Nevada Company Buys Ely Wind
Carlson & Associates, an energy development company based in Las Vegas, recently announced it has purchased Ely Wind, LLC. Ely Wind, formerly owned by California-based Global Renewable Energy Partners, was awarded a 50-megawatt power purchase agreement by Nevada Power Company in 2002. It has been working with the BHP Mine in Ruth, near Ely, for more than year, acquiring data on wind speed, direction and velocity to determine the viability of developing a wind-generated power facility near Ely. Carlson & Associates President Tim Carlson announced the feasibility project will be expanded to other areas near Ely, including property under the jurisdiction of the Bureau of Land Management.
ABD Opens Reno Office
ABD Insurance and Financial Services, a leading provider of risk management and employee benefits solutions, recently announced the opening of a regional office serving the greater Reno area. The new office is located on the corner of South Virginia and Liberty Street in downtown Reno. ABD’s Nevada clients include International Game Technology, Sierra Pacific Resources, Carson Tahoe Hospital and Sierra Nevada College. “The Reno office will initially focus on providing employee-benefits services, with an eye toward expansion into other areas of insurance and financial services within ABD’s scope,” said CEO Fred De Grosz. “We have an excellent reputation in the state of
Nevada and the opening of a permanent office in Reno will strengthen our standing in the community.” ABD has nearly 650 employees and 10 offices in strategic regional business centers across the Western United States and annual revenues of approximately $110 million.
Kohl’s Opens Three Stores in Southern Nevada
Kohl’s Department Stores has entered the Nevada market with three new Las Vegas-area stores opening in October, featuring apparel, shoes, accessories and housewares. The new Kohl’s stores, which each employ about 150 people, are among 85 new stores the company plans to open across the country in 2003. Officials at Kohl’s, which posted sales of $9.1 billion in 2002, said the company specializes in serving busy families with children and offers moderately-priced national brands. Based in Menomonee Falls, Wisc., Kohl’s operates 542 stores in 36 states and also offers online shopping.
Golden Gaming Acquires Tavern Chain
Golden Gaming, Inc., Nevada’s largest tavern owner and third-largest slot route operator, recently acquired Sparky’s Sports Bar & Grill, a chain with taverns throughout the Reno/Sparks area offering video poker machines, a full-service menu and a sports-bar theme. The chain also operates The Dog House and Little Waldorf. Sparky’s currently employs approximately 150 people. “Our company has been exploring investment opportunities in the Reno/Sparks area for the past year,” said Blake Sartini, chairman and CEO of Golden Gaming, which owns PT’s Entertainment Group, a Southern Nevada tavern chain with 26 locations, as well as the Gold Bar in Fernley. The company’s slot route division operates approximately 1,600 machines in 126 locations throughout the Las Vegas Valley. Sartini said Golden Gaming plans further expansions within the Reno market, including the introduction of two new concepts unique to Northern Nevada, which it plans to debut in Spring 2004.
Mining Association Releases Industry Profile
The Nevada Mining Association has released its annual Economic Overview of the Nevada Mining Industry, which reports the total value of mineral production for mines in the state reached $2.7 billion in 2002, of which $2.4 billion came from precious metals. The average price for an ounce of gold in 2002 was $310, or $79 higher than the 2001 price, and by mid-2003, it had reached a level of $350. Nevada’s gold production accounts for approximately 80 percent of all U.S. production and 9.5 percent of world production. The state of Nevada ranks as the third-largest gold producer in the world, after South Africa and Australia. Silver prices also increased in 2002 and through the first half of this year, and are now above $5 an ounce. Nevada’s silver output in 2002 was 13.6 million ounces, valued at approximately $63 million. Mining generated over 51,000 direct and indirect jobs in the state, contributing $1.5 billion to Nevada household incomes. Counting both direct and indirect impacts, the report estimated the mining industry had an impact of $4.8 billion on the state’s economy.
Fashion Show Mall Expansion Opens
Fashion Show, the mall located on the Las Vegas Strip, is nearing completion of its $1 billion renovation and expansion project. Effective October 1, six new entrances along Las Vegas Boulevard were opened for public access. One of the entrances leads directly into the new 11,288-square-foot food court, where the first of 15 food vendors also opened. In addition to the food court, the expansion is adding an additional 117,000 square feet of retail space, with 34 new stores set to open by year-end. The Cloud, the colossal, elliptical-shaped steel canopy above the mall, was activated on October 31. “It will be lighted nightly as part of an overall multi-media experience that will entertain and captivate pedestrians and passersby,” said Greg Zimmerman, vice president and development director for the Rouse Company, developer and owner of Fashion Show. October 31 also marked the beginning of daily fashion shows in the mall’s Great Hall.