VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
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IN BUSINESS THE ECONOMY UNLV INSTITUTE SEES GLIMMER OF HOPE FOR JOBS OUTLOOK By Buck Wargo staff writer As fears are stoked about the recovery of the US economy, a UNLV index shows Southern Nevada could add jobs by the end of the year. The Southern Nevada Index of Leading Economic Indicators in May rose 0.52 percent in May. Most CALIFORNIA COMPANY ADDS THIRD VEGAS RETAIL CENTER California-based MIG Real Estate has acquired a mixed-use center on North Rainbow Avenue. MIG, formerly known as Stoneridge Capital Partners, didn’t disclose the terms of the deal to take over the Rainbow Corporate Center, a 151,000-square-foot development at 777 N. Rainbow Ave., through a special servicer. The property features two three-story office buildings and a 4,500-square-foot retail building anchored by Starbucks. This is the firm’s third property acquired since October. SENIOR FINANCIAL ADVISER FOR MARNELL WILL RETIRE James Barrett Jr., senior financial adviser of Marnell Corrao Associates and a member of its board of directors, announced his retirement, effective July 1. Barrett has served in his positions for nearly three decades. He said he plans to devote more time to civic and charitable organizations and is forming a financial advisory services company. Marnell Corrao Associates has several business units involved in planning, architecture, construction management, real estate development and gaming. DELINQUENCY RATE FOR VEGAS FORECLOSURES DOWN The 90-day delinquency rate for Las Vegas foreclosures dropped again. CoreLogic pegged the delinquency rate at 18.37 percent in March, down from 18.86 percent in February. The delinquency rate has steadily declined since it peaked at 21 percent in February 2010, but it’s still considered high. The statewide delinquency rate was 16.23 percent, down from 18.36 percent in March 2010. The US delinquency rate was 7.54 percent, down from 8.3 percent in March 2010. — Buck Wargo | 13 JUNE 2011 | 13 CNB.60NV_Core 2Q11_VGSInc.R_Ad PROJECT MANAGER: BURCHMAN, S. ID#: 2746.01 DATE: APRIL 27, 2011 1:13 PM 1 Please ask your Preferred Banking Advisor for details. 2 Rate discount not applicable to all loan features. Ask for details. Total Line of Credit must be secured by a fi rst or second lien on an owner-occupied 1-4 family residential property (excluding mobile homes) in California, Connecticut, New Jersey, Nevada, or New York. Available for co-ops in the New York City boroughs of Manhattan and Brooklyn only. 3 City National will waive its fee for ATM withdrawals at non-City National Bank machines. City National will not assess reasonable ATM surcharges from other bank ATM providers worldwide. Th e International Transaction Fee is not a surcharge and is not included in the waiver of surcharges. 4 Off er expires 6/17/11. Non-deposit Investment Products: ■ are not FDIC insured Past performance is not an indication of future results. ■ are not Bank guaranteed ■ may lose value ©2011 City National Bank Member FDIC Experience the Diff erence As a City National Preferred Banking client, you will benefi t from a banking experience customized for you. ■ Dedicated Preferred Banking Advisor backed by a team of experts ■ Access to award-winning wealth management solutions ■ ■ ■ Preferred rates and fee reductions1 Discount on a Total Line of Credit2 No ATM fees3 Transition Guarantee 30-Day Receive a $250 City National Visa® Gift Card if the transition is not easy and seamless.4 Experience a better banking relationship today. Call us at (702) 425-5325 or visit cnb.com/relationship. of the gains were in visitor volume, passenger counts and taxable sales, according to a report from the Center for Business and Economic Research. A rising index is considered a signal for job growth in the coming months. “If the economies of the Western states improve, spending on travel and tourism could continue contributing to the economic growth in Southern Nevada,” said Bob Potts, the center’s assistant director. But it’s a bit soon to put too much stock in the index that rose sharply in March and declined in April. In addition, the national economy that drives Las Vegas tourism is weakening and some economists fear high gas prices and falling home prices nationwide will stall the recovery or may even lead to a double-dip recession. “ City National is a big part of my financial life .” – Ben Schonbrun Attorney