGM Stock closed at $15.99. OOPS.
- State's growth projected to continue. Population rise of 49 percent seen by 2028. Las Vegas Review-Journal 10/07/08. Nevada might be in the midst of a recession, but the state's population will continue to grow, expanding by more than 1.3 million people over the next 20 years, the state demographer predicted Monday.
- MORTGAGE MELTDOWN: Report: Bailout tally high. Report stirs questions about whether Congress can justify proposed bailout. Las Vegas Review-Journal 10/03/08. A new study shows the number of homeowners falling behind on first mortgages for their own residences makes up a relatively small share of the nation's ailing lending market.