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23 June 2010 www.NevadaBusiness.com 23 June 2010 June 2010 3 Commentary

Volume 25 • No. 6 Put Local Businesses First A division of Business Link, LLC Bidding Preferences Make Sense for Nevada Publisher Lyle E. Brennan • [email protected] Did you know that Nevada firms are not given any preference over out-of-state companies Publisher / CEO on o bids t provide goods and services to local government? Existing law does provide a 5 Connie Brennan • [email protected] percent preference in bidding on public works and highway construction projects, but that Managing Editor doesn’t help local companies that might want to supply products or provide professional ser- Tarah Figueroa • [email protected] vices. Nearly 40 states give bidder’s preferences to local firms in order to keep jobs in their Art Director state o and t strengthen small businesses hit hard in the current economy. It’s time Nevada took Chris Tucker • [email protected] some n steps i this direction as well. Research / Ranking Nevada In fact, the 2009 Legislature introduced AB 147, which would have required local govern- [email protected] mentso t grant a 5 percent preference to local bidders when assigning contracts for goods or services costing $50,000 or more. The bill was supported by the Las Vegas Chamber of Com- Web Editor / Circulation Aleina Richardson • [email protected] merce, the Nevada Association of Counties, the Nevada League of Cities and Municipalities, and many other organizations. After passing both houses, the bill was vetoed by the governor. Online Marketing Director Harry Benson • [email protected] Because lawmakers were unable to override his veto, it never became law. Governor Gibbons claimed the bill would have cost the state more money, but that’s only Contributing Writers Doresa Banning • Jennifer Rachel Baumer one n issue i a complex situation. All other things being equal, if a local company and an out- Geoffrey Lawrence • Gregory Pike • Jeanne Lauf Walpole of-state company submit bids that are very close in price, it makes sense to grant the contract to the homegrown firm. Nevada businesses that win contracts provide jobs for Nevada workers, Advertising / Sales Joy Crossman • [email protected] whose salaries circulate throughout their communities, producing a multiplier effect that helps Maggie Bennett • [email protected] us all. With Nevada’s unemployment rate at nearly 14 percent, keeping jobs in the state is more Subscriptions important than ever. Higher employment also means lower demands for social services like [email protected] Medicaid, which are paid for by tax dollars. Local companies’ profits stay in Nevada instead of being shipped out of state, and these dol- Reprints For more info call (800) 259-0470 lars circulate through the economy as well. In addition, local businesses are more likely to buy from local suppliers, helping those businesses and the whole economy stay healthy. In fact, one Northern Nevada Advisory Board Chuck Alvey • EDAWN recent Arizona study concluded that money paid to an independent local supplier recirculated Krys T. Bart • Reno Tahoe Airport Authority three times as much in the local economy as money paid to a national firm. Tom Clark • Holland & Hart, LLP Businesses with roots in the community are also more likely to support local charities and Connie Fent • Community Representative Valerie Glenn • The Glenn Group provide much-needed pro bono work. Simply put, the fiscal impact of the bidding preference Rick Gray • Fallon Convention and Tourism Authority is y offset b the benefits of keeping jobs and dollars in Nevada. David LaPlante • Twelve Horses During the legislative hearings for AB 147, Assemblywoman Ellen Spiegel reported that Ellen Oppenheim • RSCVA a Nevada company and a Colorado company were the two lowest bidders to produce a book Corporate Office about Nevada tourism for the film industry. The Colorado firm bid $130 less than the Nevada 375 N. Stephanie St., Suite 2311 • Henderson, NV 89014 company,o s it was awarded the contract, worth tens of thousands of dollars. There have been P (702) 735-7003 • F (702) 733-5953 instancesn i which two firms bid exactly the same amount of money for a project – one a Ne- Reno: P (775) 583-8113 vada company and the other from out of state – and the outcome was decided by cutting cards, Web Site: nevadabusiness.com supposedlyo t make it a fair decision. TopRank Nevada: topranknevada.com In December 2009, the Secretary of State’s office bypassed seven Nevada firms to award a $866,000 contract to a Minnesota company to help collect census data in Nevada. And in March 2010 the Secretary of State’s office announced that 20 companies awarded lucrative state contracts weren’t even registered to do business in Nevada. Economic development agencies throughout the state are always looking for ways to en- Nevada Business Journal, Nevada Business Magazine and Nevada Business are divisions of Business Link, LLC. 375 N. Stephanie St.,Bldg. 23, Suite 2311, Henderson, NV 89014. It courage companies to come to Nevada, bringing in jobs and boosting the economy. What is listed in Standard Rates and Data, #20A-Business-Metro, State and Regional. TopRank about businesses that are already here? We need to do whatever we can to support them, and Nevada – Annual Statewide Book of Lists is a publication of Nevada Business Magazine. Advertisers should contact Sales at (702) 735-7003, or write to: Nevada Business Magazine, 375 N. Stephanie St., Bldg. 23, Suite 2311, Henderson, NV 89014. Demographic information establishing a bidder’s preference seems like a logical first step. available upon request. Month-to-month circulation may vary. Nevada Business Magazine is published monthly with one additional issue each year. Sub- scription rate is $44.00 per year. Special order single-copy price is $7.50. TopRank Nevada – Annual Statewide Book of Lists, a compilation of lists which have appeared in Nevada Business Magazine over the past 12 months, is published on an annual basis. Lyle E. Brennan All contents ©2009 copyright, and reproduction of material appearing in Nevada Business Magazine and TopRank Nevada – Annual Statewide Book of Lists is prohibited unless so authorized by the publisher. Publisher reserves the right to refuse service to any agency, indi- Publisher vidual, business, company or organization. CHANGE OF ADDRESS: POSTMASTER: Send address changes to Nevada Business Magazine, 375 N. Stephanie St., Bldg. 23, Suite 2311, Henderson, NV 89014. Subscribers please include previous address or mailing label. Allow six weeks. EDITORIAL SUBMISSIONS: Address all submissions to the attention of Tarah Figueroa. Unso- licited manuscripts must be accompanied by a SASE. Nevada Business Magazine assumes COMMENTS no responsibility for unsolicited materials. DISCLAIMER: Editorial views expressed in this magazine, as well as those appearing in [email protected] area focus and industry focus supplements are not necessarily those of the publisher or its boards.

45 June 2010 www.NevadaBusiness.com Contents

COVER STORY The Gold Issue Miningn I Nevada By Doresa Banning 6

SPECIAL REPORT NAIOP Southern Nevada Southern Nevada’s premier commercial real estate organization makes members a priority.

4 Commentary • Lyle Brennan FEATURES 20 Around The State 10 Nevada Election 2010 • Jennifer Rachel Baumer 15 Industry Focus: Technology 29 Face to Face • Gregory Pike 35 Building Nevada: Time To Buy?• Jeanne Lauf Walpole 32 Free Market Watch • Geoffrey Lawrence Commercial Retail Market in Nevada Fix the Approach, Fix the Problem 38 ReD Report 44 Commercial RE Report Tracking Nevada’s Deals 42 TopRank Nevada 45 Business Indicators Law Firms, Advertising/Marketing Firms, Commercial Insurance Brokerages

46 The Last Word CORRECTION: In the May issue, UNLV is incorrectly attributed as the largest higher education institution in the state. In fact, the College of Southern Nevada is the largest with 43,500 students enrolled in the most recent semester. DEPARTMENTS

45 June 2010 June 2010 5 Cover Story

67 June 2010 www.NevadaBusiness.com MINING IN NEVADA By Doresa Banning

Opportunities Abound employment rate and an expected $3 billion budget shortfall over the next biennium. he f values o both precious and industrial metals and s Mining i supporting the state in ways other industries can’t select minerals are up and rising. Previously closed right now. It’s providing and creating new, well-paying jobs, mines are being reopened. Exploration for new Crowley said. Mining also is generating goods and materials untapped ore continues. Geothermal projects are that help spur the economy. It’s paying “more taxes than ever T increasing. Investment in the state’s mining is rela- before,” Crowley said, and several companies have even pre- tively strong. All of these activities indicate a stable industry paid their 2010 taxes to boost state revenue. For example, Bar- in the Silver State. rick Gold prepaid about $40 million in state taxes on estimated “By and large, [Nevada] mining is healthy today,” said 2010 revenue from its Cortez mine operations. Tim Crowley, president of the Nevada Mining Association, a “We’ve always taken our role in balancing the budget seri- 300-member organization that represents the industry. ously,” Crowley said. “We’ll be at the table looking for solutions This economic sector is a bright spot in Nevada’s otherwise in e 2011. W fully recognize the budget is going to be short, and bleak economy that’s punctuated by a double-digit percent un- we’re not going to shy away from working to fix that problem.”

67 June 2010 June 2010 7 Cover Story | Mining

Not All Good News aggregate, barite, cement, clays, diatomite, Exploration of Nevada for additional de- dimension stone, dolomite, gypsum, lime, positsf o minerals and metals is itself chal- While precious metals are doing well, limestone, lithium, magnesite, brucite, per- lenging for the companies involved in it, es- the demand for many other mining prod- lite, kalinite, salt, semiprecious gemstones peciallys a ore becomes harder and harder uctss i down. (opal and turquoise), silica, zeolite and geo- to t find. I requires lots of time, money and In the past two years, some exploration thermal energy. effort. Newmont Mining, for example, firms stopped operating in the state. Other o Due t the ongoing depressed economy, a spends tens of millions of dollars a year companies closed mines. Recently, Nevada numberf o mining companies has suffered. on it, said John Mudge, vice-president of droppedo t No. 5 from No. 3 on the Fraser General Moly is one. This Elko-based com- environmental and social responsibility for Institute’s annual ranking of the best places pany that explores, develops and mines mo- the North American region of the Denver- in the world to invest in mining, according lybdenumn i Nevada, laid off 40 percent based company that primarily mines gold, to the group’s Survey of Mining Compa- of its employees in March of last year and but also silver and copper, in Nevada and nies 2009/2010 data. Out of 72 jurisdictions entered a cash conservation mode that it re- seven other countries. Once additional ore worldwide, Nevada perennially has been in mainsn i today, said Zach Spencer, manager is found, permits must be obtained and then the top three spots over the past decade. of external communications. “We had to infrastructure built before actually begin- Companies mining minerals and met- slow things down, put a few things on hold,” ningo t mine. als closely tied to the construction industry, he added. suchs a copper, gypsum and lime, are hurt- Despite the difficulties, earlier this year The Golden Ticket ing, Crowley said. To stay afloat, these busi- General Moly secured about $765,000 in nessese ar relying on diversity, focusing on financing from the Chinese company, Han- other destination markets for their materials. long Mining Investment, Inc. General Moly Because precious metals tend to perform For instance, lime, which is used in asphalt anticipates starting construction on Mt. counter-cyclically to the economy, they cur- has another function as an acid neutralizer. Hope, its first Nevada molybdenum mine rently are doing well and, therefore, so are Resources mined in Nevada include (22 miles northwest of Eureka), in about companies involved in their mining, par- gold, silver, copper, geothermal energy, July 2011 once the permitting process is ticularly gold. done and, subsequently, begin production “The continuing strong market for gold in 2013. creates a lot of opportunities throughout the Gold has shifted dramatically, ranging state,” Schack said. from about $812 per troy ounce in January New companies are emerging in Ne- 2009o t $1,215.21 per troy ounce in Decem- vada’s gold industry, as they now can turn a ber e 2009. Th price of molybdenum moved profit because of the metal’s higher values. between $33 and $7.50 a pound in 2009, In mid-May, the base price of gold was val- then bumped up in 2010. It was $18 per uedt a about $1,240 per troy ounce, up about A new mining compAny poundn i mid-May. The fluctuating prices 53 percent from January of last year. Silver’s is in Nevada—General Moly of gold and other mined materials create base n price i mid-May was about $20 per an ongoing challenge for the industry. Not troy ounce. Gold mines that in the past were General Moly is developing knowing what values will be years down closed are being reopened and explored. the Mt. Hope Mine the line makes planning, permitting (which For example, Firstgold Corp., a Lovelock- near Eureka typically takes between 5 and 7 years) and based, junior gold mining and exploration investingn i expansions or new operations company with four properties in Nevada,

Molybdenum adds highly risky, said Louis Schack, director of reopened Relief Canyon, a mine near Love- communications and community affairs at lock, which was closed in 1989 due to gold’s strength to our Barrick Gold of North America. declining value. Allied Nevada, a gold min- Nevada communities! “Obviously, if the gold market goes ing and exploration firm, reopened Hycroft, south, the struggles of the late 1990s and a gold and silver mine near Winnemucca. early 2000s could return,” he added. “I Similarly, Great Basin Gold Ltd., an inter- don’t think a lot of people realize the market national mining company, reopened the risks—and potential rewards—that come gold and silver Hollister mine in Carlin. with managing large mining operations. With the current robust gold industry, s “Ours i a very complex and challenging Newmont Mining Corp. has several proj- Learn more about Molybdenum at: business that requires the focused efforts of ectsn i the pipeline. www.generalmoly.com thousandsf o dedicated employees to operate “We are able to invest in new projects to in a safe and socially responsible manner.” provide for the future and to ensure long- 89 June 2010 www.NevadaBusiness.com term sustainability of our gold mining in- dustryn i the state,” Mudge said. Newmont recently received permits to explore Sandman, an area northwest of Winnemucca, for gold. It also is in the permitting stage for Genesis, expansion of a previously mined facility in Carlin. Permit- tings i nearly complete for Immigrant, an open-pit, heap-leach gold operation south of Carlin. Barrick Gold is also investing in its op- Relationships erations, including $500 million at its Cor- tez gold mine in Lander County and $200 milliont a Bald Mountain mine in White Matter Pine County, which it is expanding, Schack said. Its new Cortez Hills project, an expan- sionf o its Cortez mine, should reach full production this year. Barrick has begun the Enjoy a truly personal banking experience and cus- permit process for its South Arturo project, tomized ﬁ nancial solutions from your own dedicated located north of its Goldstrike operations in City National Preferred Banking Advisor. We invite Carlin. Additionally, the corporation con- tinueso t aggressively explore several loca- you to a new level of; personal banking: tions throughout Nevada for untapped gold. “Any time we can grow and create op- Access – Your Dedicated Advisor, At Your Service portunities for people, business is good,” Growth – Wealth Management Services at Your Fingertips Schack added. Stability – Well Capitalized and Fiscally Responsible Educating Nevadans Convenience – Learn About Our 30-Day Transition The Mining Association’s biggest chal- Guarantee* lenge, Crowley said, is educating Nevadans all about the industry, how it’s working to become safer, more efficient and more envi- Experience a better banking relationship ronmentally effective, Crowley said. “We haven’t done a good job of inform- today, call us at (775) 461-2513 or ing the public who we are, what we do and that we’re proud corporate citizens and resi- (702) 452-2778. dentsf o the state. We’ve done a great job Or visit cnb.com/personal-banking evolving.e W just haven’t let people know it. We’re confident that when people look at e what w do, who we are, they’re going * Your Preferred Banking Advisor will help to make the transition easy to walk away with the impression these are and seamless, or we’ll give you a $250 City National Visa® Gift Card sophisticated operations,” Crowley added. with no questions asked. Ask us for details. The mining industry’s success makes Copyright ©2010 City National Bank it a target for legislators trying to balance a n budget i the worst economy in recent years. e Th industry is working with the federal government on ways to meet the re- quirementsf o a proposed amendment to the Environmental Protection Agency’s 1990

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By Jennifer Rachel Baumer Decision-Making Time

his may not be your ordinary the upcoming election approaches, here’s for this election. “People are scared about election. Because for a change, an informational look at the issues con- business and will the business survive, everyones i saying pretty much sidered most important in this election will the job be there, will there be health- the same thing, at the same by f some o the principals in the Nevada care, f all o that they know they’ve got to T time, and with the hope of get- political scene as the recession dies down worry about,” said McMullen, and many tingo t the same place: somewhere we can and recovery struggles to begin. of those worries may impact the way peo- find solutions. ple vote. Veterans of the political process have The Times They Are A Changin’ Some interesting results McMullen watchedt i change from spirited elections expectso t see from this election center to a partisan and uncivil process where it “It doesn’t seem like some of the is- around races and numbers. In the Sen- seems the only thing parties can agree on sues that are generally issues, like crime ate race, for example, almost two dozen is disagreeing. and some social issues, are bubbling up candidates are stacked up against Sena- In 2010, parties exist, disagreements con- to the top three,” said Sam McMullen, tor Reid, which rather than increasing tinue, but the issues on the minds of most partner, Snell & Wilmer, LLP, and politi- the f odds o voting the incumbent out of candidates are very similar: The economy. cal consultant. Voters seem less interested office, may increase the odds of keeping Jobs. Education. The budget. Healthcare. in social issues and more interested in the him s there a the vote for his opponents To a lesser extent? Immigration. Gun escalating war, in federal spending and could 3 split 2 ways. Or the candidate who control. Issues that used to jump out of deficits, and even healthcare may not end wins the primary against Reid may win every election are background in 2010. As up the major issue most are anticipating by only a few votes, making that candi-

1011 June 2010 www.NevadaBusiness.com 9729-0410-LV-lvMKG_NevadaBusiness:Layout 1 5/6/2010 3:48 PM Page 1

date less powerful. Still, just the idea of moving a long-term senator out of office is o exciting t some, dismaying to others and interesting to all. It seems seniority is no longer a priority for Nevadans. “Seniority used to be incredibly important. Bible, Cannon, Laxalt,e w wanted people in office a long time because they had more influence and more power,” said McMullen. Along with the unknowns on how the votesn i such large races will split are the unknownsn o how many voters will cast their ballots. “It will be interesting to see exactly how many people will come out to vote,” said McMullen. “And on the republican side, will that make a difference? Will they vote for the local republican or Thank for independent candidates? In the Ross Perot years I remember that the independent got 26 percent of the vote, which had you an interesting impact on that race.” for the opportunity to serve you... for decades as U.S. Senate Nevada lawyers, and as Greenberg Traurig since 2005.

A large slate of candidates are competing As we celebrate our five-year anniversary as Greenberg Traurig for U.S. Senate in the 2010 race. Incumbent in Las Vegas, we reflect on the involvement our attorneys and Harry Reid (D) was elected to the Sen- aten i 1986. He became senate majority staff have had in helping shape our Nevada community. We are leadern i 2007, following two years as mi- grateful to have been a part of our state’s colorful history, its nority leader. He’s served as both Minor- many successes and its tremendous growth. ity and Majority Whip. Prior to serving in the Senate, Reid served as representative Today, GT’s Las Vegas offi ce is home to 40 attorneys with of Nevada District 1 in Congress. Reid’s decades of experience working in the Nevada business, legal platform encompasses the economy, and governmental communities. We are proud to offer the healthcare, energy, taxes, immigration resources of an international law firm to our international city. and Second Amendment rights. Reid led the Senate in passing the con- Celebrating Five Years in Las Vegas troversial healthcare reform and contin- builtforprogress | uesoe t b one of the most powerful liberal Senators in the nation. 3773 Howard Hughes Parkway Suite 400 North Opposing Reid, Danny Tarkanian (R) Las Vegas, NV 89169 runs a real estate business and a basket- 702.792.3773 ball academy for Clark County youth. He ran for secretary of state in 2006 and for www.gtlaw.com state senator in 2004. Top issues for the § Tarkanian campaign include healthcare 1775 ATTORNEYS IN 32 LOCATIONS° | USA LAW FIRM OF THE YEAR, CHAMBERS GLOBAL AWARDS The hiring of a lawyer is an important decision and should not be based solely upon advertisements. Before you decide, (a proposal in opposition to the recently ask us to send you free written information about our qualifications and our experience. Prior results do not guarantee passed healthcare bill), the economy and a similar outcome. Greenberg Traurig is a service mark and trade name of Greenberg Traurig, LLP and Greenberg Traurig, P.A. ©2010 Greenberg Traurig, LLP. Attorneys at Law. All rights reserved. Contact: Mark G. Tratos in Las Vegas at taxes (keeping government involvement 702.792.3773 . °These numbers are subject to fluctuation. §Greenberg Traurig was selected by Chambers and Partners as USA Law Firm of the Year, 2007. 9729 in recovery controlled, and creating jobs). He supports Second Amendment rights,

1011 June 2010 June 2010 11 Feature Story | Nevada Election 2010

improving education, protecting our borders and pursuing clean energy sources. Sharron Angle, (R) ex-assemblywom- 2010 Candidates an, businesswoman and 2006 U.S. Rep- Incumbent In Bold resentative candidate is also running against Reid. Most political pundits agree GOVERNOR: U.S. SENATOR (continued): that Angle is the most conservative of Tony Atwood (R) Michael Haines (Independent) the senatorial candidates. She is against Fred Conquest (D) Jesse Holland (Independent) over-taxation and encourages economic Ed Hamilton (D) David Scott Curtis (Green) development by removing over-regulation Gino DiSimone (Independent) Robert Leeds (R) Floyd Fitzgibbons (IAP) Sue Lowden (R) and encouraging businesses to create new Jim Gibbons (R) Gary Marinch (R) jobs.n O immigration, Angle proposes Aaron Honig (Independent) Garn Mabey (R) strengthening our borders and enforcing Arthur Lampitt Jr. (Libertarian) Alex Miller (D) our laws. She’s opposed to the new health- Stan Lusak (R) Brian Nadell (R) care bill and has previously introduced Mike Montandon (R) Bill Parson (R) legislationn i Nevada for affordable insur- Rory Reid (D) Carlo Poliak (D) Brian Sandoval (R) Jeffrey Reeves (Independent) ance. Angle’s energy policy would include Harry Reid (D) making Nevada the nuclear energy capital LIEUTENANT GOVERNOR: Wil Stand (Independent) of the U.S. for reprocessing spent fuels. Ryan Fitzgibbons (IAP) Cecilia Stern (R) Another candidate of note for the Terry Suominen (R) Bob Goodman (D) U.S. Senatorial race is Sue Lowden (R). Brian Krolicki (R) Danny Tarkanian (R) Paul Murad (D) Roy Woofter (D) Lowden has been a news reporter, an- Robert Randazzo (D) chorwoman, elementary school teacher Jessica Sferrazza (D) U.S. CONGRESS: and businesswoman. Additionally, she Barbara Lee Woollen (R) District 1: has served as a Nevada State Senator as Shelley Berkley (D) wells a the Chairwoman for the Nevada SECRETARY OF STATE: David Cunningham (R) Republican Party. Lowden is for reduced Rob Lauer (R) Michele Fiore (R) Ross Miller (D) Chuck Flume (R) taxes, control on federal spending, protec- John Wagner (IAP) Jonathan Hansen (IAP) tionf o the Second Amendment and the Ed Klapproth (Libertarian) enforcement of current federal laws for STATE TREASURER: Craig Lake (R) immigration and border control. Mike Monroe (R) Mike Hawkins (IAP) Kate Marshall (D) Scott Neistadt (R) Steve Martin (R) Joseph Tatner (R) U.S. Congress Kenneth Wegner (R) STATE CONTROLLER: District 1 Greg Dagani (R) District 2: In District 1, Shelley Berkley (D), the Russell Best (IAP) Barry Herr (R) incumbent, has served in the House of Warren Markowitz (IAP) Patrick Colletti (R) Kim Wallin (D) Denis “Sam” Dehne (D) Representatives since 1999. She’s also Dean Heller (R) served terms as Nevada State Assembly- ATTORNEY GENERAL: Ken McKenna (D) woman and as a member of the Nevada Travis Barrick (R) Nancy Price (D) University and Community College Sys- Catherine Cortez Masto (D) tem Board of Regents. Berkley’s top is- Jacob Hafter (R) District 3: sues for Nevada are improving public Joel Hansen (IAP) John Beard (R) Ed Bridges (R) education, improving access to affordable U.S. SENATOR: Joe Heck (R) healthcare and safeguarding our home- Sharron Angle (R) Brad Lord Leutwyler (R) land security. Scott Ashjian (Tea Party) Barry Michaels (Independent) David Cunningham (R) is one of ten Steve Nohrden (R) Gary Bernstein (R) running against incumbent Berkley. Cun- John Chachas (R) Scott Narter (IAP) Chad Christensen (R) Joseph Silvestri (Libertarian) ningham has been a small business owner Tim Fasano (IAP) Dina Titus (D) all his adult life. For Cunningham, the most important issue this election is the economy. Feeling that spending at all lev- 1213 June 2010 www.NevadaBusiness.com Feature Story | Nevada Election 2010

elsf o government is out of control, he’s “The number one issue is jobs. Followed ating jobs are the top priorities, and wants running for office for the first time with closelyy b the healthcare debate. The bill to expand the nuclear industry in Nevada. the desire to get the economy fixed. that was passed was well intentioned but Montandon considers education a major incredibly flawed,” said Heck. issue and wants to introduce choice and District 2 competition at several levels in the sys- In District 2, Dean Heller (R), incum- tem,y b creating smaller school districts State Constitutional Offices bent, was elected in 2006 and has been or having money follow the students in appointed Deputy Whip and to the House Governor the f form o voucher programs. “Until we Ways and Means Committee. Heller’s top put real competition in place we’re not go- issues include developing renewable en- Governor Jim Gibbons (R) served three termsn i the Nevada State Assembly, was ingo t deliver any better product than any ergy with solar, geothermal and wind en- other state and our teachers will never be ergy programs utilizing federal lands and electedo t the U.S. Congress as representative for District 2 in 1996, and was able to compete for what they deserve.” fiscal responsibility in Congress, includ- Brian Sandoval (R), also running for ing voting against tax increases. He’s also elected governor in 2006. Gibbons wants to develop clean energy in Nevada and governor,s i a former Nevada attorney committedo t growing Nevada’s economy general and U.S. District Court Judge. and supporting small business; healthcare position our state as an exporter of clean power. He’s proposed changes to educa- Sandoval doesn’t support raising taxes, reform; and immigration reform, starting opposes amnesty for immigration and with enforcing current laws and fining tion s such a smaller, empowered, local school districts, adopting a statewide supports the death penalty. He also be- businesses that knowingly employ illegal lieves the Healthcare Bill violates state’s immigrants. school voucher program, and eliminating statutory requirements for both class-size rights and supports the right to bear arms. f One o Heller’s opponents is Ken McK- Sandoval wants to implement a pay-for- enna (D) who’s a member of the State reduction and full-day kindergarten. Dur- ing his term, Gibbons has stood by his performance scale for teachers and a re- Boardf o Education and has been a trial form for Nevada’s teacher licensure laws. lawyern i Northern Nevada for 30 years. campaign promise of not raising taxes For McKenna, the economy is the most ands i dealing with possibly the worst Continues on page 31 pressing issue. With the new alternative budget crisis Nevada has ever seen. Addi- energy program initiatives poised to roll tionally, Gibbons has set a record for most out, McKenna wants to position Nevada vetoesf o any Nevada governor during a to benefit . “I want to drive Nevada to the legislative term. topf o the list for getting the benefits from Rory Reid (D) Clark County Commis- the new economy that’s going to come sion Chair, former congressional aide and from the alternative energy programs.” sonf o U.S. Senator Harry Reid is running for governor. Reid, a lifelong Nevadan, District 3 sees the top three issues facing Nevada as Congresswoman Dina Titus (D) is the economy/jobs, education and a need running for re-election in District 3 be- to restore trust in Nevada politicians. He’s cause, she said, “When I came to Wash- formed three proposals to focus on each ington, our country was losing more than issue. The EDGE plan – economic devel- 700,000 jobs a month. Last month, we opment through great education – focuses created 290,000 jobs. I know that this is on improving Nevada education to attract little comfort for Southern Nevadans who businesses. His economic plan outlines are still looking for work, but it is a sign solutionso t bring jobs to Nevada and his thate w are working in the right direc- Foundation of Trust calls for stronger eth- tion.” Titus feels Nevada’s top issues are ics o rules t restore public trust and attract the foreclosure crisis, the need to create businesses to Nevada. jobs and the economy. Mike Montandon (R), former mayor of Joe Heck (R) a former Nevada state North Las Vegas and gubernatorial can- senator, physician and an Iraq war veteran didate, believes the economic downturn is f one o eight running against incumbent offers opportunities the top of the eco- Titus.e H hopes to bring real world expe- nomic cycle doesn’t: namely, the chance rience and common sense to the position. to make changes in the way government Heck’s top issues are the economy, health- delivers services. Montandon believes at- care, national defense and foreign policy. tracting new industry to Nevada and cre- 1213 June 2010 June 2010 13 ALLINNOVATION

Technology

Fear is not a part of Anthony A.Marnell, III’s vocabulary. When it comes to making decisions, his single-minded focus is relentless—he goes “all in.” Las Vegas insiders call him “a visionary,” “the next-generation Vegas player,” and “a new Vegas mogul.” With the opening of his M Resort on March 1, 2009, Anthony is already living up to these titles. Anthony was on the verge of a professional baseball career as the catcher for the Las Vegas Stars, the AAA team for the San Diego Padres, when a shoulder injury sidelined that dream. But Anthony didn’t let that stop him. He surprised everyone by starting a software company, TRIRIGA, which helps companies manage large real estate holdings and rental portfolios. Although Anthony continues to provide his strategic vision to TRIRIGA as Chairman, it’s the M Resort that has captured his imagination most recently. Teaming up with his father, architecture and construction genius Tony Marnell, on the $1.8 billion project, Anthony continues the family’s longstanding commitment to innovation. With its non-reflective floor-to-ceiling win- dows, open-air environment, and breathtaking piazza waterfall, they have created a resort destination like no other. Visit www. theMresort.com to learn more.

Holland & Hart is proud to serve clients such as the M Resort because we, like them, constantly strive to provide innovative solutions for our clients. Holland & Hart is the largest law firm based in the Mountain West with nearly 450 attorneys in 15 offices across seven www.hollandhart.com states and Washington, D.C.

Contact: Greg Gilbert, [email protected], 702-669-4620 Tim Lukas, [email protected], 775-327-3000 3800 Howard Hughes Pkwy, 10th Floor, Las Vegas, NV 89169 5441 Kietzke Lane, Second Floor, Reno, NV 89511

LAS VEGAS RENO CARSON CITY ASPEN BILLINGS BOISE BOULDER CHEYENNE COLORADO SPRINGS DENVER DENVER TECH CENTER JACKSON HOLE SALT LAKE CITY SANTA FE WASHINGTON D.C.

1415 June 2010 www.NevadaBusiness.com I N D U S T R Y FOCUS

Technology

BACK ROW Mike McGhee, Anexeon • Tim Boyle, IP Advantage • Frank Yoder, Advanced Information Systems Left To Right FRONT ROW Nathan Whittacre, Stimulus Technologies • Mike Yoder, Technology Business Alliance of Nevada

Series Sponsored by

1415 June 2010 June 2010 15 Industry Focus | Technology

this tough time because people look to technologyo t solve the problem. Nathan Whittacre: I’m finding that people are investing [in new technology], but I think they’re looking at making sure that what they are investing in is going to improve their business and make it more efficient and productive. They’re not just go- ingo t replace desktops because we replace them very two or three years and that’s whate w do. They’re going to keep the desktopsr o servers going as long as possible. f But, i there is a reason they need to upgrade, they’ll invest in it. There’s got to be a good business case for any decision. Frank Yoder: We’ve seen an uptake in somef o our customers coming back to us saying that is what we have and I know we’re not using it fully. A lot of our customers have bought technology in the past n today’s age, technology is growing through these kinds of times and everyone and they’ve utilized 10, 20 or 50 percent faster than anyone can possibly fol- comes f out o the recession, they say they of it. Now they’re coming back to us say- low. With new, more efficient ways needo t upgrade because they’ve held off ing how can we get better use out of this? too d things and faster connections for years, but they need to see justifica- We’re excited about it because we’ve gone I to the world around us, technology is tion. Everybody’s still running financially to them and said, if you just spend a few the industry to follow. Recently, executives scared. Coming out of this recession, I be- more dollars on this already large invest- representing technology firms in Nevada lieve ROI will be the motivating factor for ment, you can actually get a lot of benefit mett a the law offices of Holland & Hart a f lot o new projects. outf o it. They’ve made an investment and in Las Vegas to discuss some of the issues Tim Boyle: tI becomes a bit of a challenge now they’re going to get the full value out they face. sometimes. But, because times are tough of it. So, that’s good. Connie Brennan, publisher of Nevada right now, people are insisting that the Boyle: fOne o the easiest ways to sell some- Business Magazine, s served a moderator legworke b done and that there really is a thing right now is to include training. for the event. These monthly meetings proven return on investment. are designed to bring leaders together to Mike McGhee: The other thing that’s re- kind of discuss issues pertinent to their industries. ally interesting is when you were chasing a What Followings i a condensed version of the large account there was always a conversa- relationship do roundtable discussion. tion about viability. After all, General Mo- you have with your tors went bankrupt. I have less of an issue clients? How has the with the viability question than I ever did economy affected before. There isn’t anybody that can say McGhee: osT u it’s more like a doctor/ they’re too big to fail in our industry. It’s patient relationship. Medical science is as the technology reallyn a interesting thing in the sales cycle. muchfn o a art as it is a science. Informa- industry? It seems like more companies are willing tion Technology can be that way also. It’s to work with smaller organizations as a re- a trust relationship. If our client’s having a Frank Yoder: fBecause o this recession, a sult and have some different ideas than nec- problem, they come to us, we diagnose it, lotf o companies are obviously tightening essarily putting all their eggs in one basket. we recommend a treatment and, as much their belt and watching those dollars. The Frank Yoder: [Our clients] want to do more as possible, have a certainty of outcome. impact the economy has had on us is that with less money and that’s really the sign of We’re rock stars when things work and there o has t be a proven return on invest- the times, the recession. They have to cut we’re the guys that need to get it fixed re- ment (ROI). You have to prove that it’s jus- backn o staff and so they expect technology gardless when they don’t. tifiedo t spend the money; otherwise, it just to fill that gap. In a way, that has helped our Boyle: Another tricky aspect is, we’re not isn’t o going t get approved. When you go industry, the fact that we’re going through a certified profession. We’re not licensed

1617 June 2010 www.NevadaBusiness.com Industry Focus | Technology

plumbersr o electricians. Really the only Mike Yoder: Right, but smaller mom and pop credentialse w honestly have are success and type organizations, they’re the ones who are at experience. The reality is, there’s thousands most risk and most often are the ones who end of kids that used to be the two-person IT or- upn i trouble because of that situation. ganizationr o operation that just don’t understand s what i necessary to run an enterprise. How much of a Should there be concern is security certification? with your clients? Whittacre: There’s a lot of discussion on Whittacre: I spend a bit of time talking to that. I would be completely for it because my customers about security. It’s actually I find that you get somebody that says, “I something that I’ve been really pushing built a few computers, I can take care of a the last few months because it’s a huge is- corporate network.” That’s really not the sue. We’re finding a lot of companies in case. t I would be very interesting to see the past have invested a bit here and a bit some f type o certification. there in security but it’s not well-managed. McGhee: e W make a big investment in that It’s really easy to show every week there’s today. y M engineers are certified in security security breaches that come out of huge and networking engineering. We do spend corporations. What would happen if this Mike Yoder: nfI spite o the fact that there the time and energy credentialing our em- information got out? What are you doing are definitely a lot more people looking for ployeesst a i makes sense in our business to protect it? What’s your exposure cost to work right now, the highly skilled and re- model. With respect to a government-spon- losing that much information? Especially ally good technicians never got let go. So, sored certification or something like that, I in the medical world, as more and more you still have a real thin layer at the top think it’s completely unnecessary. I just don’t systems are going virtual and online, it’s level. s A far as companies that can go out thinke w need the certified public accountant a huge problem. Small businesses, in the and hire guys that don’t have a lot of experi- versionfT o I because it’s much more diverse past, haven’t thought about it as much as ence, s there i a big problem with that with and f broad. I anything, it would slow down they should have. There are simple things companies who aren’t IT savvy. They can innovationn i our industry. The types of cre- that can seriously help with security. It’s be easily fooled by the kid who comes in dentialinge w have today are fine. gotoe t b managed. and I says, “ built all these cool things and I McGhee: There needs to be an awareness cano d this for you in half the time of a big levelf o threats. The fallacy is that there’s How difficult is it company.” I don’t know how many times a technology solution to all the security to find talent? we’ve o had t go in and correct those situ- problems. That’s false. People are your ations. Most of your larger organizations biggest threats. The best controls in the McGhee: Recruiting is always an issue in understand that and they don’t take those world are only as good as the people be- an industry that people can take a really typesf o risks. hind them. Most of our efforts are trying strong skill set and move around. Most McGhee: You get what you pay for. to n get a organization to think like that. ofy m core employees have been with us forever. They have been with me for the last0 2 years. So, I’ve still got a core group of o people t work with. But, turnover in a technical field is always difficult to fill with the right people. Mostly, are technical Experts in Commercial Investment Real Estate skills are baseline. It’s all about organiza- tional and leadership skills, soft skills for Site Selection • Development • Brokerage our employees. They’re working with cus- Leasing • Valuation • Investment Analysis tomers hand in hand every day and that’s Lending the big deal. Can they communicate? Can they understand customer service? Those are the things we look for. Everything else To contact a CCIM expert in your market, call we can teach. 702-798-5156 or visit www.ccim.com

1617 June 2010 June 2010 17 The ft rest o i follows. The other thing is, you’re a service provider, as an IT Provid- er. We’re put in that trust relationship, but that’s a two way street. People are very leery about trusting their most important assetso t people that don’t necessarily your “one-stop shop” for energy audit work for them. What we have to do is ensure that our staff and our processes and and retrofit needs! procedures are transparent and account- Distinct ENERGY Performance offers energy audits, retrofitting, insulation and HVAC services. able so a customer can rely on us. A general contractor as well as a consulting company, our firm has the ability to perform the necessary upgrades needed to ensure a high performance home or building. We strive to assist clients in making changes, small or large, that improve the savings, comfort, health, and safety of your home or business. How should Let Distinct ENERGY Performance help you SAVE Energy & Money today! managers protect Call or 702.256.saVe (7283) businesses [email protected] now! their ? McGhee: Understand who has access to what.o D you know who has access to your information and why they have ac- efficient air & insulation division for all Heating, Cooling & Weatherization services cesso f t it? I you can’t answer that ques-

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A CREDIT S UP TO purchase qualified energy efficient products. If you live in the City of Las Vegas jurisdiction, $1,500 Visit: Energystar.gov for tax credit information. you may be eligible for Instant Rebates. Please call for details. behind it, you have a very big risk profile for disclosure and perhaps other shenani- Heating • Cooling • energy audits • WeatHerization • retrofit gansn i your computing environment. Go more secure and with a process, grant access. Rather than, the other way where “Your Oce Needs in a Squeeze” everythings i wide open and try to figure out who has access. Ask yourself some 702.260.6650 questions: Does everybody have pass- words? Are they changed regularly? Do you know who has remote access into www.tangerinelv.com your network or your assets? What do youofn d i a employee is terminated or moved? Does the security profile for a Toners changen i your organization follow that change with your technology? Those are very important questions. Have a healthy sense of paranoia about your security. Mike Yoder: Typically, in a smaller or- and ganization, the IT is handled by a small groupf o individuals, sometimes just one person. That person’s job security is of- tentimes based on how he is perceived Oce within the company. Him saying, we’re secured and locked down doesn’t mean that you’re secured and locked down. It’s worth the money to bring someone else in Supplies toon d a assessment on your organization. If you have data that needs to be secure, • Low Cost Oﬃce Supplies and Toner you don’t want to rely on one employee. Boyle: That really should be part of an • HP/Xerox Dealer • Next Day Delivery operating budget, an assessment.

1819 June 2010 www.NevadaBusiness.com Industry Focus | Technology

cloud Frank Yoder: It’s also called software How is as a service. Now you buy Office, you In Brief computing affecting taket i home and install it. Well, in the technology? future, you’ll simply go onto the Micro- soft site and you’ll bring up Word or The National Federation of McGhee: It’s a very big movement in Excel and you’ll be using their software Independent Business (NFIB) our industry. The idea is to create a on their server and you never install has joined 20 states in a lawsuit predictable, well performing lower cost anythingn o your PC. That means your challenging the constitutionality setf o computing resources. That works PC now becomes nothing but an input/ of the Patient Protection and welln i concept, however, you start to output device. Affordable Health Care Act. run into issues of practicality. Many of our customers like to be able to put their handsn o the box. Whether you know itr o not, you do give up some level of control and accountability. Whittacre: f A lot o people are using it and don’t even know it. A Gmail account, Google Docs or even Facebook coulde b considered cloud computing. People are using this technology every day and there is a huge broad definition to it. McGhee: nO a ground level, in you own a business, you have some investment in infrastructure. The cloud computing WE PREFER THE TERM “BUSINESS SANCTUARY.” movements i to shift some of that into Discover the new Las Vegas business meeting. All the personal service and what’s supposed to be more efficient, great facilities you need, without all the distractions and traffic of The Strip. reliable and accessible.

Boyle: n I a practical sense, we used © 2010 Station Casinos Inc., Las Vegas, Nevada. to s have i a desktop. Then, we slowly movedo t laptops. Now, I do 70 percent ofy m business on my phone. How is that possible? Well, I’ve moved more and more of the requirements of the technology off the device. The device has become how you interact with the solutions. Whittacre: Google has been a real big push for this technology. Google’s idea is that they have all those extra servers in the Internet and in the cloud and you don’t o have t buy all that equipment. If you have a business of people working outf o their houses or internationally, Las Vegas’ Finest Boutique Destinations. rather than having a server host it, it coulde b all done through these online collaboration tools. It’s making business 65,000 square feet 94,000 square feet a lot easier. Companies are getting to be of meeting space. of meeting space. 490 guest rooms. redrocklasvegas.com 814 guest rooms. much more mobile and cloud computing greenvalleyranchresort.com 702.797.7777 is t making i possible to be much more 702.617.7777 mobile without having to develop huge infrastructure inside a small business.

1819 June 2010 STCI 64608Fpn RR&GVR combo Meetings NV Business/ HalfJune Page 2010 Vertical: 4.75”x7.25” / 4/0 19 RUNS: May NEVADA BUSINESS MAGAZINE Around the State

National Geothermal Institute Established at UNR

The United States Department of Energy (DOE) has awarded the University of Nevada, Reno a $1.2 million grant to develop and operate the National Geothermal Institute, a consortium of top geothermal schools. The institute is designed to transform and grow the national energy infrastructure to utilize America’s geothermal resource base.

Student Dustin Hanson samples spring water for geothermal properties in Columbus Salt Marsh, Nevada.

Potential Upswing in Commercial Banking Industry Earns Real Estate in Las Vegas by 2011 $18 Billion in the First Quarter of 2010 According to a report released by the Commercial Alliance Las Vegas (CALV) and Restrepo Consulting Group, Southern Accordingo t the FDIC’s Quarterly Banking Profile, the Nevada’s office and industrial markets may see a turn-around industry’s net income of $18 billion is a two year high and is in 2011. Both industrial and office had seen increasing vacancy up $12.5 billion from the first quarter of 2009. This is still well rates recently but, according to the report, both sectors of the below historical numbers and the number of institutions insured market have seen more activity lately due to tenants expanding by the FDIC has fallen below 8,000. The list of problem banks and more companies looking at Southern Nevada to relocate. increased from 702 to 775 during the first quarter.

20 June 2010 www.NevadaBusiness.com Face To Face | Las Vegas

What inspired you to get into your industry? Like most people, I never really planned to be in the insurance business, but have found it to be a natural fit due to my communication, analysis and problem solving skills. How do you encourage growth and development within your company? I’m a firm believer in education and encourage my staff to aspire to the next level. What is the biggest challenge your industry is facing? The shrinking economy. Learning how to provide the best level of service in comparison to the down sizing of our corporate revenues. If you could have had another career, what would it have been? I used to say a developer because I like the process of building things but in today’s environment, I’ll say an astronaut. If you could say one thing to the next generation, what would it be? Don’t hide behind emails, text messages, facebook, twitter, etc.; schedule time with someone and talk to them face to face. What advice would you give to other executives moving into this market? Las Vegas is still a great place to do business but don’t expect success overnight. What is the best advice you’ve ever received? This one is on a personal level....there are no guarantees for tomorrow, so if you love someone, tell them. What do you anticipate for the future of Gregory K. Pike, CIC business in Nevada? Slow, steady recovery and survival of the fittest. Describe your leadership style. Vice President Number of Employees: 31 Leadership by example and accountability for McFadden Insurance Agency, Inc. Years in Nevada: 20 ones actions. Las Vegas, Nevada Years with Company: 17 What values do you hope to pass on to your employees? Hard work and humility. Those two things will solve most issues.

20 June 2010 June 2010 29 Cover Story

Continued from page 9

Cleanr Ai Act. The new draft legislation aimso t reduce the mercury that’s released into t the air a the nation’s gold mines when the s ore i heated during processing. It also aimso t increase monitoring. Controls on mercury aren’t new, however, to Nevada companies. Newmont Mining Corp., for instance, already for years has been captur- ing mercury before it diffuses into the environment, then shipping it to a refiner in the Midwest. Here to Stay

Additional mines—from metal and min- eralo t geothermal—coming online trans- lates into additional direct jobs and a boost to the support services and communities around the state’s various mining locales. The industry also pays much better than other segments of Nevada’s employer base. When General Moly’s Mt. Hope mine openst i Eureka, it will employ about 400 peoplet a the site. Currently, Newmont Min- ing employs about 3,600 people in Northern Nevada, primarily in the Winnemucca and Communicate globally... Elko areas, and forecasts that will remain steady well into the future. connect locally. “To have companies like General Moly operating mines in Nevada will really strength- Excella brings businesses en the communities that we operate in as well phone service, high-speed DSL, as f the state o Nevada,” Spencer said. high-bandwidth data, phone Newmont Mining’s Mudge said he sees a systems and more – with the good, long future for his company in Nevada. speed and efficiency that only “I think these metal prices are going to al- a local company can. lowso u t explore and develop new proper- tieso t sustain our production. We have the Call today for your phone, resourcese w can put back into the ground to data and internet needs. keep things going for the long term,” he said. Barrick Gold’s Schack said his company, 702.888.2000 too, expects many more years of operation excellacom.com in the state and therefore, ongoing support for the rural communities. The industry is here to stay, according to Crowley. “We’ve been around for 150 years, e and w plan to be around for another 100, 200, who knows,” he said. “But even as the state’s economy continues to diversify and grow, we still plan on being a significant piece of it.”

30 June 2010 www.NevadaBusiness.com Feature Story | Nevada Election 2010

Continued from page 13 Lieutenant Governor State Treasurer The lieutenant governor race is nearly as Kate Marshall (D), state treasurer, larges a the race for governor. Incumbent started with the Department of Justice, Brian Krolicki (R) served two terms as state workingn i the financial sector analyz- treasurer before taking office as lieutenant ing financial markets from an antitrust governor.n I his current office he serves as perspective. Steve Martin (R) is a former presidentf o the state Senate, chairman of state controller, state board of finance the Nevada Commission on Economic De- member, businessman, CPA and Marine velopment, chairman of the Nevada Com- Corps veteran. missionn o Tourism, and vice-chair of the State Board of Transportation. State Controller Jessica Sferrazza (D) Reno city council- Kim Wallin, state controller running woman,s i also running for lieutenant gov- for re-election, is the first CPA elected to ernor. She sees job creation and shoring up the position in 50 years. Wallin has insti- Nevada’s flagging economy as the most im- tuted new technology throughout the of- portant issues facing the state in this elec- fice and instituted collections practices tion.I “ believe those outweigh any other is- allowing state agencies to process debt suest a this time. People are really hurting. I so the state is now collecting 35 percent heart i every day. We need to get them back of p debts, u from 11 percent when she to work and on their feet.” started. Wallin sees top issues as creat- Paul Murad (D) is also running for ing jobs, improving education and diver- lieutenant governor. Murad is a real es- sifying the economy to create more jobs. tate developer, philanthropist and a small Running against Wallin is Greg Dagani business owner in Southern Nevada. Mu- (R),n a ex-state board of education mem- rad believes in pursuing development of a ber and Barry Herr (R), an accountant. green energy industry in Nevada because of the abundant sources of clean energy Attorney General here,n i strengthening tourism and in economic development. In the race for attorney general, incumbent Catherine Cortez Masto (D) has been in office since 2007. Secretary of State s She i running against Travis Barrick Ross Miller (D), the youngest secretary of (R), a Southern Nevada based attorney. staten i Nevada’s history, previously served Barrick wants to streamline regulatory as deputy district attorney in Clark County processes to attract new businesses. ands i the son of former Nevada governor, Bob Miller. Miller has made it his goal to Go Vote increase efficiency in the secretary of state’s office through information technology and customer service. The economy. Jobs. Education. The Rob Lauer (R) is running for secretary budget. Healthcare. Taxes. Immigration. of state against incumbent Miller. Lauer is Second Amendment issues. They’re all a real estate investor, former congressio- topicsn o Nevadans’ minds. In Novem- nal intern and army veteran. Lauer wants ber, they’ll likely be topics on the ballots. to make the state more competitive. Self- Nevada’s primary election is on June 8th employed since he was 21, Lauer feels busi- and the general election will be held on nesses are hurting as state fees for filings November 2nd. keep increasing. “The office [of secretary of state]s i selling a product and service and Editor’s Note: Many of the 2010 candi- needsoe t b competitive with other states,” dates were not included due to space re- he said. straints and/or their lack of response.

30 June 2010 June 2010 31 Free Market Watch | Commentary

Fix the Approach, Fix the Problem State’s fiscal woes result from broken process

ublic discourse in the Silver was desired — get labeled “cuts.” This oc- States that have employed this type of States i dominated by how state curs with complete indifference to whether results-based budgeting, or Budgeting for lawmakers will address a multi- or not the program in question actually pro- Outcomes (BFO) approach, have been able billion dollar “budget shortfall” vides o value t taxpayers. to successfully trim government spending P heading into the 2011 legislative Clearly, lawmakers need to adopt an al- without sacrificing the quantity or quality of session. The potential size of the projected ternative budgeting process that emphasizes servicesn i high-priority areas. The State of “shortfall” could prompt calls for tax in- meaningful, quantifiable results so that state Washington, for instance, saved $2 billion creases that would dwarf the record-break- government, with available revenues, can over the baseline approach in 2002, when ing tax-hike package that was passed just last provide the most value to taxpayers. Such a Governor Gary Locke implemented a BFO year,n i the 2009 session. process necessarily will require lawmakers approach. Washington also spent the money What lawmakers should be focusing on to establish priorities among the types of re- it did have much more effectively. insteads i how the state’s flawed budgeting sults they think government should produce. The BFO approach is much more ratio- process regularly creates these instances of It also involves an evaluation of the most effi- nal and transparent than the current, base- budgetary “shortfalls.” Nevada, like many cient o ways t produce the results sought — a line approach because it is clear, through states, uses a cost-plus model of state finance process that often implies competitive sourc- the legislatively established priorities, how called “baseline budgeting.” Under the base- ing and performance contracting. state money will be spent. Results teams line approach, state agencies request the Washington, Iowa, South Carolina, rank programs in order of cost-effective- amount they spent in the last budget cycle Michigan and Louisiana have all established ness, which establishes a clear hierarchy on the accumulated glut of government pro- this f type o budgeting mechanism in re- of funding. Programs at the top of the list grams and then add in new costs to cover cent years. Once lawmakers in these states are the first to receive funds, while those inflation, caseload adjustment and annual prioritize the specific goals they would like at the bottom of the list are the last to do employee pay raises. to see their state governments accomplish, so. And when revenues fail to keep up with As such, the targeted “baseline” spend- they form “results teams” that determine the growth, there is no need for legislative ing amount is guaranteed to increase sub- most cost-effective means of achieving each micro-managing or horse-trading under a stantially from one budget cycle to the next, goal. The team then solicits bids for each in- BFO approach, as is typically the case un- regardlessf o any change in revenues. Over dividual function that will contribute to the der baseline budgeting. the past several years in Nevada, the baseline overall goal and allows state agencies, local If policymakers in the Silver State do not approach has led to spending increases of $1 governments, employee unions, non-profit require the BFO approach now, Nevadans billionr o more every budget cycle. organizations and private enterprise to com- cane b assured that the 2011 legislative ses- Baseline budgeting evades the need for pete for the contract to perform that func- sion e will b marked by burdensome tax systematic reviews of state spending that tion. Awarded contracts contain at least three increases, merely marginally useful pro- evaluate whether programs are effectively meaningful performance metrics that are grams still being funded, or vital programs achieving their goals — if goals even exist usedo t evaluate performance. This process facing reductions — or all three. or o continue t be state government priorities. ensures that the state purchases meaningful If there was ever a solution deserving Instead, the baseline calculation is seen as an results for its citizens at the lowest price — embrace from intelligent lawmakers, this entitlementy b agencies, and any legislative insteadf o just blindly funding programs. is it. appropriations less than that amount — even ifts i i just a smaller increase in funding than Geoffrey Lawrence is a fiscal policy analyst at the Nevada Policy Research Institute. 32 June 2010 www.NevadaBusiness.com 32 June 2010 June 2010 33 Building Nevada TIME TO

BUY?By Jeanne Lauf Walpole Commercial Retail Market in Nevada

ike the tail wagging the dog, Southern Nevada’s commercial retail properties market has followed the industrial and office L markets into the doldrums of recession. “The Las Vegas retail market has been impacted tremendously,” says David Grant, senior vice president retail division Tom Naseef President & Corporate Broker, Coldwell Banker Commercial

for Colliers International in Las Vegas. As first quarter 2010 statistics continue to paint a bleak picture of the market, property professionals find themselves battling uncharted waterss a they scramble to make deals in what persistsoe t b primarily a tenant’s market. “It’s a rough game for everybody. We’re picking and choosing our assignments carefully,” explains Tom Naseef, president and corporate broker for Las Vegas-based Coldwell Banker Commercial. Although some brokers say that deal volume has picked up slightly, causing them to believe the downturn has hopefully hit a plateau, critical first quarter numbers don’t pointn i that direction. Continuing its up- ward trend, the vacancy rate rose another www.NevadaBusiness.com Congratulations, university of Phoenix graduates!

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27 June 2010 Junewww.NevadaBusiness.com 2010 27 Building Nevada | Builders & Developers

.9 percent from the fourth quarter 2009, f One o the few new businesses that have ENE pushingto i t 9.3 percent compared to 7.3 recently taken advantage of the Southern Ne- percent just two years ago, according to vada welcome mat is a Mexico City-based din- Colliers International figures. At the same ing/entertainment enterprise that emphasizes RGY time, net absorption fell to a minus 199,221 billiards. The company is shopping for 6,000 square feet and the average asking lease rate square f feet o leased space as they expand droppedo t $1.72 per square foot from $1.83 from0 1 existing locations in the Southwest from last quarter. “People need to come to and Mexico. They expect to need five locations Challenging the f reality o what the new normal market in the Las Vegas area eventually. Proving that is,” Naseef says. ultimately each deal is individual, the billiard Times That new normal market has made wheel- company found that the timing is just right for ing and dealing a lot tougher for brokers themo t branch out. “They waited because the Call for a and landlords who are required to be more market was inflated before,” Naseef says. responsive and flexible in order to ink deals. As a harbinger of what the economy of the Faced with a plethora of vacant space, bro- future could likely be, many of the businesses Different kers acknowledge that the boom of just a few that o seem t be doing well are value-oriented years s ago i long gone. “We’re going back to enterprises that emphasize basic needs over Kind of the basic fundamentals of real estate. We lost luxury.n I a time of high unemployment and trackf o that,” Grant says. uncertainty about the future, it appears that Law Firm Going back to the basics also means em- many people are bunkering in to make do bracing new numbers which are consider- with just the basics they need. “Discount op- Our experience in a variety of areas, ably less than those enjoyed not too long ago. erators are fairing well, such as Walmart and including energy development “Most deals done today are 30 to 50 percent Target,” Grant says. Other successes include and international trade, combined less than several years ago,” says Chris Go- Kohl’s (which has absorbed three Mervyns with our earnest commitment to dino, senior associate at Grubb & Ellis in Las locations), Walgreens and Chase Bank along expanding operations in Nevada, make Vegas. Tenants have the luxury of searching with a number of niche ethnic grocery mar- Armstrong Teasdale a unique resource for almost endlessly for a bigger, better deal kets. Fast food restaurants, such as Jack In solving complex legal matters. while buyers believe they should be buying The Box and Carl’s Jr., are also holding up at5o0 1 t 2 cents on the dollar, according to wells a many people make their food dollars ENERGY INTERNATIONAL TRADE Grant. “There’s still a gap between sellers’ stretchs a far as they can. INTELLECTUAL PROPERTY COMMERCIAL and buyers’ expectations,” he says. Also, As expected, new construction has stag- LITIGATION BANKRUPTCY with property values falling, it’s sometimes nated with just a few projects in the works. EMPLOYMENT & LABOR GOVERNMENT difficulto t nail down realistic numbers. After a slowdown in 2008, Tivoli Village at RELATIONS CORPORATE SERVICES/ “Lenders need to start lending on the merits Queensridge has resumed construction with TRANSACTIONAL WORK of the property,” Grant says. a soft opening scheduled for December on FRANCHISE the 370,000-square-foot mixed-use project. Holding On Work also continues on a 258,000-square- foot Lowe’s and on Caroline’s Court which Byron Francis (Las Vegas) With a paucity of new clients coming to will add 274,000 square feet in the Northwest 702.678.5070 town, a lot of deals involve internal shuf- submarket. With around $10 billion worth of fling among those who are already here. major development and more than six million Richard G. Campbell Jr. (Reno) “The majority of business is helping clients square feet of planned construction put on 775.322.7400 with existing properties,” Grant explains. the back burner, the immediate future of new This can involve downsizing or upgrading, construction looks dubious at best. As projects depending upon individual circumstances. suchs a Echelon, Fountainebleau and Harmon The good news is that select businesses have Tower languish on the stalled list, the once been o able t take advantage of the abundance dynamic synergy of the construction boom of bargains they find all over the area. “It’s a seems considerably dimmed, at least for now. tremendous opportunity because prices have Along with new construction, the popula- www.armstrongteasdale.com gone o down t more affordable values. The tion f growth o the Las Vegas Valley has also tough s part i that the economy has a lot of slowed down. “It’s essentially flat,” says Jake negative feedback,” Godino says. Joyce, project manager for Applied Analysis.

36 June 2010 www.NevadaBusiness.com Building Nevada | Builders & Developers

While the area enjoyed a five percent growth “There are great opportunities in terms of In addition, SK Baseball added four restau- rate resulting in a gain of around 60,000 peo- rents and vacancies,” Stevenson says. “We rantsn i the Freight House District as part ple annually for about a decade, it lost around haven’t seen rents like this in ten years.” of the Reno Aces entertainment complex. 10,000n i 2008 and gained only 20,000 in Recent activity has been seen for home and Future construction is expected at Legends, 2009, according to Joyce. Compounding that garden, automotive, discount, electronics and Summit Sierra, and Park Lane Promenade. negatives i the continued problem of high un- grocery stores. Even though smaller deals are employment which hovers around 13.8 per- kicking loose once in awhile, the overall cli- Looking Ahead cent, with 141,000 people still out of work in mate remains tough, however. “It’s been very Southern Nevada. difficultoe t b involved in an industry that’s As brokers look to the future, they agree had such a drop in demand,” Bland says. “It’s that the unemployment rate is the most Similar Story up North really a survival of the fittest right now.” critical factor in the economic recovery. “It Despite the doom and gloom, however, comes o back t putting people to work,” Joyce With falling rents and rising vacancy rates, developers added around a half million says. “The key thing for retail is jobs. Until the situation in Northern Nevada isn’t much square f feel o retail in 2009 to locations such people are back to work they’ll be watch- better.f O the 15.4 million square feet of retail as Shoppers Square, the Legends at Sparks ing their spending,” Stevenson emphasizes. space tracked by Colliers International, the Marina, North McCarran Crossing, Pioneer Although it’s difficult to have any affect on vacancy rate jumped from 16.3 percent for Meadows and Canyon Center. Claiming the macro world economy, economic mov- the fourth quarter of 2009 to a record 17.43 more than 300,000 square feet of new con- ers and shakers in Nevada can work to at- percentn i the first quarter of 2010. Median struction, Legends added more than 40 busi- tract new businesses, such as healthcare and monthly rents fell from $1.60 per square foot nesses that include Tommy Hilfiger, Nike alternative energy, to the state. “We need to to $1.50, with the total available space reach- Factory Store, Off Broadway Shoes Ware- diversify and find new ways to get business ing 2,666,876 square feet. Some brokers fear house, Michael Kors and Nine West Outlet. to move here,” Joyce says. “We’ll come out that the worst isn’t over yet. “I don’t think Withn a emphasis on factory value stores, of this stronger and better. We have to have we’ve quite reached bottom in retail yet,” says many people believe retail at Legends will do our n hand o the national economy and un- Roxanne Stevenson, senior vice president for welln i today’s more frugal economic times. derstand the consumer.” the retail properties group at Colliers Inter- national. “This recession is by far the worst, longest and deepest [I’ve experienced].” e As h discusses the latest statistics, Kelly Bland, senior vice president of retail properties for NAI Alliance, says he just hopes the bottomsn i i sight. “My hope is that we are ap- proachingr o are at the bottom, that the trend in general will be sideways or up,” he explains. The roll call of retail closures in recent months has been brutal to mom and pop enterprisess a well as franchises and big box stores. Casualties include Long’s, Gott- schalks, Sports Authority, Circuit City, TGI Fridays, Ann Taylor Loft, Name Droppers, Asian Bistro, Straw Hat Pizza and Butcher Boy,o t name just a few. “Demand plunged and people went out of business,” Bland says. “It wasn’t a speculative frenzy.” To top it off, population growth in the Reno/Sparks area has s slowed a well. “I think we’ve flat lined in population,” he says. With such a large exodus to deal with, brokers are having to dig deep to continue to make y deals b blending and extending leases of existing clients and by emphasizing the fact that it’s a great tenant’s/buyer’s market. 36 June 2010 June 2010 37 DealTracker PROJECTS | SALES | LEASES | LOANS

Las Vegas, 89118 plex from City National Bank for Retail $585,000 or $13,295 per unit. The PROJECTS Kitrell Jensen Contractors completed buyer was represented by Marcus & a 2,000 SF retail clothing store tenant Millichap. The property is located at improvement project. The project was 2433 and 2437 Clifford Ave. designed by Commercial Design Group. APN # 162.01.111.034 Las Vegas, 89128 The property is located at 7620 S. Las Ve- Office gas Blvd. North Las Vegas, 89030 Kitrell Jensen Contractors com- Industrial pleted the renovation of a six-story Richard B. Laatz purchased 5,690 SF Mountainview Medical Office build- in the Brookspark Industrial Park from ing. The project incorporated green Wells Fargo Bank, N.A. for $380,000 elements and is located at Cheyenne or $67 PSF. The buyer was repre- and Tenaya. sented by Jason Griffis of Griffis Re- alty and the seller was represented Las Vegas, 89141 by Michael De Lew, SIOR and Greg Office Pancirov, SIOR of Colliers Interna- Yack Construction, Inc. has com- tional. The property is located at 34 pleted tenant improvement work for W. Mayflower Ave. Cardiovascular Surgery of Southern APN # 139-15-612-020 Nevada. The project included a 5,067 SF interior build-out. The project Las Vegas Metropolitan Police Department is located at 5380 S. Rainbow Blvd, Las Vegas, 89183 Building 2. Multi-Family Las Vegas, 89115 Re Capital Partners, LLC purchased Government 72,500 SF from Zions First National Las Vegas, 89169 Burke & Associates, Inc. has complet- Office Bank for $2 million or $28 PSF. The ed the Las Vegas Metropolitan Police buyer was represented by Gary Ban- Yack Construction, Inc. has com- Department’s Northeast Area Com- pleted tenant improvement work for ner, CCIM and Garry Cuff, CCIM of mand Substation. The 22,768 SF prop- Commerce/Cushman & Wakefield. Gordon Rees. The project consisted erty was built on 4.61 acres on behalf of a 6,411 SF build-out. The office is The property is located at 717 Lily of Clark County Real Property Manage- Lane. located in the Hughes Center at 3770 ment. KGA Architect was the project Howard Hughes Pkwy., Suite 100. architect for the $7 million building. The property is located at 3750 Cecile Ave, Henderson, 89052 Henderson, 89052 between Pecos and Walnut. Vacant Land Retail Kennedy Capital Uno, LLC pur- Alan Jeskey Builders, Inc. has been chased 3.93 acres of land from City awarded two projects at St. Rose and National Bank for $650,000 or $4 Maryland Pkwy. The first is a tenant SALES PSF. The seller was represented by improvement project for Dotty’s #42, Charles Moore, Christina Roush and a 4,000 SF tavern/gaming establish- Marlene Fujita of CB Richard Ellis. ment. Additionally, the company has Las Vegas, 89104 The property is located west of the been contracted to complete all the Multi-Family northwest corner of Eastern Ave. and wet and dry utilities, grading and pav- Clifford Place, LLC purchased a 44- Pecos Ridge Pkwy. ing, curbs, gutters and sidewalks. unit, two-building apartment com- APN # 177-36-812-002

38 June 2010 www.NevadaBusiness.com Red Report | Deal Tracker

Henderson, 89011 of Commerce/Cushman & Wakefield. Industrial The property is located at 4350 S. Ar- LEASES Bassett Furniture leased 6,516 SF from ville, Building 1, Suites 9 and 10. Re- Harsch Investment Properties for ported monthly rent is $0.25 PSF. $81,388 on a three-year lease. The landlord was represented by Brian Riffel of Las Vegas, 89103 North Las Vegas, 89030 Colliers International. The property is Industrial Office located at 480 Mirror Court, Suite 108. Fresh Produce, Inc. leased 19,473 Preferred Contracting, Inc. leased 8,000 Reported monthly rent is $0.35 PSF. SF from Unruh Commercial, LLC for SF from B & S Holdings, LLC for $39,948 $324,000 on a three-year lease. The on a one-year lease. The landlord was North Las Vegas, 89081 tenant was represented by Spencer represented by Soozi Jones Walker, Industrial Pinter of Colliers International and CCIM, SIOR and Bobbi Miracle, CCIM of Central Transport, LLC leased 17,700 the landlord was represented by Jeff Commercial Executives. The property SF from Accordance Donovan, LLC for Barton, Richard Luciani and Eliza- is located at 19 W. Brooks Ave. Reported $352,362 on a three-year lease. The ten- beth Moore of Grubb & Ellis | Las Ve- monthly rent is $0.42 PSF. ant was represented by Michael Lyons gas. The property is located at 4670 and Benjamin Millis of Grubb & Ellis Arville St. Reported monthly rent is Las Vegas, 89117 | Las Vegas and the landlord as repre- $0.46 PSF. Office sented by Perry Muscelli and Esther Realty One Group leased 8,177 SF in the Peres of Kennedy Wilson. The prop- Las Vegas, 89115 Buffalo Professional Center from Buf- erty is located at 4610 Donovan Way. Industrial falo Professional Center for $98,124 Reported monthly rent is $0.55 PSF. Agile Trade Show Furnishing leased on a one-year lease. The landlord was 13,520 SF from Roberts Ranch Ven- represented by Tedd Rosenstein, CCIM Las Vegas, 89103 ture, LP for $137,879 on a 38-month of Nevada Development & Realty Co. Industrial lease. The tenant and landlord were The property is located at 1333 N Buffa- AHS Group leased 8,872 SF in the Ar- both represented by Dan Doherty, lo, Suites 170 and 190. Reported month- ville Business Park from TNP Notes Ar- SIOR and Patti Dillon of Collier s In- ly rent is $1.00 PSF. ville, LLC for $100,356 on a four-year ternational. The property is located at lease. The landlord was represented 4320 N. Lamb Blvd. Reported monthly Las Vegas, 89119 by Susan Borst, CCIM and Bill Walsh rent is $0.27 PSF. Office Farmers Insurance Exchange leased 9,518 SF in the Greystone Office Park from Truck Underwriters Association for $806,809 on a five-year lease. The tenant was represented by Chuck Wit- ters, SIOR and Kris Watier of Lee & As- sociates. The landlord was represented by Michael Koontz and Dean Kaufman of Colliers International. The property is located at 2030 E. Flamingo Rd. Re- ported monthly rent is $1.41 PSF. It’s not where you are, Las Vegas, 89113 it’s where you are growing. Retail Water Wings Swim School leased 4,500 SF of space in the Crossroads With 350 offices in 45 countries, Plaza Shopping Center from the Birke- NAI provides a full spectrum of land Family Delaware, LLC 1 and Birkeland Family Delaware, LLC IV real estate services to local, for $581,830 on an 88-month lease. national and international clients. The tenant was represented by Susan Shafshak of Re/Max Excellence. Ad- One Globe…One Nation…One Team ditionally, RPV Enterprises leased 4,700 SF in the Crossroads Plaza Shop- Build on the power of our network.™ ping Center for $299,033 on a 63-month lease. The landlord was represented by Michael Kammerling of Grubb & Ellis | Las Vegas in both transactions. The properties are located at 4955 S. Fort Apache Rd., Suites 102 – 104 and 4985 S. Fort Apache Rd., Suite 105. Reported monthly rents are $1.47 PSF and $1.01 Call or Visit Us Online | 702.796.8888 | www.NAILasVegas.com PSF, respectively.

38 June 2010 June 2010 39 Las Vegas, 89117 Industrial Regal-Piedmont Plastics, LLC leased Save the Date! 8,535 SF from EJM Arroyo North II Prop- erty, LLC for $161,448 on a three-year lease. The tenant was represented by Brian Sei- bold of Lee & Associates and the landlord was represented by Spencer Pinter of Colliers International. The property is located at 6560 S. Tioga Way, Suite 130. Re- ported monthly rent is $0.53 PSF. Las Vegas, 89130 Industrial Tekna Office Systems, LLC leased 10,560 SF in the VenturePoint Speedway from Or- ange County Business Bank for $67,573 on a two-year lease. The tenant was represented by Joe Leavitt of Lee & Associates and the landlord was represented by Xavi- er Wasiak, SIOR and Kara Walker, CCIM of Grubb & Ellis | Las Vegas. The property is located at 6226 E. Tropical Pkwy. Report- July 28, 2010 August 3, 2010 ed monthly rent is $0.27 PSF. M Resort, Las Vegas Silver Legacy Resort Casino, Reno Las Vegas, 89139 HONORING... HONORING... Industrial Administrator Administrator UBC Enterprises, Inc. leased 5,756 SF from Karla Perez Jim Miller La Costa Canyon, LLC for $115,014 on a Universal Health Services, Inc. Renown Health 38-month lease. The landlord was repre- Care Provider Care Provider sented by Michael Lyons and Benjamin Dr. Michael S. Levy Debbie Robinson Millis of Grubb & Ellis | Las Vegas. The Center or Addiction Medicine Washoe County CARES/SART Program property is located at 5900 La Costa Canyon Educator Educator Court. Reported monthly rent is $0.53 PSF. Mike Harter, PhD Dr. Ole Thienhaus Touro University University of Nevada, School of Medicine Community Partner Community Partner Dr. Hyla Winters Dick Barnard College of Southern Nevada Barnard Vogler & Co. LOANS Humanitarian Humanitarian Ernie Devald Dr. Wesley Hall, Sr. St. Rose Dominican Hospitals Physician Entrepreneur Entrepreneur Las Vegas, 89106 Susan Chandler Emilio Parga Twin Physician Services The Solace Tree Office Tony Castrignano of Sky Mesa Capital Innovator Innovator Dr. Florence Jameson Dr. Linda Ferris arranged for the re-finance of a six build- Volunteers in Medicine Southern Nevada Renown Health ing, 73,444 SF property for 801 Rancho, Non-Profit Non-Profit LLC. The loan was for 61% loan-to-value Nicole Rainey Bill Welch at an interest rate of 6.9% with a 10 year National MS Society Nevada Hospital Association loan term. Technology/Research Technology/Research Dr. John Gosche Dr. Jonathan Tay University of Nevada, School of Medicine Reno Cyberknife Las Vegas, 89119 Lifetime Achievement Lifetime Achievement Office Charles Perry Dr. John McDonald Tony Castrignano of Sky Mesa Capital Nevada Health Care Association University of Nevada, Reno arranged for the re-finance of a multi-tenant office building for 4530-4570 Eastern, LLC. The loan was for 65% loan-to-value For more info, go to at an interest rate of 6.25% for a five-year www.nevadabusiness.com/hch or call 702.735.7003 loan term. The property consists of three buildings totaling 34,685 SF.

Post your deals at www.theReDreport.com

p 702.248.8879 Enroll Today! www.cccslions.org 7065 W. Oquendo Rd., Las Vegas NV 89113

40 June 2010 June 2010 33 TopRank Nevada | Professional

NV RANK Company Address Website NV Locations NV Executive Areas of Practice Phone Attorneys* Established Title lionelsawyer.com Lionel Sawyer & Collins 3 Business Law, Litigation and Gaming & 702.383.8888 76 Paul Hejmanowski 1 1700 Bank of America Plaza, 300 S. 4th Street, Las Vegas, NV 89101 1967 Managing Partner Regulatory Law 50 West Liberty Street, Suite 1100, Reno, NV 89501 775.788.8666 Lewis and Roca lrlaw.com Thomas G. Ryan Litigation, Business, Trusts, Corporate 702.949.8200 2 Law, Intellectual Property, Real Estate 2 3993 Howard Hughes Parkway, Suite 600, Las Vegas, NV 89169 60 1950 Senior Litigation 50 West Liberty Street, Suite 410, Reno, NV 89501 775.823.2900 Partner Law Holland & Hart hollandhart.com Greg Gilbert 702.669.4600 3 Business, Litigation, Natural Resources 3 3800 Howard Hughes Parkway, Suite 1000, Las Vegas, NV 89169 59 2006 Tim Lukas and Industry 5441 Kietzke Lane, Reno, NV 89511 775.786.6179 Administrative Partners jonesvargas.com Commercial Litigation, Government Jones Vargas 2 702.862.3300 55 Gary Goodheart Affairs, Business Transactions & Real 4 3773 Howard Hughes Parkway, 3rd Floor South, Las Vegas, NV 89169 1920 Managing Partner 100 West Liberty Street, 12th Floor, Reno, NV 89501 775.786.5000 Estate McDonald Carano Wilson mcdonaldcarano.com John Frankovich Commercial Law, Business Related 775.788.2000 2 Litigation, Government Relations, 5 100 West Liberty Street, 10th Floor, Reno, NV 89501 49 1949 George Ogilvie 2300 West Sahara Ave., Number 10, Suite 1000, Las Vegas, NV 89102 702.873.4100 Managing Partners Administrative Practices Class Action and Mass Tort, Commercial Lewis Brisbois Bisgaard & Smith lbbslaw.com 2 Vincent Andrew Cass 6 702.893.3383 48 Litigation, Corporate, Employment and 6385 South Rainbow Boulevard, Suite 600, Las Vegas, NV 89118 1979 Managing Partner Labor, Liability, Insurance, Real Estate Corporate and Securities, Mergers Greenberg Traurig gtlaw.com 1 40 Mark Tratos and Acquisitions, Gaming, Intellectual 7 3773 Howard Hughes Parkway, Suite 400 North, Las Vegas, NV 702.792.3773 1967 Managing Shareholder 89169 Property, Commercial Litigation Real Property, Commercial, Tort, Marquis & Aurbach marquisaurbach.com 2 Terry Coffing 8 702.382.0711 38 Construction, Appellate, Estate Planning, 10001 Park Run Drive, Las Vegas, NV 89145 1979 Managing Partner Domestic Relations, Employment Law Administrative, Appellate, Litigation, Alverson, Taylor, Mortensen & Sanders alversontaylor.com 1 Bruce Alverson 9 702.384.7000 36 Employment, Health Care, Insurance, 7401 West Charleston Boulevard, Las Vegas, NV 89117 1977 Managing Partner Liability, Transactional, Transportation bhfs.com Gaming, Litigation, Corporate, Real Brownstein Hyatt Farber Schreck 2 702.382.2101 35 Frank A. Schreck Estate, Natural Resources, Public Policy, 10 100 North City Parkway, Suite 1600, Las Vegas, NV 89106 1968 Shareholder 9210 Prototype Drive, Suite 250, Reno, NV 89521 775.622.9450 IP, Employee Benefits Hutchison & Steffen hutchlegal.com 2 Mark A. Hutchison Business, General and Fiduciary 11a 702.385.2500 34 1996 John T. Steffen Litigation; Healthcare Professionals 10080 West Alta Drive, Suite 200, Las Vegas, NV 89145 Founding Partners Advocacy, Appellate, Business Law Business Restructuring & Bankruptcy; Gordon Silver gordonsilver.com 1 Gregory E. Garman 11b 702.796.5555 34 1967 Litigation; Administrative, Gaming and 3960 Howard Hughes Parkway, 9th Floor, Las Vegas, NV 89169 Managing Partner Governmental Affairs; Corporate santorodriggs.com Santoro, Driggs, Walch, Kearney, Holley & Thompson 2 Bankruptcy, Business, Estate Planning, 702.791.0308 31 Ron Thompson Natural Resources, Real Property, Tax, 13 400 South Fourth Street, 3rd Floor, Las Vegas, NV 89101 1996 Managing Partner 800 South Meadows Parkway, Suite 800, Reno, NV 89521 775.851.8700 Commercial Litigation, Technology Consumer Rights, Children’s Attorneys, Legal Aid Center of Southern Nevada lacsn.org 1 Barbara Buckley 14 702.386.1070 28 1958 Domestic Violence, Social Security, 800 South Eighth Street, Las Vegas, NV 89101 Executive Director Pro Bono klnevada.com 1 Business Law, Commercial Litigation, Kolesar & Leatham 24 Robert Kolesar 15a 702-362-7800 1986 Nile Leatham Construction Law, Alcohol Licensing, 3320 West Sahara Avenue, Suite 380, Las Vegas, NV 89102 Real Estate, Banking, Bankruptcy ocgd.com 1 Litigation, Real Estate, Banking, Olson, Cannon, Gormley & Desruisseaux 24 Jim Olson 15b 9950 West Cheyenne Avenue, Las Vegas, NV 89129 702.384.4012 1960 Managing Partner Business Transactions kcnvlaw.com Government Affairs, Land Use, Kaempfer Crowell Renshaw Gronauer & Fiorentino 3 702.792.7000 23 Bob Gronauer Legislative, Commercial Litigation, Real 17 8345 West Sunset Road, Suite 250, Las Vegas, NV 89113 1994 Managing Partner 5585 Kietzke Lane, Reno, NV 89511 775.852.3900 Estate, Bankruptcy, Business Entities Litigation, Estate Planning, Corporate, woodburnandwedge.com 1 18 Woodburn and Wedge 20 John Murtha Commercial, Real Estate, Mining, 6100 Neil Road, Suite 500, Reno, NV 89511 775.688.3000 1918 Managing Partner Environmental, Family and Tax Law Litigation, Estate Planning, Domestic Jolley Urga Wirth Woodbury & Standish juww.com 2 Bill Urga 19 702.699.7500 19 Relations, Gaming, Finance, Corporate 3800 Howard Hughes Pkwy, 16th Floor, Las Vegas, NV 89169 1974 Managing Partner Formation, Real Estate Law laxalt-nomura.com Insurance, Business, Construction Laxalt & Nomura 2 775.322.1170 15 Daniel T. Hayward Defect, Product Liability, Employment 20 9600 Gateway Drive, Reno, Nevada 89521 1986 Managing Partner 6720 Via Austi Parkway, Suite 430, Las Vegas, NV 89119 702.388.1551 Law, Personal Injury, Land Use A more comprehensive listing will be published in Nevada Business Magazine’s annual directory.

www.TopRankNevada.com

42 June 2010 www.NevadaBusiness.com TopRank Nevada | Professional

Nevada RANK Company Website Nevada Locations Nevada Executive Notable Clients Address Phone Employees* Established Title rrpartners.com B. Vassiliadis, M. Mele, R. Ernaut, R & R Partners 2 LVCVA, Andre Agassi Foundation, Busch 702.228.0222 R. Snow, J. King, C. Dreibelbis, 1 900 South Pavilion Center Drive, Las Vegas, NV 89144 229 1974 Gardens Tampa, NV Energy, Saint Mary’s 615 Riverside Drive, Reno, NV 89503 775.323.1611 B. Henrie - Principals skgadv.com Jerry Kramer CityCenter Las Vegas, MGM MIRAGE SK+G 1 John Schadler 2 702.478.4000 120 1999 Corporate, Pinnacle Entertainment, 8912 Spanish Ridge Avenue, Las Vegas, NV 89148 Managing Partners Aria Resort & Casino, Nevada Ballet letiziaadvertising.com 1 Tom Letizia 3 Letizia Mass Media 94 Planet Hyundai, El Cortez 5460 Desert Point Drive, Las Vegas, NV 89118 702.870.2362 1974 President

kirvindoak.com Dave Kirvin Wolfgang Puck Fine Dining, Cirque du Kirvin Doak Communications 1 Bill Doak 4 702.737.3100 45 2002 Soleil, Tiffany & Co, Nevada Cancer 7935 West Sahara Avenue, Suite 201, Las Vegas, NV 89117 Partners Institute, Jersey Boys The Glenn Group theglenngroup.com IGT, Nevada Department of Public Safety, 775.686.7777 2 Valerie Glenn 5 50 Washington Street, Reno, NV 89503 40 1969 President / CEO Renown Health, Seminole Hard Rock 6600 Amelia Earhart Court, Suite A, Las Vegas, NV 89119 702.256.0065 Casinos, Grand Victoria Casino B & P Advertising, Media and Public Relations bpadlv.com 1 Chuck Johnston 6 900 South Pavillion Center Drive, Suite 170, 22 2001 President Bellagio, Mirage, Treasure Island, UMC Las Vegas, NV 89144 702.967.2222 MassMedia Corporate Communications massmediacc.com McDonald Carano Wilson, LS Power, NAIOP 702.433.4331 2 Paula Yakubik 7a 2863 Saint Rose Parkway, Henderson, NV 89052 20 1997 Managing Partner Southern Nevada, Humana, Reno Vein 45 Winter Street, Reno, NV 89503 775.322.0755 Clinic, Granite Construction R + W Advertising rw-live.com 1 Scott Robertson McDonald’s, Comcast, Cox 7b 702.947.7777 20 DND Marty Wood Communications, General Growth 6061 South Fort Apache Suite 100, Las Vegas, NV 89148 Partners Properties

virgenad.com 1 Merrell Virgen Virgen Advertising DND 7c 151 East Warm Springs, Las Vegas, NV 89119 702.616.0624 20 1999 President / Creative Director

blainewarren.com 1 Sterling Martell 10 Blaine Warren Advertising 18 Air Force Reserve 7120 Smoke Ranch Road, Las Vegas, NV 89128 702.435.6947 2004 CEO

Commercial Insurance Brokerages *Ranked by Number of Licensed Brokers in Nevada.

NV Licensed NV RANK Company Website Brokers* Locations NV Executive Types of Insurance Offered Address Phone NV Employees Established Title orgillsinger.com Eric Springall Orgill/Singer & Associates 2 Health, Dental, Vision, Life, Disability, 702.796.9100 56 President Wellness, Section 125, 401(k) Plans and 1 8360 West Sahara Avenue, Suite 110, Las Vegas, NV 89117 66 1986 5595 Kietzke Lane, Suite 115, Reno, NV 89511 775.398.2525 David Dahan - CEO Employee Assistance Programs McFadden Insurance mcfaddeninsurance.com 24 1 Greg Pike Property, Casualty, Life, Health, Workers 2 6180 W. Viking Rd. 702.365.9800 31 1981 Vice President Comp., Surety Las Vegas, NV 89103 A. Wade Leavitt Leavitt Insurance Agency leavittins.com 1 Commercial, Personal, Executive Risk, 19 Rodney Leavitt Bonds / Surety, Employee / Group 3 7881 West Charleston Boulevard, Suite 140, 702.382.4010 56 1959 Las Vegas, NV 89117 Owners Benefits Kaercher Campbell & kaerchercampbell.com 15 1 Wm. Allen Kaercher Commercial, Personal, Life & Health, 4 Associates Insurance Brokerage 702.304.7800 40 1954 President Surety and Financial services 2500 North Buffalo, Suite 230, Las Vegas, NV 89128 Capstone Brokerage, Inc. capstonebrokerage.com 13 1 Jade M. Anderson Risk Management, P&C, Emp Benefits, 5 2675 South Jones Boulevard, Suite 102, Las Vegas, NV 89146 702.227.5727 27 1997 CEO Bonds

1 Paul L. Kellogg, III 6a Kellogg & Yenchek Insurance Services kandyins.com 8 Commercial, Personal, Life & Health 9065 South Pecos Road, Suite 120, Henderson, NV 89074 702.384.6601 15 1943 Chairman of the Board

Mercer mercer.com 1 Ian Flatt Medical, Life, Property & Casualty, Short 8 Term Disability, Long Term Disability, 6b 7251 West Lake Mead Boulevard, Suite 401, 702.804.7200 9 1945 VP Client Development Las Vegas, NV 89128 Dental, Voluntary Aniello Insurance anielloinsurance.com 1 Richard Aniello Business Insurance, Personal Insurance, 5 Workers Compensation, Employee 7a 3012 West Charleston Boulevard, Suite 150, 702.259.0250 14 1964 President Las Vegas, NV 89102 Benefits Western Risk Insurance 1 Carol Noonan westernrisk.com 5 President Personal Coverage, Business Coverage, 7b 3140 South Rainbow Boulevard, Suite 400, 702.368.4217 1984 Financial Planning Las Vegas, Nevada 89146 10 Perry Noonan - CEO 1 Source Insurance Business Insurance & Workers 1sourceinsurance.com 4 1 Howard Winters Compensation, Individual & Group Health 10 3575 West Cheyenne Avenue, Suite 101, 702.341.5532 5 DND President North Las Vegas, Nevada 89032 Insurance, Home & Auto Insurance

42 June 2010 June 2010 43 Commercial RE Report | Office

OFFICE

TOTAL MARKET Las Vegas Reno Total Square feet 49,717,931 12,287,050 Vacant Square Feet 11,629,800 2,424,791 Percent Vacant 23.4% 19.73%

1st Quarter 2010 New Construction 84,814 0 Net Absorption -81,169 DND Average Lease SF/MO (NNN) $2.16 $1.50 Under Construction 221,000 0 Planned 3,261,639 0 CLASS A Total Square Feet 9,632,174 3,463,891 Vacant Square Feet 2,420,600 687,129 Percent Vacant 25.1% 19.8% Office Summary New Construction 0 0 First Quarter 2010 Net Absorption 5,515 0 Average Lease SF/MO (NNN) $2.67 $1.73” Under Construction 200,000 0 Las Vegas Reno-Sparks Planned 1,171,052 0 The Las Vegas Valley office market con- The convergence of multiple factors is CLASS B tinuedo t deteriorate with rising vacancies changing many of the traditional dynam- Total Square Feet 36,145,402 5,184,008 and diminishing rents. Net absorption, or icsf o the office market. Vacant Square Feet 8,547,637 1,268,037 the n change i the amount of occupied space The most dominant has been the influ- Percent Vacant 23.6% 24.5% between periods, remained negative for encef o the federal government. While the New Construction 84,814 0 the sixth consecutive quarter. The market state, county and city are all contracting, Net Absorption (11,333) 0 reported total first quarter negative net ab- the feds continue to expand, much to the Average Lease SF/MO (NNN) $2.06 $1.42 sorptionf o 81,200 square feet. delightf o office landlords. In order of Under Construction 21,000 0 The office market expanded by 84,800 magnitude; Immigrations Customs En- Planned 2,090,587 0 square feet during the first quarter, re- forcementICE) ( leased 35,000 square feet CLASS C sultingn i total inventory of 49.7 million (SF)n o Sierra Corporate Center, The FBI Total Square Feet 3,940,355 1,169,650 square feet. During the last twelve months, leased 20,000 SF from Panattoni Devel- Vacant Square Feet 661,563 263,951 a modest 843,100 square feet was added opmentn o Sandhill, Customs and Immi- Percent Vacant 16.8% 22.6% to the market, a level not seen since the gration Services (CIS) is having an 18,000 New Construction 0 0 1990s. With 221,000 square feet of space SF building built on Sandhill and the GSA Net Absorption (75,351) DND currently under construction, Southern expandedy b 4,000 SF in Museum Tower Average Lease SF/MO (NNN) $1.69 $1.16 Nevadas i expected to see the amount of downtown. This represents nearly 50,000 Under Construction 0 0 new supply contract further throughout SFf o net absorption. Planned 0 0 2010 and beyond. Even so, the market registered a nega- MEDICAL OFFICE As the local economy continued con- tive net absorption of just over 40,000 SF. Total Square Feet N/A 2,469,501 tracting and demand for office space Thiss i similar to last year when the mar- Vacant Square Feet N/A 205,674 ket returned 95,000 SF. It appears those shrank, the vacancy rate rose to 23.4 per- Percent Vacant N/A 8.3% businesses hanging on at year end threw centy b the end of the first quarter, up from New Construction N/A 0 23.1 percent in the previous quarter (Q4 in the towel in the first quarter. This year Net Absorption N/A 0 2009) and significantly higher than the 19.6 mostf o the space returned was downtown. Average Lease SF/MO (NNN) N/A $1.53 percent reported one year ago (Q1 2009). Thiss i a divergence from previous years Under Construction N/A 0 Excluding owner-occupied and built-to- where most of the space was returned in Planned N/A 0 suit properties, vacancy rates in speculative the suburbs. buildings rose to 25.7 percent by quarter Tenants are also starting to seriously consider upgrading their office, taking ad- end, which represented an increase from Next Month: RETAIL 25.2 percent during the fourth quarter of vantagef o the huge surplus of prime Class ABREVIATION KEY 2009 and 21.6 percent one year ago. A space for direct lease and sublease. In- By quarter-end, average asking rents fell terestingly, Class A buildings had positive MGFS: Modified Gross Full-Service SF/MO: Square Foot Per Month to $2.16 per square foot per month, a de- net absorption for the quarter, while space NNN: Net Net Net clinef o 3.1 percent from the $2.23 reported was returned to the market in Class B and during the previous quarter (Q4 2009), and C buildings. Southern Nevada Analysis and statistics compiled by 6.5 percent from the $2.31 posted during When all the factors are combined, there is the same period a year ago (Q1 2009). The a new total vacancy of 21.6%. This is slightly Applied Analysis, Northern Nevada Analysis and statistics average asking rent valley-wide is at a point higher than the 21.0% from the end of the compiled by Colliers International Reno not witnessed in nearly five years. year and a new record for the market.

44 June 2010 www.NevadaBusiness.com Business Indicators | Trends

DATA GROWTH he US economy continued to recover from Nevada DATE UNITS LATEST PREVIOUS YEAR AGO RECENT YEAR AGO COMMENTS one of the deepest recessions in US history. US gross domestic product (GDP) Employment 2010M3 000 employees 1,113.3 1,117.7 1,163.4 -0.4% -4.3% Down has advanced for the last three quarters, Unemployment Rate 2010M3 %, NSA 13.6 13.7 10.7 -0.1% 3.0% Flat Recent with growth averaging 3.7 percent over that Taxable Sales 2010M2 $billion 2.804 2.823 2.935 -0.7% -4.5% Single Digit Declines period. Personal consumption expendi- Ttures, accounting for almost 70 percent of GDP, have Gaming Revenue 2010M3 $million 912.16 946.61 918.25 -3.6% -0.7% Slight Decline rebounded, posting an average gain of 2.7 percent in Passengers 2010M3 passengers 3.907 3.208 4.033 21.8% -3.1% Down Year Ago the last three quarters. Still, much of the recent surge Gasoline Sales 2010M2 million gallons 80.71 85.09 82.15 -5.2% -1.7% Down in GDP can be laid to firms restocking inventories and replacing equipment and software that became obso- Visitor Volume 2010M2 million visitors 3.645 3.607 3.627 1.0% 0.5% Flat lete during the recession. Firms had maintained rela- Clark County tively low inventories during the recession, anticipating reduced demand for consumption items. Restocking Employment 2010M3 000 employees 794.9 799.7 842.6 -0.6% -5.7% Down inventories is a clear sign that firms expect consump- Unemployment Rate 2010M3 %, NSA 13.8 13.9 10.6 -0.1% 3.3% Flat Recent tion demand to continue to expand in the coming quar- Taxable Sales 2010M2 $billion 2.106 2.125 2.216 -0.9% -4.9% Single Digit Declines ters. Likely, the best news concerning the US economy is recent job growth. The US economy added 290,000 Gaming Revenue 2010M3 $million 779.49 827.80 786.46 -5.8% -0.9% Slight Decline non-farm jobs in April, the first strong expansion ex- Residential Permits 2010M3 units permitted 736 484 277 52.1% 165.7% Up perienced in over two years. The unemployment rate edged up slightly to 9.9 percent, but the increase is at- Commercial Permits 2010M3 permits 14 21 27 -33.3% -48.1% Down tributable to growth in the workforce as public optimism Passengers 2010M3 million persons 3.557 2.911 3.693 22.2% -3.7% Down Year Ago improves and people begin looking for work. Gasoline Sales 2010M2 million gallons 56.21 59.58 57.66 -5.6% -2.5% Down Optimism about future economic growth has yet to spread to Nevada. The unemployment rate remains Visitor Volume 2010M2 million visitors 3.143 3.142 3.159 0.1% -0.5% Flat high at 13.6 percent, and employment is down 4.3 Washoe County percent over April 2009. Taxable sales and gaming revenue, which make up more than 2/3 of the state bud- Employment * 2010M3 000 employees 188.2 188.4 194.5 -0.1% -3.2% Down get, are down 4.5 and 0.7 percent, respectively. In our Unemployment Rate * 2010M3 %, NSA 13.2 13.4 11.2 -0.2% 2.2% Flat Recent December outlook, we anticipated that the retail-trade Taxable Sales 2010M2 $billion 0.371 0.373 0.389 -0.5% -4.5% Single Digit Declines sector would shrink further in 2010, and this appears to be happening. In all, the state economy appears to Gaming Revenue 2010M3 $million 65.85 60.94 64.82 8.1% 1.6% Up have hit bottom, but unlike the national economy, we Residential Permits 2010M3 units permitted 66 31 47 112.9% 40.4% Up have yet to see any signs of a turn-around. 2010M3 permits 9 4 86 125.0% -89.5% Down The economy of Southern Nevada has yet to post Commercial Permits any significant gains. Employment is off 5.7 percent Passengers 2010M3 million persons 0.347 0.295 0.337 17.7% 3.0% Up

and the unemployment rate stands at 13.8 percent. Gasoline Sales 2010M2 million gallons 12.79 13.26 12.76 -3.5% 0.3% Flat Taxable sales have fallen by almost 5 percent from February of 2009, whereas gaming revenue appears Visitor Volume 2010M2 million visitors 0.328 0.294 0.295 11.6% 11.2% Up to have bottomed out, falling by less than 1 percent United States in March over the previous year. The February gam- Employment 2010M4 million, SA 130.161 129.871 131.542 0.2% -1.0% Recent Job Gains ing revenue numbers for Clark County were very strong, but the return to year-over-year declines experienced Unemployment Rate 2010M4 %, SA 9.9 9.7 8.9 0.2% 0.8% Flat Recent

in March indicate that casinos are still not out of the Consumer Price Index 2010M4 82-84=100, NSA 217.6 216.7 212.7 0.4% 2.3% Modest Inflation woods. The visitor volume numbers are also quite dis- appointing. After recent growth in local visitor volume Core CPI 2010M4 82-84=100, NSA 221.1 220.6 218.6 0.2% 1.1% Modest Inflation in January, the number of visitors declined again in Feb- Employment Cost Index 2010Q1 89.06=100, SA 111.4 111.0 109.8 0.4% 1.5% Modest Drag ruary. More pointedly, the visitors that are coming are Productivity Index 2009Q4 92=100, SA 153.6 150.9 145.0 1.8% 5.9% Growth paying less for rooms and spending less in shops and restaurants. The construction sector fared even worse, Retail Sales Growth 2010M3 $billion, SA 363.278 356.593 337.476 1.9% 7.6% Up with a scant 66 residential- and 9 commercial-building Auto and Truck Sales 2010M4 million, SA 11.19 11.75 9.20 -4.8% 21.5% Up Year Ago permits issued in March. Given local analysts’ esti- mates of 25,000 to 30,000 excess residential units in Housing Starts 2010M3 million, SA 0.626 0.616 0.479 1.6% 30.7% Improving the Las Vegas Valley, we are unlikely to see any improve- GDP Growth 2010Q1 2000$billion, SAAR 13,254.7 13,149.5 12,925.4 3.2% 10.2% Up ment in the construction sector soon. U.S. Dollar 2010M4 97.01=100 102.400 102.872 109.670 -0.5% -6.6% Weak We anticipate that the local recovery will lag the national recovery by 12-18 months. Until the US economy Trade Balance 2010M02 $billion, SA -39.704 -36.952 -26.504 7.4% 49.8% Up recovers a substantial share of the 8.4 million jobs lost S&P 500 2010M04 monthly close 1,186.69 1,169.43 872.81 1.5% 36.0% Up in the recession, consumers’ budgets will likely remain tight. Since tourism relies heavily on discretionary Real Short-Term Rates 2010M4 %, NSA -0.26 0.09 -0.03 -0.4% 0.1% Stimulative spending, it will be some time before people will open Treasury Yield Spread 2010M4 %, NSA 3.58 3.58 2.61 0.0% 37.2% Stimulative their wallets and splurge on a luxury trip to Las Vegas. *Reflects the Reno-Sparks MSA which includes Washoe and Storey Counties Note: NSA = Not Seasonally Adjusted, SA = Seasonally Adjusted, SAAR=Seasonally Adjusted Annual Rates Mary Riddel, PhD Sources: Nevada Department of Taxation; Nevada Department of Employment, Training, and Rehabilitation; UNR Bureau of UNLV Center for Business and Economic Research Business and Economic Research; UNLV Center for Business and Economic Research; McCarran International Airport; Reno/ Tahoe International Airport; Las Vegas Convention and Visitors Authority; Reno-Sparks Convention and Visitors Authority; U.S. Department of Commerce; U.S. Bureau of Labor Statistics; U.S. Census Bureau; U.S. Federal Reserve Bank. 44 June 2010 June 2010 45 The Last Word People

What is your favorite thing about living in Nevada?

“The freedom and “The thing I love about living entrepreneurial spirit to create in Nevada, and particularly and build dreams. We are a in Las Vegas, is the energy. city that embraces change, When I moved to Las Vegas nurtures growth and promotes from Ohio I noticed it innovation.” immediately. The city is alive and vibrant and full of alive and vibrant people.”

Virginia Martino • Founder/CEO, Brand, Ltd. Brandon P. Kemble • Attorney, Bailey Kennedy

“The most surprising and “At the risk of pandering to the favorite thing I have found audience, I’d say it’s the one about living in Nevada is the thing we have that no one else numerous hiking and outdoor does: Nevadans.” activities. My family and I hike 2-3 times a week, and have yet to take the same trail twice.”

Joel Just • Vice President of Business Development, Red Rock Financial Services Douglas Flowers • Partner, Holland & Hart, LLP

“Choosing just one favorite thing “Diversity. So many cultures about living in Nevada is nearly unite here without tension. We impossible because there are so have every corner of the globe many things to appreciate, but I working together for positive do love our weather. The warm, solutions. Diversity fuels sunny, dry conditions that we creative energy and that makes enjoy for much of the year are Nevada a unique and positive perfect for outdoor activities.” place in which to live.”

Mike Yoder • COO, Advanced Information Systems Aury Nagy • MD, Las Vegas Neurosurgery & Spine Care

46 June 2010 www.NevadaBusiness.com NAIOP Southern Nevada Chapter and

NAIOP Southern Nevada will provide you with an opportunity to learn about the new and existing office, retail, mixed use and industrial properties throughout the valley. Please join us for an afternoon of information, education and networking.

the20102010 NAIOPNAIOP OFFOFF THE BUSBUS

TOURTOUR((

September 30, 2010 3:00 p.m. to 6:00 p.m. For more information about attending or sponsoring the Off the Bus Tour, The Arroyo Tenaya Office Park call the NAIOP office at 702-798-7194 or visit us online at www.naiopnv.org. 7150 South Tenaya

46 June 2010 June 2010 39

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