News
Helium shortages have local impact
What goes up, must come down. Recent helium scarcity has caused a sudden upset in the supply of the non-renewable gas. It is not known when shortages will abate, if ever, forcing local business to adapt. “All of the sudden they just said no more,” said the owner of Balloons With A Twist, Michele Rothstein. “We felt [helium shortages] a few times over the years and it always kind of comes around. Read more…Tax credits for the City of Las Vegas
Business is on the rise. Las Vegas has been awarded $45 million in federally-funded New Market Tax Credits to promote small business in underserved and low-income communities. The U.S. Treasury Department considers this a sound plan to foster economic improvement across Southern Nevada. The Las Vegas Community Investment Corporation (LVCIC) is managing the funds and lending them to appropriate borrowers. This continues their efforts to repair the economic damages seen in the last decade. Read more…Delays in high-speed rail as expected
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 foreclosures down
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…Growing rumors for sale of Cosmopolitan
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…