Nevada gaming revenue rose significantly in April, with some particularly strong increases in the Las Vegas area, the state said today.The Gaming Control Board said state casinos won $897.9 million last month, up 5.39 percent from the same month a year ago. For the fiscal year, however, gaming revenue is still down 1.44 percent.On the Strip, which accounts for more than half of the state total, casinos won $498.9 million in April, up 7.77 percent from April 2014. Slot revenue there increased 11.07 percent to $262 million, while baccarat revenue increased 5.33 percent to $95.2 million.
Homebuilder Kent Lay knows all too well that Summerlin land isn’t cheap. His company, Woodside Homes, is paying double what it did a few years ago.
It’s not alone. Land prices have been climbing at a faster rate in the sprawling Las Vegas community than in the valley at large, with the gap growing even wider in recent months.
Summerlin land prices soared 31 percent in the first quarter from a year earlier, while prices valleywide fell 34 percent in that time.
The price jumps are slowing land sales but by no means scaring off builders, who spend big dollars tying up land in the 22,500-acre project, one of the most affluent and popular places to live in Southern Nevada.
Ground has broken on the Summit Club, a 555-acre ultraluxury country club community.
The Howard Hughes Corp., which is developing Summerlin, and Discovery Land Co. of Scottsdale, Ariz., plan to build about 250 homes near Tropicana Avenue and Town Center Drive, just south of The Ridges, in the foothills near Red Rock Canyon National Conservation Area.
The community is expected to open late next year. It will offer lots for custom homes priced at $2 million to $10 million, the most expensive in the Las Vegas Valley.
The private golf community will feature a Tom Fazio 18-hole course and a two- to three-story clubhouse.
Steve Adelson, a Discovery Land partner, said the community was named the Summit Club not just because of the elevated property that overlooks the Las Vegas Valley, but to hark back to the Rat Pack days when service and elegance wrapped the neon like a white linen glove.
The Ridges village in Summerlin was conceived in 2000 as an exclusive, guard-gated luxury community that would include custom and semicustom homes built on 793 acres, and be at the master-planned development’s far western boundary. Jack Nicklaus designed the Bear’s Best Golf Course as the community’s centerpiece, adjoined by Club Ridges, a recreational gathering place for active residents.When Real Estate Millions arrived at The Ridges sales office for a visit, cyclists from the 2015 Tour de Summerlin bicycle race were swarming and encircling the village. More than 700 participants rode the racecourse and set a new attendance record.The Ridges is home to seven custom neighborhoods and four high-end production home neighborhoods. Two custom neighborhoods and one high-end production neighborhood are left to develop in the Summerlin luxury community.
Las Vegas’ used-home market had rising sales and prices last month, although ignored listings kept climbing, a new report shows.
The median sales price of single-family homes in Southern Nevada in April was $212,568, up 3.7 percent from March and 10.7 percent from a year ago, according to the Greater Las Vegas Association of Realtors.
Buyers picked up 2,753 single-family homes last month, up 1.7 percent from March and 5.3 percent from April 2014, GLVAR reported.
Station Casinos, the Las Vegas locals gaming giant whose properties include Green Valley Ranch, Red Rock Resort and Palace Station, reported its first-quarter earnings today.Company: Station Casinos LLCRevenue: $342.8 million, up 5 percent from the same quarter last year.Earnings: $37.8 million, compared to net income of $15.3 million in the first quarter of 2014.What it means: Station said its quarterly performance was assisted by strong consumer confidence and spending levels. The company noted in a statement that those factors helped drive a 4.5 percent same-store net revenue growth in Las Vegas.
Nevada’s jobs outlook continues to point up, with employment expected to return to pre-recession levels by mid-2016, Nevada’s Department of Employment, Training and Rehabilitation reported today.Job growth is expected to climb by 45,000 jobs in 2015, 52,000 jobs in 2016 and approach 60,000 jobs in 2017, surpassing peak levels last seen in 2007. Employment peaked in 2007 at 1.28 million jobs; as of third quarter 2014, the state is at 1.20 million jobs.The quarterly projections were presented Friday as part of the state’s daylong Economic Forum, a twice-yearly meeting of five independent economic experts that projects Nevada’s revenue and helps lawmakers set the state budget for the next two years.
When Las Vegas’ construction industry was white hot last decade, few places grew as fast as the southwest valley.
Buoyed by new freeway access and Wall Street’s easy money, investors flipped land for profit and built subdivisions, strip malls, office buildings and hospitals, with even more plans for an area that years earlier was largely open desert. But business plunged with the recession.
Today, as the economy improves, few places are getting as much action. Developers are building or planning to construct apartment complexes, industrial properties, big-box retail and single-family homes around the 215 Beltway between Interstate 15 and Flamingo Road.
The Las Vegas homebuilding industry picked up the pace in recent months as sales volume climbed and developers laid out more construction plans.
Builders sold 543 new homes in Southern Nevada in March, bringing the year’s first-quarter total to 1,378 deals.
That’s up 8 percent from the same three-month period in 2014, according to a report out today from Las Vegas-based Home Builders Research.
Another bulk-condo sale has hit the market in Las Vegas.Developers of Sky Las Vegas, a 45-story luxury residential tower on the north Strip, have listed the remaining 65 units that never sold after the building opened in 2007.Las Vegas brokers with CBRE Group sent out marketing materials today for the bulk deal, with a listed price of “best offer.” The sale includes about 28,600 square feet of empty commercial space on the second and third floors.The 65 residential units, totaling almost 95,500 square feet, are 92 percent leased, brokers said.