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SEPTEMBER 22 Issue - Vegas Business Digest Recap

Rockefeller Group to Redevelop Former Walmart Site in North Las Vegas into Industrial Buildings


This Week's Top Stories

Nevada’s Labor Force Grows in August; Unemployment Rate Increases

welcome to fabulous las vegas nevada signage
Photo by Grant Cai / Unsplash

According to the Nevada Department of Employment, Training and Rehabilitation’s (DETR) August 2023 economic report, Nevada’s unemployment rate increased slightly from July to August, going from 5.3 percent to 5.4 percent for an increase of 0.1 percentage points.

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Cortez Masto Legislation on Apex Industrial Park & Water Infrastructure Advance Out of Committee

Cortez Masto's visit at Apex (Courtesy of Office of U.S. Senator Catherine Cortez Masto)

U.S. Senator Catherine Cortez Masto (D-NV) passed legislation to support economic development initiative at Apex Industrial Park and upgrade water infrastructure in Southern Nevada through the Senate Energy and Natural Resources Committee. 

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Three Abated Companies To Create 350+ New Jobs in Southern Nevada

Photo by Ryan Hafey / Unsplash

Three companies in Southern Nevada received over $2.8 million in tax abatement from the Governor’s Office of Economic Development. In return, the companies plan to crate 373 jobs in the region over the next two years.

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The Pueblo at Summerlin Retail Center Acquired by CenterSquare Investment Management

The Pueblo at Summerlin (Courtesy of CenterSquare Investment Management)

CenterSquare Investment Management announced its acquisition of The Pueblo at Summerlin, a 36,390 square foot Essential Service Retail property with direct access to West Lake Mead Boulevard. 

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Rockefeller Group to Redevelop Former Walmart Site in North Las Vegas into Industrial Buildings

Craig Road Logistics Center (Courtesy of Rockefeller Group and Lee & Sakahara Architects)

Rockefeller Group announced that it has purchased a former Walmart Supercenter on a 19-acre site in North Las Vegas for the development of two industrial buildings totaling 369,198 square feet. The demolition of the former Walmart Supercenter will begin this month. 

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PNC Chief Economist Gus Faucher: Solid Increase in Industrial Production in August, With Big Gains for Mining and Utilities

PNC Chief Economist Gus Faucher (Courtesy of PNC Bank)

This article is written by PNC Chief Economist Gus Faucher.

  • Industrial production rose 0.4%, with a 0.1% increase in manufacturing output.
  • Auto production was a big drag in August, but that may be a data issue and not an actual drop in output.
  • Industrial production is set to decline in the near term.
  • The UAW strike will have only a small effect on output, at least for now.
  • Goods inflation has slowed dramatically in 2023, with manufacturers holding less pricing power.

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Portillo's Plans Its First Las Vegas Location

St. Pete Architectural Photography (Courtesy of Portillo's)

This week, Portillo’s announced it is looking to enter Nevada, including the Las Vegas market for the first time as part of its long-term expansion plan to scale the brand. 

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green plant in brown pot
Photo by Ryan Lange / Unsplash

This week, a group of bipartisan senators introduced the Secure and Fair Enforcement Regulation (SAFER) Banking Act of 2023, which would allow banks and credit unions to serve cannabis businesses and their workers in states where cannabis is legal. The bill will be heard at the Banking, Housing and Urban Affairs Committee on Wednesday, September 27, 2023, at 9:30 AM.

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Eureka Casino Resort Properties Rally to Support Fire Relief Efforts in Maui

Eureka Casino Resort Exterior (Courtesy of Eureka Casino Resort)

Eureka Casino Resort properties in Mesquite, Nevada, and Seabrook, New Hampshire joined forces to raise funds for the American Red Cross’ fire relief efforts in Maui, Hawaii, donating $30,000 in total by the two properties.

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