VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
Issue link: https://www.ifoldsflip.com/i/60513
THE ECONOMY THE ECONOMY COMPANIES' PROJECTS WILL CREATE OVER 600 JOBS By Richard N. Velott asenior staff writer The Nevada Economic Development Commission has approved eight economic incentive requests projected to create 618 jobs — including 499 in Clark County — in one of the busiest sessions the state agency has ever had. Five of the eight requests that came before the commission during the March 20 session came from out-of- state companies relocating to $10.1 million SIGN OF MORE EXPENSIVE TIMES: A cyclist rides past the entrance to California State University, Northridge, last month. Resorts Wary Of Climbing Gas Prices' Effects on Vegas By Richard N. Velott asenior staff writer It's been a while since the Southern Nevada tourism industry experienced gas pains. But with the pump price closing in on $4 a gallon in Las Vegas and the average price for a gallon of unleaded fuel hovering around $4.40 in Los Angeles, some resorts are starting to think about how they're going to market their properties if prices continue to soar. A report issued March 19 by New York- based Moody's Investors Services said the Las Vegas economy is on the road to recovery, but it also cautioned that higher gasoline prices could result in visitors | 2 APRIL 2012 | spending more for transportation and less on trips and entertainment. "With crude oil currently trading at its highest level since 2008 and high gasoline prices, consumers could pull back on discretionary spending and travel to Las Vegas," the report said. But so far, prices that have shot up 90 cents a gallon since mid-December in California haven't affected travel habits, said Kevin Bagger, senior director of marketing for the Las Vegas Convention and Visitors Authority. "It seems that consumers may be SEE GAS PRICES PAGE 11 WHAT'S THE MAGIC NUMBER? The consensus opinion seems to be that the "psychological barrier" for when people start to restrain their travel, Gary Thompson, a spokesman for Caesars Entertainment, said, is $5 a gallon. Some marketers have noted that even with a 50-cent spike in pump prices, the cost of a round trip by car from Southern California is only going to be about $15 more. or developing branch offices in Southern Nevada. Another was for a Nevada company expanding its workforce and request ing $6,000 in training grants administered by the commission, the Employment Security Division and the State Job Training Office. The Nevada Development Authority The amount of tax abatements the state approved to entice eight companies into starting or relocating to Nevada. It also approved $521,297 in sales tax deferrals and $578,220 in Train Employees Now grants. endorsed and assisted the five new Clark County companies and the expansion. State officials were cautious in explaining the sudden burst in incentives requests, but also noted that it was another indicator that the Nevada economy is changing for the better. "I hope that it signals the tide that is coming," said Lt. Gov. Brian Krolicki, who chairs the commission. "It's an indication of much better things to come." Steve Hill, state director of economic development, said the requests for incentives show that companies are ready to begin investing in their SEE JOBS PAGE 8 7 ASSOCIATED PRESS