VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
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READ ALL ABOUT IT THE STRIP TOURISM VISA PROCESS HURTS ECONOMY By Richard N. Velott asenior staff writer American-based companies are losing millions of dollars in international commerce because the process of securing a travel visa to the United States is so cumbersome, a panel of industry experts said. The panel discussion, a FIVE IS THIS THE ONE, SOUTH STRIP?: A rendering of the proposed stadium complex behind Mandalay Bay shows three sports venues — a 9,500-seat ballpark for the 51s; a 36,000-seat stadium for professional soccer; and a 17,500-seat arena for rodeo. Minor League Sale May Bring Major League Sports TEXAS BUSINESSMAN HOPES TO BUILD VENUE ON STRIP By Dave Bernsstaff writer The inspiration for Texas businessman Chris Milam’s plans to buy the Las Vegas 51s and build a multi sport athletic venue at the south end of the Strip can be found in his relationship with baseball Hall of Famer Nolan Ryan. He met the legendary pitcher while negotiating a loan to purchase a helicopter with funds from Ryan’s bank. Milam, who reportedly earned much of his money developing retail malls and office space in Eastern Europe following the collapse of the Soviet SEE ARENA PAGE 18 Things are about to start booming again. 133 transactions closed in 1st quarter 2011. Office | Industrial | Retail | Receiverships | 23 MAY 2011 | GatskiCommercial.com ı (702) 221-8226 11 MODEL FOR SUCCESS The Portland Timbers are viewed as Milam’s model for a successful MLS franchise. It has become one of the most successful teams in the league, routinely selling out its 17,000 seats, prompting a 5,000-seat expansion and renovation. prelude to the World Travel and Tourism Summit at Aria, was hosted by the Las Vegas Convention and Visitors Authority for convention sales teams at resorts so they could fully understand how the visa issue is affecting international business travel . Representatives of three major trade shows that call Las Vegas home—the Specialty Equipment The US has consular services at five different offices in China, five in India and four in Brazil. Great Britain has 12 offices in China and 10 in India while France has six offices in China and five in India. SEE VISAS PAGE 19 REAL ESTATE NEW HOMES NOT ATTRACTIVE BUYS By Buck Wargostaff writer The Las Vegas new-home market is getting worse, while sales of existing homes remain brisk amid falling prices, according to statistics released Monday by a research firm. SalesTraq reported the 267 closings of new homes in April puts the four-month total this year at 1,085. At that rate, the homebuilding industry would fall well short of the 5,438 closings recorded in 2010. SEE NEW HOMES PAGE 19 COURTESY RENDERING