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A few years ago, Lake Las Vegas was on the verge of collapse.Foreclosures swept through the bankrupt Henderson project as home values and retail sales plunged. Shuttered golf courses turned brown. The project’s only casino closed because an adjacent hotel locked its doors. Even a man-made waterfall was turned off.Now, the lavish project described for years as a financial bust is slowly nursing itself back to health.Home prices are on the upswing, hotel occupancy is inching higher, and new tenants are joining the retail district.

via Lake Las Vegas, long viewed as a bust, is rebounding – VEGAS INC.

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After some chilly years, Las Vegas’ luxury housing market is heating up.There were 85 sales of million-dollar homes in the three months ending March 31, up from 39 deals in the same period last year, according to a report this week from Redfin, a real estate listing service.The homes sold for at least $1 million each. If sales continue at this pace, 2013 will be the best year by volume for Southern Nevada’s high-end housing market since the economy bottomed out.There were 194 sales of million-dollar homes last year, compared to 188 in 2011, 252 in 2010, 219 in 2009 and 352 in 2008, Redfin reported.Nationally, there were about 8,300 sales of million-dollar homes last quarter, up from 6,100 a year earlier.

via More and more million-dollar homes being snapped up in Las Vegas – VEGAS INC.

Flipping homes in Las Vegas is not as common as it used to be, but it’s still a lucrative business.

The Las Vegas Valley is the second best place in the country to “flip” a home, in which buyers quickly sell their newly acquired houses for a profit, according to a new report from RealtyTrac.

The research firm, based in Irvine, Calif., defined a flip as buying a home and then selling it up to six months later.

There were 4,341 such sales of single-family homes in the valley last year, down 21 percent from 2011. The average purchase price was $133,198 and the average sales price was $203,945, giving the flippers a 53 percent gross profit — $70,746.

via Report: Las Vegas among top spots to ‘flip’ homes – VEGAS INC.

MGM Resorts International wants to build a privately funded, 20,000-seat indoor arena behind the New York-New York and Monte Carlo resorts that would feature boxing, top-draw headliners and special events.

Its partner is the pre-eminent sports and entertainment promoter AEG, whose collection of arenas includes the Staples Center and the Home Depot Center in Southern California, Best Buy Theater in Times Square, New York, and facilities in Shanghai, Beijing, Sydney, Stockholm and elsewhere.

The project, announced Friday morning, is anticipated to be financed with equity contributions from each of the partners as well as privately funded third-party financing, the company said in a statement.

via MGM Resorts announces plan for 20,000-seat arena – Las Vegas Sun News.

Southern Nevada home prices increased in March and are now 30 percent higher than one year ago.Strong demand and a tight housing supply are fueling the price increases, according to a report released Tuesday by the Greater Las Vegas Association of Realtors. The median price of single-family homes sold last month was $161,000 — a 7.3 percent increase from February.The median price of single-family homes sold in March 2012 was $123,000.The median price of condominiums and townhomes sold in March, however, was $80,150, a 2.3 decrease compared with February.

via Las Vegas home prices 30 percent higher than year ago – VEGAS INC.

CARSON CITY — Casino gaming revenue was up 15.1 percent in February compared to the same month last year, while the Las Vegas Strip posted a record win of $956.4 million, up 31.1 percent.

“It was the highest win ever on the Strip,” said Michael Lawton, senior research analyst for the board. The board attributed the Strip record to this year’s Chinese New Year celebration, which attracted many big-money gamblers.

Statewide, casinos reported revenue of $1 billion in February, according to the Nevada Gaming Control Board. Since July, the start of the fiscal year, casino revenue statewide is up 2.2 percent, and taxes collected by the state were up 2.9 percent to $495.7 million.

via Nevada gaming revenue up 15.1 percent in February, as Las Vegas Strip sets record – Las Vegas Sun News.

Southern Nevada home prices increased in March and are now 30 percent higher than one year ago.

Strong demand and a tight housing supply are fueling the price increases, according to a report released Tuesday by the Greater Las Vegas Association of Realtors. The median price of single-family homes sold last month was $161,000 — a 7.3 percent increase from February.

The median price of single-family homes sold in March 2012 was $123,000.

The median price of condominiums and townhomes sold in March, however, was $80,150, a 2.3 decrease compared with February.

More than 55 percent of all homes sold in March were traditional sales, meaning with the homeowner as the seller rather than a bank.

“That tells me we’re getting back to a more normal housing market,” Dave Tina, the 2013 president of the GLVAR, said in a statement.

There were 3,642 existing local homes, condominiums and townhomes sold in March, which is 12 percent more than in February. But that’s down from March 2012 when there were 4,388 total sales.

via Las Vegas home prices 30 percent higher than year ago – VEGAS INC.

In the go-go 1990s, when it seemed like announcements about new casino megaresorts were annual occurrences, the prevailing wisdom was “the more the merrier” and “a rising tide raises all boats.”

But that philosophy came into question in the late 2000s as Las Vegas and the rest of the country weathered the worst economic downturn in recent history. Local tourism numbers fell, hotel rooms sat empty, resort profits plummeted and proposed projects were abandoned.

Monday’s announcement of the first new megaresort in years signaled a potential sea change. The Genting Group, a Malaysian multinational company, announced that it will spend between $2 billion and $7 billion to build a 3,500-room Asian-themed resort on the Strip on land Boyd Gaming had planned for its Echelon project.

via New Genting megaresort expected to be big boost for the Strip – VEGAS INC.