April was set to be yet another busy month for sales of apartment complexes in Nevada, one of the hottest multifamily markets in the country. And then, all of sudden, it wasn’t. After state and local governments mandated business closures — with resulting job losses — to battle the COVID-19 pandemic, multifamily investors, developers and managers stepped … [Read more...] about Uncertain Times
Las Vegas business
Lights Out, Doors LockedNevada’s Tourism Industry Rides Out the Coronavirus Pandemic
Early morning on March 17, Nevada casinos locked their doors. Sandra Morgan, Nevada Gaming Control Board chair, has lived in Nevada since she was a year old. She grew up around the tourism industry. “My mother worked in the hospitality industry,” she explained. “When you think about the closure, and the fact they never had to lock the doors because the doors … [Read more...] about Lights Out, Doors Locked
Industry FocusBrokers
As Nevada businesses work to adjust to a rapidly changed world, executives in commercial brokerage see a multitude of changes to their industry. From tenant and landlord to bankers, brokers are involved in nearly every aspect of the commercial real estate industry and are working to advise their clients moving forward in a post-COVID world. Recently, brokerage executives … [Read more...] about Industry Focus
Supply & DemandNevada’s Industrial Market
The demand for industrial space has been extraordinarily strong in Nevada throughout this economic expansion and is expected to stay consistent throughout the rest of this year and into 2021, according to real estate professionals throughout the state. Originally, a decline in demand was expected due to the country’s trade war with China, but with trade tensions easing that … [Read more...] about Supply & Demand
Knowing WorthBusiness Valuation in Nevada
Even as the economy was cooling off coming out of the winter and stung by the effects of the spread of coronavirus, businesses are selling at record paces in Nevada. In northern Nevada, The Liberty Group is coming off its best year ever, owner and broker Brad Bottoset said. The great year in 2019 was coming off two prior years that had also set records and Bottoset felt more … [Read more...] about Knowing Worth
Betting on NevadaGaming Industry Outlook
Nevada’s gaming industry is the biggest employer in Nevada and the most important sector in the state’s economy. In fiscal year 2018, the hospitality industry accounted for nearly 38.9 percent of the state’s total tax revenues and supported 450,100 jobs. While economic development agencies continue their efforts to diversify the Nevada economy, gaming will continue to be its … [Read more...] about Betting on Nevada
Industry FocusBuilders & Developers
LEFT TO RIGHT: John Cannito, PENTA Building Group • George Garcia, G.C. Garcia • Frank Marretti, G2 Capital Development • Joe Laiacona, City National Bank • Greg Korte, The Korte Company • Reed Gottesman, Harsch Investment Properties • John Ramous, Dermody Properties • Lance Gilman, L. Lance Gilman Real Estate • Lyle Brennan, Lyle B’s Development • Jeff Wood, … [Read more...] about Industry Focus
Office ProjectsFor a New Generation
The signals to office developers to develop are typically simple. Economic growth creates demand for office space, existing buildings begin to fill, rents rise and developers can make new projects pencil out. That’s happening, sort of, across Nevada these days. Vacancy rates in office buildings have fallen to about 12 percent in Las Vegas and about 11 percent in Reno, and … [Read more...] about Office Projects
Economic ForecastBuilding on Nevada’s Strong Economy
As Governor Steve Sisolak looks at the state’s strong economic performance at the dawn of a new decade, he sees it well-positioned to make investments that will create jobs and wealth for years to come. Top economists expect Nevada’s strong performance will continue into the New Year and that optimism, Sisolak says, creates an opportunity to address long-term economic … [Read more...] about Economic Forecast
Industry FocusHealthcare
Left to Right: Connie Brennan, Nevada Business Magazine • Dean Dow, Regional Emergency Medical Services Authority (REMSA) • Karen Rubel, Nathan Adelson Hospice • Mark Price, Healthcare Partners Nevada • Donna Miller, American Medical Response (AMR) • Dr. Sherif Abdou, P3 Health • Heather Korbulic, Silver State Health Insurance Exchange • Patty Holden, Elite Medical Center • … [Read more...] about Industry Focus
Stable and SustainableNevada’s Residential Market
Nevada’s residential housing should be stabilized and sustainable throughout 2020. Despite a relative lack of inventory and as potential homebuyers continue to flock to northern and southern Nevada alike, multiple Nevada real estate executives said they believe the housing market will settle into a groove. “For the first time in 13, 14 years, I can use the words stable … [Read more...] about Stable and Sustainable
Coming Up…Multiple Generations in the Workplace
Nevada businesses are operating in a unique era. People are living longer, healthier lives, and therefore they’re not leaving the workforce as soon as they once did. As a result, there are currently four generations working together, bringing unique strengths to the workplace, as well as new challenges. In some ways, people working together are simply people working … [Read more...] about Coming Up…
Credit UnionsCommunity Banking
As banks continue to consolidate and grow as national corporations, credit unions likewise continue to provide financial connections to local communities. Clark County Credit Union President and CEO Matt Kershaw said the philosophy of “people helping people” has propelled state-charted credit unions to be the largest group of locally-owned financial institutions in Nevada. … [Read more...] about Credit Unions
Industry FocusAttorneys
Left to Right: Dana Dwiggins, Solomon Dwiggins and Freer • Robert Kim, Ballard Spahr • Shane Young, Young Law Group • Alex De Castroverde, De Castroverde Law Group • Barbara Buckley, Legal Aid Center • Bruce Ford, City National Bank • Nile Leatham, Kolesar & Leatham • Terry Coffing, Marquis Aurbach Coffing • Connie Brennan, Nevada Business Magazine • Debra … [Read more...] about Industry Focus
Strategic PlaysGolf Course Communities Widen Amenities
A successful luxury golf course community these days really isn’t about the golf, explained Rich MacDonald. Instead, the owner of DragonRidge Country Club in Henderson said the golf communities that thrive are those that deliver opportunities for strong social connections — times for members to mingle over a glass of wine, share a laugh over a good dinner, stretch during a … [Read more...] about Strategic Plays
Shifts OccurringNevada’s Tourism Industry
“Strong” and “evolving”— that’s how Lt. Governor Kate Marshall, chair of TravelNevada described the Silver State’s tourism industry today. Its robustness is evidenced by visitor spending, which has increased year-over-year since 2009. In calendar year 2018, the 56 million people who visited Nevada collectively spent $65.5 billion here, up from $63.7 billion the year … [Read more...] about Shifts Occurring
Industry FocusEducation
Left to Right: Tarah Richardson, Nevada Business Magazine • Jeff Hendrickson, University of Phoenix • Bart Patterson, Nevada State College • Paul Stowell, City National Bank • Sue Blakeley, Lake Mead Christian Academy • Spencer Stewart, Western Governors University Nevada • Jeremy Gregersen, The Meadows School Education in Nevada has historically been the target of negative … [Read more...] about Industry Focus
RetailFocus on the Experience
Once upon a time — say, 10 years ago — retail was all about selling stuff. But as the business of selling stuff continues to move online, the word of the moment among retailers and shopping center owners is “experience.” “Experience is a big part of what retailers are looking to incorporate now, whether this is in the form of innovative interiors, games or mobile pickup,” … [Read more...] about Retail
Professional SportsThe Big New Game in Town
Read "The Business of Sports" by Jennifer Ko Craft With its $1.8 billion budget, the spectacular new Allegiant Stadium — home of the NFL’s Raiders beginning in 2020 — is the biggest, highest profile construction project in Las Vegas in recent memory. But for all the economic benefits of the construction, the new stadium is merely the beginning of a powerful wave … [Read more...] about Professional Sports
Industry FocusBankers
Left to Right: Sara Lindgren, JP Morgan Chase Bank • BJ North, Plumas Bank • David Navarro, Pacific Premier Bank • James York, Valley Bank • John Zaby, Mutual of Omaha Bank • Connie Brennan, Nevada Business Magazine • Paul Stowell, City National Bank • Phyllis Gurgevich, Nevada Banker’s Association • John Guedry, Bank of Nevada • Diane Fearon, Lexicon Bank One industry … [Read more...] about Industry Focus