Eli Segall

Business reporter

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Boulder City Hospital getting $16 million expansion, renovation: Wednesday, March 27, 2013; Federal agriculture officials have put the finishing touches on a deal to finance a $16 million expansion and renovation at the Boulder City Hospital. Construction is expected to start in the coming months and wrap up next year.
Unfinished Henderson condo project Vantage Lofts up for sale again: Wednesday, March 27, 2013; Developer Rich Crighton bought Vantage Lofts with plans to finish the mothballed Henderson condos and sell them at a steep discount.
Investors returning hipster flair to old Rat Pack apartments: Tuesday, March 26, 2013; Some real estate investors want to bring back the style and charm of an aging Las Vegas apartment complex where members of the famed Rat Pack once lived.
Report: Las Vegas land prices rising at ‘downright scary’ pace: Thursday, March 21, 2013; Las Vegas land prices are rising at an unsustainable and “downright scary” pace as the valley’s home building market continues to rebound, a new report says.
Tony Hsieh's group buys shuttered downtown casino for $14 million: Thursday, March 21, 2013; Tony Hsieh’s Downtown Project bought the shuttered Western Hotel for $14 million, giving his group another chunk of downtown real estate for a possible future project.
Arena lenders make payment, keep Henderson stadium plan alive: Friday, March 15, 2013; Developer Chris Milam’s lenders are keeping his proposed Henderson sports arena project alive — for now. The lenders paid the city $250,000 as part of a legal settlement.
Henderson City Council failed to see red flags on stadium project; speculative arenas are practically unheard of: Friday, March 15, 2013; Building a professional sports arena or stadium without a team committed to play there is practically unheard of. Developer Chris Milam wanted to build four of them — and got the Henderson City Council’s full support. There were plenty of red flags when Milam pitched his proposed Las Vegas National Sports Complex, but city officials either failed to recognize them or ignored them.
Henderson settles lawsuit against would-be sports arena developer, but litigation continues: Thursday, March 14, 2013; The city of Henderson has settled its lawsuit against would-be sports arena developer Chris Milam and an attorney who worked with him on the project.
Nevada foreclosure rate still more than double the U.S. average: Wednesday, March 13, 2013; Nevada’s foreclosure rate remained one of the worst in the country last month as banks started the foreclosure process on a rising number of homes. In February, one in every 320 housing units in Nevada had a foreclosure-related filing.
Settlement bars developer Milam from doing business in Henderson: Defendant allegedly intended to flip land instead developing a sports complex; Tuesday, March 12, 2013; Chris Milam, whose proposed sports complex in Henderson led to the city suing him for fraud, has been banned from working on future developments in Henderson as part of a settlement of the case.
City of Henderson in talks to settle lawsuit over proposed arena land deal: Monday, March 11, 2013; Henderson city officials are in talks to settle their lawsuit against would-be sports arena developer Chris Milam. An agreement has not been finalized, but if one is reached, it would end City Hall’s legal fight alleging Milam tried to flip the proposed government-owned project site near the M Resort to other developers for “substantial profit.” City government spokesman Bud Cranor confirmed that settlement talks are being held.
Local mom-and-pop companies struggle to compete with national chains: Monday, March 11, 2013; Driving south on Eastern Avenue from the 215 Beltway, there are more than a dozen shopping plazas with a seemingly endless stream of stores. The Eastern Avenue corridor highlights the dominance of chain stores locally.
Las Vegas home prices flat last month, but up from year ago: Friday, March 8, 2013; Las Vegas Valley home prices were flat last month compared with January but still outpaced prices from a year earlier.
Who stands to gain and lose from the Strip's new megaresort: Friday, March 8, 2013; It didn’t take long for the buzz to become a roar after the Genting Group announced plans Monday to develop a 3,500-room resort on the Strip. Here's a look at who stands to gain from the arrival of Resorts World Las Vegas and who stands to lose.
Basketball team owner takes $1 million hit in Strip condo sale: Thursday, March 7, 2013; Golden State Warriors owner Joe Lacob sold his luxury condo on the Strip to a local casino executive — and took a loss of more than $1 million on the deal. Lacob, who bought the 3,000-square-foot unit in the Mandarin Oriental three years ago for $3.3 million, sold the condo last month to Las Vegas Sands Corp. Chief Financial Officer Kenneth J. Kay for $2.1 million, Clark County property records show.
Out-of-state investors spend millions on bulk real estate deals: Monday, March 4, 2013; Buying commercial real estate in the Las Vegas Valley is risky business. Rents are low, vacancy rates are high, and landlords have to give months of free rent to sign tenants.
Developer denies 'deal' was reached with stadium promoter Milam: Friday, March 1, 2013; Las Vegas developer Juliet Cos. is disputing reports that it reached a “deal” with would-be sports arena developer Chris Milam to build residential homes on part of his Henderson project site.
Consulting firm with direct BLM ties is added to lawsuit over failed stadium: Thursday, Feb. 28, 2013; The city of Henderson received court approval to add a local consulting firm as a defendant in its fraud case against would-be sports arena developer Chris Milam, and also got clearance to push ahead with efforts to block Milam from buying the project site.
Henderson alleges Milam had struck secret deal to develop homes on stadium site: Thursday, Feb. 28, 2013; Developer Chris Milam secretly reached a deal in August to develop part of his sports-stadium project site in Henderson as residential homes, according to newly filed documents in a fraud case against him.
Foreclosure offerings in Nevada are hardly a steal, report finds: Wednesday, Feb. 27, 2013; Buying a distressed home in Nevada was no bargain last year. The average sales price of a home in some stage of foreclosure — such as having a notice of default or being bank-owned — was $126,521 in 2012, almost 6 percent higher than in 2011
New Henderson movie theater will sell alcohol, have reclining seats: Wednesday, Feb. 27, 2013; Las Vegas Valley moviegoers will get a dash of luxury — and alcohol — next month when a new high-end movie theater opens in Henderson. The eight-screen Galaxy Green Valley Luxury+ Theatre is scheduled to open March 8 in Green Valley Town Center on East Sunset Road. The multiplex will serve wine and draft beer, and all of its seats will be reclining with powered footrests. “It's a different experience,” said Rafe Cohen, Galaxy Theatres co-owner and president.
Rate hikes, new customers boost Southwest Gas profits: Tuesday, Feb. 26, 2013; Southwest Gas Corp. gave shareholders their best year ever with the company in 2012 as rate hikes and new customers pushed up profits.
Henderson hopes to widen land-deal suit to include consulting firm with BLM ties: Tuesday, Feb. 26, 2013; Henderson city officials want to expand the reach of their lawsuit against developer Chris Milam and those who worked with him on a proposed sports-arena complex.
Brochure advertising proposed stadium land for sale leaves officials scratching their heads: Monday, Feb. 25, 2013; Developer Chris Milam’s proposed sports arena in Henderson has raised plenty of eyebrows since several of his previous local business plans have flopped.
New housing market off to strong start this year: Friday, Feb. 22, 2013; The Las Vegas Valley’s new homes market roared out of the gate last month with rising sales and construction plans, though activity is still weak compared to the boom years.
NV Energy nearly doubles profit to $322 million in 2012: Friday, Feb. 22, 2013; Helped by a rate increase and lower expenses, NV Energy had a jump in fourth-quarter earnings and nearly doubled its profit in 2012.
MGM Resorts hints at eventual sale of Crystals mall at CityCenter: Thursday, Feb. 21, 2013; Think it’s expensive shopping at Crystals, the luxury mall at CityCenter? Try buying the place. MGM Resorts International CEO Jim Murren said prospective investors have contacted him about buying the Strip property.
Percentage of underwater homeowners in Vegas drops in 2012: Wednesday, Feb. 20, 2013; The percentage of underwater homeowners in Las Vegas Valley fell last year as rising home values gave many people a financial lift. But there’s ample room for improvement: Las Vegas is expected to stay the underwater capital of America for at least another year.
Henderson apartment complex sells for $30 million: Monday, Feb. 18, 2013; A Salt Lake City investment firm has acquired a Henderson apartment complex for $30 million.
Owner of Treasure Island casino loses $3 million on sale of mansion: Monday, Feb. 18, 2013; Treasure Island owner Phil Ruffin has sold a Summerlin mansion at a steep discount, causing him to take a nearly $3 million loss.
Lending on the rise in Las Vegas Valley: Financial institutions are showing more interest in helping small business owners, investors get loans; Monday, Feb. 18, 2013; After several tight-fisted years, banks are starting to lend more money in the Las Vegas Valley, helping business owners expand and consumers refinance auto and mortgage debt. Lending volume is inching higher after plunging fast during the recession, but no one expects money to slosh around the valley again anytime soon.
Ranch House in Town Square closed for rebranding: Friday, Feb. 15, 2013; After being open for less than a year, Ranch House Kitchen in Town Square is closed and undergoing an overhaul. Owners closed its doors Feb. 2 to give the eatery a new concept, Town Square marketing director Jaime Mapes said.
Discount retailer expanding its North Las Vegas distribution center: Friday, Feb. 15, 2013; The parent company of discount retailers T.J. Maxx, Marshalls and HomeGoods is expanding its North Las Vegas distribution center. The TJX Cos., which operates a 700,000-square-foot distribution facility at Lone Mountain Road and Lamb Boulevard, bought 50 acres of nearby property last month for about $7.4 million.
Henderson settles lawsuit against lawyer for accused sports arena developer for just $750: Thursday, Feb. 14, 2013; The city of Henderson has accepted a $750 settlement offer from a lawyer it sued alongside would-be sports arena developer Chris Milam.
Nevada foreclosure rate remains second worst in nation: Wednesday, Feb. 13, 2013; Nevada’s foreclosure rate remained the second worst in the country last month, despite a continued drop in volume. One in every 344 housing units in Nevada had a foreclosure-related filing in January.
Nevada still has among worst mortgage delinquency rates: Tuesday, Feb. 12, 2013; Nevada’s mortgage delinquency rate improved last year but remains one of the worst in the country, a new report shows. Nevada had the second-highest delinquency rate — 10.45 percent — in the country in the three months ending Dec. 31, according to TransUnion.
International training center for carpenters is expanding: Monday, Feb. 11, 2013; The United Brotherhood of Carpenters and Joiners of America’s International Training Center, which serves as a training hub for specialty laborers from North America, is undergoing a major overhaul. When the expansion wraps up later this year, the facility near McCarran International Airport will span almost 1 million square feet.
Online petition opposes road at the District shopping center: Friday, Feb. 8, 2013; An online petition is garnering signatures from people who oppose plans to replace the District at Green Valley Ranch’s pedestrian thoroughfare with a two-way street.
Median home prices experience largest year-over-year increase in nine years: Friday, Feb. 8, 2013; Southern Nevada’s housing market began 2013 with mixed results last month, with rising prices, shrinking inventory and an uptick in nondistressed sales.
Bartlett, Ruvo to be inducted into Nevada Business Hall of Fame: Thursday, Feb. 7, 2013; UNLV’s Lee Business School is inducting banker Selma Bartlett and alcohol distributor Larry Ruvo into the Nevada Business Hall of Fame. The ceremony will be held Thursday night in the Bellagio’s grand ballroom.
Searchlight’s main commercial drag up for sale: Properties include Searchlight Nugget Casino, El Rey Motel, former brothel; Wednesday, Feb. 6, 2013; Looking to buy a casino, a former brothel and nearly all other commercial property in Searchlight? Open your wallets, because the town’s primary real estate is for sale — for a mere $5 million. The Doing family, which owns the main businesses and commercial land in town, put their 41 acres of holdings on the market on Monday. Their properties include the Searchlight Nugget Casino, an attached 92-seat restaurant and the 21-room El Rey Motel. Also up for sale: about 25 to 30 lots, some of which are vacant and some of which are occupied by residential trailers, and six commercial buildings, one of which was a “house of ill repute” that now houses casino workers, said Fred Marik, listing broker with Las Vegas Commercial & Business Sales.
Investors hope unique company name brings good luck: Wednesday, Feb. 6, 2013; When investors buy commercial real estate, they typically purchase it through limited liability companies with boring names such as BBD1 LLC or 245 Main Street LLC. One group of Las Vegas buyers wanted a more celebratory feel for their company.
Closing date delayed for land sought in Henderson arena deal: Tuesday, Feb. 5, 2013; The closing date for developer Chris Milam to take control of about 480 acres of Henderson desert, which had been proposed for a sports arena complex, has been extended yet again amid fraud allegations.
Three Las Vegas-area communities in top 15 for home sales: Monday, Feb. 4, 2013; Three Las Vegas Valley master-planned communities were in the top 15 nationwide for sales last year, research reports say.
Association of Realtors pushing for clarification on robosigning: Monday, Feb. 4, 2013; With the Nevada Legislature back in session today, a real estate lobbying group has a slate of issues it wants lawmakers to consider. The most important is whether to change the state’s controversial “robosigning” law. The Nevada Association of Realtors is pushing for changes to the law while at the same time trying to downplay its impact on business.
Larry Ruvo honored as entrepreneur, community leader: Friday, Feb. 1, 2013; Southern Nevada alcohol distributor and philanthropist Larry Ruvo will receive a Horatio Alger Award, given to people who overcome obstacles to become successful entrepreneurs and community leaders. Ruvo, one of 11 recipients this year, will receive the award in April at the 66th annual Horatio Alger Awards Induction Ceremonies in Washington, D.C., organizers announced this week.
NV Energy alleges competitor encroaching on its territory: Thursday, Jan. 31, 2013; NV Energy is trying to quash a utility contract of a much smaller power company, claiming the nonprofit Valley Electric Association is encroaching on its territory at Creech Air Force Base.
Las Vegas one of the worst areas to buy bank-owned home, report says: Wednesday, Jan. 30, 2013; If you’re hunting for a deal on a bank-owned house, don’t bother looking in Las Vegas. The valley is expected to be one of the worst regions in America to buy a foreclosed home this year, according to a new report from RealtyTrac. The research firm ranked Las Vegas fourth from the bottom. The valley has only seven months worth of foreclosure inventory and a 17 percent price discount, says RealtyTrac.
California investor picks up $23 million in property – and is looking for more: Wednesday, Jan. 30, 2013; A Southern California real estate investor has picked up seven more commercial buildings in the Las Vegas Valley. Ed Mustafa, managing member of the Brentwood Cos., acquired several properties off Green Valley Parkway near the 215 Beltway last month. He and his partners paid almost $23 million for the buildings, which total 235,000 square feet.
Most Nevadans are 'on the edge of financial disaster,' report says: Tuesday, Jan. 29, 2013; Some 62.5 percent of Nevada households have less than three months of savings to rely on in the event of a job loss, medical crisis or other financial emergency.