News

Financial structuring woes have pushed back the start date for construction of high speed rail connecting Las Vegas and California. Virgin Trains USA was prepared to begin their $4 billion rail project next year, but could not with their current liabilities and funding. Seeking tax abatements, the company had hoped to mirror the success of Florida which had long postponed their own rail projects. However, Floridians are currently reaping a surge of economic growth which came as a result of forward progress in high speed rail. Read more…

Las Vegas was once the capital of America’s foreclosure crisis. Lenders seized homes throughout the valley following the late economic collapse. Current repossessions continue, but an improved jobs market has seen these numbers dwindle on strong economic news. In the previous year, nearly one percent of homes were at risk of foreclosure, a welcome decrease from 12 percent at the height of market troubles in 2009. Las Vegas has had the 35th-highest foreclosure rate in the nation, which is both high, but excellent news given the severity of the local recession. Read more…

Two investment banks have been retained by the owners of the Cosmopolitan for exploring and developing a strategy of sale for the landmark Vegas Strip hotel and casino. Deutsche Bank AG and PJT Partners Inc. were hired by the Blackstone Group LP, to develop plans and structures that could see the sale of the 3,000 unit property The Cosmopolitan is a popular venue, and could fetch up to 13 times its present cashflow, or nearly $4,000,000,000. Read more…