Sand Reaches Agreement to Sell Las Vegas Property
Las Vegas Sands Corp. has entered into definitive agreements to sell its Las Vegas real property and operations for approximately $6.25 billion. The Venetian Resort Las Vegas and the Sands Expo and Convention Center are both part of the agreement. Under the terms of the agreement, an affiliate of funds managed by Apollo Global Management will acquire subsidiaries that hold the operating assets and liabilities of the business for approximately $1.05 billion in cash and $1.2 billion in seller financing. VICI Properties Inc. will acquire subsidiaries that hold the real estate and related assets of the Venetian for approximately $4 billion in cash.
Art from Nevada Districts Displayed at Reno-Tahoe International Airport
As part of the “Propelling Nevada: Communities, Heritage, Education and Economy Through the Arts” exhibition, artists from the 21 Nevada state senate districts are featured at the Reno-Tahoe International Airport. Sierra Arts Foundation, Cultural Alliance Nevada and 19 other art entities have partnered on the exhibition. The art will be featured in the C Concourse at the airport through the beginning of May.
Southern Nevada Home Prices Set New Record
A report by Las Vegas Realtors (LVR) shows the median price of existing single-family homes during February was $355,000, breaking the all-time record set in November. The price was up 12.3 percent from the same month last year. In addition, only 1,677 single-family homes were listed for sale without an offer, which is down 60.4 percent from a year ago. The National Association of Realtors has identified southern Nevada as one of the top-10 markets for 2021.
Nevada Gaming Fact Book Details Pandemic’s Impact on Industry
The biennial Nevada Gaming Fact Book has been released by the Nevada Resort Association with data compiled by Applied Analysis. Key findings from the report show that industry-specific taxes dropped 29 percent last year and are down 60.4 percent for the first half of calendar year 2020 compared to the prior year. Total revenue for gaming and nongaming is down 25.2 percent, gross gaming is down 21.7 percent and statewide visitation is down 24.6 percent from the prior fiscal year. Total employment in the leisure and hospitality sector is at the equivalent of 2010 levels as of the end of 2020.
GOED Receives Block Grant for Rural Community Development
The Governor’s Office of Economic Development has received just over $2 million from the U.S. Department of Housing and Urban Development Community Development Block Grant Program (CDBG) to be used for COVID related projects in rural Nevada. The grants went to rural cities under 50,000 in population or rural counties under 200,000 in population.
UNR Announces In-Person Instruction in Fall
The University of Nevada, Reno (UNR) has announced the goal of returning to in-person instruction and student services for the Fall 2021 semester. Administrators indicated that students want to be back on campus, participating in traditions and curricular activities. UNR has a list of priorities including more in-person instruction in classrooms and laboratories, more students in residence halls and the re-opening of the E.L. Wiegand Fitness Center, among others. Plans will proceed based on health protocols and official guidance requirements.
Nevada Police Union Announced Support for Bill Banning Police Quotas
The Nevada Police Union (NPU) has announced support for Assembly Bill 186 which prohibits a law-enforcement agency from requiring an officer to issue a certain number of traffic citations or make a certain number of arrests. Under this bill, an officer’s evaluation, salary or eligibility for promotion would not consider the number of tickets or arrests issued. The practice of police quotas has been widely criticized as revenue-generating and encouraging unjust policing by targeting drivers toward the end of a quota period.