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February 9, 2010

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Daily, local business news powered by Las Vegas Sun and In Business Las Vegas.

The Ritz-Carlton at Lake Las Vegas.
Ritz-Carlton Lake Las Vegas to close in May
Feb. 8, 2010
The Ritz-Carlton Lake Las Vegas in Henderson will close its doors May 2. "Our owners, Village Hospitality, decided they could no longer fund the hotel," Ritz-Carlton spokeswoman Vivian Deuschl told the Sun.

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Rate hike helps NV Energy swing to profit in quarter
Feb. 8, 2010
NV Energy Inc. today reported a fourth quarter profit of $4.2 million, or 2 cents per share -- a reversal from its loss of $2.1 million, or 1 cent per share, for the same period in 2008. Revenue of $772.9 million was up from $766.1 million, with the company attributing most of the increase to a rate hike.

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Casino billionaire Stanley Ho and daughter Pansy Ho attend a groundbreaking ceremony for an MGM Mirage casino in 2005 in Macau.
MGM Mirage may leave New Jersey in dispute over Macau partner
Feb. 8, 2010
MGM Mirage today said it’s in talks that could result in the sale of its stake in the Borgata hotel-casino in Atlantic City in order to settle an investigation by New Jersey regulators into the suitability of its partner in the Chinese region of Macau.

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Las Vegas Sands declares dividend on some shares
Feb. 5, 2010
Gaming and resort company Las Vegas Sands Corp. on Friday declared a quarterly dividend of $2.50 per share on its 10 percent series cumulative perpetual preferred stock.

6

CityCenter condos may outperform market
Feb. 5, 2010
CityCenter is starting to finalize sales of condominiums, which coincides with already difficult conditions in the Las Vegas high-rise condo market, analysts said.

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Hints of hope
Feb. 5, 2010
There has understandably been plenty of doom and gloom about Nevada’s economy — the indicators are sluggish, from unemployment to foreclosures. However, at the Las Vegas Chamber of Commerce’s annual meeting to look ahead, there was some tempered optimism.

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Moving on
Feb. 5, 2010
President Barack Obama’s administration has declared that it is “done” with Yucca Mountain, the proposed nuclear waste dump 90 miles northwest of Las Vegas.

1

Economic woes have deep roots
Feb. 5, 2010
There is a tendency in most of us to internalize the reasons for our successes while we dismiss our failures by transferring blame to situations or persons seemingly external to our control.

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Molasky center a pioneer among LEED projects
Feb. 5, 2010
More than two years after his company opened the Molasky Corporate Center — the pioneer high-end green development in the valley — Richard Worthington said the concept is growing in popularity and downtown Las Vegas will come to symbolize it.

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Foreclosures hampering green homes
Feb. 5, 2010
Foreclosures that are depressing home values could temporarily slow the incorporation of green features into homes, a consultant to the homebuilding industry said.

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World Market Center attendees walk through the lobby of Building B in February 2009.
World Market Center blazes trail for LV diversification
Feb. 5, 2010
During Preview Las Vegas, the World Market Center was touted as an example of Southern Nevada economic diversification.

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Sightseeing specialist: Robert Graff is shown at the Boulder City Airport, where the Papillon Group built a terminal to house its brands.
Q&A: Robert Graff
Feb. 5, 2010
For a company operating in a global market, it’s a plus to have a marketing executive fluent in seven languages.

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Banks lament loss of interest income
Feb. 5, 2010
Community and regional banks, facing the recession and decline in interest revenue, are getting more aggressive on business loans in Las Vegas.

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A view of Harmon Avenue and MGM Mirage's CityCenter project on Wednesday, Nov. 18, 2009. The Cosmopolitan Resort tower is shown under construction at right.
Deutsche Bank writes down value of Cosmopolitan by $103 million
Feb. 4, 2010
Deutsche Bank AG, which foreclosed on and is completing the Cosmopolitan casino resort in Las Vegas, said Thursday it wrote down the value of the project by another 75 million euros — or $103 million. The write-off reflects Deutsche Bank’s reduced profitability expectations for the resort that is due to open later this year.

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Company acquires Travelocity subsidiary, plans Las Vegas ticket kiosks
Feb. 4, 2010
Miami-based Entertainment Benefits Group has acquired Travelocity on Location, a Travelocity.com subsidiary, and will operate 30 Las Vegas ticket sales locations. Alissa Bavli, vice president of sales and marketing for EBG, said the acquisition is a move by the company to branch out.

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Health Care Headliners

Nominations are being accepted for the third annual Health Care Headliners awards for In Business Las Vegas. It’s our look at some of the local people who have made an important impact on the health care industry. We’ve identified 11 areas in health care again this year and will acknowledge a pioneer in each. Click here to download the nomination form.

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Donaldson on Management Survival Camp

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Listen to associate publisher Debbie Donaldson talk about Management Survival Camp on 970 AM KNUU

In Business TV

Dec. 11

Bank of America responds to criticism from U.S. Sen. Majority Leader Harry Reid about its home loan modification program. Plus, a couple of veteran gamers ... Watch »

Dec. 4

Five years and $8.5 billion later, Citycenter opens its doors during bleak times. Will the gamble pay off? Plus, will a move to ensure union ... Watch »

Nov. 27

Federal,state and local authorities join forces to fight mortgage fraud. Plus,a local doctor cops a plea in the medical mafia case. And, is the recession ... Watch »

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