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More Homeowners Falling Delinquent on Mortgages

LAS VEGAS -- The number of Southern Nevada homeowners delinquent on their mortgage payments has climbed steadily for the past several months. In some cases, it's people just willing to walk away from their homes, and in other cases, homeowners are holding out hope that they will get a loan modification.

In any given neighborhood, chances are good that a homeowner is the process of walking away from their mortgage. In the past, five months was typically the longest a homeowner could stay in their home until the bank would come knocking. But that is no longer the case.

Nick Nolf with The Nolf Group has been in the real estate business through the boom, the bust, and now the slow turn-around.

Nevada's Unemployment Rate Rises to 13.2 Percent

CARSON CITY, Nev. --  Nevada's statewide unemployment rate rose to 13.2 percent in February, while the jobless rate in the Las Vegas area climbed another notch toward 14 percent.

The state Department of Employment, Training and Rehabilitation said Friday the unemployment rate in Clark County increased from 13.8 to 13.9 percent.

There was no change in the 13.4 percent jobless rate in the Reno-Sparks area. In Carson City, the rate fell slightly from 13.8 percent to 13.7 percent.

The report says 189,000 workers were out of work in Nevada. But a top state economist says employers added 10,400 jobs in February, representing the first increase since October. Nevada's statewide unemployment rate in January was 13 percent, the second highest in the nation.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

 

Wind Turbine Plant to Be Built In Las Vegas

LAS VEGAS --  A group of companies has announced plans to develop a plant in the Las Vegas valley that would employ about 1,000 people for manufacturing wind turbines.

The announcement was made by U.S. Renewable Energy Group (US-REG), a Chinese company called A-Power Energy Generation Systems Ltd., and the real estate development company American Nevada Company of Henderson.

The plan calls for building a the 320,000-square-foot plant in Las Vegas. The plant would manufacture and assemble wind-energy turbines that would supply energy projects throughout North and South America.

Senator Harry Reid has been leading the effort to develop renewable energy and promote investment in Nevada.

Nevada Casinos Revenue Down In January

CARSON CITY, Nev. (AP) -- Casino regulators say Nevada casinos won 3.2 percent less in January than they did in the same month a year ago. But there is a bright spot in a monthly report released by the Nevada Gaming Control Board. The state collected almost $60 million in casino taxes in February, based on the January "gaming win." That's up almost 27 percent compared with February 2009.

The report follows a dismal 2009 for the state's largest industry. The $10.4 billion won from gamblers last year was down 10.4 percent, and marked the largest calendar year drop in state history. Taxes paid by casinos make up about a third of the state's general fund. The industry has been especially hard hit in the recession gamblers keep a tighter hold on discretionary spending.

 

(Copyright 2010 by The Associated Press. All Rights Reserved.)

Study: Marathon Generated Millions for Las Vegas Economy

LAS VEGAS -- The inaugural Rock 'n' Roll Las Vegas Marathon generated $64.5 million for the local economy.

That is the finding of a study done by the San Diego State University MBA program and the Las Vegas Convention and Visitors Authority.

The study revealed that nearly 38,000 visitors traveled to Las Vegas for the event.

"The Rock 'n' Roll Las Vegas Marathon was a great success by every measure," said Pat Christenson, President of Las Vegas Events. "We're pleased to have hosted an event that made such a significant contribution to the local economy, and combined with the Rodeo and NASCAR Champions Week, there is no question in 2009 Las Vegas had its biggest December weekend ever. We are excited about the tremendous potential this event has to bring even more visitors to Las Vegas in future years."

CityCenter Generated $700 Million for Minority Businesses

LAS VEGAS, Nv -- The countdown is on for the opening of Aria at the CityCenter and as the finishing touches are being put on the property's crown jewel, find out how the project has helped minority businesses thrive and survive.

Aria, the property's only casino, will open to the public Wednesday night with a fireworks show. The MGM-Mirage's mega-development has not only created 12,000 new jobs, it also made using minority-owned businesses a priority. About 200 minority-owned businesses help build CityCenter.

It all started on the drawing board when MGM-Mirage and Perini Building Company decided to seek out the most qualified local firms and then cast their net nationwide to find minority-owned firms up for the challenge.

Crystals at CityCenter Celebrates Grand Opening

LAS VEGAS, Nv -- Despite the recession, a handful of new high-end luxury stores are now open. The ribbon was cut Thursday morning at the Crystals retail mall at CityCenter.

Crystals features luxury shops like Tiffany, Louis Vuitton and Versace. And shoppers can take a break to enjoy a meal at high-end restaurants run by world-renowned chef Wolfgang Puck and actress Eva Longoria.

But some wonder if the shopping center can survive without affordable stores for locals to shop in.

SLIDESHOW: Inside the Crystals at CityCenter

A small cut with scissors in front of the world's best known jewelry store opened Crystals. In the middle of the recession, MGM Mirage opened 500,000 square feet of retail space as their mall at CityCenter.