June 1993 $5.00 YEAH, but DOES HE HAVE the GUTS to RUN HIS OWN BUSINESS? Here's to the Productive Risk Takers in Nevada

june 1993 $5.00 YEAH, BUT DOES HE HAVE THE GUTS TO RUN HIS OWN BUSINESS? Here's to the productive risk takers in Nevada. Entrepreneurs. They're the backbone of our economy.

We salute them. And we support them, with financing, services and expert advice. ~BANK.

C l993 U.S. B~nk . Mo:mber FDIC. ~BUSINESS Taking ~OURNAL The

PUBUSHER/EDITOR Lead In Lyle E. Brennan

ASSOCIATE PUBUSHER Managed Chuck Dandy

ASSOCIATE EDITOR/ ART DIRECTOR Care. Barbara L. Moore CONTRIBUTING EDITORS Christopher Lee Because we know managing health care delivery helps Mark Luczak control costs, Blue Cross and Blue Shield of Nevada has Tom Martin taken the lead by providing results in managed care. R. Keith Schwer We've organized one of the largest provider networks in Nevada, contracting with the best hospitals and physicians ACCOUNT .EXECUTIVE to provide cost-effective care state-wide- the choices Chuck Dandy you expect and the value you need .

Our commitment to caring for the people of Nevada The Nevada Business Journal is listed in Standard Rates &Data, #20A-Business-Metro, State & Regional. spans 25 years. For information, contact your broker Advertisers should contact Chuck Dandy at (702) 735-7003, or write to: The Nevada Business Journal, or Blue Cross and Blue Shield of Nevada at 3157 Bel Air Dr., Las Vegas, Nevada 89109. Demo­ 228-2583. In Reno call829-4000. graphic information is available upon request. Circula­ tion may vary from month to month. The Nevada Business Journal corporate offices are located at 3157 Bel Air Dr., Las Vegas, Nevada 89109. NBJ is published bi-monthly, bulk postage paid. Sub­ scription rate is $27.00 per year. Newsstand price is $5.00 and special order single copy price $7 .00. All contents 1993 copyright, and reproduction of material appearing in NBJ is prohibited unless so au­ thorized by the publisher of NBJ. CHANGE OF ADDRESS: Please send previous ad­ dress or mailing label & new address. Allow six weeks. BlueCross Blue Shield EDITORIAL SUBMISSIONS: Address all submis­ sions to the attention of Chuck Dandy. Unsolicited man­ of Nevada uscripts must be accompanied by a self-addressed stamped envelope. NBJ assumes no responsibility for Good Clwice. unsolicited materials. DISCLAIMER: Editorial views expressed In this magazine are not necessarily those of the publisher.

4 Nevada Business journal • May!June 1993 May/june 1993 IC 0 NTE NT S Volume 8- No. 3

Features D NCRC Approaches One-Year Goal Consortium of Nevada banks moves quickly to provide affordable low-income housing.

m Hiring a Turnaround Specialist In periods of uncertain economic transition, hiring a turnaround special­ ist may the best survival strategy for the '90s.

SUMMERLIN SUMMERLIN IS NUMBER ONE ...... S-3 WESTERN TECHNOLOGIES: Still going strong ...... S-20 S UMMERLIN'S NEIGHBORHOODS: The Hills ...... S-6 LEWIS HoMES: The Hills South ...... S-9 Nevada's largest The Pueblo ...... S-11 homebuilder ...... S-21

SUMMERLIN CALENDAR ...... S-15 PENTACORE ENGINEERING: Spelling success ...... S-22 GC WALLACE: Land planning Summerlin Top Executives: and civil engineering ...... S-17 THE PUEBLO AT SUMMERLIN: Summerlin President Mark Fine, center, meets with Vice President for Advance First retail center in Planning James A. Veltman, left, and SUMMA CoRPORATION: Premier The Pueblo village ...... S-23 Vice President for Community Develop­ ment Richard E. Oglesby at Fo/ded Circle office space in Summerlin ...... S-18 -a sculpture created by noted San Fran­ SUMMERLIN SUMMARY: cisco artist Fletcher Benton- in front of The Pueblo Medical Center. HARRISON DooR CoMPANY: A synopsis of Summerlin's Photo by Tom Craig I Opulence Growing with Summerlin ...... S-19 neighborhoods ...... S-23

Departments EIJ Executive Profile: Larry Lewin Moving up at the Riviera.

ti:J Office Systems: Electronic Mail- Why you need a policy Some legal and security issues to be aware of.

m Nevada Briefs: Lechters moves into new Hughes Center facility • U.S. Bancorp plans new Nevada headquarters in Reno • Ten·acon expands into Nevada with office in Las Vegas • B of A launches loan promotion.

Larry Lewin, vice president of El] Business Indicators & Analysis: Construction activity in Las Vegas casino marketing at the Riviera. should continue to buoy the Nevada economy. Page 39. \VeHave $400 Million That Says \Ve Believe In Nevada Business.

At Bank of America, we know that we'll even discount the po}nts and many business owners have been pay half the appraisal fee up facing some tough times lately. to $2,500. In this economy, it's been hard to Second is our DirectLine® Equity, cover your overhead, let alone grow. which uses the equity in your home Of course, there isn't anything to extend a line of credit. It's more that $400 million couldn't fix. flexible, because the money isn't So we've put together two loans just for real estate. Plus, we've made to put this cash into the hands of it even more attractive by waiving business people who can use it. all the opening fees, including the To create new opportunities. New appraisal fee. growth. First, is our Commercial So stop by a Bank of America Real Estate Loan, ideal for people branch soon. Because with $400 who are thinking of expanding their million to lend, we mean business. office space, buying or refinancing their own building. With this loan, BANKING ON AMERICNM m Bank of America

Offer good 1hrough July 30. 1993. Cenam res!nctlons apply. © 1993 Bank of Amenca Nevada. Member FDIC CRCApp che One-~ ar

Developer Marc Simoncini receives a check from NCRC President Jackie DeLaney for the long-term mortgage on the Manhattan Place Apartments.

Supporting NCRC in !his efforl are represen­ talives from member inslilulions and olher community representatives.

Back Row: Andy Scudder/- First Inters/ale Bank Mendy Cavanaugh -Firs/ lmersrme Bank Dave Funk - Sierra Bank Barry Harrison -First Western Bank Wayne Snyder- Nevada Banking Co . David Downs- American Federol Mike Ramos- City of Reno Front Row:J Jackie DeLaney - NCRC Marc Simoncini- Owner Larry Tuntland - First Interstate Bank Mamie Chinn Hechrer - Nev. Housing Div. lndra Chhabra- Citibank John Warden - American Federal

CoNSORTIUM The Nevada Community Reinvestment but the numbers were smaller, even 10 Corporation (NCR C) should meet its first­ years ago," she said. "And now with a year goal of a commitment to provide new influx of people, most of whom will OF BANKS MOVES 500 housing units for low-income Ne­ work at jobs from $6 to $8 an hour, the vada families, according to its president, social dynamics have changed." Jackie DeLaney. She pointed out that housing in catego­ Formed in July of 1992, Delaney said ries which low- and moderate-income QUICKLY TO PROVIDE the goal of 500 new or rehabilitated units groups can afford should be built at a for the state's low-income families was standard acceptable to the market at set then. "Currently we have $5.7 in com­ large. "When you have two or three fami­ mitments for more than 200 units, and lies living in a home or apartment so they AFFORDABLE LOW- another $6.2 million will be committed can afford the rent, or many households for nearly 300 more units that are going paying more than 50 percent of their in­ through the pipeline.now," she said from come for housi ng, there is an unsatisfac­ her Las Vegas office. tory social result," DeLaney said. "If we INCOME HOUSING. She said the NCRC, a consortium of 13 jump out now, we will be prepared for Nevada banks that have initially commit­ future growth." ted $20 million for affordable housing, The NCRC was formed as a catalyst to was formed because sheer numbers of help private developers, public agencies growth over the past decade have created and nonprofit groups that want to move an unprecedented need. "There has al­ ahead with affordable housing projects. By Tom Martin ways been a need for affordable housing, "We're here to help everybody, including

~lay/June 1993 • Nevada Business journal 7 NCRC

public-private partnerships. There are so many angles, that we must work together," said DeLaney. She said the primary use of the NCRC commitment will be for mortgages on projects that will be made possible through various grants as well as funding from municipalities and other lenders. "We will provide a below-market interest when the project is completed. There is not exact figure on the interest rates we would offer, but it could be as much as two percent below market." DeLaney said the NCRC offers three basic products: (1 ) Acquisition and reha- • bilitation loans for properties throughout the state; (2) permanent takeout financing for newly constructed un.its; and (3) new construction loans with permanent financ- ing in rural counties. ' She pointed out the NCRC will appiy the same criteria to mortgage loans as any primary lender. "Each project will have its bottom-line cost, per unit and as a project. We must have sound loans-even though there is more risk - and a source of repayment," she said. DeLaney stated the objectives of the NCRC are to provide financing for: • The highest possible number of units affordable to families of low and moderate income; • Units with the longest-term of affordability; • Projects where the need is greatest; • Projects where the residents have a mix of income levels; • The highest possible number of units that accommodate larger families. The first project to receive such a mort­ gage loan from NCRC is a good example ofhow the organization works. The project provides four-bedroom, two-bath units to (702) 592-4098 or 1-800-285-9007 families earning less than 60 percent of the median income. Various studies have recognized that after the homeless, large WESTPARK ECONOMIC families in low-income categories have lAS VEGAS, NEVADA the greatest need for housing. Well-known DEVELOPMENT PROGRAM Reno developer Marc Simoncini was the principal in the project. In addition, the Nevada Housing Division assisted the

8 Nevada Business journal • May/June 1993 NCAC

borrowers through the federal Low In­ and more than 140 rehabilitated units ments. She also pointed out several larger come Housing Tax Credit Program. have been made. "Obviously, the most Nevada banks have made much larger Two other projects that are moving interest has come from the Reno-Sparks commitments to affordable housing and ahead in a similar manner are 26 two­ area and the Las Vegas Valley, but I have lower-income groups in amounts far above bedroom units in Reno for families with received inquiries from Dayton, Fallon, their NCRC commitments. incomes below 55 percent of the median Elko, Mesquite and Laughlin," she said. She hopes to see the NCRC fund be­ and a senior housing project in Henderson. She pointed out that construction loans come self-sustaining in this initial stage The Henderson development will provide are needed for rural communities because by selling the loans in the secondary mort­ 60 units and will be managed by the Clark of the lack of local lenders. gage market. "This way the fund contin­ County Housing Authority. She said the 13 banks are not driven by ues to revolve so growth is possible," she Community construction and the the Community Reinvestment Act to par­ said. In addition, the NCRC charges fees Henderson Association for Senior Citi­ ticipate, but that participation is part of to sustain itself, DeLaney said. zens are the principals in the project. their CRA commitment. "Banks partici­ Prior to her present position, DeLaney Of the 500 projected units, DeLaney pate in proportion to their size," she said, was vice president and team manager in said that mortgages have been funded for "but more importantly it allows institu­ real estate lending at First Interstate Bank more than 200 multifamily units. Com­ tions that do not participate in consumer of Nevada in Reno. She said her work in mitments for nearly 130 more new units mortgage lending to meet CRA require- both Reno and Las Vegas has helped her

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May/June 1993 • Nevada Business Journal 9 NCRC

identify with the Silver State as a whole. The NCRC chairman of the board is Andy Studdert, southern Nevada presi­ dent for FIB. He has held key positions with FIB and its subsidiaries and has been involved with the YMCA, Boy Scouts and the Nevada Development Authority. NCRC Secretary Virginia Ferguson is the manager of the compliance depart­ ment of PriMerit Bank, which she joined in 1992. Her financial career has spanned 43 years. Ron Herr is senior executive vice president of First Western Bank, It's so easy a child could do it. which he joined in 1974. He is a life There are over 11 ,000 miles of underground utilities in Southern evada . director of the Southern Nevada Home It's dangerous and costly to dig into them. One call will make sure you don't. Builders Association. Because with one call the companies listed below will come out and mark Other members of the board of trustees your site with color coded lines that let you see where the lines are buried. It's simple. It's free. In fact. it's child's play. are public sector representatives Pam Barrett, Reno community Development , Departmept; Douglas Bell, Clark County • Sponsored in your best interest by: beforeCall~ It's a Community Resources Management; and ~au • 5 you Dig'. Law. ,,., - Mamie Chinn Hechter, Nevada Housing · ~t~~ 1·800·227·2600 = 1!-".. CENia l!i Division. Garth Winkler of United Way represents the nonprofit sector. On the board from the banking commu­ nity are: Dan Cheever, PriMerit Bank; Cathy Kammeyer, Sun State Bank; Rich­ ard Etter, Bank of America; David A. Funk, Sierra Bank; John Gaynor, Conti­ Complete set-up nental National Bank; Thomas Groebe, U.S. Bank; Dan Nall, California Federal and maintenance Bank FSB; William Martin, Pioneer Citi­ zens Bank; Shariq Mukhtar, Nevada Bank­ Salt & fresh water ing Company; and Keith Thomas, Ameri­ can Federal Savings Bank. When the NCRC was created under the Commercial and auspices of the Federal Home Loan Bank residential of San Francisco, and The Development Fund, a nonprofit organization in San Free estimates Francisco, a task force was co-chaired by Larry Tuntland, northern region area presi­ dent of First Interstate, and Kenny Guinn, Dependable, chairman of PriMerit Bank. professional service The founding NCRC member institu­ tions are: American Federal Savings; Bank of America; California Federal Bank FBS; THE Citibank Nevada; Continental National Bank; First Interstate Bank; First Western Bank; Nevada Banking Co.;.Pioneer Citi­ LOBSTER MAN zens Bank; PriMerit Bank; Sierra Bank; Sun State Bank; and U.S. Bank. • B9&·75tt or 599·&4t2 .HOW TO APPLY FOR A

BUSINESS LOAN AND ACTUALLY

The most important lesson is the one y'ou three years, with an estimate of your com-

learned in school: it takes homework. When pany's income, expenses and profit levels.

business loan applications are tumed down, The object, of course, is to prove your abil­

the problem is often just a lack of proper ity to repay the loan. To make y our case

information. So here are some tips on what stronger, work out a repayment schedule.

to include. It may not be accepted as is, but it shows

One key: provide a thorough description of you've thought the whole process through.

your business, including your customers, There's more, of cours e, but we'll be

your competition, and the background of happy to provide g uidance. In fact, we' re

all the principals in the company. The very interested in making loans to small-

more successful experience yoM can show er companies. So come talk to us, even

in your industry, the better. before you start doing your homework. Develop a business plan for the next two to We're all in this together. 6BANK,

C 199 1 U.S. Bank. Membtr FDIC. An Equal Opporruniry Lc: nder. Hiring a Turnaround Specialist

Survival Strategy for the '90s by Christopher Lee

You can toss out all the best these factors is a fairly good indicator of a design. It is also important to remember selling "how to" or "what I learned" books potentially troubled situation. that getting data is only 10 percent of the that become popular when times are good, Over leverage: Inadequate capital, ex­ effort, knowing what to do with the infor­ they're meaningless when a company is cessive debt, inability to increase lines of mation is 90 percent of the opportunity. in trouble. When an organization is in a credit, declining equity, and/or willing­ Rapid Expansion: During strong eco­ crisis, it doesn't need theories, it clearly ness to accept financing/refinancing terms nomic conditions, many businesses typi­ does not have the luxury of time, and it at usury rates are all signals of trouble. cally believe that they can both grow does not have the financial resources to When a company tries to solve an operat­ rapidly and manage the growth cycle effi­ experiment with accountants and consult­ ing problem by increasing debt, it may ciently. Management miscues, internal ants. In periods of uncertain economic buy time in the short-term but it places an problems, added layers of debt, personnel transition and likely economic stagna­ unnecessary financial burden on the firm turnover, and operating shortfalls are of­ tion, hiring a turnaround specialist may be to exceed its historic performance. ten tolerated and/or disregarded when the the best survival strategy for the '90s. Poor Information Systems: Too fre­ economic climate is favorable. However, Recognizing when to call in a specialist quently top management "suddenly" finds like the proverbial Hollywood star, top and how to retain the best advisor are the itself in trouble because the proper finan­ management, in growth cycles, can sit two critical decisions facing owners of cial controls and reporting systems were back and begin to believe their own press companies moving toward crossroads or either inadequate or not present at all. It is clippings of success. Owners of organiza­ crisis situations. literally impossible to get an early warn­ tions, who enjoy the fruits of growth, ing signal regarding potential problems often fa il to recognize when the quality of Recognizing the Severity when the financial reporting system is their product/service is declining. This of Warning Signals based on monthly /quarterly financial state­ entrepreneurial blindness is due to an in­ ments and accounting reports. The oppo­ ability to provide the needed level of data Whether you are in the real estate, manu­ site problem can be worse: many troubled to manage and maintain the pro forma facturing, entertainment, financial or any companies seem more fascinated by the standards of excellence envisioned by the other industry, there are nine indices of an volume of reports that they receive. Often owners. Growth requires ever increasing existing or rapidly developing crisis situ­ the problems are due to accountants who pressure for sound business judgment. It ation. While they represent only a few of follow traditional financial reporting theo­ does not easily forgive those who allow the early warning signals, most experts ries, and key management executives who growth to alter economic and manage­ agree that presence of one or more of don't get involved in the overall system ment fundamentals. continued page 37

12 Nevada Business journal • May/June 1993

~BUSINESS ~2!L~~~~

SUMMERLIN ~- SuMMERLIN IS NuMBER ONE ...... s-3

SuMMERLIN's NEIGHBORHOODs: The Hills ...... S-6 The Hills South ...... S-9 The Pueblo ...... S-11

SUMMERLIN: Calendar of Events ... . S-15

GC WALLACE: Land planning, civil engineering, architecturaCaesign .... S-17

SuMMA .CoRPORATION: Bringing premier office space to Summerlin .. S-18

HARRISON DooR CoMPANY: A special affinity for Summerlin ...... S-19

WESTERN TECHNOLOGIES: Still going strong ...... S-20

LEWIS HOMES: Nevada's largest homebuilder ...... S-21

PENTACORE ENGINEERING: Spelling success at Summerlin ...... S-22

THE PUEBLO AT SUMMERLIN: The Pueblo's first retail center ...... S-23

SUMMERLIN SUMMARY: A synopsis of Summerlin's neighborhoods ...... S-23 • Nevada • CoVER PHOTo: ToM CRAIG I OPULENCE BUSINESSJO AL Nevada BUSINESS JOURNAL Nevada 's Only Statewide Business Magazine Congratulates Summerlin: PUBLISHER: Lyle E. Brennan ASSOCIATE PUBLISHER: Chuck Dandy The No. 1 master-planned community ART DIRECTOR: Barbara L. Moore in the United States 3157 Bel Air Drive Las Vegas, Nevada 89109 • 7021735-7003 • • © 1993 All Rights Reserved. S-2 • Special Promotional Supplement to Nevada Business journal SUMMERLIN IS NUMBER ONE Summerlin leads the nation as the best-selling master-planned community in the U.S.

In redefining the western boundaries ver. In 1991, Summerlin was second of the country's fastest growing metro­ only to Aliso Viejo in Anaheim/Santa politan area, the massive master-planned Ana, which dropped to number seven in community of Summerlin continues to most recent rankings. break new ground - not only in south­ Summerlin's ranking was no surprise, ern Nevada-but also on a national scale. according to Marta Borsanyi, executive Still in its first phase of development, vice president of Lesser&: Weitzman. Summa Corporation's 22,000-acre de­ "In 1991 , one out of every ten homes velopment spanning the western rim of sold in the Las Vegas Valley was in the Las Vegas Valley has achieved the Summerlin," Borsanyi said. "This trend ranking of the No .1 best-selling master­ continued in 1992 as Summerlin sales planned community in the nation. represented 13 percent of the total Las And the runner-up is not even close. Vegas Valley market. In 1993, we are Lesser &: Weitzman, a leading na­ projecting that Summerlin will capture tional real estate research firm head­ more than 18 percent of the Las Vegas Above: The Hills Parh features an ampitheater, as well quartered in Los Angeles, reports that home sales market." as basketball and tennis courts, picnic facilities and 32 percent more homes were sold in Summerlin's impressive 1992 home playground areas. Summerlin's first park, The Hills Park is the site of numerous concerts and special events. Summerlin in 1992 than in the nation's sales figure of 1,419, which includes second best-selling master-planned sales in the age-restricted community of Top: "Puppy Love" - Two young Summerlin residents community, Highlands Ranch of Den- Del Webb's Sun City Las Vegas at Sum- find a new furry friend to play with in Th e Hills Park.

Special Promotional Supplement to Nevada Business journal • S-3 SUM M ERLIN IS NUMBER ONE ------~~ ------

merlin, home to the Las Vegas Invita­ tional, and 1994 host to the PGA Las Vegas Senior Classic; plus, The Hills Park, The Pueblo Park and the Sum­ merlin Trail, a 160-mile-long network of bicycle and pedestrian pathways. Some 70 acres have been dedicated for schools in Summerlin - including two top-rated private schools, the non-de­ nominational Milton I. Schwartz He­ brew Academy and The Meadows School - as well as two state-of-the-art public schools currently under construction in the Howard Hughes Educational Park: the Ernest A. Becker, Sr. Middle School and the William R. Lummis Elementary School, both set to open in September. Summerl in executives,Jrom left, Richard Oglesby, Mark Fine and james Veltman, hold the Gold Nugget Grand Award In addition, St. Eli~~beth Ann Seton trophy recently wo n by Summ erlin for Best New Town Plan in the Wesi. Th e prestigous Gold Nugget competition, celebrating its 30th year, is sponsored by the Pacific Coast Builders Assoc. and Sun/Coast Architect/Builder magazine. Catholic Community is planning to build Summerlin's third private school. ' merlin, represents a growing trend, par­ Bonsanyi said. "Large developers pro­ "Am enities are another'strong selling ticularly in the Sunbelt. vide an added sense of security to point of master-planned communities," The nation's top ten best-selling mas­ homebuyers in uncertain times." Borsanyi said. "Summerlin is second to ter-planned communities are located in Summa Corporation has invested more none in terms of these amenities and its only four states. In terms of total master­ than $14 7 million to finance the con­ establishment of a 'hometown' environ­ planned community home sales in 1992, struction of infrastructure and commu­ ment which includes parks, green­ the states rank as follows: Texas with nity amenities in Summerlin-including spaces, recreational facilities, schools and 2,625 sales; Nevada with 2,320 sales; the Summerlin Parkway, featuring community centers ." California with 1,905 sales and Colo­ Nevada's first tri-level freeway inter­ Construction will be completed in Au­ rado with 978 sales. change; Nevada's only stadium golf gust for the Summerlin Library and Per­ Because master-planned communities course, the 18-hole championship, pri­ forming Arts Center - the cultural cor­ require large amounts of contiguous land vate Tournament Players Club at Sum- nerstone of the new community- which covering at least 1,000 acres, most mas­ ter-planned communities are located in the "wide, open spaces" of the West. And at 22 ,000 acres, Summerlin ranks as one of the largest properties under single ownership in a major metropolitan area. Large-scale developments offering housing and commercial real estate in a planned, controlled environment are very appealing to homebuyers, especially in recessionary times, according to a recent survey by Arthur Andersen Real Estate Advisory Services Group. "Homebuyers perceive master-plan­ ners, such as Summa Corporation, as having the commitment, vision and long-term plans in place to maintain the value of the community and the indi­ Summerlin Library and Performing Arts Center - The cultural corne rs tone of the Village Center, the facility will be vidual homes over a longperiodoftime," com pleted in August.

S-4 • Special Promotional Supplement to Nevada Business journal SUMMERLIN ~..

is planned to be the home of Nevada building the 34,000-square-foot retail and production home neighborhoods. School of the Arts. It will also be the site center adjacent to the medical center. Diversity of product in The Pueblo of Summerlin's Celebration of the Arts, The Plaza office building in the Vil­ village will widen Summerlin's range of debuting September 18 and 19 as an lage Center is scheduled for completion residential offerings from townhomes to annual arts and crafts extravaganza fea­ in December 1993, and an SO-acre busi­ executive homes in 15 new neighbor­ turing Nevada artists. ness park is also under construction. hoods - nine of them adjacent to The Four worship facilities are also under With more than 10,000 residents Pueblo Park, a 68-acre linear park which development in Summerlin- the] ewish now living in Summerlin, total sales of runs the entire length of the village. Temple Beth Am, the Summerlin Evan­ 1, 700 single-family units in 31 active As in the past few years, Summerlin , gelical Lutheran Church, the Church of subdivisions are projected for 1993. Sixty will continue to celebrate ground jesus Christ of Latter-Day Saints and St. model homes were open in 1992, and at breakings and grand openings, accord­ Elizabeth Ann Seton Catholic Church. least another 40 will open in 1993, as ing to Summerlin President Mark Fine. The business and professional side of Summerlin continues rapid development "Watching the reality of Summerlin Summerlin is also taking shape with of its third village, The Pueblo. come alive on a daily basis is almost the completion of Raytheon Services The Hills, Summerlin's first family vil­ breathtaking," Fine said. "With the Nevada - Summerlin's first major em­ lage, includes l3 neighborhoods, four unparalleled reputation of its devel­ ployment center which houses some 300 which are sold out. The Hills South oper, Summa Corporation, and its loca­ professionals in a 70,000-square-foot features two custom-home, gate-guarded tion in one of the strongest real estate office building - and the first phase of golf course neighborhoods around the markets in the country, Summerlin is the Pueblo Medical Center which offers Tournament Players Club private golf bound to maintain its premier standing a wide range of medical services in course and three single-family, semi­ as the best-selling master-planned com­ The Pueblo shopping center. jack Tarr is custom gate-guarded communities munity in America." ,.....,...__

Summa Corporation is pleased to welcome the New Jersey,based retailer, Lechters, Inc. to its new 155,000 square foot distribution facility in Hughes Cheyenne Center.

• • • • 0. For further leasing information on Hughes Cheyenne Center and other prime industrial developments, contact: Kirt H. Klaholz Vice President Commercial/Industrial Division, Summa Corporation (702) 791,4440 SUMMERLIN'S ~w NEIGH B 0 R H 0 0 D S

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Amarante Plan 4, "Marble," with four bedrooms, a The Spruce model at Cherry Creel1, a two-story · family room, three baths and an optional bonus room. design with ~ three-car garage.

AMARANTE CHERRY CREEK p The

Pacific Properties' Amarante has been Featuring the latest in 1990s-style de­ successful with empty-nesters and move­ The interior of a grand entry with curved staircase in sign, Cherry Creek by The Schulman up buyers choosing from seven different a Belaire Estates model home. Group offers some fascinating innova­ floor plans priced from the $90,000s up tions for buyers. In one model, there is a to the $140,000s. Homes range from Belaire Estates offers semi-custom reggae-themed teenage bedroom and in 1,128 to 2,170 square feet, and in one homes in a gated neighborhood priced another, the kitchen presents state-of­ and two-story configurations. from the $220,000s. Three floor plans the art appliances. Options include three-car garages, bo­ offer from 2,326 to 3,256 square feet and A complete home theater, adaptable nus rooms and alternative room feature many customizing options for to the Spruce or Willow models, utilizes configurations. Mediterranean designs the buyer. a Bose Acoustimass sound system with a feature architecturally-coordinated color R/S Development offers buyers the Denon surround-sound processor in schemes and stucco exteriors . "Custom Touch" policy, where they may conjunction with a 52-inch television Interiors offer nine-foot ceilings, some select from Corian, granite or ceramic screen and theater-style seating. The fea­ that are sloped and vaulted, as well as art countertops, an array of floor coverings, ture Top Gun demonstrates the system niches and plant shelves. custom cabinets, as well as kitchen and to visitors. Amarante kitchens boast ceramic tile bath fixtures. Buyers may also modify There are five floor plans in one- and countertops, an appliance package, pan­ floor plans. A few standard features in­ two-story designs from 2,258 to 3,110 tries and hardwood cabinetry. For energy clude formal entries, decorator columns, square feet. They are priced from the low management, there are dual-pane win­ French doors,jacuzzi tubs, walk-in pan­ $180,000s to the low $200,000s. De­ dows, ground- mounted air conditioning tries and closets. signs include from three to six bedrooms, units, gas water heater and pilotless gas The neighborhood is located offWest two and three baths, as well as two and cooking appliances. Lake Mead Blvd. and Springfield Drive. three-car garages. Address: 2429 Sterling Heights Drive. Models are open from 10 a.m. to 6 p.m. Cherry Creek can be found at 9204 Telephone: 256-3834. The telephone number is 254-5451. Red Twig Drive. Telephone: 363-3596.

S-6 • Special Promotional Supplement to Nevada Business journal S U M M E R L I N ' S ~- N E I G H B 0 R H 0 0 D S

On the exterior, buyers can select two­ COPPER RIDGE tone paint schemes. Included is full HILLPOINTE block-wall fencing and blended roof tile. Ch~ es Interiors feature 10-foot-high ceilings in SM one-story models and nine-foot-high Nearing sell-out, Copper Ridge in The ceilings in two-story models. Pantries, Hills at Summerlin is priced from the rounded interior corners and plant low$100,000swith homes ranging from shelves are standard in these homes. 1,400 to 2,067 square feet. The neighborhood is located at The Blue Ridge, Sierra and Shenandoah Hillpointe Drive and Springdale Drive models feature one single-story plan and where the sales office is open 10 am- 6 a pair of two-story designs. There are up pm. The telephone number is 256-9863. to four bedrooms and 2 112 baths. Built by DiLoreto Homes, which of­ EVERGREEN fers neighborhoods in Reno and Las Vegas, the neighborhood is within walk­ ::;-~evada ing distance ofThe Hills Park. The homes are also near an elementary and middle Interior from the main entry of Hillpointe 's Plan 3, school and the area is zoned for Cimar­ featuring a curved staircase. -. ron-Memorial High school. Angel Park and the Tournament Players Club golf Homebuyers will find three semi-cus­ courses are also nearby. tom home designs on large lots at Hillpointe. Unlimited floor plan varia­ tions are offered in the plans which CYPRESS GROVE range from 1,834 to 3,219 square feet. Christopher Homes also offers a full­ _..,..._, evada service design center at no cost to buyers. Homes at Hillpointe are priced from The Pine plan at Lewis Hom es' Evergreen develop­ ment with 2,028 square feet, four bedrooms and a $160,025 to $204,950, but prices vary three-car garage. according to lot location and design options utilized by the buyer. The builder Site of the "N ew American Home" has presented three models for viewing. that was built for the National Associa­ The Hillpointe neighborhood is lo­ tion of Home Builders convention in cated on Hillpointe Road at Glenview February, Evergreen features four mod­ Drive. Model homes may be viewed els from 1,801 to 3,013 square feet in from 10 a.m. to dusk daily. The tele­ one-, two- and three-story formats. Prices phone number is 256-7887. start in the upper $l30,000s. Targeted for move-up buyers, Ever­ SERENATA The Twilight plan at Cypress Grove, with 1,732 green homes feature skylights, lofts, square feet, three bedrooms, and a two-car garage. three-car garages, greenhouse windows, c rounded interior corners and bay win­ Cypress Grove offers four plans from dows. Many other design options are The homes at Serenata are designed to more than 1,100 square feet up to 2,200 offered, as well. take advantage of their location in the square feet with prices starting in the Kitchens offerrecessed lighting, Whirl­ Summerlin master plan. Lots are situ­ low $100,000s. pool appliances, pantries and built-in ated to maximize views of the mountains Each of the five models can be modi­ ovens. Laundry rooms are also standard. to west and cityscapes to the east. fied to suit the many needs of buyers and The neighborhood is located at Pin­ Five different floor plans range from their lifestyles. The neighborhood is ewood Hills Drive and Hillpointe Drive. 1,500 to 2,450 square feet, each with aimed at first-time homeowners, as well Hours are from 10 am to 6 p.m. The three elevation choices. Prices start in as those looking to move-up. telephone number is 254-2585. the $140,000s.

Special Promotional Supplement to Nevada Business journal • S-7 S U M M E R L I N ' S ~~ N E I G H B 0 R H 0 0 D S

high $120,000s up to the $160,000s. VISIONS Four designs are offered from 1,635 to 2,488 square feet. Standard offerings in ~SM all Visions homes include private patios, raised porch entries and two- or three­ These single-story and two-story car garages. Special features displayed in homes, designed for the executive and the Visions model homes include op­ move-up market, are priced from the tional master suite retreats, dens, family rooms and game rooms. . Unique window designs highlight many features of these homes, including Coleman Homes' Rosa plan at Serenata, a two-story the curved staircase in Plan 8. featuring arched windows in the front elevation. The four models are located at Hill­ The builder offers homebuyers a list of pointe Drive and Rampart Drive. Hours options called the "Uniquely You" pro­ are 10 a.m. to 5 p.m. daily. The tele­ gram. There is an interior designer on phone number is 256-9203. site to assist buyers. The homes are also backed with a 10-year Home Owners WILLOW TREE Warranty (HOW) program. Three Serenata models are open for Lewis ada viewing from 10 a.m. to 5 p.m. every Visions Plan 8, a 2,236 square-foot home, which is SM day. The telephone number is 254-8491. used as the sales office. Willow Tree, located directly across from The Hills Park, is the newest Lewis Homes neighborhood in Summerlin. These homes are targeted to the move­ up market, with prices starting from the upper $l30,000s. Five floor plans range from 1,800 to 2,985 square feet. Four of the designs are under construction as model homes.

Plli~SS When your finger touches the transmitter you expect the garage door to open. It doesn't budge. It's time to call Harrison Door Company. The Willow Tree neighborhood is located across from 24 Hour Service * Free Estimates The Hills Park. Willow Tree home designs may be previewed in the Evergreen neighbor­ hood until the models are completed. ·~o~~~~M~~~ When complete, the sales office will be located at Greensprings and Glenside. The hours will be 10 a.m. to 6 p.m. The 649-7501 telephone number is 254-2585. S U M M E R L I N ' S ~~ N E I G H B 0 R H 0 0 D S

four plans in this semi-custom neigh­ The lots are situated around a private CORTABELLA borhood on the Tournament Players six-acre park near the Tournament Play­ Club golf course. ers Club private golf course, site of the c Designs range from 3,127 to 5,209 Las Vegas Invitational. square feet on lots from 9,000 to 22,000 Eagle Hills includes 158 lots for cus­ These homes will be built on the Tour­ square feet. The neighborhood has a 24- tom homes, ranging in price near nament Players Club golf course and hour manned, gated entrance. $100,000 up to more than $200,000. should be open for sales before summer. There are 81 sites with 42 on the golf A gazebo and landscaping mark the Buyers can choose from six floor plans course. Prices range from the low entry to the neighborhood and the park ranging in size from 2,400 to 3, 700 square $300,000s to the low $400,000s, but features tennis courtsJ. shuffleboard, feet and priced from the $230,000s. will vary according to lot choice and half-court basketball, horseshoe pits and For information on this neighborhood semi-custom options. picnic facilities. Residents of Eagle Hills contact Coleman Homes at 435-9955. The entrance to the golf course neigh­ also have access to the Summerlin Trail. borhoods is located off Village Center For information and a tour of the sites, COUNTRY CLUB HILLS Drive and Hills Drive. Three models are call 255-2500. To reach the neighbor­ open from 10 a.m. to dusk. The tele­ hood, take Summerlin Parkway west phone number is 288-0499. and follow directional signs . Ch~es.... EAGLE HILLS MONTAIRE n Summa Corpordlion This neighborhood presents two se­ ries of homes, many on lots around the Tournament Players Club golf course. The Golf Course Homes are one- and two-story designs from 1,670 to 2,369

Private courtyard entry into the Belaire model at Country Club Homes.

Christopher Homes President]. Chris­ topher Stuhmer has teamed up with the This custom-home enclave features noted Orange County, Calif., design firm third- to half-acre sites in the gate­ of Richardson, Nagy, Martin to create guarded community ofThe Hills South. Plan 2 of Montaire Golf Course Homes .

Special Promotional Supplement to Nevada Business journal • S-9 S U M M E R L I N ' S ~~ N E I G H B 0 R H 0 0 D S

TOURNAMENT HILLS n Summa Corportrtion

Tournament Hills is offering 132 one­ half and one-acre lots for custom-built homes on or adjacent to the Tourna­ ment Players Club private golf course, Plan D of Montaire Country Club Villas. site of the Las Vegas Invitational. These lots offer views of the Red Rock square feet priced from the mid­ cliffs and the Spring range to the west, $150,000s. There are three plans of three­ and Las Vegas cityscapes to the east. and four-bedrooms in this series. The gate-guarded neighborhood fea­ The Country Club Villas, built in pairs, tures a series of greenbelt areas, tennis ranging from 1,538 to 2,219 square feet, courts and either sidewalks or pathways are priced from the mid-$l30,000s. for walking and jogging. There are four plans of two- and three­ The lots will be released in phases. For more information and personal bedroom designs in this series. Lotteries have been held to determine tours call 255-GOLF or Visit the Eagle Seven models are available for view­ buyer priority in previous phases. Hills I Tournament Hills sales office. ing daily from 10 a.m. to 5 p.m. The Prices range from the mid-$100,000s Take Summerlin Parkway west and fol­ telephone number is 254-2855. up to near $500,000 for these lots. low directional signs.

Bruce L. Stratton, Sprague Kelly J. Wittwer on S. Tracy Stratton Ben R. Sprague, P.E. Clyde 0. Spitze Arne H. Wagley Catherin L. Nix ean N. Anderson L. Duwayne Atwood Lloyd Q. Allen Diana H. Bossard Michael A. Keegan, P.E. tt ill Barry D. Bruland, P.L.S. John M. Breneman Christopher W. Croft Karen D. Chacon Brent S. Decker Wallace B. Duncan Richard F. Ferris McLain Garrett III Michael S. Gray Myron enken Daniel R. Gill Stephen P. Gates Carlyle Haynes Carol A. Jirovec Ellen Von Benken Riche.

Scott Gail Rogers QUR p 1 z;yQP1 TE Raquelle N. Roby Mary Lou Kessler £.I L Chieu Q. Tran Ste es:;a~;:ca;cLain MAKE THE DIFFERENCE M~:~e~t ~~1 :r~!· ogers Byron E. Johnson, P.L.S. Clyde 0. Spitze Michael A. Keegan, P.E. Brent K. Layton Michael Timoteo S. Moreno Steven L. Youngberg, P.L.S. Karen D. Chacon Daniel A. Knott, P.E. Christoph er Wade Orphan Dean W. Rasmuson, P.E. Raquelle N. Roby Gail Rogers Nancy Olszewski Karen ayne Atwood Ben p E N T A C Q R E R. Sprague, P.E. McLain G Gregory D. Spinkelink Engineering 1 Surveying Catherin L. Nix Ben R. od Michael W. Somma Bruce L. Stratton, P.L.S. Phil A. Sprague Kelly J. Wittwer Michael S. Gray Q. Allen Frederick W. Orban, P.L.S. Ellen Von Benken Craig A. Primas, P.E. Brent K. Layton Rob on Lee W. Underwood, P.E. Michael Radojevich Angela Scott Gary J. Spinkelink Frederick W. Orb S . .A . ( •\ fagle 6763 West Charleston Boulevard • Las Ve as, Nevada 89102 • 7021 258-0115 .

S-10 • Special Promotional Supplement to Nevada Businessjoumal SUMMERLIN'S ~.. NEIGHBORHOODS

1,250 square feet in size. The plans in­ clude from one to three bedrooms and are priced from under $50,000 to the high $80,000s. The community is located adjacent to Bonita Canyon will offer six models The Pueblo Park. priced from the $100,000s. The one­ To reach La Posada, take Lake Mead and two-story models include two-, Boulevard west from the US 95 Express­ three-, four- and five-bedroom homes. way past Buffalo Drive. Models are open Features include gas-log fireplaces 10 a.m. to 6 p.m. , except Saturdays. The with glass doors, photo-electric outdoor telephone number is 254-4_289 . security lighting and rear and side block Past La Manchaproducts.featunngone-story townhome wall fencing with wrought iron gates. communities built by Homes by Stanton. For the first time, Signature is intro­ THE PLATEAU ducing three landscaping packages: tra­ Three models are open at 8250 Cielo ditional grass sod, desert (drought toler­ Vista Ave . Hours are 10 a.m. to 5 p.m. ant) or a combination of both. daily. Telephone number: 254-8303. Reservations for this neighborhood The Plateau is the first neighborhood can be made at Valle del Fiori, where LA POSADA built by Durable Homes in Summerlin. models can be previewed. To reach the The neighborhood will feature four neighborhood, take US 95 Expressway plans from 1,149 to 1,680 square feet. to Lake Mead Boulevard, then go west to There are three single-story designs with Ridgemoor Drive and follow directional up to three bedrooms and one two- story signs. Models are open daily. plan with four bedrooms. Buyers may choose two- or three-car garages. Prices will range from the high LA MANCHA $90,000s up to the low $120,000s. The Plateau neighborhood is located at Buffalo and Cielo Vista Drive. Four models are open daily, 10 a.m. to 5 p.m.

La Mancha Summerlin brings to the Front elevations of condominiums and clubhouse at La weekdays and 9 a.m. to 5 p.m. on week­ northwest Las Vegas the success of the Posada, developed by the Monogram Company. ends. Telephone number: 254-8404. builder's other communities. There will be three single-story de­ La Posada is the first condominium signs with attached two-car garages from community in the Summerlin master 1,809 to 2,513 square feet. The homes plan. The development is patterned after will be priced from the high $150,000s Monogram's The Pavilions, which is to the mid-$180,000s, but lot premiums also located in northwest Las Vegas. will apply to some homes. Monogram is an affiliate of the Plaster A homeowners association will be re­ Development Group, which also includes sponsible for exterior building mainte­ Signature Homes. nance, as well as common grounds land­ There are five models in La Posada, The Plateau development is the first neighborhood built scaping and upkeep. which features floor plans from 574 to by Durable Homes in Summerlin.

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Santa Fe homes range from 1,150 to 1,680 square feet and are priced from the $90,000s. The neighborhood is located near The Pueblo Park and two facilities for religious worship. Santa Fe, which recently celebrated its Four models are open daily, 10 a.m. to grand opening, offers six models with 5 p.m. Take Lake Mead Boulevard west many of the features seen in Coleman from the US 95 Expressway. Continue Homes' Serenata neighborhood. west on Lake Mead to Pueblo Vista Drive and turn south, following the signs.

Sedona on the Park Plan 4, a two-story design with a SEDONA on the PARK two-car garage.

s from 1,632 to 2,369 square feet and from the $140,000s to the $170,000s. Sedona on the Park, the first neigh­ Buyers have choice of color design on borhood built in The Pueblo village, is both the exterior and the interior. Insu­ located adjacent to The Pueblo Park. lated garages have interior and exterior Santa Fe Plan 3 by Coleman Homes is a two-story design Some plans are available on the park. lighting, including a windowed auto­ that features a two-car garage. There are four plans available ranging matic-epening garage door. Announcing The Plaza at Summerlin & Summerlin Business Center. Summa Corporation offers the first opportunity to locate your business within the premiere master,planned community of Summerlin. The finest in commercial office and business 'space is now available.

For further leasing and sales information on these two prestigious developments, contact: Kirt Klaholz Vice President, Industrial (702) 791 -4440 Charlie McPhee Vice President, Commercial (702) 791- 4439 When Quality And Location Are Important To Your Business. Summerlin. SUMMERLIN OVER ~~

The neighborhood offers convenient 35YEARS OF access to schools and nearby commer­ cial areas via lake Mead Boulevard. To reach Sedona in The Pueblo, drive west on Lake Mead Boulevard from US SERVICE 95. The four models, open from 10 a.m. to 5 p.m. daily, are located at lake Mead and Pueblo Vista Drive. The telephone to progressive developers number is 255-8073. and the TAMARISK construction industry Tamarisk is the second neighborhood by The S<;hulman Group in the Sum­ merlin master plan. Four plans will be offered, two single­ ''We are Pleased to be a story designs and a pair of two-story homes. 0Jle of the two-story floor plans Part of features a downstairs master suite. The designs, from 1,569 to .2,400 square feet, will offer up to five bed­ Summerlin.'' rooms in addition to two and three baths. Features include optional master bed­ room fireplaces , dual master suites (some WESTERN plans), optional master suite retreats, three-car garages (some plans), optional TECHNOLOGIES dens, optional home theaters and op­ tional recreation rooms. INC. Prices for homes in the Tamarisk be­ gin in the $120,000s . .. THE QUALITY PEOPLE .. The neighborhood will be located at Pueblo Vista Drive and Vegas Drive. For information visit or call the Cherry Creek • Geotechnical Engineering • Environmental Services sales office, 363-3596. Drilling Services Industrial Hygiene & Asbestos Management VALENCIA • Construction InspeCtion UST • Materials Engineering Contamination Assessment • Materials Testing & Remediation Environmental Site Assmnts Valencia presents buyers with nine 3611 W. Tompkins Avenue, Las Vegas, Nevada floor plans ranging from 1,536 to 2,300 square feet in one and two-story designs. (702) 798-8050 • (702) 798-7664 FAX These homes are priced from low With Facilities in: $100,000s to the $140,000s. Models fea­ ture from two to five bedrooms with ARIZONA- NEVADA- NEW MEXICO many homes facing The Pueblo Park or on cul-de-sac lots.

S- 14 • Special Promotional Supplement to Nevada Business journal SUMMERLIN ~~ Summerlin Calendar of Events

JuneS Aug.19 KNPR Twilight Park Concert; Fourth Annual The Hills Park; All -You-Can-Eat Bela Fleck & the Fleckstones Ice Cream Festival; Sep.S Nevada Symphony The Pueblo Park Picnic Pops Concert; The Hills Park; June9 Broadway Today! KNPR Twilight Andrew Lloyd Weber & Friends Park Concert; An example of the homes found in the Valencia neigh­ This year's Kite Fly took place The Hills Park; borhood developed by Woodside Homes. May 15 at The Pueblo Park. Los Lobes

Valencia homes offer potential buyers June 12 Nevada Symphony Picnic large secondary bedrooms, and two-car, Pops Concert; or optional three-car, garages. The Hills Park; Some lots in this neighborhood face The Roaring '20s Greatest Hits the Pueblo Park. To reach Valencia, drive July 4 west on Cielo Vista Drive from Buffalo Nevada Sep.10 KNPR Twilight Park_?oncert; Drive. Four model homes are located at Symphony Picnic The Hills Park; 2800 Desert Bell Avenue. Models are Pops Concert; Michael Doucet and Beausoleil open from 10 a.m. to 6 p.m. The tele­ The Hills Park; phone number is 363-4243. Independence Sep.17 Meet the Artists Reception Celebration Sep. 18·19 Summerlin Celebration of the Arts ; VISTA DEL ORO July 10 Village Town Center KNPRTwilight Park Concert; Oct. 2 Nevada Symphony ~SM The Hills Park; Picnic Pops Concert; Texas Tornados The Hills Park; Vista del Oro will feature four models, Country Pops! two of which are taken from Las Colinas, the first neighborhood to sell out in the July 31 Moonlight Ramble Oct. 20·24 Las Vegas Invitational; Summerlin master-planned community. Evening Family Bike Tour; Tournament Players Course One of the models at Vista del Oro is The Hills Park; at Summerlin a two-story design of 1,743 square feet with KLASSY- 100.5 FM where the entire upstairs is a loft. The Nov. TBA Education Fair other, a four-bedroom two-story plan, provides 2,245 square feet oflivingspace. Nov.29 Th ird Noel at Summerlin Homes at Vista del Oro are geared to families, but first-time owners and retir­ Dec.TBA The Plaza office building dedication ees are also among potential buyers at Dec.TBA Pueblo Medical Center the development, where more than 130 homes are planned. Each home will have two baths and two-car garages with prices ranging from the $l20,000s to the $140,000s. Buyers Aug.7 KNPR Twilight Park Concert; have the choice of front-yard sod or The Hills Park; desert landscaping. Strunz & Fahrer A sales trailer is located on Cielo Vista Drive north of Vegas Drive and west of Aug.15 Summerlin Ubrary and Performing Arts Center; Pueblo Vista Drive. Hours are 10 a.m. to Grand Opening Celebra ·on Pueblo Medical Cenler 5 p.m. Telephone: 596-8664. _....,.__

Special Promotional Supplement to Nevada Business journal • S-1 5

S UM ERLIN ~-

the Summerlin project. To date, construc­ GC WALLACE tion costs at Summerlin for infrastructure projects designed by GCW exceed $100,000,000. Providing land planning, civil engineering and GCW became in 1985 the first south­ em Nevada-based design firm to be in­ cluded in Engineering News-Record's architectural design services at Summerlin (ENR) annual list of the top 500 design firms in the United States and is the largest engineering/architectural firm headquar­ tered in Nevada. Presently, GCW ranks as 395 in the ENR Top 500 list. Since its founding in 1969, G. C. Wallace, sign of the Summerlin Parkway Inter­ Scott Wallace credits the firm's success -:nc. (GCW) has had a major impact on change, Summerlin Parkway from US 95 to well-qualified staff: from the engineers, some of the largest developments in the to Town Center Drive, water supply facili­ architects and designers to the supporting :..as Vegas Valley. The engineering and ties, sewer pipelines, drainage facilities personnel. "Our firm is blessed to have architectural design firm has played a and the internal roadway system for both such dedicated employees. They demon­ :::1ajor role in master-planned communi- The Hills at Summerlin and The Pueblos. strate a sincere concern for the welfare of ·es such as Summerlin, Spring Valley, "Results through Commitments" is the every client," he says. Leading the firm is -un City Las Vegas, Eldorado, Painted motto of GCW and its staff. Says G.C. a management team made up of Wallace; :::>esert, Canyon Gate and Desert Shores. (Scott) Wallace, the firm's founder and james A. Duddlesten, president; Ronald ?ublic works projects have included chief executive officer: "Our employees R. Thomas, executive vice-president; . k Carran International Airport, includ­ dedicate themselves to the timely delivery Terrill B. Adams, Michael D. Ross, Calvin . g the McCarran 2000 Phase I construe­ of professional services and work prod­ L. Black, David Huckle and j ack H . .on, transportation projects such as the uct. A primary key to our success is the Mitchell, senior vice presidents; and Marie :nree-tier Summerlin Parkway interchange ability to integrate multi-discipline teams Rainwater, treasurer. - US 95, plus interchanges and grade within the firm. These talented specialists GCW numbers among its clients some separations on US 95 from Smoke Ranch are blended into a cohesive unit combin­ of the most prominent names in develop­ ~d to Craig Road. ing their experience, knowledge and ex­ ment in Nevada; Summa Corporation, The firm's capabilities include land plan­ pertise with a common goal- the success Pardee Construction Company, Del Webb - ·ng, civil engineering for land develop­ of our clients." Communities, Inc. , Pacific Properties, ::ne.nt, traffic engineering, transportation, In its early years the firm participated in Paradise Homes, Imperial Palace Hotel, -:vater and wastewater projects, hydro!- joint-venture projects that enabled it to Community Construction, Me tropolitan ' drainage, flood control, structural gain experience in large projects and Development, and Hilton Hotels, Inc. ~gine ering, land surveying and construe­ achieve quick recognition among devel­ Public clients include McCarran Interna­ - n administration. GCW also offers ar­ opers and governmental agencies. tional Airport; Clark County; Las Vegas; :::ri ectural design services. Architectural Through a joint venture with another North Las Vegas; Boulder City; Henderson; :-:ujects include institutional works such engineering company, the young firm won Nellis Air Force Base; and other state and :::- fire stations and a church, commercial planning and engineering contracts for local government bodies. ~gnments for office buildings and shop­ Pardee Construction Company's Spring GCW is dedicated to providing a wide =-· gcenters, and the full range of housing Valley Community and a large family­ range ofhigh-quality, efficient services for ~ from apartments and moderately housing project at Nellis Air Force Base. clients in Nevada and the Southwest. Scott ?ced houses to luxury homes. Pardee, GCW's first major client, remains Wallace summarizes his feelings of satis­ addition to more than 100 flood­ a client today. At present, approximately faction for having assisted in his clients' ol projects, major water storage and 90 percent of GCW's business is repeat successes: "Since 1969, I have experi­ :.:stribution facilities, sewage collection business from satisfied clients. enced my greatest professional rewards in -=---= treatment projects, and more than Another milestone in the firm's history sharing the long-range visions of our cli­ miles of road projects within south- occurred in 1984, when GCW was se­ ents, and in knowing their goals and ex­ --::. ·evada, the firm has supported the lected to provide engineering design ser­ pectations have been achieved with con­ .:~erli n development through its de- vices for the major infrastructure to serve tributions from G.C. Wallace, Inc.",.....__

Special Promotional Supplement to Nevada Business journal • S-17 SUMMERLIN ~~

developing master-planned communi­ SuMMA CoRPORATION ties, we understand it is critical to pro­ vide various business environments close to people's homes," McPhee acknowl­ BRINGS PREMIER OFFICE edges. "That is what makes the creation of business settings a vital component in the overall success of the development." SPACE TO SUMMERLIN. It is with that same frame of mind that Summa Corporation is developing a matching component of business space Future is bright for Summa Corporations Summerlin in Summerlin Business Center. Accord­ ing to Kirt Klaholz, vice president of Business Center and The Plaza at Summerlin industrial marketing for the commercial and industrial division of Summa Cor­ poration, "Having a well-rounded prod­ Summa Corporation traditionally has square feet of commercial office space uct makes Summerlin a desirable com­ targeted its plans in southern Nevada combined, The Plaza at Summerlin is munity to live in. Furthermore, facilities toward properties that illustrate the firm's expected to be completed by 1994, with such as Summerlin Business Center are dedication to creating high quality real the flagship building, The Plaza East, more attractive to companies looking to estate developments. Consistent with now under construction, slated for oc­ upgrade into a higher quality space. This Summa's strategy for long-term invest­ cupancy in December of 1993. creates a magnet effect among businesses ment, Summerlin Business Center and Set among planned retail and support relocating to Las Vegas. Our experience The Plaza at Summerlin are two facilities services, The Plaza East is the first of the reveals that quality projects continue to that have bright futures and premiere two-story steel frame, pre-cast architec­ be a strong drawing card among compa­ locations. The projects are strong mag­ tural concrete structures, and will fea­ nies moving to Nevada." nets fueling continued growth in the ture landscaped outdoor plazas and im­ Summerlin Business Center and The region, providing Las Vegas with a much­ pressive auto arrival courts, while meet­ Plaza at Summerlin are two of the six needed supply of commercial office space ing even the most discriminating ten­ business/industrial properties that and employment center business facili­ ants' space requirements with efficient Summa Corporation is actively develop­ ties, which will attract quality tenants and flexible rectangular floor plans in ing in southern Nevada, joining Hughes well into the 21st Century. 20-foot by 40-foot bays. Center, Hughes Airport Center and Summerlin Business Center is Summa "One of the best things about both of Hughes Cheyenne Center. Summa Cor­ Corporation's first major business em­ these projects is that they are located poration is one of the most successful ployment center located within the close to homes, parks and other ameni­ regional real estate investment and de­ Summerlin residential and corporate ties offered at Summerlin," says Charlie velopment companies in the United community. The development, situated McPhee, vice president of commercial States, so it should come as no surprise in a majestic natural setting on an SO­ marketing for the commercial and in­ to find the firm's commercial and indus­ acre site, will contain a blend of approxi­ dustrial division of Summa Corpora­ trial projects in Nevada are meeting mately one million square feet of busi­ tion. "Summerlin is being developed market demands. Summa has extensive ness facilities, plus a 90,000-square-foot over a 25-year period, and in addition real estate holdings in both Nevada and athletic facility, and is expected to be to office parks, retail centers, schools, Southern California, including approxi­ fully completed by 1999. parks and golf courses, the community mately 26,000 acres and numerous com­ The Plaza at Summerlin, located within will ultimately be home to more than mercial development projects. The Hills South Village Center, is a two­ 160,000 residents. Summa Corporation's expertise and building commercial office complex Business developments such as Sum­ dedication to producing quality projects within Summerlin in close proximity to merlin Business Center and high-qual­ is shaping Summerlin into the premiere the prestigious private Tournament Play­ ity commercial office space, such as The master-planned community in the coun­ ers Club and the new Summerlin Library Plaza at Summerlin, are integral parts of try. The future truly does look brighter and Performing Arts Center. A two­ Summa Corporation's master plan for from the foothills of the Red Rock Moun­ phased project with more than 90,000 Summerlin. "From our experience in tains of Summerlin. __..,__

S-18 • Special Promotional Supplement to Nevada Business journal SUMMERLIN ~~

ment, fire doors, grills and counter HARRISON DooR Co. shutters and replacement doors. Harrison Door Company recently took the industry lead in announcing a new The rapidly-growing firm has a special affinity for federal law requiring all garage door operating systems manufactured after the Summerlin master-planned community january 1, 1993 to be equipped with an electronic sensing edge, an optional sen­ "I sor or other equivalent device. This is l.he Summerlin community really elude 24-hour emergency response, an intended to provide maximum protec­ kicked Harrison Door Company into exclusive warranty package, a special tion from entrapment by causing a clos­ high gear," said President Don Harrison. contractors' program, free architectural ing door to open and preventing an open Harrison Door Company, with an­ consultation and senior discounts. door from closing. nual sales exceeding $5.5 million, has Products span four categories: "The safety of small children is the emerged from a modest beginning 16 • Garage doors, including sectional reason for this important new law," said years ago into the largest family-owned steel, wooden, or customized; Harrison, the father of two youngsters. and operated full-service garage door • Garage door openers, featuring the Harrison Door has an upbeat outlook firm in southern Nevada. It's also one of powerful Model 1260 Lift-Master; for the future. Says its enthusiastic presi­ the top 50 in the country. • Durable steel roll-up doors; dent: "We're here for the duration, and "Our number one priority is service, • Specialty products, including entry are committed to providing the service which underscores our commitment to replacements, continuous curtain and product demanded by our custom­ provide unequaled quality, experience and interlocking slat, dock equip- ers. You can count on it." ~- and reliability to our customers," says Harrison. "When we keep our custom­ ers happy, everyone's happy." The positive performance of Harrison Woodside Homes of Nevada is proud to be a part of Door Company is acknowledged throughout the construction industry. The Pueblo Village at Summerlin "Harrison Door Company has done a lot of work for us and has always met our criteria," says Leah S.W. Bryant, vice VALENCIA president and regional manager of Lewis Featuring 3-, 4-, 5-bedroom homes Homes of Nevada in Las Vegas. "The company is attentive and reputable, with fine products and top-notch crews." ;~m$110s From Steve Neely, DiLoreto Con­ struction's project manager of the Cop­ per Ridge development at The Hills: -363-4243- "Harrison Door Company's performance Photo by Opulence Studios has been excellent. The company has a good product competitively priced. It has good people and delivers quality Windmill Meadows from the $110s service. You couldn't ask for more." Harrison Door operates out of its North Windmill Village from the $80s 361-3477 Las Vegas headquarters with more than Ocotillo at Silver Springs from the $110s 897-0050 50 employees. "Our services are broad and our products diversified," says Har­ rison. "This gives us the ability to suc­ cessfully handle any customer need." Woodside Homes The company's featured services in-

Special Promotional Supplement to Nevada Business journal • S-19 SUMMERLIN ~. .

WESTERN TECHNOLOGIES

Stili going strong in southern Nevada

by Tom Martin

Western Technologies, which has "We're really an engineering ety of engineering and testing for seen more than three decades of con­ Summerlin, Western Technologies cli­ tinuous service in southern Nevada, has ents in the master-planned community been on the scene at Summerlin ever also include Del Webb's Sun City Las since initial planning stages. organization, performing Vegas, Coleman Homes, Lewis Homes "Even though our name has been in ofNevada, Watt Nevada, Dwable, Chris­ Las Vegas since the 1980s, people should topher Homes, Signature Homes, Stanton remember that the firm which we took consulting and testing." Construcp.on, and various contractors over was started in the 1950s," said that have worked on the infrastructure james Bennitt, senior vice president and at the northwest Las Vegas location. division manager of the Las Vegas unit. Since entering the Las Vegas market in Bennitt, who has been with Western Environmental studies can include tor­ the early 1980s, the company has been Technologies for 31 years and recently toise studies, asbestos monitoring, air involved in the development of other relocated from Phoenix, Arizona, was quality, groundwater quality and envi­ planned communities, including The enthusiastic about southern Nevada. ronmental site assessments, all of which Lakes, Canyon Gate, Desert Shores, "We continue to be excited about the are now required by regulatory agen­ Green Valley, Painted Desert, McDonald southern Nevada economy, and look cies, as well as the private sector. Ranch and several developments by forward to continued growth in the build­ Pat Moholon, who recently assumed Pardee Construction Spring Valley, ing industry," he said. the position of director of marketing, Rancho Las Palmas, and Eldorado. The He also pointed out that Western Tech­ said that there are several new members firm is also active in the Treasure Island nologies now performs a variety of roles. of the local Western Technologies team. Hotel Casino, the Luxor Hotel Resort "We're really an engineering organiza­ Moholon, who has been with the com­ and Grand Slam Canyon. tion, performing both consulting and pany for six years has worked in West­ Western Technology's annual rev­ testing," he said. ern Technology's Phoenix, Arizona and enues in southern Nevada are now more Western Technologies clients can ex­ Riverside, California offices. than $8 million, said Moholon, a figure pect quality services in materials testing joining his department are Maurice which includes revenues from a satellite and inspections, geotechnical explora­ "Whitey" Robbins and Trischa Dungey­ facility in Bullhead City, Arizona, which tions and environmental engineering. Vacca. Robbins, who will direct busi­ serves Mohave County Arizona. This "Each of these three areas has a direct ness development services, is a long­ includes the communities of Kingman effect on the consumer, although the time Las Vegan who has been associated Arizona, and Laughlin, Nevada. work is actually accomplished for devel­ with municipal government and other Western Technologies, an employee­ opers and builders," said Bennitt. private firms. Dungey is the assistant owned company, began in 1955 as a For example, he said the testing of director of marketing. Also recently join­ geotechnical engineering firm in Phoe­ construction materials assures home­ ing the firm is Mark Teepen. As director nix, Arizona. In the 1980s the firm pur­ owners of quality materials in their of materials testing, he brings to West­ chased the assets of Nevada Testing Labo­ homes. Geotechnical studies can assure ern Technology his experience as city ratories. Six years ago, the firm relocated homeowners that the proper kind of engineer with the city of Las Vegas. to its present office and laboratory at foundations is used for their homes. In addition to performing a wide vari- 3611 W. Tompkins Ave...... __

S-20 • Special Promotional Supplement to Nevada Business journal SUMMERLIN ~~

LEWIS HoMES Nevada's largest home builder dominates in Summerlin

Lewis Homes' Evergreen in Summerlin, home to more than iJO families, offers some of the most value-packed homes in The Hills.

It was experience, skill, organizational largest master-planned community. nearly sold out. "Some of the lowest­ know-how and a proven reputation for "Building The New American Home priced big homes in The Hills were of­ quality that resulted in Lewis Homes, was a chance for us to be among the first fered at Evergreen," Lewis said. "And Nevada's largest builder, being chosen to see and use the new products and now, more than 130 sales later, less than to build The New American Home of building practices introduced at the 30 remain." Prices at Evergreen start in 1993 at its Evergreen neighborhood in Builder's Show," Lewis said. "When we the mid $l30,000s. Summerlin for the annual National As­ opened the house for free public tours, Cypress Grove, located in The Hills sociation of Home Builders convention. we asked each and every visitor which near The Hebrew Academy, is in the Earlier this year, the builder opened items they'd like to see in their own close-out phase, Lewis said. "Some of the showcase home to the public, and · homes, and from that information, we've our most popular floorplans are offered more than 5,000 locals toured what Presi­ decided which new innovations to in­ at Cypress Grove, and as a result, buyers dent Robert Lewis likes to call "a super­ troduce in the Lewis Homes product." are really responding to this neighbor­ market of ideas': The home was also Willow Tree, one of the last neighbor­ hood. We've already sold more than 125 sponsored by Builder magazine, Ladies hoods in the popular Hills village in and a little more than lO remain." Prices Home journal and Popular Science. Summerlin, has some of the most excit­ start in the low $100,000s Partly as a result of the traffic gener­ ing floorplans Lewis Homes has ever Lewis Homes, which sold more homes ated by The New American Home, Lewis offered, Lewis said. "We have some last year than any other builder in south­ says, the builder's Summerlin neighbor­ unique lighting treatments and accent ern Nevada, currently has 15 active hoods, Cypress Grove and Evergreen areas and I expect this product to be very neighborhoods throughout southern are nearly sold out and the company is well-received in the marketplace." Nevada, with prices ranging from the gearing up to introduce an exciting new Evergreen, which is adjacent to The $80,000s to $200,000s. Sales office hours product, Willow Tree, in the country's Hills Park and the new public schools, is are daily from 10 a.m. to 6 p.m. ,.,...___

Special Promotional Supplement to Nevada Business journal • S-21 SUMMERLIN ~. .

to capitalize from that resource. At any PENTACORE time an employee can approach a princi­ pal and express or share an opinion on issues, whether relating to company ENGINEERING operations or an engineering plan. Why has Pentacore been so success­ ful? The key, the principals believe, can The principals' philosophies be found in the name, Penta CORE. From the beginning, the founding principals spell success for the young firm believed that if the "core" of the firm was strong, then it couldn't help but be suc­ cessful. This, they feel, has been accom­ Although times were not the greatest plished very successfully. economically in the summer of 1990, The principals of PEl first became from the founding principals' perspec· PEl provided the engineering services for Summerlin's involved with the Summerlin project in first banl1 - Banll of America in The Pueblo. tive this was, in fact, the best of times. 1986. Up until july of 1990, four PEl For they felt that there is no substitution ciations: Lewis Homes, Howard Hughes principals were still heavily involved for honest talent. And it was at this time, Properties, Summerlin, BMI, Wheeler with many aspects of the planning, de­ july of 1990, that Michael Radojevich, Development, Bechtel Corporation, sign and construction of Summerlin Gary Spinkelink, Craig Primas, Diana William Peccole and Bailey/McGah. But while employed with others. But the Bossard, Arne Wagley and Dan Knott the principals' reputations alone have dedication, commitment and energy they joined to make their vision materialize­ also lured new faces looking for better exerted while working on the Summerlin Pentacore Engineering, Inc. (PEl). They services. Among the new client base that project from 1986 to 1990 is alive and felt that if a "go" of it was going to be PEl has generated are Westar Develop­ well at Pentacore Engineering, Inc. to­ made, it would be so regardless of the ment, Lake Las Vegas, Swisher and Hall day. Some of the projects PEl has been times. There were many factors impact­ Architects, The Horn Company, Bob involved with include: Sedona in the ing the development industry in 1990, FieldenArchi.tect, Corstan, Clark County Pueblo at Summerlin, Bank of America but they felt that if a new company could Housing Authority, Clark County, City in The Pueblo, The Hills Village Center, make it through difficult times, it couldn't of Las Vegas, Las Vegas Valley Water The Summerlin Library and Performing help but prosper during good times. District and Weststate Land. Arts Center, the proposed Temple Beth And this has in fact been the case for PEL PEl is formal for an engineering com­ Am, The Plaza office building (under PEl's underlying philosophy is that a pany, requiring professional attire and construction) and advanced planning business' success is relative to the caliber disciplined work habits from all em­ for Summerlin West. of people involved, and that its strength ployees - from principals to support Whether working for Summa Corpo­ and growth potential is a direct result of staff. Quality work is expected from all ration or other developers, PEl's histori­ the foundation it has been laid upon. levels. The offices are kept neat by the cal ties to the project serve to enhance a From the inception, the premise of the employees and a no smoking policy is strong company work ethic - a perfect firm's philosophy was to involve the enjoyed by all. In spite of the apparently partner to the philosophy which has most highly qualified individuals avail­ "rigid" work atmosphere, employees at made Summerlin a success. able as key employees in the company; PEl find working here refreshing. While The principals feel, though, that PEl and then compliment that core of people what is expected from everyone is very has a long, long way to go. They realize with the necessary supportive staff. clear, the firm also offers unique oppor­ that their company is still in its infancy Almost three years later, Pentacore is tunities not available at most compa­ with many roadblocks ahead. But they now 50 strong with a substantial work nies. Because PEl selected individuals will face those obstacles with all the load. The principals attribute this growth with work ethics and philosophies that intensity and tenacity that has brought to their qualified staff. are consistent with the principals, opin­ them so far so quickly. No limitations on The principals of PEl also attribute ions and thoughts from those employees the firm have been set- that would only their rapid success largely to the loyal, have become a critical component of the limit their potential. To say the princi­ dedicated service they provided to cli­ company's strength. The firm recognizes pals are ecstatic about their company is ents while employed by other firms. that its most valuable resource is its a gross understatement; and they are Among clients resulting from past asso- people, and in doing so does what it can having a lot of fun along the way. ~-

S-22 • Special Promotional Supplement to Nevada Business journal SUMMERLIN ~- Summerlin Summary

NEIGHBORHOOD DEVELOPER PRICE ($1 ,000s) THE PuEBLO AT SuMMERLIN The Hills Amarante Pacific Prop. 90-140 Ground-breaking imminent for the first retail development in Belaire Estates R!S Dev. 220+ Cherry Creek Schulman 180-200 Summerlin's The Pueblo village Copper Ridge DiLoreto 100+

Cypress Grove Lewis 100+

Evergreen Lewis 135+

Hil lpointe Christopher 160-205

Serenata Coleman 140+

Visions Watt 120-160

Willow Tree Lewis 135+

~ The Pueblo shopping center at munity in the country, Summerlin's The Hills South Summerlin, a 34,000-square-foot shop­ growth will continue to fuel the size of Corta Bella Coleman 230+ ping center, will soon break ground the retail trade area." within Summerlin's second village, The According to Sandy Ray, director of Cntry Club Hil ls Christopher 300-400 Pueblo. It will be the first major retail leasing for the Las Vegas division of] ack Eagle Hills Summa 100-200+ center to open there. Tarr Development Company, the tenant Co-developed by Jack Tarr Develop­ list for the ce"nter already includes a Montaire Homes Taylor Woodrow 155+ ment Company and Summa Corpora­ Farmer's Insurance office, Bobby's Fine tion, The Pueblo shopping center in­ Dining, Preferred Travel, jitter's Gour­ Montaire Villas Taylor Woodrow 135+ cludes shop space and three pad sites. met Coffee, Paradise Realty, a dentist's Tournament Hills Summa 150-500 Shop space is already more than 50 per­ office and an optometrist's office. cent leased, while the pads are available jack Tarr Development Company, a for sale, build-to-suit, or ground lease. Sanjuan Capistrano development firm, Located near Lake Mead Boulevard is actively involved in developing retail The Pueblo and Rampart, adjacent to the new Pueblo centers throughout California, Arizona, Bonita Canyon Signature 100+ Medical Center, The Pueblo shopping Oregon, Washington and Nevada. Since center at Summerlin will be designed in the company's inception in 1983, jack La Mancha Stanton 157-180 a Southwestern style which will include Tarr Development Company has devel­ cobblestone walkways, patios and a spe­ oped more than 45 neighborhood and La Posada Monogram 50-87+ cially-designed water feature. community shopping centers totaling The Plateau Durable 97-120 According to Summerlin President more than 3.5 million square feet. Mark Fine, demand for space at The In the Las Vegas area,jack Tarr Devel­ Santa Fe Coleman 90+ Pueblo shopping center is expected to opment Company projects include the be great because of its prime retail loca­ Parkway Springs Plaza at Green Valley Sedona Sedona 140-170 tion. "The Lake Mead/Rampart intersec­ Parkway and Warm Springs, and the Tamarisk Schulman 120+ tion is a common junction not only for Albertson's shopping center at Charles­ the entire community of Summerlin and ton and Lamb. Valencia Woodside 100-140+ Sun City, but Desert Shores, as well," For more information on The Pueblo said Fine. "Already ranked the number­ shopping center at Summerlin, contact Vista del Oro Watt 120-140 one best-selling master-planned com- Sandy Ray at 596-2234...... __

Special Promotional Supplement to Nevada Business journal • S-23 SUMMERLIN

It was the natural thing to do ...... -­ To choose the most scenic, naturally beautiful area in the Las Vegas Valley as the location for a premier master E planned community.

Bring your family to Summerlin today. See the quiet streets, the parks and the family neighborhoods. Let your imagination soar as you view the sites where schools, worship sites, the Summerlin Library and Performing Arts Center will soon

LAKE MEAD BLVD.

SUMMER!.iN PKWY. Take U.S. 95 north to the Summerlin Parkway and drive

SAHARA to the Summerlin Information Center. You'll receive maps, be taking form. And tour SPRINGMTN. information and learn more a variety of homes and t about the natural wonder N neighborhoods priced for families TROPICANA of Summerlin. of all kinds Summerlin. One look, and you'll know why it's the SUMMERLIN natural choice.

Models and the Information Center are open daily. FOR MORE INFORMATION CALL THE SUMMERLIN INFORMATION CENTER 791-4500 Summerlin offers full broker participation with all licensed realtors. iring a Turnaround Specialist

continued from page 12

Governmental Constraints: From taxes unable to capture a greater market share or of one of the nine symptoms above, it is to permits, from compliance to moratori­ because top management perceives a new time to retain an turnaround specialist. ums, and from politics to policy, govern­ opportunity. Companies who have diver­ Typically most firms and their owners ment is involved with business. No indus­ sified within the past 36 months must initially decide "they" or their "executive try is immune from governmental con­ closely monitor the financial performance team" will re-negotiate with lenders/credi­ straints. Legislatures and regulators can of that new product/service line. Firms tors and/or restructure the company. Gen­ and do change the rules during the game. who have diversified geographically, regu­ erally, though, the results are insufficient Businesses who have or are experiencing larly find they cannot adequately control to solve the real problem. the irnpact(s) of a governmental decision, the quality service or the operating perfor­ Further, using the very in-house profes­ must respond quickly. Failure to address mance of "distant" entities. sionals that they may have created the the situation or make the assumption that Poor Executive Morale: Organizations problems is analogous to asking a con­ the constraint will be mitigated is naive who have regular turnover of their top gressman if he/she supports a balanced and short-sighted. management team over issues such as budget- both are eager to offer a solution Market Dependence: Organizations compensation, position responsibilities, as long as it doesn't impact their personal who rely on a handful of customers, sup­ decision making authority, performance, well being. pliers, clients, or partners for the majority and/or personality conflicts will find it The decision to call a turnaround spe­ of the revenue volume are candidates for difficult to launch an effective marketing cialist involves the following understand­ financial trouble. Many executives be­ program. When there is not consistent and ing by a company's owner(s) and/or board lieve their "special" relationships will go equitable leadership from the top down, a of directors: on forever. However, technology and com­ firm is destined to wander aimlessly until First, the owner(s) must acknowledge petitors change, and those dependent on it finally fails. When there is an absence of and accept they need assistance. Failing 'just a few" will likely find those rela­ a performance-based compensation pro­ to do so severely inhibits a turnaround tionships tested - and in most cases al­ gram, a firm will never be able to maxi­ specialist's ability to perform. tered. The message is clear - if your mize performance and productivity. While Second, the owner(s) must be prepared company's success is due to a few rela­ there are relatively easy solutions to poor for an aggressive style of management tionships, then you need to change that executive morale, the inability and lack of and advice. It will no longer be business as dependency now rather than later. capacity within an organization to solve usual. Decisions will be recommended Changing Marketplace: In the real es­ these problems could lead to disaster. that are void of emotional attachment. tate industry it is oversupply, building Lack of Leadership: If a company's Success, not status quo, is the goal. moratoriums, shrinking financing sources owner(s) or key executives are either un­ Third, the owner(s) must accept the and declining demand. In the manufactur­ available or uninterested, an organization reality their management team may not ing industry it is inventory control, prob­ will likely experience declining profit­ have all the answers. Cash is king and lematic customer service, competitive ability, lackluster operating performance, every possible step to preserve and en­ technology and rising operating costs. In and erratic earnings. Many companies hance the cash position of the company the retail industry, it is fads, location and plow ahead blindly in the absence oflead­ will be examined and recommended. pricing. Whatever the industry, the mar­ ership - frequently making the wrong Fourth, the turnaround specialist will ketplace can change frequently and sig­ decision or making no decision at all. attempt to create an environment of suc­ nificantly. Organizations who try to "buck cess by sett1ng strateg1c direction, gh ing the trends" frequently fail. Markets are Wflen to can a purpose to top management's role in the not always predictable, however, failure Turnaround Specialist turnaround, and developing a perceived to foresee and respond to discernible trends "opportunity to succeed if everyone co­ can spell financial trouble. The most common phrases heard by operates" corporate culture. Scarce re­ Over Diversification: When businesses turnaround specialists are: " ... I needed sources will be reallocated and a single make the decision to transfer their techno­ you guys in here several months ago," or dimension focus will be instilled within logical base or capability to another busi­ " ... I hope the severity of our problem the management team. ness segment, very often they fail to main­ isn't irreversible." It is never too late to Turnaround specialists are not your typi­ tain their competitive edge. Frequently call a turnaround specialist. However, if a cal consultants nor are they generally as­ organizations diversify because they are company is experiencing even a portion sociated with major accounting firms .

May/June 1993 • Nevada Business journal 37 Hiring a Turnaround Specialist

Good turnaround artists like to get their • Are turnarounds the main focus of to the concerns and needs of the owners? hands dirty, they disdain writing reports, that firm/individual's business activity? • Does the firm/individual have opera­ are good negotiators, and have a unique • What hands-on operating experience tional and consulting experience? ability to "see the light at the end of the does the firm/individual have? The most important question however, tunnel". Crisis management for turn­ • How is the firm/individual perceived is what is the specialist's success rate? arounds is not a process, it is an art. by leading bankruptcy attorneys? Many firms can help - few are really • What resources are available to the successful. Most businesses will inter­ How to Select a firm/individual to successfully fulfill the view two to three firms before making a unique requirements of the turnaround? choice. However, some firms are well­ Turnaround Specialist • Does the firm have any conflict of known in certain industries, and therefore interest (typically very prevalent in major the selection process can be easier. A turnaround is not a one-person show; accounting firms)? Talented turnaround specialists can be it will likely involve a team of specialists • Does the firm typically perform work­ expensive. However, their expertise can and a internal cadre of key organizational out services for creditors or debtors? add value and identify savings far in ex­ executives. When selecting a turnaround • Can the firm maintain the sensitivity cess of their fees. • specialist, an organization must receive and confidentiality of the turnaround? satisfactory answers to these questions: • Who will be doing the actual work? Christopher Lee is a senior vice president of • How long has the firm/individual pro­ Will I have their undivided attention? Kibei, Green Inc. , a Los Angeles-based con­ vided turnaround services? • Will the firm/specialist be sensitive sulting firm to the real estate industry.

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Larry Lewin moving up at the Riviera I to three-day stay with $400 to $600 in The vice president of casino discretionary income during the visit. "We want these visitors to think of the marketing says the turning point Riviera first," he said. "It's really in the way they perceive us. We must create a in his life was when his father, comfort zone for them that comes from the way they are greeted by the valet and desk clerk as well as the quality of our internationally-known hotelier Henry gaming, services, food and entertainment while they are here." Lewin, left the Hilton Hotel chain. He said recent innovations at the hotel are all directed at reaching that market niche. He said the Riviera has been inno­ At the time during the mid-1980s, Larry vative in many ways, including its varied Lewin was vice president of casino opera­ entertainment policy with several smaller tions at the Reno Hilton after holding a venues, the fast-food court-the first of its similar position at the Flamingo Hilton in kind in a hotel- and the striking architec­ Las Vegas. It was the pinnacle of a 14- plications and difficulties; 8) Build off of ture facing the Strip, which is also a gigan­ year association with the Hilton organiza­ what works; 9) Be persistent; and 10) tic curved mirrored-glass marquee. tion that began when he was a manage­ Make sure that you like what you do. He believes the wide acceptance of ment trainee while attending Cornell Uni­ Lewin regards himself, in tum, as part gaming throughout America will have a versity (Hotel Administration, 1974). of the management team headed by Chair­ strong impact on Las Vegas, in and out of '~.f ~.\.5\T}g a.f ,wy la..tl~r wa§ ..t,~re, l Wdl§ IW&i aNlfe 8&3fd lSJ.;N We-s-re-nwaw awd rli'e 6\'e ~£W1;{~~ 1;1Wlu's"Yty. "~s~ l& tke gN!O.Wg secure as long as I was doing a good job," executive committee, where he expects industry itself, we are seeing the end of the he said of the opportunity. "But when my the same principle.s to apply. "Many times high-roller era. Slots of all kinds will be father left Hilton, I realized I had to move we can be too self-involved instead of the driving force for the gaming industry. on, be on my own, and expand on what I working from a position of mutual re­ "And, as other eras in Las Vegas gam­ had learned there," he said. spect. I expect my staff to respect me, but ing history had their leaders, Steve Wynn He subsequently held key executive I know I have to earn their respect," he (Mirage, Treasure Island, Golden Nug­

positions at the Pepperrnill Hotel in Reno, said of his interactive philosophy . get) and Bill Bennett (Circus-Circus, 1 . Jhp_

Today, as local area networks Electronic Mail: link growing numbers of Why you need a policy - any policy desktops, more people than

ever are creating, sending and Electronic mail allows people on sepa­ actually was sent by the person whose rate computers and local area networks name is signed to it- and that it hasn't (LANs) to exchange messages. It's one of been altered in transit? reading e-mail. However, the more useful and fast-growing com­ • Is an order or other coriunitment made puter network applications. by e-mail legally enforceable? For ex• Computer vendors and computer buffs ample, when bids are submitted for a have known about and used electronic project, and the order in which they are before you join the ranks of mail, or e-mail, for two decades. Today, received is important, what constitutes as LANs link growing numbers of desk­ "receipt" of an e-mail message? When it's tops, more people than ever are creating, delivered to your company? When it be­ business e-mail users, you sending and reading e-mail. comes available on your personal com­ For many companies, e-mail has be­ puter? When you begin reading it? come an indispensable part of how they • Are senders liable for errors - or for work. E-mail is used extensively for inter­ deliberate changes introduced by com­ need to be aware of some nal business communication, as well as puter criminals- in e-mail messages? for messaging between business partners. Given that the fate of multi-million­ It's the solution to telephone tag and often dollar contracts may rest on the answers to legal and security issues. is more convenient than sending facsimile these questions, it's best not to blindly transmissions. count on new technology to run your However, before you join the ranks of business. If you choose to use e-mail to business e-mail users, you need to be work with business partners, be selective aware of some legal and security issues. as to how and where you use it, and follow These relate to how you do business, and acceptable business practices. how employees make use of e-mail. Don't forget about the human factor. While e-mail can save time and money, ·BUSINESS BY E-MAIL: IS IT LEGAL? you might scare away your business part­ ners by insisting they use e-mail to com­ Conducting business via electronic municate with you. Set up a controlled messaging is sufficiently new so that un­ test, and let them judge for themselves. derlying business and legal questions still are being identified. And, of those identi­ EMPLOYEES' RIGHTS AND E-MAIL fied, few have been answered definitively. Some examples: Using e-mail brings up other sensitive • What defines an e-mail message as and important issues, privacy and em­ "signed"? Can you verify that a message ployees' rights.

40 Nevada Business Journal • May/June 1993 Electronic mail involves the use of com­ • Consider including a summary of "We will pany resources - networks and comput­ your e-mail company policy on the start­ ers. Because of e-mail's convenience, up message from the e-mail system, for many employees use it for personal mes­ example, "Reminder to all employees: change the sages as well as business communication. All electronic-mail messages are consid­ Do employees have a right to privacy ered company property - management for personal - or work-related- e-mail has the right to read them at any time, way you they exchange? Does management have without further notification." the right to monitor and read employees' If you're an e-mail user, you also need e-mail, with or without notice? to exercise caution. Don't assume some­ travel." Can a manager read employees' mes­ thing may be permitted, or that your files sages without first alerting them? Can are sacrosanct. Find out ifthere is a policy these files be passed along to law enforce­ and, if so, what it is. ment agencies? Can these messages be Finally, any organization planning to Business travelers used as a basis for termination? Which use e-mail in its business operations should uses of company e-mail are acceptable? take adequate security precautions to en­ Which are not? For example, "For Sale" sure that access to information and sys­ need a full-service and "Rides Wanted" may be okay, but tems will not be compromised by care­ "singles ads," offensive jokes and com­ lessness or techno-intruders. plaints about the company may not be. This includes standard procedures such TRAVEL These are complex and unresolved is­ as requiring users to use passwords, re­ sues. In 1991, several major lawsuits re­ stricting access to supervisor and service MANAGEMENT volved around the question of whether accounts, and setting directory and file employers had violated employees' pri­ permissions accurately. vacy by reading their e-mail. Access to an4 Use and Disclosure of COMPANY. Most of the problems we're seeing to­ Electronic Mail on Company Computer day are the result of differing assumptions Systems: A Toolkit for Formulating Your Let us show you by management and employees, and lack Company's Policy, a 36-page document of policies to guide decisions. Employers by Washington D.C.-based lawyers John how the Uniglobe® can minimize the risk of these conflicts by Podesta and David Johnson on putting establishing a clear e-mail policy and together such a guide, is available ($45 making sure that all employees under­ pre-paid) from the Electronic Mail Asso­ Business Travel Plan stand it. If your organization wants to ciation, 1555 Wilson Boulevard, Suite reserve the right to look at e-mail that staff 300, Arlington VA 22209. • can change the has stored - or is sending - say so. The same applies to other uses of electronic resources. Some policy suggestions: Mark Luczak is a senior network special­ way you travel. • Define your organization's position ist with Gandalf Systems Corporation. regarding privacy of e-mail messages, With headquarters in Cherry Hill, N.J., non-work use of e-mail, etc., and put this Gandalf Systems C01poration provides information into a policy document. multimedia local and wide area net­ • Distribute your e-mail policy docu­ working solutions to end users. It is the 732-4514 ment to all employees. Make it part of the U.S. subsidiary ofGandalfTechnologies introductory package for new employees. Inc. Gandalf Technologies owns and • Educate your employees regarding oversees operation ofa worldwide family 4520 S. Eastern Ave. the meaning and importance of proper use of subsidiaries that design, manufacture Suite 10 of e-mail. and market a broad range of multi­ • Re-issue the policy periodically as a media local and wide area information Las Vegas, NV 89119 reminder; include any updates. networking systems.

May/June 1993 • Nevada Business journal 41 being the most recent market for Lechters U.S. Bank's Reno Main Branch and to enter. Lechters' new facility features commercial services group, currently at state-of-the art conveyer and repackaging 200 S. Virginia Street, also will move to systems. "Lechters' is expanding its op­ the new building, one block south at 300 erations rapidly and Hughes Cheyenne S. Virginia Street, but not until spring of Center filled its need for a high-quality, 1994. U.S. Bank customers will receive distribution facility for the Western U.S., ample notification of relocation sched­ plus allows them the opportunity for fur­ ules and procedures. ther growth," noted Klaholz. "Making an investment of this magni­ Nevada Hughes Cheyenne Center is one of four tude signals how strongly committed we such properties Summa Corporation is are to serving the greater Truckee Mead­ Briefs developing in southern Nevada, joining ows, northern Nevada and the state as a Hughes Center, Hughes Airport Center top tier bank devoted to customer service and Summerlin Business Center. and aggressive growth," Landis said. Summa Corporation is one of the most U.S. Bank of Nevada is a subsidiary of• successful regional real estate investment U.S . Bancorp, the largest bank holding and development companies in the United company headquartered in the Northwest. States. Summa has extensive real estate With assets of $20.4 bil.lion as of March holdings in both Southern California and 31, 1993, U.S. Bancorp is one of the Lechters moves in Nevada, including approximately 26,000 nation) 35 largest bank holding compa­ to new Hughes acres and numerous commercial develop­ nies and has consistently ranked among ment projects. the top tier of these companies in perfor­ Center facility mance and capital strength. Other U.S. Bancorp bank subsidiaries include U.S. "Summa Corporation is proud to an­ U.S. Bancorp plans Bank of Oregon; U.S. Bank of Washing­ nounce that Lechters, Inc., our anchor new Nevada head· ton; U.S. Bank of California; and U.S . tenant forthe new Hughes Cheyenne Cen­ Bank of Idaho. ter, has taken occupancy of its 155,000 quarfers in Reno square foot distribution facility which will serve the Western United States," states U.S. Bancorp has entered into an agree­ Terracon expands Kirt Klaholz, vice president of industrial ment to purchase an existing downtown into Nevada with marketing for the commercial and indus­ Reno office building. trial division of Summa Corporation. "This U.S. Bank plans to relocate and con­ office in Las Vegas is the first tenant in what will ultimately solidate its Nevada headquarters opera­ be an industrial park comprised of nearly tions to this property. Terracon Consultants Western, Inc., a 4.3 million square feet," he adds. Pete Landis, U.S. Bank of Nevada presi­ geotechnical, construction materials and Hughes Cheyenne Center,located along dent and chief executive officer, said U.S. environmental engineering firm , an­ Cheyenne A venue east of Simmons Street, Bank's new building will enable the bank nounces the opening of an office in Las encompasses 209 acres with approxi­ , to bring together key business groups in Vegas. Joining the office are James E. mately 80 acres in the first phase. The one location, as well as establish a new McNutt, P.E. , vice president-Nevada di­ industrial park will include all utilities, flagship branch. vision; Mark J. Owens, P.E. , director of streets and off-site improvements. The "This move will pull together a variety geotechnical engineering; Steven D. Wei­ first phase will total35 percent of the total of bank departments and business groups denhammer, P.E., director of materials build-out, or slightly more than one mil­ that are now located throughout the Reno/ engineering services; Ronald R. Ludwig lion square feet. Sparks area," Landis said. The move will and Larry J. Davis, managers of materials Lechters, Inc. is a nationwide specialty eventually bring 85 U.S. Bank employees engineering services; and Floyde D. Jack­ retailer, focusing primarily in brand-name together at the new site. son, director of business development. non-electric basic housewares, tabletop "Our plan to purchase this building is "The opening of the Las Vegas office is items and kitchen textiles. Incorporated in consistent with our commitment to Ne- a part of our expansion into the western 1975, Lechters currently operates more ; vada and our support of downtown Reno," 1 United States," says RichardT. Kanemasu, than 500 stores in 36 states, with Nevada 1 Landis said. P.E. , president of Terracon Consultants

42 Nevada Business journal • May/June 1993 IF YOU DON'T ~NT TOKNO THE TRUTH, TURN THE PAGE.

Truth is, you can offer a quality health care plan, without sacrificing the individual needs of your employees. And the truth is, it isn't magic. It's hard work on our part. But the results are worth it - and you don't need to receive big rate increases. For the truth about health care insurance costs, call your broker or a Nevada Sierra Health & Life representative. Southern Nevada 702·871·0999 Northern Nevada 1·800·477·4542 ~ SIERRA HEALTH & LIFE INSURANCE CO., INC.® A member of Sierra Health Services, Inc. Western, Inc. "The Las Vegas location "We want to send a strong and clear will help bridge the area between our message to the Nevada business market other current western operations." that Bank of America is serious about its Las Vegas is the fourth office opening reputation as the state's primary lending in Terracon' s expansion west ofthe Rocky source," President Peter M. Thomas said. Mountains. Other operations include Salt "We'vespenta lotoftimeon last year's Lake City, Tucson and Boise. acquisition of Valley Bank and Security The named Las Vegas staffhas 60 years Pacific Bank," Thomas added. "However, of combined experience in the Nevada with most of these challenges now behind area, and holds professional registrations us, we're in a position to more aggres­ in Nevada and several surrounding states. sively market new products and services Terracon Consultants Western, Inc. is that are unique to Nevada." an operating company of The Terracon New Bank of America commercial loan Companies, Inc., an employee-owned firm products include: with offices in over 25 cities located • Business DirectLine Equity- offers throughout the western and central U.S. small businesses a line of credit Terracon has been providing geotechnical, secured by the owner's principal construction materials and environmental residence. engineering services since 1965, and is • Property Real Estate Improvement ranked l72onEngineering News Record's Loan-offers small businesses a loan Top 500 Design Firms list. for the purpose of expanding or im: proving an existing business by using a second deed of trust as collateral. B of A Nevada • Commercial Real Estate Loan - launches loan offers small businesses a loan to ac­ quire property or to expand or refi­ prom~tion nance existing property with fixed and variable rates that have up to 25 Bank of America Nevada announced it years' amortization. has launched a $400 million commercial A statewide print and radio advertising loan promotion to introduce three new campaign will support the $400 million products for small businesses throughout loan promotion of these new products. Nevada. Bank officials say the goal of the "We've developed new products and commercial loan promotion is to lend services that are more relationship ori­ $400 million to Nevada businesses by the ented," says AI Alvarez, director of the end of the year. bank's retail lending division. "The hir­ The bank also announced the opening ing of more lending officers will allow of its new business lending centers in Las each lender to handle fewer loans and Vegas and Reno. The new lending center improve customer service." in Las Vegas is now housed in the Bank of In addition to commercial loan prod­ America West Tower at 6900 Westcliff ucts, the new lending centers offer other Drive on the Northwest comer of Rain­ financial services such as equipment leas­ bow and Westcliff. In Reno, the new ing, private banking and Small Business center is located in the bank's Meadowood Administration loans, Alvarez said. facility at 5905 South Virginia Street. Bank of America Nevada is the largest These centers are now staffed with twice lender to the state's business community, as many lenders than the bank had last with over $1.28 billion in its commercial year. The centers are also equipped with loan portfolio as of February 28, 1993. $2 million worth of upgraded computer The bank also leads the state in SBA equipment and software that can expedite loans, originating over $34 million for most loan approvals in 48 hours. fiscal year end September 30, 1992. •

44 Nevada Business Journal • May/June 1993 Makes It Happen.

At Dermody Properties the "team concept" is real and it works. It creates satisfied clients and long-term relation­ ships. We pride ourselves on our attention to detail and the specific needs of our customers. If we can help you with your needs in Nevada or elsewhere, contact any member of the "team"- we'll make it happen.

DERMODY PROPERT I ES Nevada 's premier industrial/and deve lopers . business indicators & anaiY.,sis

pring brings a rebirth of nature and optimism. Yet, this year's spring optimism has not budged some of our national Nevada Taxable Sales economic indicators. To be sure, overall economic condi­ 1985- 1992 tions are not as weak as they were at the bottom of the economic trough (April1991) or during the modest recov­ srBil=ll o=n•~------. ery of 1991-1992. For example, consumer confidence has moved up from the low levels of 1992. Moreover, some key indicators even point to improved future economic opportunity. For instance, lower interest rates fuel increased investment opportunities. However, some key indicators have not turned upward. For one, employment growth still lags signifi­ cantly behind the pattern of past recoveries. Even after two years of overall recovery, employment downsizing sends cautionary signals and stifles the decisions fueling future spending. As a result, not all sectors of the economy have come together to sustain the overall recovery. Favorable indicators of late 1992 and early 1993 have failed to lift the national employment growth rate. Indeed, this rate has remained near the 0 ~~~~~~~~~~~~ 7 percent level for some time. Nevada's rates have also increased to match 1985 1986 1987 1988 1989 1990 1991 1992 the national rate. Furthermore, the adversity of these unemployment conditions extend beyond the reported statistics. That is , as unemployment remains at high levels, discouraged unemployed workers leave the labor Nevada Gross Gaming Revenue force. Thus, high unemployment rates for extended periods tend to 1985-1992 understate the severity of economic conditions. As the national economy seems to have lost some strength in the current recovery, short-term measures of economic activity for Nevada would on first observance yield an even more somber assessment. But, things are not as they always seem. In this case, for example, Nevada's gross gaming revenue estimates dropped in February 1993 when measured from Febru­ ary 1992. Revenues were down for the state by 6.8 percent; furthermore, Reno experienced a 8.3 percent decline, compared with 6.7 percent for Las

Vegas. However, simple month-to-month comparisons can be misleading S600 without accounting for certain key factors, such as weather. Indeed, even $400 with some current mixed economic signals, a weak national expansion, a weak California economy, and increased competition for Nevada's gam­ S200 ing industry, Nevada continues to grow. The state's population grew at a ~~------~ 3.5 percent rate last year, and indications are this rate will continue 1985 1986 1987 1988 1989 1990 1991 1992 throughout 1993. Also, the state's sales tax collections were up by more than 6 percent for February 1993, as compared to February 1992. As important as the current level of indicators are, much attention has focused on future trends. In this period of downsizing and readjustment, Air Passengers people increasingly ask whether or not the current weak economic expan­ 1985-1993 sion will continue. The lack of confidence in further expansion becomes a drag on current activity. Nevadans carefully monitor the weaknesses of the California economy. Indeed, with California's size and its close economic ties to Nevada, California's anemic condition weighs heavily on the Silver State's future. California will continue to experience economic adversity from defense industry adjustments in the near future. The loss of many defense-related jobs comes at a time that overbuilding has occurred, particularly in Los Angeles. As a consequence, California's weakness will continue to drag on Nevada's economic environment. Yet, in the months ahead, hotel and casino construction activity in Las Vegas should help maintain buoyancy in the Nevada economy.

R. Keith Schwer, UNLV Cenrerfor Business & Economic Research

46 Nevada Business joumal • May/june 1993 LATEST PREVIOUS YEAR CHANGE DATE UNITS PERIOD PERIOD AGO YRAGO UNEMPLOYMENT Nevada Mar, 1993 seasonally odj. 6 .9 6.7 6 .5 6.15% Los Vegas Mar, 1993 seasonally adj. 6.8 6 .4 6.7 1.49% Reno Mar, 1993 seasonally adj. 6 .5 6 .1 6 .1 6.56% U.S. Feb, 1993 seasonally adj. 6 .9 7 .0 7 .2 -4 .17% RETAIL ACTIVITY Nevada Toxoble Soles Feb, 1993 $thousand 1,149,512 1, 119,674 1,055,209 8.94% Clark County Feb, 1993 $thousand 701 ,898 676,659 627,277 11.90% Washoe County Feb, 1993 $thousand 192,984 190,313 197,775 -2.42% U.S. Retail Soles Feb, 1993 $million 169,818 169,351 161,200 5 .35% GROSS GAMING REVENUE . Nevada Feb, 1993 $thousand 435,000 525,700 466,928 -6.84% Clark County Feb, 1993 $thousand 337,000 426,500 361 ,398 -6.75% Washoe County Feb, 1993 $thousand 56,394 57,157 61 ,502 -8 .31 % CONSTRUCTION ACTIVITY Los Vegas Area New Res idences 1st qtr 1993 #permits 2,987 2,764 2 ,463 21.27% New Commercial Permits lsi qtr 1993 #permits 151 84 148 2. 03% Reno Area New Residences 2nd qtr 1992 #permits 236 279 226 4. .42 % New Commercial Permits 2nd qtr 1992 #permits 14 14 16 -12.50% U.S. Housing Storts Feb, 1993 thousand 1,208 1, 17 8 1, 285 -5.99% Totol Construction Jon, 1993 $billion 430.8 436.4 407.1 5 .82% HOUSING SALES Los Vegas Area Average Soles Price ( 1) 2nd qtr 1992 $ 135,584 129,421 142,814 -5 .06% Average Cost/Square Foot 2nd qtr 1992 $ per sq. ft. 79.29 71.35 76.38 3.81 % Average Mortgage Rote (2) 3rd qtr 1992 % 8.19 8.17 8.58 -4.55% Washoe County Average Soles Price (1) 2nd qtr 1992 $ 167, 116 162,554 183,968 -9. 16% Average Cost/Square Foot 2nd qtr 1992 $per sq. ft. 95.70 82.80 83.00 15.30% Average Mortgage Rote (2) 2nd qtr 1992 % 8.70 8.60 9 .40 -7 .45% U.S . Home Soles Feb, 1993 thousand 595 569 676 -11.98% TRANSPORTATION Total Passengers (3) McCarron Airport, LV lsi qtr 1993 passengers 5,212,601 5, 145,527 4 ,949,61 7 5 .31 % Connon Airport, Reno 2nd qtr 1992 passengers 851 , 176 906,762 801 , 121 6 .25% Stole Taxable Gasoline Soles Mar, 1993 thousand gal. 51,661 50,785 50,275 2.76% POPULATION ESTIMATES Nevada July 1, 92 people 1,342,090 1,296,360 3 .53% Clark County July 1, 92 people 854,300 817,450 4.51 % Washoe County July 1, 92 people 265, 190 262,900 0.87% NATIONAL ECONOMY Consumer Price Index (4) Feb, 1993 1982-84= 100 143.4 142.9 138.8 3 .31 % Money Supply - M 1 Feb, 1993 $billion 1032.8 1033.2 926.2 11 .51 % Prime Rote Mar, 1993 % 6 .0 6 .0 6 .5 -7.69% Three-Month U.S. T-Bill Mar, 1993 % 2.97 2.95 4.05 -26.67% Gross Notional Product 4th qtr 1992 $bill ion 6,081.8 5,978.5 5,753.3 5.71 %

NOTES: (1) houses, condos, townhouses; (2) 30 yr. FHA; (3) enplaned/deplaned passengers; (4) all urbo.n consumers SOURCES: Nevada Dept. of Taxation; Nevada Employment Security Dept. ; UNLV, Center for Business and Econom ic Research; UNR, Bureau of Business and Economic Research; US Dept. of Commerce; US Federal Reserve. COMPILED BY: UNLV, Center for Business and Economic Research

May/June 1993 • Nevada Business journal 47 ' "I'd feel a little pain now and then, but I didn't think it was anything serious. Maybe because I didn't want to ... "But I finally went to see my doctor anyway. And it was a good thing I did, because it was serious. It was my heart. "I needed a cardiovascular specialist and surgery. That meant the hospital. "I was worried, sure. But only about me. Not about what it took to get me well. All along I knew I was being cared for-and cared about -by lots of people, start to finish. Lots of people I never even met. "And I got well. Thanks, HPN. It may not have been easy, but you sure made it simple."

HEALTH PLAN OF NEVADA, INC.sM A member of Sierra Health Services, Inc.

Please refer to the Certificate of Coverage for limitation and exclusions.