DECEMBER 2 2022 / ISSUE NO. 52 / ARCHIVE
This Week's Top Stories
The City of North Las Vegas’ new Mayor, Pamela Goynes-Brown officially takes office today, becoming the first black Mayor in Nevada history. Goynes-Brown, a longtime educator turned public servant, previously served as Councilwoman of North Las Vegas’ Ward 2 and was the first female African American Councilwoman in her previous role. She also was the first female African American Mayor Pro-Tempore, having served in that role twice. Goynes-Brown’s recent election as Mayor continues her streak of breaking barriers.
PNC Chief Economist Gus Faucher: Another Strong Month of Job Growth in November Means More Fed Rate Hikes
This commentary is written by PNC Chief Economist Gus Faucher, "Ironically, by pushing the FOMC to raise rates further, continued strong job growth makes a near-term recession more likely. PNC’s baseline forecast for 2023 is a mild recession, as massive interest rate increases this year will likely lead to a drop in real GDP as they work their way through the economy. PNC expects job losses in 2023 as businesses start to cut back, with the unemployment rate increasing to around 5.5% by early 2024."
Yesterday, the Nevada Governor’s Office of Economic Development (GOED) Board of Directors approved Redwood Materials $105,615,082 tax abatement. In exchange, the company will invest $1.1 billion in the first two years of operation to expand its large scale batter materials facility in Storey County and will be required to create 150 jobs in the first two years of operation at an average weighted hourly wage of $32.01. It is expected to grow to 450 jobs in five years.
Hyatt Hotels Corporation announced it has entered into an agreement to acquire Dream Hotel Group for up to $300 million. Dream Hotel Group plans to open Dream Las Vegas in 2024. Developing by Shopoff Realty Investments, the 531-key hotel is currently under construction on the Las Vegas Strip, less than one mile away from the Allegiant Stadium.
Elevation Entertainment, a California-based gaming and hospitality real estate development firm, has submitted plans to the City of Reno for the proposed development of Firecreek Crossing Resort-Casino.
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