Business briefs for February 16, 2001

Friday, Feb. 16, 2001 | 11:13 a.m.

Condo developer sues over liens

The owner of Turnberry Place, a high-rise luxury condominium development at Paradise Road and Riviera Drive, is seeking an order to release what it called a "frivolous and excessive" lien filed by a Canadian supplier for $613,873 in alleged lost profits on three of the development's four towers.

Turnberry Pavilion Partners L.P. sued Ontario-based Skyrail Systems USA Inc., alleging the lien was improperly filed because the supplier -- which was initially contracted to provide glass railing materials for the four towers and a clubhouse -- was paid $770,000 for materials supplied for Tower I and had allegedly issued lien waivers and releases to Turnberry.

The plaintiff, which said it terminated Skyrail's contract after the supplier raised material prices significantly for the remaining three towers and tried to supply inferior materials, said the lien was also improper because it covers five parcels of land for which Skyrail did not provide materials.

The defendant could not be reached for comment.

Firm posts slight earnings increase

The owner and operator of the Las Vegas Motor Speedway reported net income of $7.1 million, or 17 cents per share, for the fourth quarter ending Dec. 31.

Speedway Motorsports Inc. said net income was up 6.3 percent on a per-share basis. Revenues increased 1.3 percent to $76.7 million.

Revenue and net income growth were reduced by poor weather conditions at NASCAR events in Atlanta and Texas, the company said, as well as Bobby Labonte's early capture of the Winston Cup championship.

Because of fears of "challenging economic conditions" in 2001, the company said it will not increase ticket or concession prices this year. However, Speedway said it expects significant increases in broadcasting revenues for each of the next six years, and expects demand for its events to continue to increase.

Concord, N.C.-based Speedway owns and operates six racetracks, primarily in the Southeast.

Companies debut e-commerce site

Two companies affiliated with the Men's Apparel Guild in California (MAGIC) trade show meeting in Las Vegas have unveiled an Internet site that offers an online meeting place for fashion buyers and sellers.

Advanstar Communications Inc., New York, and a subsidiary, MAGIC International, which organizes the twice-a-year trade show that draws 90,000 people per event to Las Vegas, unveiled MAGIConline at this week's show.

"MAGIConline is the online extension of the MAGIC marketplace and a critical year-round resource for the fashion industry professional," said Joe Loggia, president of MAGIC International.

In addition to getting industry information at the site, fashion professionals can communicate with buyers and sellers of products and services faster and more effectively, Loggia said.

The MAGIC show continues through today at several Las Vegas convention sites.

472-unit project planned in NLV

A 472-unit apartment complex for senior citizens will open in North Las Vegas in the fall.

Maricela Maciel, a spokeswoman for Carefree Senior Living, a division of The Templeton Group, Las Vegas, said leasing would begin in mid-May for Carefree Villas, the sixth senior housing facility offered in the Las Vegas area by the company.

Maciel said the Villas, a single-story facility on 43 acres at Alexander Road and Allen Lane, would include a 9,000-square-foot clubhouse with exercise facilities, library, piano and computer center and a hair salon.

The company hasn't determined how much monthly rent will be, but leases start at about $570 a month on most of the five other Carefree facilities.

The company has 1,229 units in Southern Nevada. The Villas will become the largest Templeton complex, surpassing Carefree-Valley View's 344-unit facility.

Maciel said Templeton's long-range plan is to build three more apartment complexes for seniors in the area after The Villas is completed.

Rack store planned in Henderson

A 30,000-square-foot Nordstrom Rack store will be built in the Silverado Ranch Plaza shopping center on Eastern Avenue near the Southern Beltway, the company announced Thursday.

Rack is Nordstrom's merchandise clearance outlet and the Henderson store, scheduled to open next fall, will be the company's first in the Las Vegas area. Seattle-based Nordstrom has 37 Rack stores nationwide.

Company officials say Rack offers national brand products at 30 percent to 75 percent off regular retail prices.

A Nordstrom spokeswoman also confirmed Thursday that the company's planned department store at the Fashion Show mall is still on target, with construction to begin later this year with a fall 2002 opening.

Other tenants at Silverado Ranch Plaza include Target, Marshalls and Krispy Kreme. Michaels-Arts & Crafts also plans a store at the site.

LV utility leads nation in growth

Southwest Gas Corp. officials say the Las Vegas-based natural gas supplier continued to lead the nation in growth in 2000.

In the company's Southern Nevada Division, 26,000 new homes and businesses were added last year, a 7 percent increase, bringing the customer base to more than 400,000.

"There hasn't been another company in the country that has come close to that level of growth," said Southwest Gas spokesman Roger Buehrer.

He said Atlanta Gas Light Resources Inc. held the No. 2 growth position among natural gas utilities.

Southwest also serves Phoenix, another major growth center, and the company's Central Arizona Division added 21,300 new homes and business last year, bringing the customer base to 424,700, a 5 percent increase.

Buehrer said 2000 was the seventh straight year in which companywide customer growth has been at least 5 percent.

Shadow Mountain facility to close

Forty residents of Shadow Mountain, a skilled nursing center owned by Integrated Health Services Inc., will be relocated when the facility closes next month.

A spokesman for Baltimore-based IHS said the facility, on West Duncan Drive, off Rancho Drive near Cheyenne Avenue, said the 40 residents would be offered new accommodations and the 52 staff members, new positions when Shadow Mountain is closed March 15.

Spokesman Robert Gill said IHS operates nine additional facilities in the Las Vegas area and, between them, have enough room to accommodate the Shadow Mountain residents.

Gill said the facility is closing so that residents could be offered more modern facilities. He said he did not know when the Shadow Mountain facility was built.

The company has no plans for the building and may put it up for sale, Gill said.

Mine commits to power contract

Nevada's largest electricity user has signed a 15-year agreement to acquire nearly one-third of the power to be generated by a proposed gas-fired plant near Carlin.

Newmont Mining Corp., Denver, announced last week that it has signed a letter of intent to purchase 150 megawatts of a 480-megawatt plant proposed by El Paso Merchant Energy Co., a subsidiary of El Paso Corp., a natural gas supplier.

The plant would be a major customer of a proposed 291-mile Ruby Pipeline project sponsored by another El Paso subsidiary, Colorado Interstate Gas Co. The plant would create 25 jobs when it goes online and 200 construction jobs for two years.

The Ruby pipeline, which will transport gas from Rocky Mountain supply basins through Utah, would connect to the Kern River pipeline, which supplies gas to the Las Vegas area.

Newmont produced 3 million ounces of gold at its Nevada operations last year and is the second-largest gold producer in the world.