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From: "margaret andert" [margaretandert@msn.com] Subject: Fw: So, You think Las Vegas is Booming! Date: Sat, 22 Apr 2006 16:35:33 -0700 ----- Original Message ----- From: BARBARA ANN Sundin To: margaret andert Sent: Friday, April 21, 2006 9:41 PM Subject: Fw: So, You think Las Vegas is Booming!------- Wow. Can you believe the activity? Wonder what real estate goes for. Is this a spot for a vacation?? Now I understand why oil is price increasing so much. They need to pay for these projects !!! ----- Original World Fastest Growing City. Some US$ 90 BILLION (2005 EST.) projects are on-going in Dubai alone! ..... ......................................... 66666666666666666 7777777777777777777777777777777 888888888888888888888888888888888888888888888 ************************************************** | |
040706-1187 |
Brilliant, Google answers our people, community, and world! (76th of XXXXXXXXI) By Michael Douglas, Valerie Weber, Cheryl Moss, and Tiffany Chang*1Google.cn and Google.com published this section (Business, Community, and Social World) at 9:11 a.m. in the morning on March 31, 2006. It covers about the 25 fliers from January 18, 2006 to March 21, 2006. Just type your name, the title of a report or an article, your concerned, the name of an organization, an event, or a reporter;{like "Chairperson Elaine Chao", "ęā¸¬—–", "‹LˇŅä——½‰Ć", and among others) on the searching box of Google.cn and Google.com please, and what can you find the good things that Google and WBTI have for you?*2 Many people have a good perspective on Google. Google.cn and Google.com will put more effort and wisdom to contribute to English and Chinese readers being an efficient visitor on the searching of fluent and useful information. Washington Business and Technology Institute's (WBTI's) website has been continuously published by Google.com and Google.cn about every 11 days. We wish advanced performance may be extended from Google.cn to WBTI.*3 You're on Google.cn and Google.com, if you're on Washington Business and Technology Institute's website at http://communitylink.reviewjournal.com/lvrj/wbti [[[A compliment or encouragement is verbal sunshine! We are pleased to quote the following three short but meaningful ones: ***** No matter how busy you are, you must take time to make other person feel important. ---Mary Kay Ash ***** There is no more noble occupation in the world than to assit another human being---to help someone succeed. ---Alan Loy McGinnis ***** There are two things people want more than sex and money ...recognition and praise. ---Mary Kay Ash All art, permanent or temporary, has a life in the immediate experience, but then has a life in the imagination. ---Anish Kapoor 1954- :in "Sunday Times" 11 July 1999 "Accomplishment will prove to be a journey, not a destination." ---Dwight D. Eisenhower]]] [[[Dear Dr. & Mrs. Lei: I am writing this letter to invite you to my next Senior Advisory Committee meeting at 9:30 am on Thursday, February 23, 2006, at the Lieburn Senior Center, 6230 Garwood Avenue (map is enclosed). ..... Dr. Tony Tung-tien Lei has been U. S. Congresswoman Shelley Berkley's Senior Advisor since January 2000.]]]*4 [[["It's really my pleasure and honor to be named as an Associate Professor of the Graduate School of Business and Public Administration of WBTI. WBTI has a good reputation with its Advisory Board and faculty members. The Board has Governor Kenny Guinn as its Chairman; U. S. Senators Harry Reid and John Ensign as Vice Chairmen; U. S. Representatives James Gibbons and Shelley Berkley, and Las Vegas Mayor Oscar Goodman as Executive Directors. With the excellent and informative publications of 'Google.cn', 'Google.com', 'Communitylink of Reviewjournal.com', 'Next Weekly' and among others, high-ranking officials of Nevada with the spiritual leadership of Chairperson Elaine Chao of WBTI have been inspired to help realize the creed for professional righteousness, community service, and humane spirit of WBTI," expressed Justice Michael Douglas of Nevada Supreme Court at the Event and Dinner Party in the Emperor's Garden Restaurant on February 4, 2005 in Las Vegas. It was held by the Committee to implement the ART EXHIBIT of Mr. QIN QUAN XIONG.]]]*5 [[[Some of the significant idea from the letters to Dr. Tony Lei, President of Washington Business and Technology Institute (WBTI): "It's my great pleasure and honor to be named by you as a Senior Advisor and Honorary Chairman of CCDAPCC of WBTI. Please know that I irrevocably stand by my personal commitment to diversity issues in this state and that my sense of patriotism and faith in America stems from its embrace of that diversity." --A. William Maupin, Chief Justice of Nevada Supreme Court "As Mayor, I will continue to devote my energies into the preservation and improvement of the standard of living enjoyed here in the City of Las Vegas." --Oscar B. Goodman "It is only with the dedication and commitment of good people like yourself that I will achieve my goal of becoming Governor of this great state. Dema and I can't thank you enough for your assistance and your positive activivities in the community." --Kenny C. Guinn]]]*6 [[["As the Hononary Chairperson of International Cities Business Council of Washington Business and Technology Institute (WBTI), I'll have more venues to work for international tourism with Nevada Governor Kenny Guinn who is the Chairman of the Advisory Board of WBTI. We're putting all our effort and wisdom to work for our people, land, and country under the spiritual leadership of Chairperson Elaine Chao of WBTI," said Lorraine Hunt, Lt. Governor of Nevada, on November 11, 2005. The above message was signed by Lt. Governor of Nevada Lorraine Hunt:.....]]]*7 [[["It's my great pleasure to extend my warm greetings of 'Happy Lunar New Year!' to every American and Chinese here in Las Vegas and North America through the Communitylink (at http://communitylink.reviewjournal.com/lvrj/wbti) of the largest newspaper in Nevada, Las Vegas Review-Journal," said James Gibbons, U. S. Congressman and Senior Director of Washington Business and Technology Institute, in the Event and Dinner Party held by Nevada Republican Party and ARCC on January 29, 2006 in Las Vegas, Nevada. The event and dinner party were sponsored by Asian Republicans of Clark County for a reunion of the lunar new year to the Chinese, Asian, and American people in Las Vegas:.....]]]*8 --------------------------------------------- References *1. Michael Douglas is a distinguished Justice of the Nevada Supreme Court. Valerie Weber is a famous and achieved Assemblywoman of Nevada and the Minority Whip of the Assembly. Cheryl Moss is an outstanding District Court Judge of Nevada serving in Las Vegas, Clark County. *2. PAI of WBTI. 'U. S. Secretary of Labor Elaine Chao's on Google!' "A search of 'U. S. Secretary of Labor Elaine Chao' on the Google.com," Mountain View, California: Google.com. *3. Ibid. *4. Berkley, Shelley. 'I am writing this letter to invite you to,' "A letter from U. S. Congresswoman Shelley Berkley to Dr. and Mrs. Tony Tung-tien Lei," (February 8, 2006), Las Vegas, Nevada: Congresswoman Shelley Berkley's Office. *5. Denton, Mark; Vega, Valorie; and Chang, Tiffany. 'Michael Douglas has been appointed Associate Professor of GSBPA by WBTI,' "A search of 'Justice Michael Douglas wbti' on the Google.com," (March 25, 2006), Mountain View, California: Google.com. *6. Guinn, Kenny C. 'Nevada Proud of Our Troops in the Middle East,' "Section of 'Business & Administration' of the WBTI website," (March 23, 2006), Las Vegas, Nevada: WBTI. *7. Hunt, Lorraine. 'As the Hononary Chairperson of International Cities Business Council,' "A search of 'Chairperson Lorraine Hunt' on the Google.com," (March 26, 2006), Mountain View, California: Google.com. *8. Gibbons, James. 'It's my great pleasure to extend my warm greetings of,' "A search of 'James Gibbons, U. S. Congressman' on the Google.com," (March 27, 2006), Mountain View, California: Google.com. 7777777777777777 77777777777777777777777777777 888888888888888888888888888888888888888888888 ************************************************** | |
032706-1167 |
Post through the courtesy of Las Vegas Review-Journal:Mar. 27, 2006 Copyright © Las Vegas Review-Journal Vegas Grand condos ready to take a turn toward the sky By HUBBLE SMITH REVIEW-JOURNAL Construction of the first phase of the Vegas Grand condominiums at Flamingo Road and Swenson Street is under way. Photo by Gary Thompson. Vegas Grand, a luxury condominium at Flamingo Road and Swenson Street, is ready to begin vertical construction, an executive for Florida-based developer Del American said. Summit Builders of Nevada, general contractor for the first phase of the $650 million project, has started construction with the placement of underground electrical utilities and is moving forward with rebar, footings and foundations, said Vince Weik, vice president of development for Del American. Completion of the 212-unit, four-story Bella Venezia I building is expected in May 2007. "When you drive by, it doesn't look like a lot is going on," Weik said, "but you don't see us digging the footing for the parking garage or forming the tiltup walls." Bella Venezia I and II will provide 670,000 square feet of residential space in 425 units, along with retail space and two parking structures. Units are priced from the $300,000s to $1.2 million. Vegas Grand was priced from the $200,000s when the project was announced in 2003. Rising construction costs forced the developer to cancel reservations and reprice the units last year. Some buyers filed a class action lawsuit against Del American. Del American Chief Executive Officer Chris Del Guidice said he couldn't discuss specifics of legal activity. "It is in the process of negotiation toward a settlement," he said. Del American purchased the 20-acre property in August 2003 from Nevada Power for about $4 million. It was appraised at $11.2 million. Scheduled to break ground in early 2004, Vegas Grand was delayed by engineering and flood-control challenges presented by the Tropicana and Flamingo washes that converged on the site. Del Guidice said $8.5 million has been spent on infrastructure work, including 2,000 linear feet of 72-foot-wide, double-arched drainage culverts. PINNACLE DESIGN: Falcon Group has selected Youngblood Wucherer Sparer Architects to design the $850 million condominium planned for 12 acres on west Tropicana Avenue. The design features "sky bridge" suites that are suspended between the two 36-story towers. CONDO CONVERSION: Las Vegas-based Nevada West Development, a firm controlled by Kenneth Wooley, Martin Egbert and Robert Weidauer, purchased the 280-unit Chapel Hill Apartments at 9620 W. Russell Road for $37.8 million, or $135,000 a unit. Fremont Investment and Loan provided the financing. The firm will spend about $1 million to renovate the property and convert the apartments to condominiums. Units are expected to be priced from the mid-$100,000s. Nevada West has completed several condo conversions in Las Vegas, including Adagio, Bella Vita, Riviera Ranch, Montana Condominiums and Chapel Hill's sister property, Tuscano. WATER STREET: Burke & Associates of Las Vegas has been awarded a $7.5 million contract to build the two-story, 65,000-square-foot Water Street South office building in downtown Henderson. The project, next to Nevada State College, is expected to be completed in January with seven classrooms, a bookstore, a student lounge, a media center and faculty offices. Burke is also building the $7 million Wingate Inn and Suites at St. Rose Parkway and Seven Hills Drive in Henderson. The four-story, 69-room inn is expected to be finished in about nine months. AUTO CENTER: Core Construction has completed the $2.5 million Meyers Automotive Center at Simmons Street and Ann Road in North Las Vegas. Tenants in the 30,000-square-foot center include Meyers Automotive, Tire Masters and Just Brakes. Carpenter Sellers Associates of Las Vegas was the architect of record. TRANSACTIONS: Brad Peterson of CB Richard Ellis represented Greenlight Financial Services in the five-year lease of 5,000 square feet of office space at 5740 S. Eastern Ave. for $615,500. The owner is P38 Properties, doing business as McCarran Corporate Plaza. Peterson and Darren Lemmon of CB represented Slade Development in the lease of 3,900 square feet of office space at 901 N. Green Valley Parkway for more than $500,000. 1111111111111111 666666666666666666666666666 777777777777777777777777777777777777777777777 *************************************************** | |
031706-6167 |
Post through the courtesy of Las Vegas Review-Journal: Mar. 17, 2006 Copyright © Las Vegas Review-Journal TOURISM: There's madness in the air Convergence of springtime events pushes hotel occupancy toward 100 percent By CHRIS JONES GAMING WIRE [[[Rehan Chaudhry, right, and Paul Thompson react Thursday as they watch NCAA men's basketball tournament games at the ESPN Zone at New York-New York. Photos by John Locher.]]] People line up early Thursday at the ESPN Zone at New York-New York. Hundreds waited for coveted seats from which to catch the action in the openings rounds of the NCAA men's basketball tournament. From bar-hopping booty chases to basketball, blackjack and blarney, Las Vegas visitors will have no trouble finding fun ways to pass time this weekend. Local businesses should have even less trouble finding customers willing to pass big money their way. This week's launch of the National Collegiate Athletic Association basketball tournament and today's St. Patrick's Day holiday are only two of the major draws on tap. With many U.S. schools taking spring break, mid-March is a prime time for leisure getaways. Bachelor and bachelorette party season is in full swing. Toss in some mild spring weather, and the city's March appeal is all the more apparent. "Las Vegas is the place all of us wanted to go," said Thomas White, a 24-year-old University of North Carolina fan who flew here Thursday from Charlotte. "For the first week of the tournament there's nonstop basketball, and we heard that's the place to go." Sixty-five of the nation's best men's collegiate basketball teams are playing for a national title. Before a winner is decided April 3 at Indianapolis's RCA Dome, countless hoop-heads like White will have flocked to Southern Nevada to catch televised action inside a sports book or nearby bar or casino. A 64-team women's basketball tournament also tips off Saturday, which could bring more fans to the city. Last year, March bets on basketball in March, including the NCAA and National Basketball Association, gave Nevada casinos a win of $16.2 million on $170.9 million wagered, up 16.7 percent from 2004, said the Gaming Control Board. March 2005 marked the first time Nevada's 341 casinos collectively reported a total gaming win of more than $1 billion. White will celebrate with 15 friends and family who scheduled a weekend bachelor party to coincide with March Madness. When not watching games at Mandalay Bay, the group will do "regular Vegas stuff" including nightclub visits and playing cards, he said. Scott Frost, general manager of the travel planning Web site VegasHotSpots.com, has booked 40 bachelor or bachelorette parties this month. Some traveled across the Atlantic for the celebrations. "People getting married in June or July are planning and executing their bachelor and bachelorette parties now, and Vegas obviously has a certain mystique along with that," Frost said. College basketball is also a top draw, he added. "March Madness is approaching the Super Bowl as the biggest draw for sports betting pilgrims," Frost said. "Everyone comes to Vegas and literally sits in sports books for hours at a time." That's big business, and not just for sports books. VegasHotSpots.com arranges restaurants reservations, limousine rides, nightclub VIP passes and other perks for "after-dark fun," Frost said. Men typically pay between $150 to $250 per person for the company's services; women's average bills are $40 to $99 per head. That doesn't include meals, hotel charges, bar tabs or other goods or services. The Las Vegas Convention and Visitors Authority doesn't track visitor spending related to St. Patrick's Day, or the start of the NCAA Tournament. It's too difficult to measure how many visitors will come here specifically for those events. Still, the agency's research director said both factor into strong local occupancy this month. A year ago, the city's then-131,119 guest rooms were 99 percent occupied the weekend of March 18-19. One week later, they were 98 percent filled, the authority's Kevin Bagger said. March brought nearly 3.4 million visitors to town last year, the busiest month of 2005. On most days, O'Sheas' nooklike Strip casino caters to small-time gamblers who prefer to grind out a hand or 20 away from the clamor of larger places nearby. But March 17 isn't "most days." And luckily for O'Sheas, its Irish pub theme makes it an obvious choice for tourists to celebrate St. Patrick's Day. Melissa Free, marketing director for the separatelythemed adjunct of Flamingo Las Vegas, said O'Sheas enjoys better-than-normal casino play on St. Patrick's Day. To capitalize on the holiday, owner Harrah's Entertainment will block off a street between O'Sheas and the Flamingo for an outdoor block party from 4 to 11 p.m. today and Saturday. Free promised live music and drink specials on Bushmills Irish Whiskey and Baileys Irish Cream. "Everything's green, from drinks to food to the color on people's clothes," Free said. "Who wouldn't want to spend St. Patrick's Day at an Irish-themed casino?" O'Sheas set up a satellite sports book to garner its share of weekend basketball fans, as well. Ireland native Declan McGettigan brought a touch of the old sod to Las Vegas when he opened Summerlin's JC Wooloughans Irish Pub in 1999. He believes St. Patrick's Day celebrations in the United States are more raucous than those back home, including the standing-room-only romps his pub holds at the JW Marriott resort. "You hear all the time that the real Irish stay away from it because it's such a crazy, crazy day," McGettigan said of St. Patrick's Day parties this side of the Atlantic. "But the ex-pat (expatriate) Irish want to remember their roots as much as possible, and it's evolved almost into our national holiday." McGettigan, now JW Marriott's food and beverage director, said JC Wooloughans will welcome six bands today, ranging from traditional Irish folk music to a U2 cover band. Despite placing a temporary second stage in a nearby courtyard, many would-be revelers will likely be turned away due to overcrowding. "The day of the week doesn't really matter. When it comes to St. Patrick's Day, it's a packed house," McGettigan said. "I wish to God I could have one of them off to celebrate it myself." The National Retail Federation, a Washington-based trade group, estimates U.S. consumers will spend $2.69 billion on St. Patrick's Day purchases this year, up nearly 39 percent from last year's $1.94 billion. The average consumer will spend $27.94, the Federation reports, up from $22.95 last year. Tracy Mullin, the Federation's president and chief executive officer, said March 17 is now "a tremendous day for restaurants and bars, as well as your traditional retail outlets." 55555555555555 11111111111111111111111111111 777777777777777777777777777777777777777777777 **************************************************** | |
030706-1037 |
Post through the courtesy of Las Vegas Review-Journal:Mar. 07, 2006 Copyright © Las Vegas Review-Journal Street applauds Wynn's Macau deal Shares soar 12 percent after sale of casino rights By HOWARD STUTZ GAMING WIRE Wall Street gave Wynn Resorts Ltd. its stamp of approval Monday following a weekend announcement that the Las Vegas-based company had sold a subconcession to operate casinos in Macau to a rival gaming developer for $900 million. Shares of Wynn Resorts, traded on the Nasdaq National Market, soared during Monday's session, closing at $72.24, up $7.83, or 12.16 percent. Wynn Resorts announced its deal Sunday, and in the first day of trading since the news almost 6 million shares were bought and sold, six times the normal daily volume. By the middle of the trading day, the value of Wynn Resorts shares had climbed 16 percent before retreating. During the session, Standard & Poor's announced it might upgrade its rating on the company. Wynn Resorts, which operates Wynn Las Vegas and is building a $1.1 billion hotel-casino in Macau, sold its subconcession in a cash transaction to Publishing and Broadcasting Ltd., an Australian company controlled by the family of business magnate Kerry Packer, who died in December. The deal, which is subject to approval by the Macau government, allows PBL, one of Australia's largest media and entertainment corporations, to operate casinos in Macau and the neighboring Cotai Strip. Wynn Resorts Chairman Steve Wynn said Monday he had "daily offers" from competing casino companies for the subconcession. He said the proposal by Packer's company, which operates Australia's two largest casinos, the Crown in Melbourne and Burswood in Perth, was the right opportunity for both Macau and Wynn. "Gaming is a business that thrives on high-class competition, and that is what the Packers do; they take the high road and build resorts, not just a box with baccarat tables," Wynn said. "These are people that will make Macau stronger and that was the basis of my decision, finding someone who would be good for Macau." Packer's company could build a casino in Macau next to Wynn's under-construction Wynn Macau, the first phase of which is expected to open Sept. 5 with 600 hotel rooms and a 100,000-square-foot casino. "Whatever (PBL) does in Macau will enhance our property and enhance Macau," Wynn said. Gaming analysts agreed. "PBL will now develop and operate their two planned casinos under this subconcession," Goldman Sachs gaming analyst Steven Kent said in a note to investors. As one of three primary gaming license holders in Macau, Wynn Resorts had the right to grant one subconcession to another casino operator. The other two gaming license holders, Galaxy and the corporation controlled by controversial Chinese businessman Stanley Ho, had already sold their subconcessions. Galaxy's was sold to Las Vegas Sands Corp., while a joint venture between Stanley Ho's daughter, Pansy Ho, and MGM Mirage, bought the other subconcession. The subconcessions were sold for approximately $200 million each and the Macau government has reportedly said it will not offer any more subconcessions until at least 2009, which drove up the price of Wynn's subconcession. "This announcement was not a complete surprise," Deutsche Bank gaming analyst Marc Falcone said in a note to investors Monday. "The value for the subconcession was greater than anticipated (more than $500 million) and larger than previous Macau agreements." The news drove up the stock prices of other casino companies with Macau interests. Shares in Las Vegas Sands closed at $56.63 in trading on the New York Stock Exchange, up $3.18 or 5.95 percent. MGM Mirage was up $1.32 to close at $39.51, a 3.46 percent increase. Stifel, Nicolaus Capital Markets gaming analyst Steven Wieczynski said the $900 million price reflected more than $9 per share on Wynn's stock price on a pretax basis. The $900 million sale comes at an opportune time for Wynn. The company hopes to break ground this spring on the $1.4 billion Encore project, a 2,054-room expansion of Wynn Las Vegas that could open by 2008. In addition to its Macau project, Wynn Resorts is seeking approval to build on three casino-hotel sites on the Cotai Strip, a parcel of reclaimed land that neighbors Macau. Wynn said Monday the company could build a fourth Cotai casino. Wynn said the company would look at having joint venture partners in its Cotai plans. "Obviously this means capital for our company but we don't have problems getting capital, so this wasn't the issue," Wynn said. "We looked at this deal as the proper thing to do for the community by bringing another strong casino operator to Macau," he added. 222222222222222222 3333333333333333333333333333333 777777777777777777777777777777777777777777777 ************************************************** | |
022806-1258 |
Post through the courtesy of Las Vegas Review-Journal:Feb. 28, 2006 Copyright © Las Vegas Review-Journal Southern Nevada affordable housing takes center stage By SEAN WHALEY REVIEW-JOURNAL CAPITAL BUREAU CARSON CITY -- Southern Nevada is failing to keep pace with the need for new affordable housing, with an average of 842 units a year coming on line during the past four years while the need just this year alone is 5,300 units, a legislative panel was told Monday. The 842 units have come from using all available programs, such as housing authorities and special home loan programs, said Lesa Coder, director of operations for the Clark County Redevelopment Agency. The information was presented during an update on a Southern Nevada work force housing study. Lawmakers serving on the Legislative Commission's Subcommittee to Study the Availability and Inventory of Affordable Housing asked what government agencies can do to try to bridge that gap. The panel was created to study the issue and develop recommendations for the 2007 Legislature. State Sen. Steven Horsford, D-Las Vegas, said governments should not wait for the Legislature to act because nothing could be accomplished before the 2007 legislative session. Governments have some authority to act and build units to ease the shortage, he said. "In the meantime, the problem is growing exponentially," he said. "I guess the issue is we're running out of time." The draft report contained some other information that concerned lawmakers. Horsford said the draft report, being prepared by Restrepo Consulting Group LLC of Las Vegas, shows that households earning between $67,000 and $84,000 a year cannot afford the $280,000 median cost of a home in Southern Nevada. "So we're talking about professionals here who can't afford to live in our community," he said. Coder said the issue of low-income housing is no longer related only to the poor. "It's no longer that particular case, and can affect our economic viability," she said. "This is a snapshot that was taken mid-year in 2005," Coder told the panel. "I'm sure these numbers would look much more dramatic if you were to take that snapshot again today." John Restrepo of Restrepo Consulting said the business community is concerned. "The folks here that produce jobs outside of the government sector are very concerned about their economic viability and business viability if we don't address this issue at this present time," he said. "It's a critical change from what we've had in the past." Christina Dugan, vice president of public affairs for the Las Vegas Chamber of Commerce, said affordable housing is a concern to her group as well. But she cautioned that any solution will have many different answers and that the free market should be allowed to work where it can. "While certainly some of the studies that have been presented here are startling in terms of the amounts of affordable housing that we need to create in the near future, we are concerned that any over interference in what is typically a natural market ... may in fact create unintended consequences," she said. The chamber supports such ideas as tax incentives for in-fill development and public-private partnerships that fund mortgage assistance, Dugan said. 2222222222222 9999999999999999999999999 666666666666666666666666666666666666666666666 ************************************************** | |
022206-1067 |
Post through the courtesy of Las Vegas Review-Journal:Feb. 22, 2006 Copyright © Las Vegas Review-Journal LAS VEGAS BUSINESS POLL: Health care costly benefit Companies passing expense to workers By JENNIFER ROBISON REVIEW-JOURNAL Click image for enlargement. Click image for enlargement, For many businesses, health benefits are both boon and bane. Offering health insurance boosts any company's compensation package and makes a business more competitive in the hiring arena. Since the late 1990s, however, insurance premiums have risen annually at double-digit rates, making health coverage a stifling burden for many companies. Despite the higher costs, 80 percent of participants in the Review-Journal Business Poll provide their employees with health insurance. Most likely to provide health benefits are companies with 50 or more employees and companies with annual revenue of more than $500,000. Among companies with more than $1 million in annual revenue, 94 percent offer health insurance. In the gaming and retail sectors, 87 percent of businesses offer employees health insurance. That number drops to 79 percent in the service sector, 77 percent in finance and 73 percent in the restaurant segment. Rising costs haven't deterred most companies from providing health benefits because of the competitive advantages insurance coverage offers businesses in recruiting and retaining workers, said Dan Sabaka, director of employee benefits at Russell Financial Services in Las Vegas. Particularly in white-collar sectors and in fields with worker shortages, such as nursing and construction, job candidates frequently ask about health benefits before they query about salaries, Sabaka said. However, a little bit of altruism also drives many business executives to provide health insurance, said Scott Carson, owner of Southwest Benefits in North Las Vegas. "Employers care about their employees and want to make sure their workers are healthy enough -- and can afford to stay healthy -- to be at work every day," Carson said. Until recently, corporate decision makers were largely resigned to big increases in health costs, Carson said. But the poll shows many companies are making efforts to rein in higher health expenses. Nearly 30 percent said they've modified health benefits because of rising costs. Many of those changes involve tweaking coverage details within plans. In the past five years, Carson said, he's noticed fewer employers insuring an employee's family members through their health plans. In addition, in the past three years, Carson said, growing ranks of employers are asking workers to pay as much as 50 percent of monthly premiums (asking a worker to pay more than half would legally prevent a business from qualifying for group coverage). For businesses covered under preferred provider options and health maintenance organizations, lean plans have higher copays to offset corporate costs. Out-of-pocket prices for visits to the primary-care doctor have risen from a typical $10 per trip to $25, and as much as $45 for a consultation with a specialist. Prescription copays for brand-name drugs used to range from $5 to $7 per refill; today, they cost as much as $35. Copayments for hospital stays have also spiked, going up from a standard $100 to as much as $1,000. And payment caps -- the maximum amount an employee would have to pay out before an insurance company covers all health costs -- are going from $2,500 to as much as $10,000. For many business managers, shifting costs to workers isn't solely about improving the bottom line. "Saving money is part of it, but employers are telling me that having employees pay part of their insurance helps them understand how expensive coverage is, and how much of it the company is paying," Carson said. "Knowing that cost helps employees appreciate the fact that the company is paying for a portion or most of the insurance." Though changes in plan designs can reduce benefit costs, those modifications don't deal with the fundamental problem underlying the increase in health costs, said Howard Winters, chief executive officer and founder of Payroll Solutions, a professional employers organization that provides human-resources and benefits services to clients. The first health maintenance organizations emerged in the 1950s and gained significant market share in the 1970s, Winters said. The groups were designed to encourage preventive care by making office visits to doctors inexpensive. What the groups really did, though, was create "unrealistic expectations in American society when it comes to payment for health care," Winters said. "People saw they could have any prescription filled for $5 and see a physician for $5 or $15," he said. "People began to over-utilize the system, going in if they got a rash from their razor or something like that, because they never got to see the true cost of the system. In our society, we haven't taken responsibility for our own health care, partly because we've been educated to live in a dream world where we really don't see the cost of things." Part of the solution, Winters and other benefits experts agree, lies in helping consumers understand those costs. "Consumers need more skin in the game. We have to pay more," Winters said. "We have to be educated that we have a role to play in our own health and in the whole health care continuum. It's probably one of the biggest issues facing American businesses today. It cannot continue to cost more and more, and you can't expect the employer to just do carte blanche health care anymore." At the vanguard of engaging employees in health care costs and decisions are health savings accounts, introduced in 2004. The accounts allow workers to put aside a set amount of money each year tax-free; the accounts earn interest and provide cash for routine medical bills. The accounts come only with high-deductible insurance plans -- usually programs with deductibles starting at around $1,000. The idea: to give consumers an incentive to more selectively choose health-care services. "People used to run to the doctor for every little thing," Carson said. "There's a lot of hope for health savings accounts and for more responsible usage of the system by employees." But industry experts say local businesses have not warmed to health savings accounts, partly because of the high deductibles that come with the plans. "If you do simple math, you have to see beyond the initial price of the plan to understand that if the employee becomes a more educated consumer and takes more personal responsibility, there can be some savings," Sabaka said. "Right now, plans are not rated inexpensively enough for most owners to see the savings on their face value." In addition, Carson said the idea of stowing away $20,000 to $30,000 in a savings account designated strictly for health doesn't make sense to many consumers yet. "The average American would look at that amount and say, 'If I could save that much, I wouldn't need health insurance,' " Carson said. "That's not correct, but that perception has slowed down health savings accounts. At this point, they're not a panacea (for rising costs)." Short of a cure-all for skyrocketing insurance costs, businesses are taking smaller steps toward cutting expenses. One large corporation Carson consults with has contracted directly with a doctor and a dentist, setting a flat monthly fee for services regardless of the number of worker visits. Sabaka sees increasing interest in prevention. He coordinates annual health fairs for his clients, where workers can receive blood pressure tests, blood work-ups, body-fat analysis and classes in smoking cessation. And Winters has a large client who invites two nurses into the offices once a month to monitor employees with chronic conditions, as well as deliver basic information on preventive health. "(The nurse visits) have drastically reduced the cost of the company's health plan," Winters said. "They are self-managing chronic illnesses with ongoing follow-ups, and they encourage healthier lifestyles. The reduced cost of the company's health plan has more than offset the cost of the two nurses and the equipment they have for the program." Many businesses that use preventive programs are finding dividends beyond those that float straight to the bottom line. Said Sabaka: "Healthy employees who are prevention-conscious are going to be more alert and more motivated." Lorperat. Lore tie magnisit autpatem aute magnis augait er iureet, commy non vulpute conse do consequisit, venibh eugait lor sit lore corem dipisci tem quis ex ea adionsectem diating el enim non ent landre feugait at iriusto dit volutpate faciduip et il ex et luptat ulla faci tet, sendre miniat. Lortismod ea alis am ing eu feugiat. Duis dolorperci eum dio corperos elenim quip exero od dunt nos aciduipsusto consenisi estrud minit ipisit lore dolendre exeros delenim nim zzriure del eui tatetum ipit praesto od modio exer iurem autpatum veriustrud te velis ad magna con er il ut euisl irit amconsequat ex elesent lorper sum eugait velendre cor in ut praesenibh essisim volortio cor summodigna faccum iure tinim vulput ute consequat. 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Lor senit veliquis atumsandit dolor suscidunt exeros diam non ut lam vulputet nullutpatis numsan volobore min ullummy 111111111111111 666666666666666666666666 777777777777777777777777777777777777777777777 ************************************************** | |
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Post through the courtesy of Las Vegas Review-Journal:Feb. 12, 2006 Copyright © Las Vegas Review-Journal THE FUTURE OF LAS VEGAS: Meeting the future Bold convention center overhaul aims to help LV keep its trade-show-site pre-eminence By CHRIS JONES GAMING WIRE A parking lot on the Las Vegas Convention Center's west side is pictured last week with a temporary tent for the SHOT Show. Much of the lot will be replaced by a multistory general session center should a $737 million renovation plan be approved by the convention authority. Photo by K.M. Cannon. The Las Vegas Convention Center has for decades drawn visitors at a rhythmic clip, producing cash so steadily it's easy to forget how hard the place actually works. But in its 47th year, the heart of Southern Nevada's convention industry is showing its age. Should conditions worsen, experts here and elsewhere say the community could lose its lucrative and long-standing position as the nation's top trade-show host. To prevent slippage in a sector that pumped more than $7.5 billion into the economy last year alone, the Las Vegas Convention and Visitors Authority's 14-member board will on Tuesday consider a bold intervention. The plan is costly, calling for room taxes and increased leasing rates to cover $737 million in new debt, or roughly $1.4 billion in bond payments over 30 years with interest added. It's also inconvenient, requiring five or more years of on site construction that will interrupt upcoming events, regardless of careful scheduling. But most important, proponents say, Tuesday's proposal is necessary to preserve the long-term usefulness of Las Vegas' oldest and largest trade-show venue. "We're collectively competing against the Chicagos, New Yorks and Orlandos out there who are trying to take business away," Rossi Ralenkotter, the convention authority's president and chief executive officer, said last week. "It's a highly competitive marketplace, and we need to make sure that our facility remains competitive for the next 50 years, just as the destination continues to reinvent itself." COMPETITIVE CONCERNS When the convention center opened on April 29, 1959, it had slightly more than 110,000 square feet of space, including a spaceship-shaped rotunda just east of Paradise Road. In ensuing decades, nine separate expansions increased the center's size to approximately 3.2 million square feet, third-largest largest in the nation behind Chicago's McCormick Place and the Orange County Convention Center in Orlando, Fla. Despite the enhancements, the center is riddled with problems caused by so many separate additions. During focus groups last year, frequent customers often cited a lack of meeting rooms and congested corridors; users also want a modern facade and decor that better represent the city's vibrant image. Newer, healthier centers in other cities -- and in some cases, venues tied to Las Vegas hotel-casinos -- are growing to host more business. And thanks to posh new spaces and 21st century amenities, centers in Chicago, Orlando and Atlanta have narrowed the competitive gap. Dennis Slater is president of the Association of Equipment Manufacturers, a Milwaukee-based trade group that has staged the ConExpo-Con/Agg construction equipment show at the Las Vegas Convention Center every third year since 1987. He's among those calling for change. "Our show has grown from 900,000 square feet to nearly 2 million," Slater said. "(Without the upgrade) it would make it more difficult for us to do the show there. ... Down the line, if there continues to be problems, we'll have to look at other options." Norwalk, Conn.-based Reed Exhibitions stages nine major local trade shows annually, including Global Gaming Expo and the National Hardware Show at Las Vegas Convention Center. Hugh Sinnock, Reed's regional operations director, also participated in the focus groups. He's said he's uncertain whether shows would leave town should the status quo remain. But he added that he's positive a refurbished convention center would attract new business to the city. "(Las Vegas) has a favorable labor situation and the hotel rooms, pluses we all know about," Sinnock said. "By making (the center) even better for people, it's just one more plus that no one's going to be able to compete with." Research sponsored by the authority showed attendance will fall by 10 percent to 15 percent by 2020 unless the center upgrades. Those drops could come faster if the place is branded "out of date" among industry insiders. "Even just the slippage of one or two conventions can have a major impact," Ralenkotter said. With the improvements, expected attendance would grow by 308,000 per year, or 1.9 million total attendees, by 2020, research shows ConvExx, a Henderson-based exhibition production and management company, annually stages the Specialty Equipment Market Association trade show. The event is one of the city's largest, routinely drawing more than 100,000 car lovers to the Las Vegas Convention Center each fall. ConvExx Chairman Chuck Schwartz disputes claims that Las Vegas will lose business unless the center is upgraded, saying, "It's the city that makes a show." Nevertheless, Schwartz supports plans to improve the venue because changes would allow show producers to offer more ancillary events with their trade shows, thereby increasing the appeal of those shows. "Right now it's a second-rate presence. When it's reconfigured, it will be first-class," Schwartz said. Proposed upgrades include: • New general session space totaling 105,000 square feet near the front of the center's existing main entrance. The lack of such space -- essentially a stylized ballroom used for keynote speeches and other high-end special events -- puts the venue at a competitive disadvantage, sources said. • The South Hall, a $181 million expansion that opened just four years ago, would receive 150,000 square feet of new or renovated meeting room space, a sought-after amenity now in short supply at the center. Most of the space would be on the second level covering an open stretch of Desert Inn Road. • An enclosed 500,000-square-foot, two-story concourse would link the North, Central and South halls on the center's west side. It would replace today's outdoor pathways, and give the center a "statement-making exterior appearance," Ralenkotter said. A pedestrian bridge would connect the South Hall's easternmost end with the Central Hall, improving back-of-the-house access. "Right now you really have three separate buildings. ... The lack of adequate lobby space is a problem, but it won't be any more," Sinnock said. "You're going to feel like you've arrived at a real building." • Roadways and drop-off areas would be upgraded to improve traffic flow and add 3,200 parking spaces on varying sides of the complex. A permanent corridor would connect the new main concourse with an existing Las Vegas Monorail station. • Documents also clarify plans for three parcels on Sierra Vista Drive, land the authority bought last year in separate transactions totaling more than $28.1 million. An apartment complex directly east of Marriott's Renaissance Las Vegas hotel would be cleared for a parking garage and multistory administrative building. At 97,000 square feet, the tower would include executive offices and a customer support center for trade show organizers. • Designs also call for a 30,000-square-foot Metropolitan Police Department substation at the northwest corner of Swenson Street and Sierra Vista. That project, to be financed by the authority, would bolster police efforts at the convention center and Strip, and also in a troubled neighborhood west of Maryland Parkway that's often dubbed "Crack Alley." The station may also be expanded to house Clark County Fire Department units. Construction could begin later this year or in the first quarter of 2007. Work is expected to continue in phases through the end of 2011, depending upon event schedules. Ralenkotter said the work will take longer than normal so booked shows can occur with minimal disruptions. He said he does not expect to turn away business during the upgrade. PUBLIC OR PRIVATEį Las Vegas is the only U.S. city with three convention centers of more than 1 million square feet, including the privately held Mandalay Bay Convention Center and Sands Expo and Convention Center adjacent to The Venetian. In recent years, some have questioned whether the Las Vegas Convention Center should expand, particularly if construction costs are financed by hotel guests who paid to stay at would-be competitors such as Mandalay Bay or The Venetian. The parent company of the Sands Expo, the city's second-largest convention venue, sued the authority in 1999 to protest its use of room-tax revenue for the South Hall expansion. The authority countersued, though the dispute was settled out of court in early 2001. This time, however, representatives of several competing venues say they'll support the Las Vegas Convention Center's upgrade because they believe it benefits the community. Keith Smith, the board's vice chairman, is president and chief operating officer of Boyd Gaming Corp. The Las Vegas-based casino company last month said it will build a nearly 1 million-square-foot meeting and convention center at Echelon Place, a pending $4 billion redevelopment of the Stardust site. That center would be a mile or so away from the Las Vegas Convention Center, but Smith expects no competitive concerns. "As the town has grown and elevated, the convention center has not kept up," Smith said. "We're a world-class destination, but it's not world class. It needs to be." Board member and MGM Mirage executive Chuck Bowling, whose company's holdings include large trade show and meeting venues at Mandalay Bay, MGM Mirage and Bellagio, supported Smith's position. "It's time. ... We've got to take the next step," said Bowling, a Mandalay Bay executive vice president. "With Chicago, Orlando, Atlanta and other places upgrading their facilities, if we're going to continue to grow ... we've got to have the core facility for the city to be at the top of its game." Like Smith, Bowling downplayed competitive concerns between local venues. He said the historic balance between sites keeps numerous venues busy and attracts customers to resorts throughout the valley. "Whether it's with MGM Mirage, Harrah's, Boyd or anyone else, (Las Vegas) is going to have something to offer a customer," Bowling said. "We'd rather lose (business) to a competitor in the city than lose it to another city." Board member Kara Kelley said it's critical that the authority avoids spending tax dollars to increase competition with the private sector. Based on her early review, she said she's confident the proposed expansion achieves that goal. "There appears to be a real need to refurbish what we have," said Kelley, who is president and chief executive officer of the Las Vegas Chamber of Commerce. "We're not talking about adding another million square feet; these are improvements needed to simply stay viable." Sands Expo President Richard Heller did not return calls related to this story. SHOW ME THE MONEY Talk of upgrading the convention center went public in January 2005 during a monthly convention authority board meeting at Cashman Center. Ralenkotter unveiled an ambitious vision statement calling for Las Vegas to host 43 million annual visitors by 2009, up nearly 15 percent from 2004's then-record 37.4 million. (Early indicators show 38.5 million guests arrived last year.) Conventions, meetings and trade shows must increasingly drive growth, Ralenkotter said 13 months ago. He added then that he hoped one in five local visitors would soon list business as their trip's primary purpose. Throughout the year, Ralenkotter said improvements to the center would cost approximately $400 million. By December, he'd upped the likely bill to $450 million to $500 million -- a significant increase, but still far below the $737 million budget the board will consider Tuesday. The revised cost was driven by rising construction expenses, and a clearer idea of the specific changes customers hope to see at the center, Ralenkotter explained last week. He also said the project will pay for itself. A Tuesday presentation will suggest the authority will over the next 30 years generate $3 in new direct revenue or local economic impact for every $1 it spends on the upgrade. Proponents also hope to recoup approximately $14 million in construction fees from concession holders such as Aramark Corp. or Smart City Holdings, which may invest more cash in exchange for new revenue opportunities such as restaurant space or expanded communication services. Plans also call for lease rates at the center to jump from 25 cents per square foot to 29 cents effective July 1, 2009; rates would rise another 5 cents three years later. Parking fees would rise from $5 per day to $10 effective July 1. Clark County hotel and motel guests pay a 9 percent room tax, 3 percent of which goes toward local schools, roadway and rural tourism initiatives. Ralenkotter warned those areas could suffer should the convention center lose its drawing power. "We can't just walk away from such a tremendous asset," he said. If board members agree Tuesday, he won't have to. 7777777777777777 11111111111111111111111111 888888888888888888888888888888888888888888888 ************************************************** | |
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Post through the courtesy of Las Vegas Review-Journal:Feb. 10, 2006 Copyright © Las Vegas Review-Journal STRIP DEVELOPMENT: MGM project gets costlier Project CityCenter to cost $7 billion after upgrades add $2 billion to price tag By ROD SMITH GAMING WIRE MGM Mirage raised the price tag on its Project CityCenter by $2 billion Thursday as part of its plans to upgrade and expand what was already the largest privately financed development project in the U.S. hospitality industry's history. The Strip development is now projected to cost $7 billion, largely because of plans to enhance the project's hotel operations, add a new monorail component, expand its residential component and upgrade construction quality, MGM Mirage President Jim Murren said. Escalating material and labor costs are also playing a role in the higher price tag, he said. The MGM Mirage board of directors on Wednesday approved the final design for many elements of the project, which will include a 4,000-room luxury hotel-casino; two 400-room, nongaming boutique hotels; more than 470,000 square feet of retail, dining and entertainment space; and 2.3 million square feet of residential space. The driving force behind the project's rising cost is not construction but the decision to develop a luxury-class hotel and increase the scope and quality of the retail operations, Murren said. "We're particularly excited about the Cesar Pelli (and Associates) component, which we believe will become the leading hotel product (in Las Vegas)," he said. Cesar Pelli is the lead architect on the 4,000-room hotel-casino, which had been planned as a midrange hotel-casino. Rafael Vinoly Architects of New York, which designed Philadelphia's Kimmel Center, is designing the condominium-hotel towers. Amsterdam-based Gensler is the executive architecture firm overseeing design of CityCenter, and Perini Corp. will be the general contractor. With construction starting in mid-2006, Murren said the board set a hard opening date of November 2009. Murren also said MGM Mirage will seek to get the project a Leadership in Energy and Environmental Design designation from the U.S. Green Building Council, a first for Las Vegas. The designation will require the project to meet a stringent set of construction standards requiring reduced electrical use, wastewater recycling and use of costlier but environmentally correct building materials that will benefit the community, he said. The expanded plan includes improved vehicle and pedestrian traffic patterns that will increase its cost, Murren said. The monorail, a state-of-the-art people mover system connecting all elements in the project, will cost $150 million to $200 million, he said. Wachovia Securities analyst John Mulkey said in an investor advisory that the project's expansion and increased cost is consistent with the continuing "condo craze" in Las Vegas, and that further enhancements or cost increases would not be surprising. Deutsche Bank analyst Marc Falcone said: "The design process remains fluid, and we would not be surprised to see more changes in the future." And Murren conceded the project could go over budget if there are delays, although it has remained on schedule so far. The new price does not include preopening costs, which analysts said could be $500 million, and land costs for the urban development located on approximately 66 acres between Bellagio and Monte Carlo. MGM Mirage, the world's second-largest casino company, will kick in approximately $4.5 billion of the total cost; the remainder will be come from an expected $2.5 billion in proceeds from the sale of residential units. "We also continue to explore potential partnerships and other financing vehicles to ensure the most efficient use of capital," he said. MGM Mirage Chairman Terry Lanni said the market for hotel-casinos and vertical residential space in Las Vegas remains very robust. "Our board and management believe that Project CityCenter will be the catalyst for a new kind of experience on the Las Vegas Strip, and forever change the way we view Las Vegas," he said. Wall Street was more skeptical of the announced expansion. Goldman Sachs analyst Steve Kent said MGM Mirage's estimates of proceeds from residential sales are based on selling prices of more than $1,000 per square foot, which he viewed as aggressive in an "extremely tenuous real estate market." "Recently a major Las Vegas condo development project, Icon, was shelved and others are reportedly seeing demand trail off," Kent said. "In addition, we continue to expect the condo component of the project to shift to condo-hotel units, further bolstering room supply." Mulkey said that although MGM Mirage contends sales and pricing trends at its Signature condo-hotel in the MGM Grand are strong and will carry over to Project CityCenter, the condominium market in Las Vegas is cooling quickly. "With that said, we believe the best capitalized builders on or around the Strip should remain successful in the current market," he said. MGM Mirage shares closed Thursday at $38.20, down 24 cents, or 0.62 percent, on normal trading volume of 1.49 million shares. 9999999999999999 66666666666666666666666666 777777777777777777777777777777777777777777777 ************************************************** | | Go To Page: [1][2] 3 [4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22] | |