vegas

Huffington Post…

“So, how are you going to write sarcastically about all of this?” Tony Hsieh makes a good rhetorical point. We’re standing in the Downtown Cocktail Room , the epitome of a hipster San Francisco bar: hot young locals lounging on sofas, sipping cocktails with names like ‘Sniff Happens’ and ‘Persephone’s Pomme’; moody lighting; bathroom stalls with two-way mirrors so you can look out as you pee; half of the people in here work for an Internet company. You know the drill. The only difference is, we’re not in San Francisco. We’re in Las Vegas. And all of these Internet people work for Zappos, the Internet shoe retailer that relocated here from San Francisco in 2004. I’ve been invited to join company CEO Hsieh (pronounced “shay”) and his team for one of their regular Friday night social events so that he can tell me about his big new project. And what does the CEO of a company that was acquired by Amazon for almost a billion dollars do next? He rebuilds downtown Las Vegas, obviously. Since the start of my trip to Las Vegas , I’ve received dozens of emails and tweets encouraging me to get off the strip and explore “downtown”, the area around Fremont Street which formed the town’s original gambling center, before the advent of the Strip. “There’s a thriving arts scene downtown!” some wrote. “There are great bars!”, insisted others. Frankly, though, there seemed to be more than a touch of wishful thinking to the claims: pressed for specifics, most mentioned First Friday — the monthly arts and culture “block party” held downtown on the – uh – first Friday of every month. At a push, a few could identify a specific bar or coffee shop they frequented, but the overall consensus from those I spoke to – cab drivers, waiters, PR people, actors and lawyers alike – was that Vegas is a at heart a small, transient, town yearning for a cultural community. Even Tony Hsieh — who wrote a book called ” Delivering Happiness ” and is capable of putting a positive spin on almost anything – admits that “Vegas isn’t really known for having a sense of culture or community.” But, unlike the cab drivers and waiters and PRs and actors and lawyers, Hsieh is actually in a position to do something about it. Zappos currently employs 1100 people at its main headquarters in Henderson. The company boasts of its culture of happiness and how employees are made to feel part of a giant family. Indeed, on Thursday, en route to a tour of the Zappos campus, I asked my company-supplied driver what first attracted him to the job. “I was living in Las Vegas but all my family was in New York,” he said “People told me that working at Zappos was like joining a family – and it is. Every night I have at least one or two invitations to parties or social events organized by other people from the company. The difficult thing is knowing which ones to say no to.” Comparing those two realities — the uber-social Zappos family (set to double in size in the next two years) and Vegas’ perceived lack of community, particularly downtown — Hsieh saw an opportunity to ‘deliver happiness’ to all sides. When the City Council announced plans to change the location of City Hall, Tsieh made his move, buying the building and announcing plans to move Zappos HQ from Henderson to Fremont East. As Mayor Oscar Goodman told the Las Vegas Review Journal the move “revolutionizes the way downtown will exist in the future… It creates a critical mass of [creative] folks… They’ll be over at the Arts District. They’ll be milling around the downtown and creating energy.” Put simply: the relocation of the Zappos family to Fremont East will inject a ready made community of 2000 people into the area, transforming its social and cultural scene from “burgeoning” to “established” at a stroke. The big move won’t happen until at least 2013, but already the effects have been seen: Zappos employees are starting to look for homes nearer to the new location, and every night after work more and more of them make the journey downtown to see what all the fuss is about. Which is what brings Hsieh and his team to the Downtown Cocktail Room. Come on,” he says, “I’ll give you the tour.” Fremont street is a curious thing – ” Checkpoint Charlie ” as one Zappos-ite likened it – forming a dividing line between the tourist-heavy Fremont Street Experience and the ‘real’ downtown: the burgeoning hub of bars, coffee shops and arts and entertainment venues which make up Fremont East. The effect on crossing from the tourist zone to the local zone is instant, and a little trippy. Suddenly gone are the gigantic plastic cups of booze and the staggering, belching drunks, and in their place swarms a thick cloud of hipsters, munching gourmet hotdogs from curbside food carts and patiently lining up outside drinking hole with names like ” The Beauty Bar “. As Tony and I walked, something started ticking away in my brain. A feeling that I’d been here before, and not just because there’s also a bar called The Beauty Bar in San Francisco’s Mission district. Continuing on, past a sign for 6th Street – “this whole area is closed to traffic at the weekends” — it clicked: the streets of Fremont East feel uncannily like the streets of Austin, Texas during the South by Southwest festival. Stepping inside the bars, though, one is instantly transported West to San Francisco: the inside of Vegas’ Beauty Bar is the spitting image of it’s San Francisco counterpart (later Googling would confirm they have the same owners ). Another recently-opened Fremont East bar that should be in San Francisco, but isn’t, is ” Insert Coin(s) “: essentially a karaoke bar for gamers. Open until 6am, the bar offers multiplayer games on giant flat-screens as well as coin-op arcade classics: The line outside stretched halfway around the block – but, fortunately, I’m with Tony so there’s no waiting. Everyone in Fremont East knows Tony. The bar’s owner comes over to say hello. “You’ve come at a good time,” he tells me when Tony explains that I’m writing about the rebirth of Fremont East, “you’re witnessing the start of something big here.” A block or so away from Insert Coin(s) stands City Hall which seems as good a place as any for Hsieh to spell out his vision, not just for the building — “there are jail cells in there; we’re thinking of turning them into nap rooms, or maybe a speak-easy” — but for the whole of downtown Vegas. “This will be a completely different area in the next five years,” he says, “we’re bringing food, live music, an entertainment scene; we’ve even talked about opening a charter school. Did you ever hear of the game Sim City?” “Of course.” “Well, for us it’s like playing Sim City in real life. One tagline we’ve come up with is ‘from Sin City to Sim City’…” He pauses. “…you know, like adding another little hump on the ‘n’” It’s impossible not to love Tony. Speaking of which, if I were a cynical man, then I’d be convinced that what happened next had been set up in advance. “Excuse me, are you Tony Hsieh?” say the slightly breathless fellow who accosts us as we walked back towards the Cocktail Room. Tony extends his hand, instinctively — clearly he gets this a lot. The man proceeds with his pitch; he’s the founder of a not-for-profit art collective, and was wondering whether Zappos might care to display some of their art. The moment brings all of the pieces of Tony’s vision together: Zappos, local art, downtown Vegas… “Sure,” says Tony, “in fact we’re having drinks at the Downtown Cocktail Room, why don’t you come by and I’ll introduce you to the person in charge of our art.” Like I say, Tony couldn’t have scripted the encounter better. Delivering happiness indeed. Even the Downtown Cocktail Room itself is conveniently on-message, owned as it is by Michael Cornthwaite. Michael and his wife Jennifer have been described as ” the first couple of Fremont East “, responsible for numerous local artistic and cultural initiatives including ” Emergency Arts “, a cultural center, housed within the former Fremont Medical Building. Where once there were waiting rooms and doctors surgeries, now the space has been taken over by dozens of independent artists and retailers. Tony’s tour of Emergency Arts takes me past painters and fashion designers and tattoo parlors and even the headquarters of the ‘Burleseque Hall Of Fame’, each neatly packed into its own space — “look at this: there’s a whole hair salon built into an old waiting room — isn’t that great?” It is great. On the ground floor of the building sits The Beat Coffeehouse which, judging by the number of people who have suggested meeting there during my continuing exploration of off-strip Vegas, has become the de facto social hub of Fremont East. Again, the vibe at Beat is unlike anything I’d experienced in Vegas so far; but very like what I’m used to seeing in places like San Francisco or Austin. (Even the name screams San Francisco, although actually it refers to the fact that the coffeehouse also sells vinyl records.) Finally back at the Cocktail Room, I ask Jennifer Cornthwaite to explain Fremont East’s problem. Why, given the lines around the block at Insert Coin(s) and streets bustling with local hipsters, had so many locals complained to me about the lack of community downtown? I’d asked dozens of self-described locals for suggestions on where the local arts and cultural scene can be found. With the exception of First Friday, none of them had been able to offer specific recommendations. Unless — “were they trying to keep me — a tourist — away?” “No, it’s surprising how few locals even know about these places,” Cornthwaite said, clearly exasperated. “We’re trying to raise awareness, but it takes time.” She’s also keen to persuade out-of-towners to venture down, away from the Strip, she insists, but — another echo from San Francisco — admits that she doesn’t want the area to become flooded with drunken tourists. At the Downtown Cocktail Room, that “people like us” test starts with figuring out how to open the damn door. It’s fun to watch the increasingly drunk procession of tourists passing by, trying to push on the glass wall at the front of the bar to gain access. In fact the real door is a handle-free metal panel tucked away to the left. “We didn’t design it to confuse people,” Michael Cornthwaite insists, “but it’s pretty effective at keeping out drunk people.” (The locals vs tourists attitude is contagious: I hesitated for an embarrassingly long time before deciding to include the ‘secret’ of the door, or even the name in this piece). Another of Jennifer Cornthwaite’s goals is to attract some of the creative talent from the Strip to venues around Fremont East. “Las Vegas has some of the world’s best musicians, and artists and performers. There’s so much artistic and creative talent in the town,” she says. By way of example, Cornthwaite mentions Absinthe — the circus-meets-burlesque show I’ve been raving about for the past two weeks. “A big part of me really wants Caesars to screw it up,” she says, “then we can be like ‘come put the show on here!’ We’d be the perfect venue for it.” She’s not wrong. In the meantime, given the echoes of Austin and San Francisco, surely it’s time for Fremont East to host its own arts and technology festival, to rival South by Southwest. Especially as — paging Portlandia — many early adopters are declaring the original festival “over”. Vegas plays host to the CES conference every January. “Why not pitch Fremont East as a kind of Vegas Fringe for those guys?” I suggest. Cornthwaite likes the phrase “Vegas Fringe”, but as for the other stuff “It’s already happening. During this year’s CES, I asked around the bar, who was in town for CES? It was like — woah — so many of them were. We just have to keep spreading the word.” Fortunately spreading the word is something Tony Hsieh is very, very good at. This, after all, is the man who bought a tour bus once owned by the bass player from Dave Matthews Band and drove around America on a ” Delivering Happiness Tour ” to promote his book. The bus is parked down the street, and Tony offers to give me a ride back to my hotel, stopping only to pick up a gourmet hotdog on the way (price $3, with toppings including pineapple and crushed potato chips). “I always order what I call ‘an underdog’” he says, “that’s where you put the condiments on first, and then the dog on top, so all the stuff doesn’t fall out.” I laugh. Every day millions of people complain about the messiness of hotdog toppings. But the difference between those people and Tony Hsieh is that Tony didn’t just bitch about the problem. He fixed it.

Go here to see the original:
Paul Carr: The Strip Diary, Day Twenty One: From Sin City to Sim City — Tony Hsieh’s Plan to Rebuild Downtown Vegas

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Marketwire – Management Changes:

LAS VEGAS, NV–(Marketwire – March 30, 2011) –  Cal-Bay International, Inc . ( PINKSHEETS : CBYI ) today confirmed the appointment of Kevin Denniston as Company President and CEO simultaneous with the resignation of Shaun Bailey.

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Cal-Bay International, Inc. Announces Changes to Board of Directors

Haley Barbour Racked Up Questionable Travel Bill

March 21, 2011

Mississippi taxpayers forked over more than $18,602 for Gov. Haley Barbour’s trip to Las Vegas for a “project meeting” last March – a trip in which he hobnobbed with potential donors and powerplayers.

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Gaming Standards Association Appoints Senior Director Standards Development

March 15, 2011

LAS VEGAS, NV–(Marketwire – March 15, 2011) – The Gaming Standards Association has appointed Michael Bonakdar as the organization’s Senior Director Standards Development. Bonakdar brings more than two decades of gaming and management experience to GSA, an international technical standards association that creates standards benefiting gaming manufacturers, suppliers, operators, and regulators.

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Iconic Vegas Hotel Closing May 16

March 11, 2011

LAS VEGAS — The Sahara Hotel & Casino, among a few Las Vegas Strip resorts left from the Rat Pack era, is closing nearly six decades after dealing its first hand. Several other casinos from the earliest days of gambling in Sin City were remade into new megaresorts, but the Sahara’s owners don’t yet have a plan for the property. “The continued operation of the aging Sahara was no longer economically viable,” CEO Sam Nazarian of owner SBE Entertainment Group said. The property will close May 16, officials said. The Sahara, which opened in 1952, was featured in 1960′s “Ocean’s Eleven” as one of five casinos robbed by a group of World War II veterans. Today, it touts around-the-clock $1 blackjack and a six-pound burrito-eating challenge at its NASCAR Cafe. Nazarian said his company is considering options including a complete renovation and repositioning. Nazarian said MGM Resorts International is helping find jobs for affected workers and accommodations for guests who reserved rooms after May 16. SBE officials declined to say how many people work at the Sahara. MGM Resorts CEO Jim Murren said the closure is part of the Sin City life cycle. “While the closing of any hotel is sad, it is a natural and expected part of our great city’s history,” Murren said. “While today we pause to reflect on many great memories and stories of its legendary past, like so many before it, there is a brighter future for this property.” The two companies have an established marketing relationship. Murren pointed to the Desert Inn making way for Wynn Las Vegas, the Dunes becoming the Bellagio, Aladdin renovating into Planet Hollywood and the original Las Vegas Sands giving way to the Venetian. And, when Murren’s company built the $8.7 billion CityCenter, it used the land that had held the Coney Island-themed Bordwalk. Phil Ruffin, the owner of Treasure Island in Las Vegas, said redevelopment of the Sahara would be good for the Strip, but he predicted SBE will have a hard time getting financing. “I hope we live that long – I don’t see it for a long time,” he said. “I’d like to see it happen but I don’t think it’s anything imminent.” Ruffin said the Sahara’s neighborhood looks “very bad.” The unfinished multibillion-dollar Fontainebleau development that filed for bankruptcy court protection is nearby. Billionaire Carl Icahn, who ultimately bought the property, sold its furniture to a casino on the California-Nevada border and hasn’t said when construction might resume. There’s no guarantee something glamorous will emerge. The former site of the Landmark hotel, whose implosion in 1995 was included in the movie “Mars Attacks,” now holds a parking lot for the Las Vegas Convention Center. After the Stardust was razed in 2007 so Boyd Gaming Corp. could build its $4.8 billion Echelon complex, the project stalled. And a $5 billion complex that was supposed to replace the New Frontier never materialized. The Sahara first gave a hint that change was afoot the same day CityCenter’s anchor casino, Aria, opened with 4,000 rooms in 2009. That’s when the Sahara announced it was mothballing rooms in two of its towers for the winter season. But Nazarian called the northern end of the Strip, which includes the Sahara, the “future of Las Vegas.” “With Las Vegas showing early signs of recovery, we are confident that we ultimately will find a creative and comprehensive new solution for this historic property,” Nazarian said.

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Engineering and Information Technology Expert Bart A. Lewin Leads NEWave as New CEO and CTO

March 7, 2011

LAS VEGAS, NV–(Marketwire – March 7, 2011) – Bart A. Lewin is widely recognized as a global expert in information technology for the gaming, hospitality and retail industries. Now Lewin brings his expertise to gaming technology frontrunner NEWave and is leading the company as its new CEO and CTO. In his position, Lewin will pilot the company in a new direction of expanded solutions, technologies and services.

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The Next Real Estate Bubble? Farmland

March 3, 2011

But as prices for agricultural land surge across America’s grain belt, regulators are warning that a new real estate bubble may be forming — echoing the frothy boom in home prices that saw values in Miami and Las Vegas skyrocket and then plummet.

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Video: Leven Says Sands Convention Business `Warming’ in Macau

February 4, 2011

Feb. 4 (Bloomberg) — Michael Leven, president and chief operating officer of Las Vegas Sands Corp., discusses the outlook for business in Asia. Las Vegas Sands reported forth-quarter earnings yesterday, with revenue of $1.07 billion in Macau missing some analysts’ estimates. Leven speaks with Deirdre Bolton on Bloomberg Television’s “InsideTrack.” (Source: Bloomberg)

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Association of Gaming Equipment Manufacturers (AGEM) Announces Opening of AGEM Europe Office and Appointment of Tracy Cohen as Director of Europe

January 19, 2011

LAS VEGAS, NV–(Marketwire – January 19, 2011) – The Association of Gaming Equipment Manufacturers (AGEM) announced today the opening of an AGEM Europe office to serve the organization’s growing membership base there and the appointment of Tracy Cohen to serve as AGEM Director of Europe.

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Video: Otto Calls 3D, Mobility, Tablets `Buzz Words’ for 2011

January 8, 2011

Jan. 7 (Bloomberg) — Melissa Otto, director of TIAA-CREF Investment Management, talks about products displayed at the Consumer Electronics Show in Las Vegas and industry trends for 2011. Otto talks with Pimm Fox on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)

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Video: Baxter Says 60 Percent of Samsung TVs Will Be 3D in 2011

January 7, 2011

Jan. 7 (Bloomberg) — Tim Baxter, president of consumer electronics at Samsung Electronics Co.’s Samsung America, and Omar Kahn, chief strategy officer at Samsung Telecommunications America , talk about the outlook for the company’s television and mobile computing products. They speak with Cris Valerio at the Consumer Electronics Show in Las Vegas on Bloomberg Television’s “Bottom Line.” (Source: Bloomberg)

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First Liberty Power Corp. Announces New Director

December 21, 2010

LAS VEGAS, NV–(Marketwire – December 21, 2010) –  First Liberty Power Corp. ( OTCBB : FLPC ) announced today the appointment of Don Nicholson as Director.

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The 15 U.S. Cities Hit Hardest By The Recession

December 4, 2010

LAS VEGAS (AP) — An international study says Las Vegas has one of the worst economies in the world, and prospects for a rapid recovery appear dim. The Brookings Institution and London School of Economics study ranked Las Vegas fifth from the bottom in a ranking of 150 metropolitan areas, citing a limited economy that relies heavily on tourism and construction. Las Vegas fared better than only Dublin; Dubai, United Arab Emirates; Barcelona, Spain; and Thessaloniki, Greece. The rankings weigh jobs, job growth and income. Las Vegas was ranked the world’s 14th best economy from 1993 through 2007, according to a report by the Las Vegas Sun published Tuesday. Sin City’s decline began during the recession in 2008, when it fell to 128th place. The report said the gradual recovery that has played out in most U.S. cities in recent months eluded Las Vegas. The city’s income levels declined 1.2 percent despite an increase nationally, and the employment rate dropped 3 percent, much greater than the national decline of 0.7 percent. “If the first year (of recovery) is any indication for Las Vegas, it could be a long, slow road ahead,” Alan Berube, senior fellow and research director at Brookings Metropolitan Policy Program, told the Sun. The report also refers to Las Vegas’ record foreclosure rates. The area has the second highest share of bank-owned homes in the country and more than two-thirds of residential mortgage holders owe more than their homes are worth. The strongest growth during the recovery has taken place in highly educated regions such as Washington, D.C.; Minneapolis; Austin, Texas; and San Francisco, Berube said. Highly educated people tend to work in industries that haven’t been hit very hard, and if they do become unemployed, they have an easier time finding a new job compared to someone who’s less skilled and educated, he said. Check out the other U.S. cities hit hardest by the downturn:

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Haunting Images Of Post-Boom Las Vegas (PHOTOS)

October 27, 2010

It’s been a long hard, fall for Las Vegas. With an economy tied to consumer spending and the housing industry, Sin City region has gone from one of America’s bright spots to one of its most troubled. The Las Vegas area is among the most economically stressed in the country , according to the Associated Press’s monthly ranking. Fully 15 percent of Las Vegas residents — or a total of 145,000 people — are unemployed, a local record. (Nationally, the unemployment rate has held steady at 9.6 percent.) On the state level, as HuffPost’s Arthur Delaney and Ryan Grim reported in July , there is no greater concentration of economic woe than in Nevada. Factoring in the underemployed and those who have given up looking for work, Nevada’s true unemployment rate may be 20 percent, according to the Las Vegas Review-Journal . In the state’s flagship city, however, the housing boom and job crisis have created more than a few veritable ghost towns and have stalled large developments on the Las Vegas Strip. Getty photographers Spencer Platt and Ethan Miller recently captured some of the most haunting images of the new, recession-addled Las Vegas landscape. Check out the new Las Vegas below:

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The Estate Vault Inc. Adds Operational Expertise to Better Manage Growing Sales Pipeline and Customer Base

October 16, 2010

LAS VEGAS, NV–(Marketwire – October 15, 2010) –  The Estate Vault Inc. ( PINKSHEETS : TEVI ), a leading provider of secure, personal digital content, value-added products and services to organizations in the financial services industry, announced today it has reorganized its executives to better address Estate Vault’s growing sales pipeline activity and customer activity.

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Plaza Bank Las Vegas Announces Brian Schumacher to Head Business Lending

October 8, 2010

LAS VEGAS, NV–(Marketwire – October 8, 2010) –  Plaza Bank ( OTCBB : PLZB ) announces the appointment of experienced SBA business development professional Brian Schumacher as Vice President, Business Development Officer of its Las Vegas branch.

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(WSGF) World Series of Golf Looks to Expand Into China With Tournaments Combining Wagering Format of Texas Hold ‘Em and Skill of Golf

September 23, 2010

LAS VEGAS, NV–(Marketwire – September 23, 2010) – World Series of Golf®, Inc. ( PINKSHEETS : WSGF ) announced today strategic meetings in China next week to develop a partnership for expanding the Company’s golf tournaments into China.

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CoStar’s People of Note (Sept. 5-11)

September 10, 2010

This week’s People of Note includes the following markets: Atlanta, Dallas, Las Vegas and New York City. DALLAS Veteran Investment Sales Specialist Joins HFF Holliday Fenoglio Fowler LP named Randy Baird as senior managing director in its investment…

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Shift4 Bucks Market Trends, Announces Continued Growth and Profitability

September 2, 2010

LAS VEGAS, NV–(Marketwire – September 2, 2010) –  In stark contrast to local and national trends, Shift4 Corporation, a leading developer of secure payment processing solutions, announces several new strategic hires, job openings, and infrastructure changes, which will allow for 500 percent business growth.

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First Liberty Power Corp. Announces New Director-Geologist

August 24, 2010

LAS VEGAS, NV–(Marketwire – August 24, 2010) –  First Liberty Power Corp. ( OTCBB : FLPC ) www.firstlibertypower.com (the “Company”) is pleased to announce the appointment of Geologist and mining executive John Hoak to the Board of Directors.

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Plaza Bank Announces Ali Rizvi as Chief Banking Officer in Las Vegas

August 13, 2010

IRVINE, CA–(Marketwire – August 13, 2010) –  Plaza Bank ( OTCBB : PLZB ) welcomes Ali Rizvi as the Chief Banking Officer of the bank’s newly acquired Las Vegas office. Ali will be based out of the company’s Las Vegas, Nevada office located at 4043 South Eastern Avenue.

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Titan Oil & Gas Announces Addition to Its Board of Directors

August 11, 2010

LAS VEGAS, NV–(Marketwire – August 11, 2010) –  Titan Oil & Gas Inc. ( OTCBB : TNGS ) (the “Company” or “Titan”) is pleased to announce the addition of Jack Adams to its Board of Directors.

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Barcelone Retail Center in Las Vegas Troubled | Real Capital Analytics

August 10, 2010

Las Vegas Review Journal reports: Global commercial property research firm Real Capital Analytics listed the 10000-square-foot Las Vegas salon and spa Barcelone as a ” troubled ” property in October 2009 and reported that the retail …

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Las Vegas Railway Express, Inc. – "X" Train Names John M. Zilliken Chief Financial Officer

August 6, 2010

LAS VEGAS, NV–(Marketwire – August 6, 2010) –  Las Vegas Railway Express, Inc. (“X” Train) ( OTCBB : XTRN ) announced today that John M. Zilliken, 46, has been appointed Chief Financial Officer.

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Video: Haverty Sees Wynn, Las Vegas Sands Shares Rising 50%: Video

July 29, 2010

July 30 (Bloomberg) — Larry Haverty, a portfolio manager at Gamco Investors Inc., talks with Bloomberg’s Susan Li about the outlook for Wynn Resorts Ltd. and Las Vegas Sands Corp., and his investment strategy. Wynn Resorts, owner of the Wynn and Encore casino resorts in Las Vegas and Macau, reported second-quarter profit doubled after the opening of its second property in the only part of China where casinos are legal. (Source: Bloomberg)

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Las Vegas Sands Announces Election of Mr. Wing Chao to Its Board of Directors

July 29, 2010

LAS VEGAS, NV–(Marketwire – July 29, 2010) –  Las Vegas Sands Corp. ( NYSE : LVS ) announced today that Mr. Wing Chao has been elected to the company’s board of directors. Mr. Chao was most recently the executive vice president of Walt Disney Imagineering.

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Aruze Gaming America Announces Appointment of Bryan Coy as Chief Financial Officer

July 26, 2010

LAS VEGAS, NV–(Marketwire – July 26, 2010) –  Aruze Gaming America, a rising leader in global slot entertainment, announced today that it has appointed Bryan Coy as Chief Financial Officer for the Americas.

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CoStar’s People of Note (July 4-10)

July 8, 2010

This week’s People of Note includes the following markets: Atlanta, Chicago, Las Vegas, Milwaukee/Madison, Orange County, Phoenix, Portland, South Florida and Washington, DC. WASHINGTON, DC Avison Young Buys NoVa Firm; Taps 2 to Head New Branch Toronto…

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Dividend Capital Welcomes Mark Schon as Regional Vice President for the Arizona, San Diego and Las Vegas Territories

June 7, 2010

DENVER, CO–(Marketwire – June 7, 2010) –  Dividend Capital Securities announced today that Mark Schon has joined the company as regional vice president responsible for the distribution of Dividend Capital’s commercial real estate investment products to financial advisors in the Arizona, San Diego and Las Vegas territories. Dividend Capital’s current offering is Industrial Income Trust, a non-traded real estate investment trust that intends to acquire and operate high-quality distribution warehouses and other industrial properties.

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Video: Palms Casino’s Maloof Sees Pick Up in Gambling Business: Video

June 3, 2010

June 3 (Bloomberg) — Joe and Gavin Maloof, co-owners of the Sacramento Kings NBA team and Palms Casino Resort in Las Vegas, talk with Bloomberg’s Matt Miller and Carol Massar about the outlook for the Las Vegas gaming industry. They also discuss The Maloof Money Cup skateboarding competition in Flushing Meadows, New York. (Source: Bloomberg)

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Video: Vaccaro Says West Virginia May Win NCAA Tournament: Video

April 1, 2010

April 2 (Bloomberg) — Jimmy Vaccaro, operations director at Lucky’s Race & Sports Book in Las Vegas talks with Bloomberg’s Susan Li about the outlook for the Final Four games of the 2010 National Collegiate Athletic Association men’s basketball tournament beginning April 3. (Source: Bloomberg)

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Masa’s $68 Tuna, Mina’s Turbot Make Vegas Casual Dining Fancy: Ryan Sutton

February 24, 2010

Review by Ryan Sutton Feb. 24 (Bloomberg) — Vegas needs fewer high-end dining venues with tasting menus and white tablecloths, and more New York-style neighborhood spots like Fatty Crab or Momofuku. Ambitious fare in casual settings with reasonable prices. While I have no qualms about my excellent $300 plus solo meals at fancy French joints like Savoy and Joel Robuchon, I wish I’d spent more time at more affordable joints like Michael Mina’s American Fish. I look at the menu and think: Why didn’t I try Mina’s $26 abalone and Kobe hot pot? Instead, I went for the $500 tasting at Shaboo downstairs. Regrets indeed. American Fish is hidden within the depths of the sprawling Aria Resort & Casino , part of the $8.5 billion CityCenter complex. The restaurant is as loud as an Irish bar and as dark as a nightclub. Its decor is as drab as a shopping mall’s — some of the seats overlook a brightly lit section of Aria. But it serves a piscine dish that wouldn’t be out of place at say, Alain Ducasse ’s Louis XV in Monaco. The turbot was poached in ocean water, barely cooked through. It sat in a bowl of clear, saffron-flavored broth that tasted like a pristine bouillabaisse. Even came with a rouille- topped cracker for dipping. Bottled Ocean One tiny issue: There’s no ocean in Vegas. Mina ships the aqua in from Hawaii. This has prompted some criticism about sustainability and jet-fuel usage. If that’s how you feel, don’t bother coming to Vegas, because not much is local in this desert town. If you’ve ever tried the horrific tap water here, you’ll know why people drink bottled water. So yes, Mina should stick with the Hawaiian water, especially for a dish this good. It’s not cheap at $42, but it’s enough meat to feed two. Mina is probably the most famous U.S. chef New Yorkers have never heard of. He has 17 restaurants from California to New Jersey, but none in New York. My companion, a Vegas local who’s sampled most of Mina’s West Coast venues said American Fish ranks with his best. Mustard-marinated cod ($43 — also enough for two) was as good as the miso version at Nobu. Raw sweet shrimp was spiced with horseradish panna cotta; don’t use too much of the cream, which can overwhelm. Scallops and foie gras? We’ve seen this pairing at Aureole (also in Vegas). Except here it actually worked — rare, delicate shellfish beneath rare, jiggly liver. Mina says, somewhat pompously, that American Fish has one of the best cocktail programs in Vegas. And I think he might be right. So finish off with a Knickerbocker ($11), a sweet-sour mix of Curacao, rum, lemon juice and raspberry syrup. The lost libation might have been the ancestor of modern Tiki drinks. Forget tablecloths; that’s the type of old-school charm Vegas needs. Bar Masa My second regret about Vegas is that I didn’t bring Bar Masa’s Kobe skewers to snack on my flight home. (My JetBlue flight didn’t have meal service.) Aria hosts the second location of Masa Takayama ’s eponymous sushi bar, which, like the original, oddly lacks a proper sushi bar. In fact, it’s not really a bar either. It’s a gorgeous, high-ceilinged restaurant that evokes an ultra-modern, silent nighttime garden in Tokyo. The Michelin three-starred chef gravitates toward shopping malls (his $400 per person raw fish temple is at New York’s Time Warner Center) and now casinos. Sit at the front counter and shell out $35 for the Kobe skewers. The addictive little sticks ooze beefy fat that yield to a stinging, salty yuzu spice. Tuna belly rolls ($68) are so wonderfully rich you wonder if these tuna died from high cholesterol. Order more. Kabayaki barbecue sauce coats about a foot’s worth of eel. Order three different mackerel sushi for a clever study in oil. But if Masa wants to preserve his ultra- luxury brand, he might want to consider adding a sushi chef to prepare them piece by piece and brush them with sauce in front of you. Otherwise, Bar Masa is just a better version of the more industrial Blue Ribbon chain. The Bloomberg Questions Cost? Plates in the teens to over $100 at both. Sound level? 80 decibels at American Fish, as loud as a baseball game; quiet as a library at Bar Masa. Date place? Yes to both. Inside tip? Stellar cocktail program at American Fish. Special feature? Try Shaboo next door to Bar Masa for $500. Will I be back? To American Fish. There’s a Bar Masa here in New York. American Fish and Bar Masa are at the Aria Resort & Casino in the CityCenter complex, 3730 Las Vegas Blvd., Las Vegas. Information: +1-866-359-7111; http://www.arialasvegas.com Sound-Level Chart (in decibels): 51 to 55: A church on a weekday. 56 to 60: The vegetable aisle at the Food Emporium. 61 to 65: Keyboards clacking at the office. 66 to 70: My alarm clock when it goes off inches from my ear. 71 to 75: Corner deli at lunchtime. 76 to 80: Back of a taxi with announcements at full volume. 81 to 85: Loud crowded subway with announcements. ( Ryan Sutton writes about restaurants for Bloomberg News. The opinions expressed are his own.) To contact the writer of this column: Ryan Sutton in New York at rsutton1@bloomberg.net .

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Masa’s $68 Tuna, Mina’s Turbot Make Vegas Casual Dining Fancy: Ryan Sutton

February 24, 2010

Review by Ryan Sutton Feb. 24 (Bloomberg) — Vegas needs fewer high-end dining venues with tasting menus and white tablecloths, and more New York-style neighborhood spots like Fatty Crab or Momofuku. Ambitious fare in casual settings with reasonable prices. While I have no qualms about my excellent $300 plus solo meals at fancy French joints like Savoy and Joel Robuchon, I wish I’d spent more time at more affordable joints like Michael Mina’s American Fish. I look at the menu and think: Why didn’t I try Mina’s $26 abalone and Kobe hot pot? Instead, I went for the $500 tasting at Shaboo downstairs. Regrets indeed. American Fish is hidden within the depths of the sprawling Aria Resort & Casino , part of the $8.5 billion CityCenter complex. The restaurant is as loud as an Irish bar and as dark as a nightclub. Its decor is as drab as a shopping mall’s — some of the seats overlook a brightly lit section of Aria. But it serves a piscine dish that wouldn’t be out of place at say, Alain Ducasse ’s Louis XV in Monaco. The turbot was poached in ocean water, barely cooked through. It sat in a bowl of clear, saffron-flavored broth that tasted like a pristine bouillabaisse. Even came with a rouille- topped cracker for dipping. Bottled Ocean One tiny issue: There’s no ocean in Vegas. Mina ships the aqua in from Hawaii. This has prompted some criticism about sustainability and jet-fuel usage. If that’s how you feel, don’t bother coming to Vegas, because not much is local in this desert town. If you’ve ever tried the horrific tap water here, you’ll know why people drink bottled water. So yes, Mina should stick with the Hawaiian water, especially for a dish this good. It’s not cheap at $42, but it’s enough meat to feed two. Mina is probably the most famous U.S. chef New Yorkers have never heard of. He has 17 restaurants from California to New Jersey, but none in New York. My companion, a Vegas local who’s sampled most of Mina’s West Coast venues said American Fish ranks with his best. Mustard-marinated cod ($43 — also enough for two) was as good as the miso version at Nobu. Raw sweet shrimp was spiced with horseradish panna cotta; don’t use too much of the cream, which can overwhelm. Scallops and foie gras? We’ve seen this pairing at Aureole (also in Vegas). Except here it actually worked — rare, delicate shellfish beneath rare, jiggly liver. Mina says, somewhat pompously, that American Fish has one of the best cocktail programs in Vegas. And I think he might be right. So finish off with a Knickerbocker ($11), a sweet-sour mix of Curacao, rum, lemon juice and raspberry syrup. The lost libation might have been the ancestor of modern Tiki drinks. Forget tablecloths; that’s the type of old-school charm Vegas needs. Bar Masa My second regret about Vegas is that I didn’t bring Bar Masa’s Kobe skewers to snack on my flight home. (My JetBlue flight didn’t have meal service.) Aria hosts the second location of Masa Takayama ’s eponymous sushi bar, which, like the original, oddly lacks a proper sushi bar. In fact, it’s not really a bar either. It’s a gorgeous, high-ceilinged restaurant that evokes an ultra-modern, silent nighttime garden in Tokyo. The Michelin three-starred chef gravitates toward shopping malls (his $400 per person raw fish temple is at New York’s Time Warner Center) and now casinos. Sit at the front counter and shell out $35 for the Kobe skewers. The addictive little sticks ooze beefy fat that yield to a stinging, salty yuzu spice. Tuna belly rolls ($68) are so wonderfully rich you wonder if these tuna died from high cholesterol. Order more. Kabayaki barbecue sauce coats about a foot’s worth of eel. Order three different mackerel sushi for a clever study in oil. But if Masa wants to preserve his ultra- luxury brand, he might want to consider adding a sushi chef to prepare them piece by piece and brush them with sauce in front of you. Otherwise, Bar Masa is just a better version of the more industrial Blue Ribbon chain. The Bloomberg Questions Cost? Plates in the teens to over $100 at both. Sound level? 80 decibels at American Fish, as loud as a baseball game; quiet as a library at Bar Masa. Date place? Yes to both. Inside tip? Stellar cocktail program at American Fish. Special feature? Try Shaboo next door to Bar Masa for $500. Will I be back? To American Fish. There’s a Bar Masa here in New York. American Fish and Bar Masa are at the Aria Resort & Casino in the CityCenter complex, 3730 Las Vegas Blvd., Las Vegas. Information: +1-866-359-7111; http://www.arialasvegas.com Sound-Level Chart (in decibels): 51 to 55: A church on a weekday. 56 to 60: The vegetable aisle at the Food Emporium. 61 to 65: Keyboards clacking at the office. 66 to 70: My alarm clock when it goes off inches from my ear. 71 to 75: Corner deli at lunchtime. 76 to 80: Back of a taxi with announcements at full volume. 81 to 85: Loud crowded subway with announcements. ( Ryan Sutton writes about restaurants for Bloomberg News. The opinions expressed are his own.) To contact the writer of this column: Ryan Sutton in New York at rsutton1@bloomberg.net .

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Optimism Trumps Gloom at MBA Real Estate Finance Conference in Glitter City

February 3, 2010

More than 2,000 commercial and multifamily real estate professionals attended the Mortgage Bankers Association’s four-day Commercial Real Estate Finance/Multifamily Housing Conference, which wraps up Thursday in Las Vegas. Despite a recession and…

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Reis, Inc. Expands Custom Research & Advisory Services

February 1, 2010

LAS VEGAS, Feb. 1, 2010 (GLOBE NEWSWIRE) — Reis, Inc. (Nasdaq:REIS) (“Reis” or the “Company”), a leading provider of commercial real estate market information and analytical tools, today announced a major expansion of the Company’s Custom Research & Advisory Services, which provide clients access to the firm’s research capabilities and thought leadership with regard to key investment issues.

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Robuchon’s $385 Vegas Marathon Meal, Gagnaire’s Strip Joint: Ryan Sutton

January 27, 2010

Review by Ryan Sutton Jan. 27 (Bloomberg) — Dinner for two at Las Vegas’s three most ambitious French restaurants can easily range from $500 to $1,000, and last well over four hours. That much money should buy you more than exclusivity and bragging rights. Pierre Gagnaire’s brand-new Twist, at the $8.5 billion CityCenter is Gagnaire’s only stateside spot. Same goes for the more mature Guy Savoy at Caesar’s Palace. And the three- Michelin-starred Joel Robuchon, the chef’s only truly formal restaurant in the Western Hemisphere, is at the MGM Grand. I had excellent, almost outstanding meals at all three. But only a few dishes made me say “wow!” Which makes me think they’re worth the trip only if you’re already there. Of course it’s all relative: Dinner at these chefs’ non- U.S. locations can be even more costly. Twist , the cheapest of the three, charges $185 for a tasting menu; a la carte entrees range from $38-$60. That’s much less than the chef’s 265 euro ($373) winter menu at Gagnaire’s eponymous, three-Michelin-starred Parisian venue. At just over a month old, Twist is on the 23rd floor of CityCenter’s Mandarin Oriental hotel. Panoramic windows overlook the iridescent Strip and the flat, sprawling suburban landscape beyond. A neighboring table of conventioneers raised a glass to their customers. It’s a sign that Vegas is on the rebound, with multiple parties of seven and one of 13 packing the 72-seat restaurant on a Friday. Shell Game Langoustines five ways is reason enough to order the chef’s menu. Gagnaire is famous for taking a single ingredient and manipulating it to showcase various flavors and textures. The delicate crustacean is firmly charred and grilled, then seared, a bit more softly, and enrobed with a slice of Iberico ham. Things get silkier with a tartare, a spongy mousseline and finally an ethereal yet intensely concentrated gelee. Other times, two disparate items are brought together to mimic each other. Squab and foie gras exhibit a similar meatiness and taste of liver. Overcooked venison is redeemed by a scoop of ice cream made with the game’s intense braising liquid and Armagnac. If Gagnaire can think up deer ice cream and make it work, perhaps the staff can be more creative with their vocabulary. “How are the flavors?” a waiter asked four times during my meal. Savoy France might have taught New York and California about seasonal, local cuisine, but the continental gastronomes had different plans for Vegas. This is the desert after all, and not much is local except for rocks and lizards, neither of which, fortunately, are served at the two Michelin-starred Guy Savoy . So how do you know it’s winter in Vegas? When you smell the black truffles in the air. Savoy bombarded me with the seasonal specialty from Perigord at least three times over the course of my 11-course meal. I call it global seasonality. It’s all for $290, much less than the 285 and 260 euro menus at Savoy’s three-Michelin starred Paris spot. A suited waiter spooned a dice of apple and truffle over raw scallops; it had just enough acid to cut through the sweetness of the mollusk, and just enough fungi to make you think these shellfish come from the earth. The soaring room, which aptly overlooks the Paris casino, was nearly full on a recent Wednesday. A server asked if we’d like a “bread pairing,” different slices with each course. Lemon-rind-spiked sourdough, bitter and fragrant, accompanied a feat of piscine cooking. Bass was barely cooked through, yet its skin was crisped and puffed up into a pork-like crackling. Bitter Radish Savoy is best known for his contributions to nouvelle cuisine, which stresses intense essences and reductions over butter and cream. Hence, foie gras was steamed and covered by a bitter radish soup. It’s one of the best riffs on borscht I’ve ever had. A trolley of petits fours, headlined by creme caramel and al dente rice pudding, finished off the three-hour meal. About two hours into my 16-course meal at Joel Robuchon, whose namesake chef has more Michelin stars than anyone in the world, I informed the wait staff I needed a break, and stepped out for a 10-minute stroll through the smoky casino. Fresh air was too long of a walk from the restaurant. Afterwards, the kitchen sent out a non-palate cleanser. Chestnut cream soup. There were still two hours left of eating. Epic Meal The main fault of Robuchon’s degustation menu is that diners are forced to appreciate faultless cuisine over a marathon session that makes it more like an Olympic event than a pleasurable experience. It challenges all reasonable senses of satiety. All this takes place in a claustrophobic room peppered with odd pictures (I sat near a Chuck Norris photo) and dubious views from some of the cramped tables for two (I had a clear sightline to the slot machines). After a heady, intoxicating mousse-like sea urchin dish was cleared, a bowl of Mediterranean seafood paella appeared seven minutes later. Resist at all costs the urge to stuff yourself with the bacon bread. I suppose there are worse ways to lose your money in Vegas, like the high-stakes tables just a stone’s throw away. Joel Robuchon is booked up every night and the long, $385 menu generally accounts for 30 to 40 percent of sales, said Alex Gaudelet, executive director of food and beverage for the MGM Grand. I believe him. Most tables were filled on the Monday I was there, usually one of the slowest nights in Vegas. As at Savoy, expect a flurry of foie gras and truffles (shaved onto thinly sliced potatoes with black truffles), and caviar (a firm, barely briny Ossetra variety over fennel cream and crab). This is the Vegas approach to luxury: expensive ingredients served perfectly. The Bloomberg Questions Cost? A lot. Sound level? Quiet, about 70 decibels at each. Date place? When I can afford it. Inside tip? Shorter, cheaper menus start at $89 at Robuchon and $98 at Savoy. Special feature? Savoy’s carrot, foie gras and truffle soup, and Robuchon’s soybean sprout risotto, both of which are don’t-miss vegetable dishes. Private room? Yes. Will I be back? They’re all a bit too pricey for me but if I won at craps I’d choose Savoy first. Twist by Pierre Gagnaire is at the Mandarin Oriental, 3752 Las Vegas Blvd. South, Las Vegas. Information: +1-702-590-8888; http://www.mandarinoriental.com/lasvegas . Guy Savoy is at Caesars Palace, 3570 Las Vegas Blvd. South, Las Vegas. Information: +1-866-227-5938; http://www.caesarspalace.com . Joel Robuchon is at the MGM Grand, 3799 Las Vegas Blvd. South. Information: +1-702-891-7925; http://www.mgmgrand.com . ( Ryan Sutton writes about restaurants for Bloomberg News. Bloomberg News. The opinions expressed are his own.) To contact the writer of this column: Ryan Sutton in New York at rsutton1@bloomberg.net .

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Trish Kinney: US Airways vs Southwest Airlines: A Clear Winner

January 23, 2010

It was a stormy day in the Phoenix metropolitan area and it had already been raining for a while. The city was bracing for high winds and more rain, torrential at times, with a tornado watch in place. Wouldn’t you know that it also happened to be the day my husband and I were traveling to Las Vegas for a quick getaway to see a show and enjoy what has become a favorite annual ritual. We kept a close eye on the weather throughout the morning and checked in on the airport sites for reports of delays or closures. We finally decided to head to Sky Harbor and make a decision then. When we arrived, we passed the new Southwest terminal and saw on the board that nearly all of their flights had been cancelled. Assuming the same would be true of our US Airways flight, we were surprised to see that it was showing on time. I admit it was unnerving to know that one airline was willing to take off to the same destination at the same time and the other wasn’t. But we went through security and proceeded to the gate anyway. The plane was already there and right on time, they made the first boarding announcement. My husband, who was trying to be a trooper and not a party pooper, has a real fear, maybe even in the category of terror, that they are going to put him on a plane and then not take off for some reason, leaving him trapped on the tarmac, his worst nightmare. He is Dutch, stoic, and from Iowa, not exactly the hotbed of technology. We surprised him with a Blackberry for Christmas and he had grudgingly been learning to use it. He pulled it out and said “how do you get to the internet on this thing?” I showed him how to click on the globe icon and he painstakingly pecked in a Google search, his big fingers attached to his 6’4″ frame struggling to limit their strokes to a single key at a time. Then quietly he approached the gentleman from the airline who was boarding the first group of passengers. I saw him show the man his Blackberry and engage in a brief conversation. The man then stopped the boarding process, asked the passengers for their patience and headed down the jetway, locking the big metal door behind him. After a few minutes, he returned, got on the mike and announced that the Las Vegas airport was experiencing delays in landing planes and that our flight would take off an hour late. If, however, Vegas changed their status, we may leave earlier so we should stay around the gate area. It was my husband and his brand new Blackberry who had informed US Airways of the delay in Vegas, causing boarding to come to a halt. With the combination of Southwest canceling their flights and US Airways apparently neglecting to check with the destination airport for weather status, our confidence was waning in a big hurry. In the meantime, our grown sons each called to ask if we were going to get out. When I told them the nearly unbelievable story of their dad stirring it up with US Airways, one of them said “hey, look at Dad using his Blackberry” and the other said “I have never been more proud of a man in my life!” Then the announcer came back to say that when the boarding resumed, the crew had already informed him that there would be no service during the one hour flight due to expected turbulence. A few minutes later, he got back on the mike to tell us that he was certain we were probably aware that many of the other airlines had already canceled their flights and there was always the possibility that the airport would close followed by a big shrug of his shoulders and no definitive conclusion. It seemed that US Airways just couldn’t make up their mind and was kinda sorta leaving the decision to us. We turned around and walked away. Out of curiosity, we tracked the flight well into the evening. It left the gate two hours late and another two hours later was still in “delay” status and not in the air. It finally arrived in Vegas six hours late as we sat in front of a roaring fire at home listening to the rain fall as my husband declared for the first time ever that he could see how that Blackberry could come in handy in certain situations. As for me, I think I will book my next flight using accumulated Dividend Miles and then start flying Southwest Airlines. I really respect their decision to cancel those flights and besides, you gotta love those cool ads with the ground crew rapping about bags flying free. US Airways could learn a thing or two about a lot of things from their closest competitor.

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Growth Of Distressed Commercial Properties Slows, Hits $17.6 …

January 2, 2010

A report on distressed commercial real estate released in December by New York-based Real Capital Analytics, a research and consulting firm, showed Las Vegas held the No. 1 spot in the nation with 37 percent of its commercial properties …

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Growth of distressed commercial properties slows, hits $17.6 billion (Las Vegas Sun)

January 1, 2010

The number of commercial properties in distress in the Las Vegas area grew in the fourth quarter — but at a slower pace.

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Video: Nobu Owner Nieporent Says Vegas Dining `Oversaturated’: Video

December 28, 2009

Dec. 28 (Bloomberg) — Drew Nieporent, president of Myriad Restaurant Group and a co-owner of Nobu, talks with Bloomberg’s Scarlet Fu about the outlook for fine dining in New York, Las Vegas and London. Nieporent says Las Vegas dining is “oversaturated” and that the CityCenter complex will do well “because it’s new.” (Source: Bloomberg)

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Harrah’s Chief Loveman Seeks Macau Foothold to Expand Caesars Palace Brand

December 22, 2009

By Beth Jinks Dec. 22 (Bloomberg) — Harrah’s Entertainment Inc. Chairman and Chief Executive Officer Gary Loveman wants to bring the Caesars Palace brand to Macau, China, as the world’s biggest casino company seeks new markets for growth. Harrah’s, owner of a golf course in Macau, has held exploratory talks there and will likely hold more in the future, Loveman said in an interview last week. Entering the market would require working with an existing operator because the government limits the number of licenses to six. “There’s nothing immediately active that could lead us there,” Loveman said. “We’ve made it very clear we would like to see the Caesars Palace brand in Macau. We certainly recognize there are six licensees, and somehow or other it has to fit through that lens.” Harrah’s is also looking to expand in other parts of Asia, and in Massachusetts and Ohio, Loveman said. Macau, the only part of China where casinos are legal, is the world’s largest gambling hub, and Las Vegas Sands Corp. , Wynn Resorts Ltd. and MGM Mirage already have a presence. The territory, once ruled by Portugal, overtook the Las Vegas Strip in 2006, after China ended a 40-year monopoly held by billionaire Stanley Ho . “We need to try to bring our footprint into markets that are appealing to us,” Loveman said. “We are not a one- or two- city company, we are a system of brands distributed to as many people as possible, so we need to continue to expand.” Harrah’s, owner of four properties in Atlantic City, New Jersey, and seven on the Las Vegas Strip, including Caesars Palace, will seek to open a casino near Boston if Massachusetts allows gambling, Loveman said. Harrah’s bid successfully in September for a racetrack near Cleveland, where slot machine- style gambling is set to become legal. “I am unaware of any contact with Harrah’s about Macau,” said Alan Feldman , a Las Vegas-based spokesman with MGM Mirage, joint owner of the MGM Grand Macau with Pansy Ho , daughter of casino billionaire Stanley Ho. Macau Growth Spokespeople at other Macau casino operators, including Galaxy Entertainment Group Ltd., SJM Holdings Ltd., Sands China Ltd. and Wynn Macau Ltd. weren’t immediately available for comment. Maggie Ma , spokeswoman for Melco International Development Ltd. , owner of a stake in operator Melco Crown Entertainment Ltd. , was also unavailable. Gambling revenue in Macau rose more than 6 percent in the first 11 months of this year, Portuguese news agency Lusa reported Dec. 1, citing casino operator data. Las Vegas is battling a two-year slump, its worst on record. MGM Mirage operates in Macau through a venture with Pansy Ho . In addition to Wynn and Las Vegas Sands, the others include Melco Crown Entertainment Ltd. , Galaxy Entertainment Group Ltd. , and Stanley Ho’s SJM Holdings Ltd. , all based in Hong Kong. Leon Black’s Apollo Management LP and TPG Inc. took Harrah’s private for $30.7 billion including debt in January 2008. Amid the credit crunch, the casino company exchanged existing bonds for smaller amounts of new securities, lowering long-term debt to $19.3 billion at June 30 from $23.1 billion at the end of 2008. Now Loveman is buying Planet Hollywood Resort & Casino, having purchased some of the property’s debt at a discount. “If you were to start building it today it would cost an awful lot of money,” Loveman said. “We can do much, much better with it than a standalone operator could do.” Harrah’s IPO? The Planet Hollywood brand will be kept to appeal to younger visitors in the company’s 40 million-customer database. A public offering of Harrah’s is likely in the future, though isn’t being discussed now, Loveman said. Convention attendance in Las Vegas tumbled 26 percent in the 10 months through October, according to the Las Vegas Convention & Visitors Authority . Event bookings will be “lean” next year, improving in 2011 as businesses resume meetings, Loveman said. His outlook compares with MGM Mirage CEO Jim Murren’s forecast for a 7 percent increase in travel to Las Vegas in 2010. Las Vegas Sands CEO Sheldon Adelson has said convention bookings are “coming back in force” each quarter. ‘Pent-Up Demand’ “2011 looks much, much better” than 2010, Loveman said. “There will certainly be a lot of pent-up demand.” Las Vegas Sands, based in Las Vegas, rose 23 cents to $15.52 yesterday in New York Stock Exchange composite trading and has more than doubled this year. MGM Mirage founded by billionaire Kirk Kerkorian , lost 12 cents to $9.52 and has lost 31 percent year-to-date. MGM Mirage and Dubai World’s $8.5 billion CityCenter project, which opened this month with 6,000 rooms, will worsen discounting in the city, Loveman said. To contact the reporter on this story: Beth Jinks in New York at bjinks1@bloomberg.net

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5 acres of residential Las Vegas land for sale in desirable South …

December 13, 2009

Las Vegas Real Estate Agent, Las Vegas Homes, Condos, Land, Commercial Real Estate and Personal Blog. Las Vegas real estate , including homes, condominiums, high-rise condos, land and commercial real estate blog, Las Vegas real estate …

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Report sees flat market for LV real estate (Las Vegas Business Press)

December 9, 2009

Southern Nevada’s commercial real estate market is expected to stay flat in 2010, a new report from Grubb & Ellis Las Vegas shows. User demand will remain soft next year due to recession-fueled job losses and growing company bankruptcies.

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Report sees flat market for LV real estate (Las Vegas Business Press)

December 9, 2009

Southern Nevada’s commercial real estate market is expected to stay flat in 2010, a new report from Grubb & Ellis Las Vegas shows. User demand will remain soft next year due to recession-fueled job losses and growing company bankruptcies.

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2010 to offer more of the same for commercial real estate (Las Vegas Sun)

December 4, 2009

The Las Vegas commercial real estate market next year will mirror this year’s because job growth won’t return until 2011 and foreclosures will depress rents, according to a local brokerage.

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Hooter’s Las Vegas in Default

November 16, 2009

I once told my colleague Dean Foust, who was writing an article about the Hooter’s restaurant chain, that a planned Hooter’s casino in Vegas was a sure thing. “I’d invest in that,” I said. Scantily-clad women, beer, gambling, what could go wrong? Alas, the latest results for 155 East Tropicana, the entity that owns Hooter’s Las Vegas, shows that in Vegas there are no sure things. The company lost $14.5 million for the first nine months of this year on revenues of $35 million. Among the results, a 20% decline in food and beverage sales. That’s a lot fewer chicken wings. A Securities and Exchange Commission filing says the company has received a notice of default from its lenders and is actively trying to restructure its $147 million in debt. The filing says “the company does not believe that cash on hand at September 30, 2009 of $5.6 million and expected cash flows will be adequate to meet the total financial obligations.” Hooter’s Las Vegas suffered problems fundamental to all bad real estate investments—a second-rate building in a crummy location. Half its 696 rooms were closed in the third quarter due to plumbing issues. And as Union Gaming analyst Bill Lerner notes, road construction in front of the off-the-Strip property discouraged walk-in visitors. Even football great Dan Marino punted. His restaurant inside Hooter’s will be renamed the Mad Onion in December. Maybe the frat boy crowd has less money to gamble. Or maybe people don’t want to go to an establishment in Vegas that they can visit in their own home town. In my own defense I don’t think Hooter’s management did a great job marketing the casino. I once saw ads for it targeting families. Clearly not the right demographic.

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Weekend Reading: Gold, Vegas, Sex, and Commercial Real Estate

November 8, 2009

Weekend Reading: Gold, Vegas, Sex, and Commercial Real Estate . By Paul Kedrosky · Sunday, November 8, 2009 ·. A few links from my weekly Weekend Reading column: Inside the Global Frenzy for Gold (NYT); Las Vegas construction nears …

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Video: Diener Says Getaroom.com Offers `Unpublished Rate’: Video

November 6, 2009

Nov. 6 (Bloomberg) — Robert Diener, founder and former president of Hotels.com, talks with Bloomberg’s Pimm Fox about getaroom.com’s hotel booking system and the Las Vegas and Orlando markets. Diener is co-founder of getaroom.com, a new booking site that specializes in hotel deals in 20 cities in North America and Europe. (Source: Bloomberg)

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Las Vegas Sands Seeks $2 Billion in Funds to Resume Macau Cotai Expansion

October 22, 2009

By Beth Jinks Oct. 22 (Bloomberg) — Las Vegas Sands Corp. , the casino company controlled by billionaire Sheldon Adelson , is seeking as much as $2 billion to restart mothballed projects in Macau, Chief Operating Officer Michael Leven said today. Sands aims to get commitments for project financing from lenders by the end of the month to resume work on lots 5 and 6 of its 21,000-room hotel and casino complex on Macau’s Cotai Strip, Leven said in an interview in New York. The Las Vegas-based company is willing to contribute additional equity in the project, on top of the $1.6 billion it’s already spent on the four hotels, Leven said, declining to give an amount. He estimated the total cost at about $3.6 billion and said it could be finished by June 2011. Adelson, the company’s chief executive officer, stopped construction on the two-thirds-built structures last year as credit markets froze, revenue growth slowed and the risk of loan defaults swelled. The hotels, located across the street from Sands’ Venetian Macao casino resort and next door to Melco Crown Entertainment Ltd.’s City of Dreams, will be branded St. Regis, Shangri-La, Traders and Sheraton. “We believe it’s the game changer and that’s why we want to finish it,” Leven said. “It’s key to our growth in Macau, and it’s key for Macau’s differentiation, to make Cotai a destination” for meetings and conventions. Goldman Sachs Group Inc. is coordinating the financing, Leven said. Hong Kong IPO Separate from the construction financing, Las Vegas Sands plans to sell a stake in its Macau business in an initial public offering on the Hong Kong Stock Exchange. Wynn Macau Ltd., controlled by billionaire Steve Wynn , raised about $1.6 billion selling a stake in its Macau unit this month in Hong Kong. Las Vegas Sands climbed 47 cents, or 2.9 percent, to $16.82 at 4:01 p.m. in New York Stock Exchange composite trading. The shares have almost tripled this year. Leven today reiterated the company intends to open the first stage of its Singapore casino resort in the first quarter of next year. Las Vegas Sands said in July it wanted to open the casino by Feb. 15. Marina Bay Sands’ Singapore opening date will be decided at the end of November, Leven said, after builders lift the last piece of the foundation of a “Sky Park” that will top the three 55-story hotel towers of the complex. Hiring Under Way Las Vegas Sands has begun hiring 9,000 employees on its Singapore payroll and expects to have nearly “everyone on board by the end of January,” Leven said. Singapore is counting on the Sands resort and a second casino project on Sentosa island to help the city-state achieve its goal of luring 17 million visitors and tripling annual tourism revenue to S$30 billion ($21.6 billion) by 2015. Genting Bhd.’s Genting Singapore Plc , which is developing the Sentosa resort, plans to open its first phase early next year. Each casino complex will create more than 10,000 jobs, Singapore Tourism Board CEO Aw Kah Peng said today at an event in New York where chef Daniel Boulud announced he will open one of Marina Bay Sands’ six celebrity chef restaurants. Boulud said he was leaving Wynn Resorts Ltd. ’s namesake casino in Las Vegas where he has a brasserie, and is looking for a new restaurant opportunity in the biggest U.S. casino city. To contact the reporter on this story: Beth Jinks in New York at bjinks1@bloomberg.net

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Douglas Wilson Companies Continues to Grow With Opening of New Las Vegas Office

October 22, 2009

Press Release) – Oct 22, 2009 – In a move to accommodate its rapidly growing problem resolution and real estate services to clients in the western region, Douglas Wilson Companies (http://douglaswilson.com) has opened a new office in Las Vegas. The

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