Industry News
News Flash
- September 21, 2009 - CityCenter began making employment offers to hundreds of workers Monday in preparation for the project's opening later this year, bringing hope to those who have been unemployed and new opportunities for others looking to make a change.
The $8.5 billion complex on the Las Vegas Strip was extending offers to between 500 and 700 people on Monday. Most employees filling the remainder of the 12,000 jobs will receive offers of employment by the end of the month. CityCenter officials originally expected to receive 100,000 applications for the open positions, but Michael Peltyn, vice president of human resources for CityCenter, said the number was closer to 160,000. Of those who applied, 50,000 were interviewed for the 12,000 openings. "We called people on the phone to schedule their offer appointments and there were a lot of emotional people, but in a good way," Peltyn said. "They come in and they're ecstatic, as you can imagine."
He said most of the employees will begin work in November ahead of CityCenter's opening in December.
"We're positively impacting people??s lives," Peltyn said. "There may be people getting jobs today who as a result can pay their mortgage and avoid foreclosure on their homes, so that feels great."
Monday marked the first time offers have been made to non-MGM Mirage employees in the CityCenter hiring process. Most internal MGM Mirage job offers already have been discussed with current employees, a CityCenter spokesperson said Friday.
Internal employees will make up close to a third of CityCenter??s positions. The openings that internal employees have created at other MGM Mirage properties will be filled throughout the year.
Positions still are being filled at Mandarin Oriental. The non-gaming hotel held two job fairs last week along with another on Saturday to fill more than 500 positions.
Vdara Hotel will kick off CityCenter??s opening on Dec. 1, with the Crystals retail and entertainment district on Dec. 3, Mandarin Oriental on Dec. 4 and Aria Dec. 16. The Harmon will open in late 2010.
Petlyn said the company is being cautious in its hiring to avoid having layoffs if business were to decline because of the economy. ??We don??t subscribe to that formula,? he said. ??These are all permanent positions.?
- September 18, 2009 - Monday will be a brighter day for some of Nevada??s unemployed.
CityCenter will begin extending employment offers to roughly 12,000 employees Monday in preparation for a December opening. The first new employees are expected to gather at CityCenter??s employment center to receive and celebrate their official offers.
The day will mark the first time offers have been made to non-MGM Mirage employees in the CityCenter hiring process. Most internal MGM Mirage job offers already have been discussed with current employees to accommodate the new property, a CityCenter spokesperson said Friday.
MGM Mirage announced in December 2008 that it was seeking more than 12,000 workers to fill positions at CityCenter and other company-owned properties. The company has held several job fairs since the announcement to fill the positions.
While the bulk of the resort's hiring efforts will be finished on Monday, positions are still be filled at Mandarin Oriental. The non-gaming hotel held two job fairs this week along with another Saturday to fill more than 500 positions.
In addition to CityCenter??s initial 12,000 positions, hospitality management firm The Light Group announced earlier this month that it would be hiring 350 workers for its three food and beverage outlets at the Aria Resort and Casino.
Vdara Hotel will kick of CityCenter??s opening on Dec. 1, with the Crystals retail and entertainment district on Dec. 3, Mandarin Oriental on Dec. 4 and Aria Dec. 16. The Harmon will open in late 2010.
Earlier today the Nevada Department of Employment, Training and Rehabilitation announced unemployment reached a record high of 13.4 percent in August in Las Vegas with an estimated 135,100 workers out of a job.
- September 05, 2009 - The Las Vegas Strip just got a little more rock ??n?? roll.
Hard Rock International opened its second Las Vegas location on Saturday, bringing its comfort food and rock star relics to the Strip for the first time.
Anchoring MGM Grand??s Showcase Mall, the new three-story, 42,000- square-foot cafe will be one of the company??s largest locations, second only to the Hard Rock Cafe Orlando.
Hard Rock??s Strip location features a 950-seat restaurant, a live concert venue and the world??s largest Rock Shop, complete with Hard Rock merchandise.
Hard Rock is opening with new technology to expand the reach of its extensive rock memorabilia collection.
Located in the restaurant??s lobby is the company??s trademarked, interactive Rock Wall, which allows visitors to blow up images and videos in Hard Rock??s collection to a larger-than-life size. The 18-foot wide by 4-foot tall touch screen gives users the chance to browse memorabilia at the company??s 156 venues around the world.
Inside the main dining area, each dining booth features a 19-inch touch screen, giving diners a more personal look at some of Hard Rock??s 70,000 (and counting) pieces of rock history. The screens run Hard Rock??s Memo 2.0 application, which allows users to browse memorabilia by featured artists, genre, type, decade and location.
With the application??s deep zoom feature, users can take in every scratch on John Lennon??s glasses, every knick on Jimi Hendrix??s 1956 Gibson Les Paul and every thread on Madonna??s ??Like a Virgin? wedding dress. A background story is paired with every piece, giving diners a mini rock history lesson with their meal.
As planned, Hard Rock hired just more than 500 full- and part-time employees for its Strip location.
Greg Thomas, general manager of the other Las Vegas Hard Rock Cafe location, on Paradise Road next to the Hard Rock casino, will lead the staff at the new location. The Paradise Road location will remain open.
- September 02, 2009 - Hospitality management firm The Light Group said today it will be hiring 350 people for its three food and beverage locations at CityCenter??s Aria Casino and Resort.
The Light Group is looking fill positions for hosts, promoters, security, bartenders, cooks, food runners, buspersons and pantry workers at its Union Restaurant, Haze Nightclub and Deuce Lounge.
The company will begin its hiring process with a two-day job fair on Sept. 13 from 1 p.m. to 7 p.m. and Sept. 14 from 10 a.m. to 3 p.m. at the Mirage Events Center.
The Las Vegas-based firm announced details of its three food and beverage outlets Tuesday, which are expected to open in December with the unveiling of Aria.
Union Restaurant and Lounge will serve contemporary American cuisine under the direction Light Group Executive Chef Brian Massie. Haze will be Aria??s only nightclub while The Deuce Lounge will be a smaller bar with high-limit gambling featuring hors d??oeuvres from Union.
Light Group will also manage Aria??s topless pool, Liquid, set to open in spring 2010.
The Light Group manages 11 food and beverage outlets in Las Vegas including Jet nightclub and Bare, the topless pool at the Mirage, and The Bank and Yellowtail Sushi at the Bellagio. The group is expected to manage CityCenter's Harmon Hotel & Spa.
The 350 positions are in addition to about 12,000 job openings previously announced for CityCenter.
- August 31, 2009 - Hospitality management firm The Light Group says it plans to run four venues inside the main hotel-casino of CityCenter, the $8.5 billion complex on the Las Vegas Strip.
The Las Vegas-based firm said Monday that it plans to run a restaurant, lounge, nightclub and pool at the Aria Resort & Casino, expected to open in December.
CityCenter is joint-owned by casino operator MGM Mirage and Dubai World.
The Light Group says Union Restaurant & Lounge will feature contemporary American food.
Its Liquid pool will open in spring 2010 with pools including underwater speakers.
The group says it also will manage Haze Nightclub and The Deuce Lounge, a smaller bar with high-limit gambling.
The Light Group is expected to manage CityCenter's Harmon Hotel & Spa.
- July 22, 2009 - Planet Hollywood will start its recruiting process for 800 employees to staff its PH Towers with a two-day job fair next week, the company announced today.
The company will be hiring for both hourly and salaried positions in hotel operations, housekeeping, food and beverage, security, facilities and guest services. Job fairs will be hosted on July 30 and 31, from 9 a.m. to noon and 3 p.m. to 5 p.m., at Planet Hollywood in the Grand Ballroom.
Start dates will begin in early October to prepare for the towers?? soft openings, ramping up in November for the official grand opening. The non-gaming, 52-story residential tower will include 1,200 suites and 28 penthouses.
The 800 jobs will be filled by workers not currently employed at Planet Hollywood because the resort did its internal hiring and shifting this week, a spokesperson for Planet Hollywood said.
The company said all full-time employees will receive benefits packages that include health care coverage and a 401K plan. Employees will received free meals in the team member dining room per eight hour shift.
The Planet Hollywood employment news comes in the same week two separate companies announced they were beginning their search for 500 employees each.
Las Vegas?? new Hard Rock Café location on the Strip announced Tuesday it would be hiring 500 employees for its summer opening. On Monday, CityCenter announced that its luxury, non-gaming hotel, The Mandarin Oriental, is also hiring more than 500 workers for the hotel??s December opening.
The Mandarin Oriental positions are part of the 12,000 employees CityCenter announced it would be hiring last December.
- July 20, 2009 - CityCenter??s Mandarin Oriental Las Vegas is accepting applications to fill more than 500 jobs, the hotel announced today.
The non-gaming, luxury hotel will be hiring for a variety of positions including in food and beverage, hotel operations, spa and fitness, finance, facilities and security. Offers of employment will be given in September, with employees beginning work in October to prepare for Mandarin Oriental??s December opening.
Candidates must visit Mandarin Oriental??s career Web site to apply. Qualified candidates will be invited for an application review with human resources, followed by a formal departmental interview and a final review with the Mandarin Oriental general manager.
MGM Mirage announced in December 2008 that it was seeking more than 12,000 workers to fill positions at CityCenter and other company-owned properties. The 500-plus Mandarin Oriental positions are part of those 12,000 openings.
In January, CityCenter recruiters said they expected 100,000 applications for the 12,000-plus jobs. The resort has since received more than 145,000 applications and conducted between 42,000 and 43,000 interviews.
CityCenter most recently held a job fair Thursday to hire hundreds for its food and beverage department.
Recent employment announcements from properties like CityCenter and Hard Rock have given hope to Nevada??s unemployed. Hard Rock held a job fair last month to hire 800 workers for its $750 million expansion.
Nevada??s unemployment rate rose to 12.3 percent in July, compared to 11.3 percent in June.
- July 16, 2009 - CityCenter is looking to walk away with hundreds of employees after today??s food and beverage job fair.
The company is interviewing today to fill several positions in its food and beverage department, including assistant executive stewards, bakers, banquet management, buspersons, cooks, food servers, fountain workers, kitchen management and restaurant management.
The job fair will run until 3 p.m. at CityCenter??s Career Center, behind the Mirage, at 3549 Industrial Road. Officials initially said all appointments must be scheduled by Wednesday but a spokesperson said today that applications are still being accepted and recruiters will see some walk-ins. CityCenter has made an estimated 300 appointments for today??s fair.
CityCenter officials said although the company doesn't know exactly how many people will be hired during today??s fair, the company will be hiring for ??hundreds of positions.? Start dates for those who are hired will begin in September, ramping up through December.
MGM Mirage announced in December that it was seeking more than 12,000 workers to fill positions at CityCenter and other company-owned properties. In January, CityCenter recruiters said they expected 100,000 applications for the 12,000-plus jobs. The resort has since received nearly 140,000 applications and conducted an estimated 40,000 interviews. A spokesperson said CityCenter will host two or three more job fairs before the property??s opening.
CityCenter made its last appearance at a job fair in May at the Opportunity Boulevard Summer Career Fair, where more than 5,000 people stood in line for a chance to speak with recruiters from CityCenter and 50 other companies and schools.
Recent employment announcements from properties like CityCenter and Hard Rock have been rare occurrences in Vegas?? tough economy. Hard Rock held a job fair last month to hire 800 workers for its $750 million expansion.
Nevada??s unemployment rate rose to 11.3 percent in June, passing the previous record of 10.7 percent set 27 years ago in December 1982.
- February 23, 2009 - Las Vegas will lead the nation??s housing market recovery, probably starting in the second half of the
year, the chief economist for the National Association of Realtors said today.
Low mortgage rates, combined with first-time homebuyer assistance from the federal stimulus
package, will push buyers off the fence and into the housing market, Lawrence Yun said at the
Realtors?? association??s Rocky Mountain Regional Conference held at Green Valley Ranch.
??I think Vegas will be the bellwether of how the nation will recover,? he said. ??Rising sales could help
stabilize prices by the end of the year. Vegas is a leading edge and portends what??s coming for the
rest of the country and also for financial institutions.?
The $75 billion from President Obama??s economic stimulus is a ??net positive? on foreclosure
mitigation, he said. However, he??d rather see it go to the Federal Reserve to drive mortgage rates
lower.
Also, the homebuyer tax credit accounts for less than $10 billion of the $787 billion total package, a
rather small amount, but nonetheless sufficient to help bring the housing market back, Yun said.
The stimulus package creates an $8,000 tax credit for first-time homebuyers and raises loan limits
to $720,000, though not in Las Vegas. It will keep mortgage rates low through the Toxic Assets
Relief Program (TARP) and will lower foreclosures through loan modifications, Yun said.
The long-term prospect for Las Vegas is bright because baby-boomers reaching retirement age are
migrating to cities with warm climate and favorable tax structure, he said.
- February 02, 2009 - Plans have been filed for a 47-story hotel-casino in Union Park. If it??s built, it would be the first new
casino downtown since 1979.
Construction is not imminent because the developer, Forest City, must build a new city hall before
it gets access to the 6.4-acre parcel in Union Park where the casino would go.
The new city hall, however, faces a challenge at the ballot box later this year, and a powerful local
union and candidates for the Las Vegas City Council are saying that a new municipal building is too
risky a project to take on when the economy is in the dumps.
A Forest City spokeswoman did not respond to a request for comment today. Next week, the City
Council is scheduled to consider a zoning change for the Union Park parcel, the proposed building??s
height and a site plan.
The new resort would be 1.6 million square feet, with 120,000 square feet of casino space and
1,000 hotel rooms, as well as a restaurant, meeting rooms, and a spa and health club. A city fire
station also would be on the site.
The casino is part of a glittering and complicated pitch that Mayor Oscar Goodman makes
frequently about downtown. After Forest City, with co-developer LiveWork Las Vegas, builds the
new city hall at the corner of First Street and Clark Avenue, he has said, it will swap the land
underneath it for the Union Park parcel, which is city-owned.
??They build it, they do the swap, they do the casino,? said city spokesman Jace Radke.
The blocks around the new city hall are planned for office development. The current city hall site
would be joined with 12 city-owned acres across the street from the current City Hall for further
commercial development.
That, along with the new casino and other planned downtown projects, would bring in revenue to
pay for the new city hall while creating more than 13,000 jobs, Goodman has said repeatedly.
The debt incurred for building a new city hall has been estimated to be $150 million to $267
million.
Chris Bohner, research director for Culinary Local 226, said the city should simply sell the Union
Park land to a developer and forgo the new city hall.
??There??s no reason whatsoever that they can??t sell that land right now and get cash into a budget that is in deficit,? he said. ??We reject the premise that you have to build a brand-new city hall to
have a new casino downtown.?
The union has filed two ballot measures related to the new city hall. One would require voter
approval of ??lease-purchase? financing agreements for city projects, thus challenging the financing
method being considered for the new city hall.
The other asks voters to say yea or nay to the current redevelopment plan, which offers incentives
to development in blighted areas.
Union officials have said the city shouldn??t be pursuing an expensive project at a time when many
basic public services are being reduced or eliminated.
Goodman??s response is that the union??s real agenda is getting the council to pressure the developer
into labor contract talks.
The mayor said he thinks the project is protected from any kind of ballot challenge because a de
facto contract exists with the developer.
City officials hope that city hall construction will start this year.
Though there have many expansions, remodels, and re-namings in the last three decades, the last
new casino to open downtown was Sundance in 1979, according to a time line compiled by the
Architecture Studies Library at the University of Nevada, Las Vegas.
It was renamed Fitzgeralds in 1987.
- January 08, 2009 - Home sales nearly tripled in December from the same month a year ago, though median prices
declined 32.7 percent, the Greater Las Vegas Association of Realtors reported today.
The inventory of homes for sale remained relatively stable, up 0.6 percent from a year ago at
22,144 units.
It??s the fourth straight month of dramatic sales increases for both single-family homes and condos
and townhomes. The 2,498 home sales are up 184.2 percent from 879 in December 2007, while
the 455 condo sales are up 172.5 percent from 167 a year ago.
Sue Naumann, president of the Greater Las Vegas Association of Realtors, said she??s encouraged to
see the jump in monthly sales during a challenging time in both the local and national economies.
December is traditionally a slow time of the year in real estate because of the holidays and colder
weather, she said.
??This shows that buyers are realizing that this is a great time to buy a home,? Naumann said.
She stopped short of predicting when local home prices may rebound, but continued to emphasize
that the market presents oppportunities that ??can??t last much longer.?
Amid predictions that home values will decline further, some real estate skeptics are saying it??s
better to hold off a few months for that ??smokin?? deal.?
??It??s a tough situation,? Frank Nason of Residential Resources said. ??Some of my agents reprsent
investors scooping up deals. They don??t really care if they??ve found the bottom. They??re getting
homes below replacement cost, they??re holding them for three to five years and they??re getting
cash flow. So to them, it??s a no-brainer.?
Nason said most of his buyers are owner-occupants and they??re in the same situation. They
understand interest rates are at historic lows for 30-year mortgages and they??re going to live in the
home for five years or more.
??Yeah, prices are still decline, but it??s like buying a stock. Do you try to pick the bottom? Again,
they understand they??re buying a home a below replacement cost,? he said.
- December 23, 2008 - LAS VEGAS-It??s a time of irony on the Las Vegas Strip. Wynn Resorts on Tuesday night opened the
luxury casino-resort Encore as spending in the market is declining at a record pace. MGM Mirage
and its Citycenter partners, in the face of rapidly rising unemployment, will begin accepting
applications two weeks from now for some 12,000 jobs--but won??t be issuing any paychecks for
those jobs until nearly 2010.
MGM??s hiring for Citycenter is the largest single new employment opportunity in Las Vegas'
history, which is appropriate considering that, at 18 million square feet, it also is the largest
single-phase development project on the planet. The problem is, with all the cutbacks that have
already occurred at casino resorts, workers need employment now, not nine months from now
when the $11-billion development will be close to opening its many doors.
Beginning Jan. 5, MGM Mirage will be accepting applications for positions at Citycenter??s ARIA
Resort & Casino, Vdara Hotel & Spa and the Crystals, the development's retail and entertainment
district. In addition, Mandarin Oriental and the Harmon Hotel, Spa & Residences, each managed
by other companies, will be accepting applications through the Web site beginning Spring 2009.
Opportunities are available in food and beverage, hotel operations, casino operations, retail
management, entertainment, finance, human resources, facilities, security and more.
Set to open in late 2009 on 67 acres between the Bellagio and Monte Carlo resorts, Citycenter will
include 4,000 hotel rooms, 2,600 condominium residences, 500,000 square feet of retail and
entertainment and a $40-million public art program. To enhance its liquidity while it completes the
project amid the downturn, MGM Mirage is selling one of its other Strip resorts, Treasure Island,
to Wichita billionaire Phil Ruffin.
Meanwhile, opening today is Wynn Resorts?? Encore, a $2.3 billion, 2,000-room casino resort in a
curved tower of bronze glass that more-or-less mirrors Wynn Las Vegas, the company's threeyear-
old luxury casino hotel that sits next door. The grand opening comes amid a 28% decline in
the amount casinos win from gamblers every month, a 10% drop in visitation , a 720 basispoint
drop in occupancy and a 14.3% drop in room rates.
Moreover, it comes as Fitch Ratings predicting that the industry will remain under significant
pressure through 2009, with a recovery not likely until 2010 . That may turn out to be great
timing for Citycenter but many industry workers will suffer in the meantime.
- December 18, 2008 - Former New Frontier owner Phil Ruffin is buying the Treasure Island from MGM Mirage for $775
million, sources confirmed Sunday night. The deal is expected to be announced today.
Ruffin, a Wichita, Kan., businessman, sold the New Frontier in May 2007 for more than $1.24
billion to Elad Group. The aging casino was closed in July 2007 and demolished in November 2007.
MGM Mirage officials would not comment on the deal and Ruffin could not be reached. The
transaction is a surprise, coming in the middle of the current global credit crisis that has dried up
lending markets to the gaming industry. Also, other development projects have stalled, most
notably Boyd Gaming Corp.'s $4.8 billion Echelon, which was shut down in August and may be
postponed until 2010.
Ruffin owns the seven acres of land that houses the $1.2 billion Trump International Hotel & Tower.
He is considered a part owner in the 1,282-unit hotel and condominium tower with New York
billionaire Donald Trump. He appeared at the property's opening ceremony in April.
MGM Mirage acquired Treasure Island as part of the company's $6.4 billion purchase of Mirage
Resorts in 2000. The pirate-themed casino was opened in 1993 by Steve Wynn at a cost of $450
million as a sister resort to The Mirage.
Treasure Island has 2,885 rooms, including 220 suites, and a 90,000-square-foot casino.
Under Wynn's ownership, the Strip resort catered to families and featured live-action pirate battles
every 90 minutes in Buccaneer Bay at the front of the resort.
MGM Mirage abandoned the family theme in 2003 for a more contemporary adult-oriented theme
and marketed itself as TI. "The Sirens of TI" replaced the whimsical pirate battle.
Ruffin paid $167 million for the New Frontier in 1998 and was seeking an equity partner to help
him redevelop the resort and its 36 acres for several years.
However, he was considered the savior of the New Frontier when he acquired the casino from the
Elardi family.
The property had been the site of the nation's longest ongoing work stoppage when more than 550
employees, backed by the Culinary Workers Union, walked off the job in September 1991.The workers spent 2,325 days on the picket line, going back to their jobs at 12:01 a.m., Feb. 1,
1998, when Ruffin took possession of the casino.
The New Frontier was imploded to make way for a planned $5.7 billion mixed-use development
modeled after the Plaza Hotel in New York, which Elad Group owns.
However, the collapsing credit markets have shelved the project.
- November 24, 2008 - Demand in Southern Nevada's apartment market rose in the third-quarter, fueled by a rise in home
foreclosures and a lack of new rental products, reports Applied Analysis, a local business advisory
firm. Valley apartment occupancy rates were nearly 94 percent at the end of September, up 0.2
percent from a year ago. Average asking rents, meanwhile, were $890 per month or $7 more than 12
months ago.
"As overall demand appears to be on the rise, rent is expected to follow despite the difficult economic
environment," Applied Analysis principal Brian Gordon said. "We expect continued volatility in the for
sale market, tight capital markets, global financial uncertainty and low consumer confidence to press
residences toward rent options."
Unemployment reached 7.34 percent in the third quarter, exceeding the national average of 6.1
percent, while 35 valley foreclosure occurred a day. The economic instability for working families,
many of which are losing their homes, is creating greater demand for rentals. Yet tightening credit
markets have curtailed the volume of new apartments expected to enter the valley in the next year.
It's creating greater pent-up apartment demand, which, in turn, is fueling rent growth.
The southwest had the valley's highest third-quarter rents at $1,014 per unit; the northeast was
lowest at $769 per unit. The strongest annual rent growth area was the north valley, which posted a
2.6 percent gain; the central/east submarket, by contrast, saw a negative 1.6 percent growth.
"The recent rise in occupancies provides some relief for landlords," Gordon said. "Pricing is unlikely to
pull back. With only modest levels of new supply expected to enter the market in the coming year,
fundamentals for market owners remain stable."
- November 18, 2008 - Las Vegas may be among the first markets to emerge from the housing slump clutching the nation
as monthly sales have picked up and prices appear to be reaching the bottom, a local housing
analyst said today.
While prices did not rise in October, they were remarkably close to September levels, Larry Murphy
of Las Vegas-based SalesTraq said.
New home median prices slid less than $4,000 to $249,000 and existing home prices dipped just
$2,000 to $184,000.
It??s the first hopeful sign Murphy has seen this year.
??We??re all straining and stretching and hoping and praying for positive news,? he said. ??We??re
closer to knowing we??re near the bottom. It??s going to hit bottom and float on the bottom for
another year before prices start to creep back up.?
New home prices are down 17.3 percent from a year ago. Prices may fall a little more, but they??ve
got to be at or close to the bottom, Murphy said. Builders simply can??t afford to sell for much less
than today??s pricing levels, he said.
??We have a few builders with products at $100 a square foot. There??s very little profit at $100 a
square foot. That??s their basis in land in some cases. After that, you??re just building for practice or
building for fun or to keep your employees,? Murphy said. ??You??re just treading water and doing
what you??ve always done because you don??t want to quit.?
Home Builders Research reported 842 new home sales in October, compared with 1,324 sales in
the same month a year ago. For the year, new home sales have declined 46 percent to 9,134
recorded closings.
There were 3,140 resales during the month, bringing the year-to-date total to 24,985, a 13.1
percent increase from a year ago.
??Once again, in our opinion, the primary story this month was the weak building permit totals,?
Home Builders Research president Dennis Smith said.
He counted just 329 new building permits in Las Vegas, North Las Vegas, Henderson and Clark
County. North Las Vegas issued a meager 32 permits in October for 124 units, including 101 units
in two condo communities.The Altos 10-City Composite Price Index showed a decline in asking prices of 1.5 percent in
October and 2.9 percent for the past three months.
Asking prices in the United States fell at the fastest rate in Las Vegas, down 3.7 percent in October
and 7.1 percent over three months.
It??s the seventh straight month that Las Vegas has posted the fastest rate of declining prices
among the 26 major markets tracked by Altos Research and Real IQ market analysis firm. Denver
and Houston are up 0.7 percent and 0.6 percent, respectively.
??The fleeting signs of price stability that we saw during the summer have now completely
vanished,? said Stephen Bedikian, research director for Mountain View, Calif.-based Real IQ.
Foreclosures, or real estate-owned properties, have accounted for 60 percent to 70 percent of
home sales in recent months, but that may decline in coming months with the $700 billion
Troubled Asset Relief Program, Smith said.
??Have banks finally figured out that it is beneficial to keep people in their homes and getting a
lower monthly payment is better than getting nothing? Or has the threat of government
intervention caused them to move a little quicker trying to resolve the glut of REO properties??
Smith asked. SalesTraq reported 3,476 existing home sales in October, more than twice the
number from the same month a year ago. The caveat, Murphy said, is that 61 percent of those
sales were bank-owned homes with a median sales price of $166,000. The median price of the rest
of the homes was $217,000, up from $210,000 the previous month.
Murphy estimates there are about 15,000 REO properties in Las Vegas, including a majority of the
vacant homes on the market for sale. With roughly 2,000 foreclosure sales a month, it would take
seven months to go through the current supply, assuming no more REOs come on to the market.
??Instead of seven months, we probably have twice that ? a 14-month supply of REOs. That??s why I
see another year of tough sledding,? Murphy said.
- November 11, 2008 - The number of homes available for sale in Las Vegas has receded from last year's peak and
monthly closings have nearly tripled, the Greater Las Vegas Association of Realtors reported
Monday.
Realtors sold 2,718 single-family homes in October, a 180 percent increase from 974 sales in the
same month a year ago. Inventory is down to 22,929 after peaking at 24,341 in September 2007.
The median price continues to fall, down 30.8 percent from a year ago to $190,000 in October.
"We don't see any surprises in this month's statistics," Realtors' association president Patty Kelley
said. "The main trends we see in the local housing market continue to be increased sales and
decreased prices."
She said bank-owned properties continue to have a huge impact on the local housing market,
adding to the already ample supply and driving prices down. Roughly two-thirds of Las Vegas home
sales are real estate-owned, or foreclosures.
As in the past, Kelly said prices are at the point where bargains abound for qualified buyers.
Condos and townhome sales more than doubled from a year ago. Realtors reported 414 sales in
October, up 7.3 percent from September and up 110 percent from October 2007. The median price
is down 36.7 percent from a year ago at $109,575.
Realtor Rob Jenson of ReMax Central said there were 8,311 foreclosures on the market in October,
up 4.6 percent from September. The number of foreclosures that closed escrow rose 6.1 percent to
1,752 in October.
More affordable pricing and rising sales have helped reduce market inventory and is helping Las
Vegas return to stable conditions, Jenson said. Inventory is down for the second month in a row,
dropping from a 9.4-month supply to an 8.9-month supply.
Short-sale listings, or homes offered at less than the mortgage owed, decreased while foreclosure
listings increased, reflecting the difficulty in achieving a successful short sale that ultimately results
in subsequent REO listing and foreclosure, Jenson said.
Applied Analysis, a Las Vegas-based business advisory firm, showed the number of resale homes
on the market rising for the sixth consecutive week to 22,873. That's up 915 units over six weeks.
Vacant properties listed for sale are reaching back toward all-time highs reported in October 2007 and reflect nearly 60 percent of all listings.
The number of homes identified as contingent or pending sale fell by 310 units during the week of
Nov. 3, finishing at 6,461, Applied Analysis reported. About 52 percent of the 3,808 contingent
units are identified as short sales, which require lender approval.
Local real estate transactions tracked though the Multiple Listing Service in October totaled nearly
$613 million in single-family home sales, down 4.5 percent from $642 million in September, but up
68 percent from a year ago.
Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.
- October 24, 2008 - LAS VEGAS-The Nevada Gaming Commission on Thursday unanimously approved the licensing
application for Aliante Station, a $675-million off-Strip casino hotel that is slated to open for
gambling next month. The Nevada Gaming Control Board, an operating arm of the five-member
Gaming Commission, recommended approval of the application last month.
Aliante Station is a 50-50 joint venture of Station Casinos and members of the Greenspun family,
which owns the Las Vegas Sun newspaper and is the developer of the 1,905-acre Aliante planned
community through the family business, Greenspun Corp. The 40-acre Aliante Station
development is nearing completion off the northeast corner of Interstate 215 and Aliante Parkway
in North Las Vegas. The project includes 202 hotel rooms, a casino, six restaurants, and food court
plus a concert venue with seating for 600, a 16-screen movie theater and 14,000 sf for meetings
and banquets.
The hotel rooms will range from 400 sf to 1,500 sf and will include 42-inch plasma TVs, CD players
with iPod jacks and high-speed Internet. Room rates start at $60 a night. While the casino will
open Nov. 11 at 11 p.m., the first day guests will stay in the hotel rooms is Jan. 1, 2009,
according to company officials.
Aliante Station??s unveiling will come approximately two-and-a-half years after Station Casinos
opened its $925-million, 68-acre Red Rock resort. Located in the Summerlin master-planned
community, it was the most expensive off-Strip casino resort ever built and the largest
development ever undertaken by Station Casinos.
All told, Station Casinos owns and operates 15 resorts in Southern Nevada. Traditionally focused
on the residents of Las Vegas more so than the visitors, Station Casinos officially reached out for
more tourists in 2001 when it opened Green Valley Ranch, a 500-room resort located near the
airport in Henderson, NV. Red Rock was its second such offering.
- July 16, 2008 - The Las Vegas job market is about to get a major boost.
Aliante Station Casino will start interviewing candidates for more than 1,000 positions on Wednesday.
On top of that, a resort on the Strip will start accepting applications for more than 5,000 jobs this weekend.
Haynie said patience is key. He's expecting a job boom just around the corner.
Mega-resorts like the proposed CityCenter and Echelon are expected to create tens of thousands of new jobs.
??We can almost pinpoint when the boom is going to hit, and all you do is look at when those projects are scheduled to come online, and you'll see it happening,? Haynie said.
Wynn executives said the economic slowdown is just a minor road bump in the grand scheme of Las Vegas' future.
??Las Vegas is incredible in that it has this regenerative dynamic, where as we create new places and new opportunities, it renews people??s interests in the market,? Pascal said.
- April 15, 2008 - The City of Henderson will be breaking ground on The Heritage Park Aquatic Complex and Senior Center early this summer. The center will replace the Lorin Williams Pool and consist of two indoor pools and spectator seating for 600. The senior facility is being designed to meet LEED qualifications and will be the City of Henderson's first Silver Level LEED certified building. The aquatics facility will be Gold LEED certified.
- April 14, 2008 - According to the Las Vegas Business Press, the $850 million Village at Queensridge mixed-use development is scheduled to open in spring 2009, with 700,000 square feet of retail space, including 120,000 square feet of restaurants and 3,500 underground parking spaces.
- April 07, 2008 - In February, McCarran International Airport welcomed approximately 3.6 million passengers, representing the first year-over-year increase after three consecutive monthly decreases.
- March 31, 2008 - According to the Las Vegas Business Press, the city of Las Vegas approved a development agreement for a 400-room Charlie Palmer hotel inside Union Park at Bonneville Avenue and Grand Central Parkway in downtown.
- March 31, 2008 - The Clark County Commission approved site development plans for a $6 billion, 3500-room hotel-casino complex at 3120 Las Vegas Boulevard South. The mixed-use project, themed around Manhattan's famed Plaza Hotel, is scheduled to break ground by year's end.
- March 03, 2008 - According to the Las Vegas Business Press, World Market Center unveiled plans for its fourth building at the northwest corner of Grand Central Parkway and Bonneville Avenue in downtown Las Vegas. The 17-story, 1.1 million square feet "Building D" is scheduled to start construction later this year with an anticipated completion by early 2010.
- November 26, 2007 - New-York based Elad Properties is planning to build a new $8 billion, 3,500-room hotel-casino complex on the Las Vegas Strip modeled around Manhattan's famed 100-year-old Plaza Hotel. The project is expected to be open in 2011.
- November 18, 2007 - The 64-story Trump Hotel & Tower Las Vegas will be the tallest residential building in Las Vegas when it's complete. Tower I is nearing completion, and work is slated to begin on a twin Tower II next year, according to the builder. Unit prices range from the $700,000s to $7 million.
- November 14, 2007 - The New Frontier's 16-story Atrium Tower was reduced to a four-story-high pile of concrete, steel and glass in 18 seconds early Tuesday morning with the implosion of one of the most troubled hotel-casinos to ever have a Strip address. Elad IDB Las Vegas is planning a mixed-use development with a 3,500-room hotel with 300 private residences. The Plaza will be complemented with convention space, retail and restaurants. The project, which has not yet received county approval, calls for a groundbreaking in late 2008 with an opening by 2012.
- November 13, 2007 - Centennial West LLC is developing a 40-acre industrial complex at the northwest corner of Centennial Parkway and Mount Hood Road in North Las Vegas. The still unnamed project is a joint-venture between Larry Monkarsh, president of LM Construction, and his dad, Gene Monkarsh, a principal with EJM Development. Phase I calls for two industrial distribution buildings totaling 158,000 square feet on 10 acres.
- November 06, 2007 - According to the University of Nevada, Las Vegas' Center for Business and Economic Research, Clark County construction permits for residential properties totaled 2,883 in September. This represents a 96.3 percent year-over-year increase in total number of homes permitted for construction, mainly due to a substantial increase in multi-family permitting activities. The number of multi-family units permitted more than tripled at 330.8% from the same month in 2006.
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