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vegasinc.com | june 18 - june 24, 2017

The cost of turnover When a business loses an employee, the effects on profitability and morale can be profound By Howard Riell | Special to VEGAS INC

Having to replace employees isn’t just a pain, it’s a major expense — but one that savvy executives can avoid. ¶ Costs to recruit and train employees to fill vacancies can be formidable. With this in mind, employers should redouble efforts to retain employees. “In addition to the direct cost of hiring and training new staff, the financial impact of lost efficiency h iring costs, Continued on page 15

Number of battery-powered electric vehicles Volkswagen plans to launch in the next 10 years. The company hopes to sell at least 2 million electric cars by 2025.

$280m

Amount Dish Network was ordered to pay for unwanted robocalls. In 2015, Dish Network was found guilty of violating the Federal Do Not Call Registry more than 50 million times.

CONTENTS

VEGAS INC

JUNE 18-JUNE 24

GROUP PUBLISHER Gordon Prouty ASSOCIATE PUBLISHER Breen Nolan

NOTEWORTHY STORIES

05 06 18 Q&A WITH TERRY KENNEDY

MEET DSQUARED2

The CEO of Appreciation Financial talks about his passion for helping public employees save enough money to retire, the importance of teamwork when it comes to success, and how he stuck his neck out to meet his future wife.

Designs by twin brothers Dean and Dan Caten have been worn by Britney Spears, Madonna, Justin Timberlake, Kendrick Lamar, Ricky Martin and Lenny Kravitz. And with the recent opening of their flagship store at the Shops at Crystals, they can be worn by you too.

THE NOTES People on the move, P4

TALKING POINTS Help employees weather the business storm cycle, P7

DATA AND PUBLIC INFORMATION A listing of local bankruptcies, bid opportunities, brokered transactions, business licenses and building permits. MORE VEGAS INC BUSINESS NEWS Conventions, P9 Calendar: Happenings and events, P17 The List: Highest-paid business leaders, P22

EDITORIAL EDITOR Erin Ryan (erin.ryan@gmgvegas.com) MANAGING EDITOR Dave Mondt (dave.mondt@gmgvegas.com) ASSISTANT MANAGING EDITOR/SPORTS AND DIGITAL Ray Brewer (ray.brewer@gmgvegas.com) STAFF WRITERS Mick Akers, April Corbin, Yvonne Gonzalez, Jesse Granger, Chris Kudialis, Thomas Moore, Cy Ryan, Camalot Todd, Ricardo Torres-Cortez COPY DESK CHIEF John Taylor GENERAL EDITOR Paul Szydelko ASSISTANT GENERAL EDITOR Adam Candee COPY EDITOR Christian Bertolaccini SPECIAL PUBLICATIONS EDITOR Craig Peterson RESEARCHER Jamie Gentner EDITORIAL CARTOONIST Mike Smith LIBRARY SERVICES SPECIALIST Rebecca Clifford-Cruz OFFICE COORDINATOR Nadine Guy

ART ASSOCIATE CREATIVE DIRECTOR Liz Brown (liz.brown@gmgvegas.com) DESIGNER LeeAnn Elias PHOTO COORDINATOR Yasmina Chavez PHOTOGRAPHERS L.E. Baskow, Christopher DeVargas, Steve Marcus, Mikayla Whitmore

ADVERTISING PUBLISHER OF DIGITAL MEDIA Katie Horton GROUP DIRECTOR OF SALES OPERATIONS Stephanie Reviea PUBLICATION COORDINATOR Denise Arancibia SENIOR ADVERTISING MANAGER Jeff Jacobs EXTERNAL CONTENT MANAGER Emma Cauthorn BUSINESS DEVELOPMENT SPECIALIST Sandra Segrest ACCOUNT MANAGERS Katie Harrison, Dawn Mangum, Sue Sran ADVERTISING MANAGERS Kelly Decker, Brianna Eck, Chelsea Smith, Danielle Stone, Alex Teel

MARKETING & EVENTS EVENT MANAGER Kristin Wilson DIGITAL MARKETING MANAGER Jackie Apoyan

PRODUCTION

VINTAGE VEGAS: MUSIC FESTIVALS ON THE SCENE FOR DECADES

VICE PRESIDENT OF MANUFACTURING Maria Blondeaux PRODUCTION DIRECTOR Paul Huntsberry PRODUCTION MANAGER Blue Uyeda PRODUCTION ARTIST Marissa Maheras, Dara Ricci ART DIRECTOR Sean Rademacher GRAPHIC DESIGNERS Michele Hamrick, Dany Haniff TRAFFIC SUPERVISOR Estee Wright TRAFFIC COORDINATORS Kim Smith, Meagan Hodson

“The Entertainment Capital of the World” has embraced music festivals for decades. Remember the likes of Lollapalooza, Junefest and Vegoose? As the hundreds of thousands of attendees of Insomniac’s Electric Daisy Carnival descend upon the city this week, we take a look back at Junefest. Pictured here, Ted Nugent performs during Junefest on June 3, 1995, at the Silver Bowl. The festival was shelved after a 10-year run from 1993 through 2002, then revived in 2012 by the radio station KKLZ-FM 96.3 and staged at Sunset Station.

CIRCULATION DIRECTOR OF CIRCULATION Ron Gannon ROUTE MANAGER Joel Segler

GREENSPUN MEDIA GROUP CEO, PUBLISHER & EDITOR Brian Greenspun CHIEF OPERATING OFFICER Robert Cauthorn MANAGING EDITOR Ric Anderson CREATIVE DIRECTOR Erik Stein

VOLUME 4, ISSUE 24 Vegas Inc (USPS publication no. 15540), 2275 Corporate Circle, Suite 300, Henderson, NV 89074 is published every Sunday except the first Sunday of the year by Greenspun Media Group. Periodicals Postage Paid at Henderson, NV and at additional mailing offices. POSTMASTER: SEND ADDRESS CHANGES TO: Vegas Inc 2275 Corporate Circle Suite 300 Henderson, NV 89074 702.990.2545 For inquiries, write to: Vegas Inc 2275 Corporate Circle, Suite 300 Henderson, NV 89074 For back copies: Doris Hollifield at 702.990.8993 or e-mail at doris.hollifield@gmgvegas.com For subscriptions and customer service: Call 818.487.4538, or visit vegasinc.com. For annual subscriptions, $50. For single copies, $3.99.

— REBECCA CLI FFO RD-CRUZ

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VEGAS INC

the notes

june 18-june 24

Send your business-related information to news@vegasinc.com

Attorneys Barry Langberg and Deborah Drooz joined Pisanelli Bice. Langberg langberg drooz is one of the nation’s preeminent trial attorneys. Over his 45 year career, he has won jury verdicts in defamation, entertainment, real estate and commercial cases. He won a landmark victory in the libel case of Carol Burnett vs. National Enquirer. Drooz brings a strong record on appeal to the firm, having a number of published and precedent-setting appellate victories in state and federal courts. Vivian Bryce-Tyson is a project manager for Grand Canyon Development Partners. Mike DiFabbio is the director of business development for Nevada General Construction. DiFabbio spent eight years as the sole business developer and branch manager for Integrated Landscape Management, where he helped grow the company from zero to 240 clients.

difabbio

Odyssey Real Estate Capital acquired 7251 West Lake Mead Boulevard, one of two identical buildings at City Center West. Leasing efforts are being handled by Patti Dillon, Taber Thill and Ryan Martin of Colliers International. Jennifer Lehr is a senior associate at Sun Commercial Real Estate. Jasmyne Shoemaker is vice president, relationship manager of Cathay Bank’s Nevada Commercial Real Estate Lending Group. Suhaily Rivera-Ortiz is assistant controller and Ruben Llamas is project manager of Penta Building Group. The Las Vegas chapter of the American Advertising Federation recognized B&P Advertising, Media and Public Relations with top honors at its annual ADDY Awards. The creative team at B&P won the Judge’s Choice ADDY for its work on the Bellagio “One Drop” direct mail campaign, which also won the Gold ADDY in the Sales & Marketing Direct Mail category. This winning entry was the result of a group effort by Executive Creative Director Rob Catalano, Creative Director Mike Lawrence, Art Director Trish Durden, Copywriter Shannon

Sarver and Production Manager Tim Gayhart. The team claimed two more Gold ADDYS, including one in the Sales & Marketing Direct Mail, Flat-Single category for the Cosmopolitan of Las Vegas “Evolution” campaign. This campaign was produced by Catalano, Lawrence, Sarver, Gayhart, Art Director Laurie Nickerson and Graphic Designer Nick Iannuccilli. B&P won its third Gold ADDY in the Sales & Marketing, Direct Mail, 3-D Mixed-Single category for the Cosmopolitan of Las Vegas “Million Point Club” campaign, led by Catalano, Lawrence, Sarver, Gayhart and Art Director Drew Schultz. B&P also won a Bronze Award in the Integrated Brand Identity Campaign category for its logo design for The Ride Premium Indoor Cycling. The McGarey Group, a commercial real estate division of Berkshire Hathaway HomeServices Nevada Properties, was recognized as the top-producing team throughout Berkshire Hathaway HomeServices for 2016. This is the fourth consecutive year the team has ranked No. 1 in the nation and the eighth year in a row that it has been one of the top five ranked commercial teams in the country. Led by Christopher McGarey, the McGarey Group manages more than 500 single family homes, townhouses and high-rise investment properties.

2,300-square-foot Harley-Davidson at the Grand Canal Shoppes inside the Venetian and the new Harley-Davidson store at the Linq Promenade. The general contractor also is working on remodeling the 3,042-square-foot Harley-Davidson store at the Forum Shops inside Caesars Palace. Additionally, DC Building Group recently completed the remodel of public restrooms on the casino floor at the Orleans, and oversaw a new balcony at a restaurant at the Suncoast. DC Building Group received its 17th Safe Site Award from the Las Vegas Associated General Contractors and Nevada Contractors Association for construction of Harrah’s Wine & Spirits on the Strip. The space was designed by X9 Design Group. DC Building Group is the general contractor for the American Leadership Academy charter school in North Las Vegas. The 72,577 school, at 777 E. Ann Road, is expected to be complete in late July. Carhuff & Cueva Architects is the architect of record. SR Construction finished construction on the thirdand fourth-floor buildout at Centennial Hills Hospital. The additional 53,000 square feet allowed space for 72 patient beds, four nurse stations, two family lobbies and six handicap rooms.

DC Building Group completed the Cracker Barrel Old Country Store, 2815 E. Craig Road, North Las Vegas. The general contractor also completed two Del Taco restaurants and a Raising Cane’s in Henderson. The Del Tacos are at 135 N. Stephanie St. and 10485 Spencer St., and the Raising Cane’s is at 110 N. Stephanie St. The 2,500-square foot Del Tacos were both designed by architect Avaruus Studios. The 3,600-square foot Raising Cane’s was designed by architect X9 Design Group and is owned by MRG Marketing & Management. DC completed the new Southern Hills Baptist Church campus at 6425 W. Pebble Road. The 14,855 square-foot building comprises a 600-seat auditorium, lobby, lounge, and meeting rooms. Designed by JVC Architects, the exterior face of the building includes an optical effect using a “relief and a recessed” cross.

Pulte Homes broke ground on Reverence, a Summerlin village being developed on 300 acres.

DC Building Group completed a slew of construction projects at casinos. They include: remodel/ tenant improvement work for the 1,050-squarefoot La Salsa Margarita Bar at Showcase Mall; the remodel of the 720-square-foot Breeze Daiquiri Bar inside the Linq Promenade; the remodels of the 1,802-square-foot Marshall Rousso, the 1,290-square-foot Harrah’s Wine & Spirits, and the 850-square-foot Breeze Daiquiri Bar — all at Harrah’s; as well as the remodel of the

The Internal Revenue Service renewed its lease at 110 N. City Parkway, part of the Molasky Corporate Center, for another 10-year term. The IRS has been at its downtown headquarters since 2005. The agency currently uses three floors for a total of 63,420 square feet. It is a Level III security facility. Molasky Property Management is pursuing LEED EB and Energy Star certifications. The firm also completed the Federal Bureau of Investigations’ Boston Field Office in Chelsea, Mass.

Bergman, Walls & Associates concluded a renovation of Seneca Niagara Resort & Casino’s luxury penthouse suites and Morongo Casino, Resort & Spa’s high limit room and expanded Apache Casino Hotel with the design of its new event space. The Seneca is in New York, the Morongo is in California and the Apache is in Oklahoma.

The Howard Hughes Corp. finalized a 15-year, buildto-suit lease with Aristocrat Technologies, allowing the company to consolidate several of its Las Vegas facilities to a new campus in Summerlin. The two-building campus encompassing approximately 180,000 square feet is planned for the corner of Hualapai Way and the 215 Beltway.

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the interview Send your business-related information to news@vegasinc.com

VEGAS INC

june 18-june 24

Q&A with terry kennedy

Financial services CEO: ‘No one wins alone’ After seeing teachers fall victim to bad financial advice, Terry Kennedy decided to educate the educators about protecting their hard-earned investments. That personal mission led him to start Appreciation Financial in 2008. Since then, he has visited more than 1,000 schools, and his firm has helped thousands of teachers plan for life after the bell rings on their careers. Do you have any recent news you’d like to share? So far, 2017 has been the best year of my life, both personally and professionally. It started with marrying my best friend, Amanda, at Red Rock Resort on New Year’s Eve and formally blending our families. Then in February, Appreciation Financial hosted our largest convention to date. Shortly after that, it was recognized as the largest group of retirement and finance professionals in the nation that serves educators. What is the best business advice you’ve received? Always look for the win-win solution. I use it in every decision I make. Too often, people think being successful equates to finding ways to benefit yourself. No one wins alone. The definition of success is when you achieve goals together with the people you are Terry Kennedy owns Las Vegas-based Appreciation Financial, which specializes in in business with. In fact, I use this ev- helping public employees plan for retirement. (Christopher DeVargas/staff) erywhere in life, not just in business. Where do you see yourself in bring pride to campuses. 10 years? Most recently, hundreds of our If you could change one thing I see Appreciation Financial as the agents helped to beautify the 50-yearabout Southern Nevada, what premier company for public employold campus at Cashman Middle would it be? ees to entrust their retirement, but School by painting, organizing a storI’d like to see more focus on develwe have just begun to spread across age area, improving the teacher break oping local leaders out of entreprethe public employee marketplace. We room, general cleanup and trash reneurs. Southern Nevada has a small will be what USAA is to military famimoval, and more. The highlight of this pond of decision-makers. I’d love to lies. We are here for public employees. project was the addition of an outdoor see that expand to include entrepreWe understand their unique needs, classroom. neurs of the next generation who have and we know they deserve to have an vested interests in seeing our commuincome that lasts a lifetime. What’s your favorite place to nity improve. have fun in Las Vegas? What is your dream job outside My wife and I take our friends and What’s the biggest issue facing of your current field? family to Lake Mead every chance we Southern Nevada? I have a passion for preventive wellget. In fact, we chose Henderson for Our future as a community imness and enjoy learning about cutour home base because it shortened proves when our public education ting-edge technology that’s helping the drive to the lake. I ski and wake system improves. I see it firsthand people stay healthy and live longer. surf. My wife loves to swim and be in as our agents help public school emI’d do something in a field that helps the sun. It’s our happy place, and you ployees retire with dignity. I’ve been people better balance the dry heat can catch us out there on our boat or to hundreds of campuses. I’m lucky and the 24-hour lifestyle of living in WaveRunner several times a week in to have my daughters attend five-star Las Vegas. the summer. public schools. However, the conditions at some Whom do you admire? Describe your management style. of our schools break my heart. ChilTwo people: Elon Musk for his outI’m the exact opposite of a microdren deserve the right to a quality of-the-box thinking, and my father, manager. My philosophy is simple: public education in a safe, secure faTim Kennedy, who is turning 70 this Know your job and do your job. I find cility. That’s why we began Appreyear and can still water ski better than people are more likely to do be prociation Ambassadors — a nonprofit anyone on the lake. active when you’re not micromanagarm that cleans, beautifies and perIn business, you can’t be afraid of ing them. forms construction projects to help

people saying “that can’t be done.” I welcome it. I say tell me all the reasons why something can’t be done so I can overcome them all and get it done. What is your biggest pet peeve? People who do not do what they say they are going to do, both personally and professionally. I’m very literal and pride myself on saying what I mean and meaning what I say. If you say you are going to do something, do it. It’s how I live and how I hold the people around me accountable. All you have is your word. What is your funniest or most embarrassing work story? Well, ironically, it was at a teacherappreciation event that I met a thenClark County School District administrator who I couldn’t take my eyes off of. I risked the professional boundary that day and asked her out for a drink. She politely declined and told me that she needed to get to a date after work. I was completely thrown for a loop but not defeated. I put the suggestion out there one more time before the event was over; it could have turned out very badly, but believe it or not, she canceled her date that evening, we had that drink, and now she’s my wife. It pays to never give up. If you could change one thing about yourself, what would that be? I’d be more patient. I’m always on the go. I’m the president and CEO of an extremely fast-growing company, husband to a sharp woman, father of three, son to active parents and an investor. I juggle a lot and manage most of it from various airports across the country and cellphones. My tolerance level for anything time-wasting is low, and sometimes it shows. What can I say? I’m human. What is something that people might not know about you? My father and I are avid motocross racers and have been my whole life. We still travel together and win races in our age classes. I’m also turning 40 this year.

VEGAS INC

get to know a local business

june 18-june 24

Send your business-related information to news@vegasinc.com

by the numbers

$29.5 billion

Value of Toyota, the most valuable car brand in the world, according to a report by Millward Brown. Toyota’s brand value rose 2 percent since 2015 and has finished as the most valuable car brand nine out of the 11 years this report has been issued.

30 percent

Potential increase of AAA insurance rates for customers who drive Tesla vehicles. According to AAA, Model S and Model X vehicles have higher claim frequencies and higher costs of insurance claims than other cars in the same classes.

Number of suspects linked to a case involving the sale of Apple users’ personal information in China. The suspects were not directly employed by Apple, but 20 of them worked for a company that dealt with direct sales and outsourcing. The scam sold more than $7 million worth of information, including Apple IDs and other personal data.

200,000

Number of people who participated and celebrated in Tel Aviv, Israel, at a Gay Pride Parade. Israel is surrounded by countries where homosexuality can be punished by death, but Tel Aviv is a mostly gay-friendly travel destination, and openly gay men and women serve in the country’s military and parliament.

$103.1 million

U.S. box office sales during opening weekend of “Wonder Woman.” It was the biggest U.S. box-office opening ever for a female director. Warner Bros., though, has not yet signed Patty Jenkins to direct a sequel.

$435 million

Amount of the June 10 Powerball jackpot, the 10thlargest in U.S. lottery history. Nineteen consecutive drawings were conducted without a winner.

Designers: Las Vegas can be an unconventional fashion capital Describe your business.

Our approach to fashion is a mix of heritage Canadian iconography, modern Italian tailoring and playful sensuality. We like to meld together contrasts: sporty and glamorous, laid-back and extravagant, and masculine and feminine. Our motto is “Born in Canada, Living in London, Made in Italy,” and we love to be a bit daring and creative with designs to distinguish ourselves from other brands. We produce both men’s and women’s ready-towear, shoes and accessories, and combined our men’s and women’s shows for our first co-ed show in January. Why did you choose Las Vegas?

The U.S. is an important market for us, and we’ve been trying to expand our business here over the past three years. We had one store on the West Coast in LA, so it was time to add another one. And Las Vegas is such a fun, vibrant city, where anything goes with fashion. We love how people express their individuality when they’re here. What type of consumer does your store attract?

Of course, we get the luxury shopper looking for a unique piece, or customers looking for staples from our collection, like denim and leather. We like to offer a variety, from casual to red carpet, so customers can really create their own looks and individual expressions. When did you know you wanted to be fashion designers?

We always knew. We started in tailoring suiting and expanded from there into denim, and then into everything else. What have you learned from working with musicians, celebrities and artists from all different walks of life?

It’s always a fun experience. And luckily, it always turns into a seamless collaboration — they’re usually familiar with the brand and have their own ideas about what they want, and we work with them to create looks that are true to themselves but still have the DSquared2 DNA.

Designers Dan Caten, left, and Dean Caten, right, flank Ricky Martin while Carrot Top pops in during a private party to celebrate the opening of DSquared2’s flagship location at The Shops at Crystals. (L.E. Baskow/staff)

DSQUARED2 Address: 3720 Las Vegas Blvd. South, Las Vegas (the Shops at Crystals) Phone: 702-790-2448 Website: dsquared2.com Hours of operation: 10 a.m.-11 p.m. Sunday through Thursday; 10 a.m.-noon Friday and Saturday Owned/operated by: Dean and Dan Caten In business since: April

owns the idea of being someone else when you’re there and really creating a new individuality, then it could be an unconventional idea from the typical fashion capitals.

Have you ever been star-struck?

It’s always a pleasure and a bit of an unknown anytime you first work with anyone. Not star-struck, but in a matter of finding your rhythm in working together. We’ve been fortunate to work with such stars as Madonna, Rhianna, Nick Jonas, Dwyane Wade and Ricky Martin. It’s always a positive experience. What is your business philosophy?

We want to create pieces for all types of people and be accessible everywhere in the world. Expansion is really at the top of our list right now, and we hope to grow the U.S. business even more over the next few years. Does Las Vegas have the potential to be a fashion hub? What would it take for the city to increase its relevancy in the industry?

Las Vegas is a unique city since there is a such a range of people and different styles, so there’s always an opportunity for fashion to really evolve there. Maybe if Las Vegas

What obstacles has your business overcome?

As fashion has evolved over the years, you always must adapt your business to the new business models or trends or digital advancements, which is an obstacle every now and then. You want to stay relevant in the marketplace but also true to your brand’s DNA. What is the hardest part about doing business in Las Vegas?

Learning our customer and seeing what people are most interested in — if it’s a cocktail dress for a night out or swimsuits for the pool. What is the best part about doing business in Las Vegas?

There are people visiting from other countries or parts of the U.S., but then again there are celebrities and entertainers performing or who call Vegas their home. You never know who you’re going to see or who might stop by.

talking points Send your business-related information to news@vegasinc.com

Reader comments We want to hear from you. Visit vegasinc.com to post your opinion.

On Mick Akers’ vegasinc.com story “One button can now hail a cab in Southern Nevada”: Wow, eliminates the need to make a phone call. Right, that’s the difference between using a taxi or a ride share in Las Vegas. — Steve On Adam Candee’s lasvegassun.com story “Raiders, UNLV still must diagram how they’ll play together in new yard”: Just make all the signs programmable LEDs and you can change the whole theme of the stadium instantly for the Raiders, UNLV or any other event. — RaiderFanMikeP On April Corbin’s lasvegassun.com story “County moves to fortify Strip sidewalks to protect pedestrians”: I hope eventually these are installed from Sahara Avenue to Russell Road on both sides of the Strip. Now, how about bollards in front of the bus shelters? — MAR100Z On Chris Kudialis’ lasvegassun.com story “ESAs’ loss of earmarked money from pot tax is rainy day fund’s gain”: The goal is not just to raise tax revenue but also to ensure our citizens buy their tested products at a legitimate store and not from some street dealer with moldy weed. — 360dunk

VEGAS INC

june 18-june 24

Help employees weather business storm cycle

guest column: how are they handling their new positions? he modern economy is in a Dave Hopson Do they need to be moved back? Once you’ve constant state of change, which answered these questions, you can step back means businesses — large and and take a more accurate look at your staff. small — must move quickly in You’ll be able to add people where you need response to market shifts. them — and remove people where you don’t. Even the strongest companies cycle through good times and bad, and bringing out the best in employees is n Expect resistance to change. If this is painful for you a challenge during the best of times. According to Gallup, as a manager, think about how it is for staff members who only 32 percent of U.S. workers felt engaged in their jobs have a lot less control over the situation. How you and your in 2015, which was a pretty good year for the economy and leadership team present change to your staff can make a for business growth. So imagine the struggle of keeping world of difference. Employees who feel involved in the workers happy during a down period. change and understand what’s going on demonstrate a more And there will be a down period. Businesses go through rapid recovery and may perform better. four phases: startup, high growth (the “tornado”), declining n Clear and frequent communication is vital. If you growth (the “avalanche”) and consolidation. introduce processes that staff members don’t understand Picture employees sliding downhill in an avalanche: It’s or haven’t learned, you’re going to slow things down rather up to a company’s leaders to help them hold on, to turn the than speed them up. Invest in your people. Make sure they inevitable transition period from exhausting to exhilarating. always have proper training and equipment. How does a business leader manage that through possible During the consolidation period between high times layoffs and pay cuts or, at the very least, major changes to and low times and back to high times again, a leader’s the processes used to get the work done every day? primary role is to rally those frazzled and frustrated troops. Make sure everyone understands you’re in the midst of a n Start putting people in the roles that fit them best. normal process, and keep waving that flag so no one gets This is the time to ask some tough questions. Who on the staff discouraged. is so tired and discouraged Dave Hopson is that they can no longer managing partner at IT do their jobs well? Who According to Gallup, only 32 percent of U.S. consulting services firm has been moved outside workers felt engaged in their jobs in 2015. Triumphus. of their normal roles and

Smith’s world

Mike Smith is an award-winning editorial cartoonist who also draws for the Las Vegas Sun. His work is distributed nationally by King Features Syndicate. See archives of his work at lasvegassun.com/smithsworld.

VEGAS INC

june 18-june 24

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What’s to come of Sam Boyd Stadium? By adam candee Staff Writer

Few of the greatest moments in UNLV athletics history reside at the far eastern end of Russell Road in Sam Boyd Stadium. On a 62-acre parcel roughly 10 miles west on Russell, the Rebels will share a sparkling new 65,000-seat domed stadium with the Las Vegas Raiders in about three years. That’s when Sam Boyd might create its most lasting positive impact for UNLV simply by permanently shutting its gates. When the Rebels move into the Raiders facility to play their home football games, the closure of Sam Boyd could net UNLV up to $35 million in compensation for lost revenue from the Las Vegas Stadium Authority over a 10-year period. What becomes of the more than 69 acres on which the current stadium stands remains undetermined. UNLV President Len Jessup recently presented options to the Nevada Board of Regents on the subject. “We’re wanting to assure the board that we as the university can’t make any decisions on the future of Sam Boyd Stadium without coming back to them with a plan they would have to act on,” said Gerry Bomotti, UNLV senior vice president for finance and business. Regent Trevor Hayes, however, saw little new information in the update provided in the board’s agenda packet. “I’m surprised they’re giving us an update that’s not really an update,” Hayes said. “This update could’ve been written a year ago or immediately following the (Nevada Legislature) special session.”

A giant American flag is displayed before the UNLV football team plays Wyoming on Nov. 12 at Sam Boyd Stadium. (l.e. baskow/staff file)

Bomotti identified the potential sale of the land for development and a possible land swap with Clark County as options for the parcels. The county transferred ownership of the stadium land to the regents in 1985 and still owns another adjacent 92 acres that is leased to the regents for Sam Boyd parking. County officials did not have much interest in such a trade in discussions two years ago, Bomotti said, but local real estate and development conditions have improved drastically since then. “The whole gamut of options is open,” Bomotti said. One idea initially identified but later scrapped would have explored whether the Raiders might want the stadium and land for a practice facility, but that consideration ended quickly. “The Raiders don’t like that location,” Bomotti said. “It’s so far off as what they see as the beaten path.

They’re looking at some other locations, as I understand it.” Raiders officials appear to prefer a location adjacent to the 215 Beltway to allow players and staff living in Summerlin or Green Valley easy driving access. Sam Boyd Executive Director Mike Newcomb declined to comment on potential uses for Sam Boyd and the surrounding land, saying only that the stadium would close upon the opening of the Raiders stadium, as laid out in Senate Bill 1. That is the state legislation approved in October that allots $750 million in public funding toward the $1.9 billion building. Within that law is language allowing UNLV to receive up to $3.5 million per year over 10 years to make up for income lost by Sam Boyd’s closure. To calculate exactly how much money the university can claim, UNLV officials will work with the Stadium Authority

to establish a baseline year no earlier than fiscal year 2015-16, then measure both income stripped by losing Sam Boyd and monies gained through the use of the new stadium. Bomotti said that process began recently and requires a significant amount of additional information, including the terms of the as-yet unfinished stadium shared-use agreement between UNLV and the Raiders stadium events company. “We’re working on those models now, but a lot of assumptions have to be made,” Bomotti said. “One is how many people will come to football games at the new stadium and what might we get out of suites.” The 69 acres owned by the regents includes a 58-acre parcel and an 11acre parcel. The smaller segment originally included restrictions on use for recreation and public purposes, but UNLV officials are applying for a ruling from the Bureau of Land Management to find out if those restrictions expired. Jay Heller, president of the local chapter of commercial real estate development association NAIOP and a Commercial Alliance Las Vegas board member, sees such a sizable parcel of land as hugely valuable if current building conditions continue until it would come up for sale in a few years. “There is a scarcity of large developable land that has infrastructure and utilities to the site,” Heller said. “Seventy-plus-acre sites that are actual shovel-ready are rare. Even knowing that, to have the Board of Regents wanting to find highest and best use, commercial development would probably lose out to a homebuilder who could pay more for the land.”

Increasingly tight market tougher on Southern Nevada homebuyers By adam candee Staff Writer

Summer usually ushers in prime homebuying season in Southern Nevada, but that could change drastically this year. A severe housing shortage continues to befall the valley, driving up prices and creating major competition among buyers for the few available homes. The median sale price of an existing single-family home in Southern Nevada surged to $250,000 in May, according to data released by the

Greater Las Vegas Association of Realtors. That’s a jump of more than 0.4 percent from April and more than 9.1 percent from May 2016. Typically, as the school year concludes, activity in both the new-and -existing home markets tend to increase. With the supply of resale homes dwindled down below a two-month supply, though, local Realtors anticipate a tougher market for buyers. “We’re dealing with a housing shortage, and our housing supply has been getting tighter every month,” GLVAR President David Tina said.

“This is creating challenges for potential buyers and for our members. “Homes are selling faster each month too, so buyers need to be aggressive and move quickly when they find a home they like,” he added. “At the same time, it’s encouraging to see that we’re still able to sell more homes each month and that home prices are increasing, but at a more gradual pace.” A six-month supply of available homes is considered to be a healthy market, according to industry experts. GLVAR showed 4,972 single-family

homes listed for sale at the conclusion of May. That was down more than 34.8 percent from a year ago. Sales also have been increasing. More than 3,500 single-family homes sold in May, moving up more than 22 percent from the previous month and almost 30 percent from May 2016. Short sales accounted for 3.1 percent of all local sales in April, and 3.7 percent of May sales were bankowned. Both numbers represented significant drops from last year, as Southern Nevada’s housing market rebounds further from recession.

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Analysts: US economy will post ‘slow, steady’ growth nating governmental regulations had created a well of confidence among business operators. But whether that confidence could be unleashed and turned into economic growth depended on whether Trump could stay on task and spearhead changes in tax codes, the health care system, trade deals, Dodd-Frank banking regulations and so forth. “Now, we’re at the point of the scene from the ‘Jerry Maguire’ movie: ‘Show me the money,’ ” Galvin said. “We really need Congress and the president to come together to get something done.” The longer the wait for Washington to act, Galvin said, the more confidence could wane. That said, he and fellow City National Rochdale executive Gregory Kaplan said key economic indicators were positive despite the uncertainty in Washington. Kaplan said the nation was in its third-longest stretch of recovery since World War II, although the cur-

By ric anderson Staff Writer

The U.S. economy will continue to post steady growth well into 2018, two analysts say, with gains in employment and the housing market giving American consumers more spending power. But how robustly the economy grows will hinge partly on a major wild card: Whether President Donald Trump can stabilize as a leader. “What is President Trump’s leadership style going to be?” City National Rochdale Professionals executive Tom Galvin said recently at City National Bank’s Mid-Year Economic Forecast and Marketing Update. “Can he work with Congress in a collaborative, proactive manner? Can he work with our international partners in a collaborative, proactive manner? “Is he Ronald Reagan? Or is he going to be known as the ‘Tweeting President?’ ” Galvin said Trump’s pro-business agenda of reducing taxes and elimi-

rent bounce-back was the slowest of those three. With unemployment at 4.3 percent — even less than the low of 4.4 percent during the run-up to the 2008 recession — and household net worth at a healthy level, Kaplan said the company anticipated domestic growth of 2 percent to 2.5 percent into 2018 with low inflation. “The good news is that the growth is slow and steady, so it can go longer,” he said. “The bad is that it hasn’t been that exciting.” Among other positive signs, delinquencies for home loans are down, household savings are up and the global economic outlook calls for modest growth. Although the analysts said the Federal Reserve may increase interest rates as many as five times through the end of 2018, they said investors shouldn’t be overly concerned. “So long as the Fed is raising rates, that’s usually a good sign that economic activity is healthy, so they’re trying to stay ahead of the inflation

curve,” Galvin said. Both Galvin and Kaplan said the housing market would benefit by changes in Dodd-Frank to loosen restrictions on mortgage borrowing. Dodd-Frank was enacted to restrict the reckless lending and investment practices that led to the 2008 recession, but the House voted this month to gut it, saying it had given regulators too much control. Critics of the GOP-driven effort to eliminate DoddFrank say it could lead to a repeat of the recession. But asked how Dodd-Frank could be revised without reopening the door to irresponsible banking practices, Galvin cited a Treasury Department report that recommended some reforms but didn’t go as far as the House’s action. Among Treasury’s suggestions was to loosen regulations on midsized banks. “The industry has been restrained too much,” he said. “Banks are willing to make the loan, but it’s just onerous. There’s just so much paperwork.”

Golden Entertainment’s casino purchases illustrates midmarket consolidation By thomas moore Staff Writer

A trend toward consolidation on the Strip, with fewer companies owning more casinos, appears to aptly describe the locals market after the recent announcement that Golden Entertainment is buying American Casino Entertainment Properties. The sale of American — which owns the Stratosphere, Arizona Charlie’s Decatur, Arizona Charlie’s Boulder and the Aquarius Casino in Laughlin — to Golden is expected to be completed by the end of the year, pending regulatory approval. The four properties extend Golden’s portfolio, which now includes three

casinos in Pahrump and 50 taverns, as well as slot routes in Nevada and Montana, and a casino in Maryland. The deal is just the latest example of how gaming companies are expanding in the locals market by purchasing other properties as opposed to building new ones. “Consolidation in gaming, broadly, has been happening over the past 1015 years in a bigger sort of way in the regional and Las Vegas Strip side,” said Alex Bumazhny, a gaming industry analyst and senior director for Fitch Ratings. “We’re seeing it more rapidly on the locals side as well.” Four properties in the Southern Nevada locals market have recently changed hands.

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In December, Boyd Gaming purchased Aliante Station, and earlier in the fall, it bought the Eastside Cannery on Boulder Highway and the Cannery casino in North Las Vegas. Also last fall, Station Casinos completed its purchase of the Palms, which at times has appealed to locals and tourists alike. And just last month, SLS Las Vegas, while not strictly a locals casino, announced it had agreed to be purchased by Alex Meruelo and Meruelo Group, owners of the Grand Sierra Resort in Reno. So what other companies are looking to buy their way into a larger share of the market? There are a number of potential

players, analysts say. Even some who are smaller may step up and surprise people, the way the Golden/America deal surprised some observers. Affinity Gaming was created from the post-bankruptcy reorganization of Herbst Gaming. Affinity was purchased by private equity firm Z Capital. Affinity owns Silver Sevens in Las Vegas and the Primm Valley Resort, Whiskey Pete’s and Buffalo Bill’s in Primm Nevada as well as a casino in Sparks, and three in Colorado, two in Missouri and one in Iowa. “They could be the next one,” said John DeCree, a gaming analyst with Union Gaming. “They have a decentsize portfolio both in Nevada, as well as a couple properties out of state.”

Location

Dates

expected attendance

Mandalay Bay

June 20-22

1,662

Casino Chip and Gaming Token Collectors Club annual convention

South Point

June 22-24

2,000

Amazing Las Vegas Comic Con

Las Vegas Convention Center

June 23-25

15,000

Las Vegas Convention Center

June 24-26

25,000

Sands Expo and Convention Center

June 25-28

22,000

Women’s Business Enterprise National Council conference and business fair

International Esthetics, Cosmetics & Spa Conference international beauty show Institute of Food Technologists annual meeting and food expo

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