2019 Perspective Business

LAS VEGAS GLOBAL ECONOMIC ALLIANCE 2019 PERSPECTIVE BUSINESS

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Economic Overview 140 Shopping Destinations 154 2018 Annual Average Labor Statistics 140 Downtown Summerlin 155 Gross Regional Product 140 Operating Costs 156 Diversity Index: Las Vegas MSA Employment 140 Total Annual High-Tech Operating Cost Rankings 156 2019 Boyd Corporate Site Selection Leading Indicator Poll 140 Comparative Annual Corporate Travel Costs 156 Employment 141 Transportation 157 Las Vegas MSA Labor Force Summary 141 Western Market Outbound Shipping Costs 157 Las Vegas MSA Establishment-Based Employment 141 Distance From Las Vegas 157 Employment Forecast 141 Air Cargo Activity Trend 157 Comparative Annual High-Technology Labor Costs 142 Rail Delivery Times From Southern Nevada 157 Manufacturing Employment in Clark County 143 McCarran International Airport 158 Economic Development 144 Communications 159 Las Vegas Global Economic Alliance 144 Major TV Stations 159 Target Industries 145 Comparative Annual Telecommunications Costs 159 New & Expanded Companies 146 Las Vegas Designated Market Area (DMA) Ranking 159 Business Assistance Programs 146 Utilities 161 Business Assistance Programs 146 Avg. Monthly Residential Utility Costs 161 Southern Nevada BizConnect 147 Electric Power Cost Comparisons Certified B Corps in Nevada 147 Among Major Western Cities 161 DTP Companies 148 Average Monthly Residential Utility Costs Electric Power 161 Rob Roy’s Innevation Center 148 Average Monthly Residential Utility Costs Water 161 SNWA Infrastructure Charge 161 Nevada Taxes 149 Southern Nevada Water Authority (SNWA) 162 Comparative Real Estate Taxes 151 Single-Family Residential Rates and Thresholds 163 Nevada General Fund Revenues by Fiscal Year 151 Non Single-Family Residential Rates and Thresholds 163 Taxable Retail Sales 152 Banking 165 Clark County Taxable Retail Sales Trend 152 Banks in Clark County 165 National Consumer Confidence Index 152 Credit Unions in Clark County 166 Clark County Combined Taxable Sales/Use Statistical Report 153 Annual Financial Services Back Office Cost Rankings 168 2019 LAS VEGAS PERSPECTIVE Business

Economic Overview

2018 Annual Average Labor Statistics TOTAL EMPLOYMENT JOB GROWTH1 AVERAGE UNEMPLOYMENT t Rate 2 en METROPOLITAN AREA (IN THOUSANDS) (IN THOUSANDS) WEEKLY EARNINGS RATE loym 3.0% Salt Lake City, UT 736 19.6 $983.13 3.0% p 4.8% LAS VEGAS, NV 1,008 30.9 $808.12 4.8% em n 3.0% Denver, CO 1,500 38.2 $1,054.24 3.0% U T , 4.1% 2,102 67.4 $963.12 4.1% Y Phoenix, AZ IT C O 2.7% San Francisco, CA 2,441 44.1 $1,366.90 2.7% E C K , A R % Houston, TX 3,117 95.6 $1,048.58 4.3% L E 4.3 V T A L N C E , Los Angeles, CA 6,130 78.2 $1,037.34 4.2% A O 2% D . S V A 4 C N , S I 1 2 , X I C Source: United States Bureau of Labor Statistics. Note: Change from 2017 to 2018. Private Employment Only. S X

N N T A , A E A

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S S

Gross Regional Product S O N L

S O (in Millions) L METROPOLITAN AREA 2013 2014 2015 2016 2017 Denver, CO $173,016 $186,345 $192,499 $197,068 $208,868 Houston, TX $488,430 $507,183 $494,837 $472,331 $490,074 Economic Overview LAS VEGAS, NV $90,426 $93,742 $103,734 $107,452 $112,288 Los Angeles, CA $852,034 $901,980 $967,100 $996,432 $1,043,735 Phoenix, AZ $199,871 $209,596 $221,570 $231,011 $242,951 Salt Lake City, UT $71,636 $75,214 $80,644 $84,111 $87,802 San Francisco, CA $385,452 $413,027 $445,124 $475,417 $500,710

Source: United States Bureau of Economic Analysis (latest available).

Diversity Index: Las Vegas MSA Employment 2019 Boyd Corporate Site Selection STATE PERCENT NEVADA 24% 70.7 71. 9.5 Leading Indicator Poll™ Utah 16% 7.7 12% .0 Which of the following 11 western states has Arizona the most favorable tax and business climate for Idaho 10% new corporate investment? Wyoming 9%

14 15 16 17 18 MORE DIVERSE Source: The Boyd Co., Inc., Location Consultants, Princeton, Montana 8% NJ. Results are based on responses from C-level and other 6% senior executives in public and privately-held Western U.S. Colorado Source: Nevada Department of Employment, Training and Fortune 1000 companies. Online poll conducted February Washington 5% Rehabilitation; United States Bureau of Labor Statistics; Applied 20, 2019 – February 28, 2019. 4% Analysis. New Mexico Oregon 4% Note: Higher numbers indicate greater diversity; a score of 100 2% equals the national employment diversity. California

Excellent 9.5

Good 44.1 Nevada Economy Community Neutral .2 Survey How would you rate the current state of Nevada's economy? Bad 8.2

Terrible 2.0 0% 10% 20% 30% 40% 50%

140 Business » Economic Overview 2019 LAS VEGAS PERSPECTIVE Business

Employment

Las Vegas MSA Labor Force Summary (in thousands) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 % CHANGE Labor Force 967.7 984.0 995.1 999.5 1,004.3 1,019.5 1,038.7 1,050.6 1,072.6 1,105.2 3.0% Employment 856.5 848.6 863.5 887.0 906.9 938.0 967.6 989.0 1,016.4 1,052.3 3.5% Unemployment 111.2 135.4 131.6 112.5 97.4 81.5 71.1 61.7 56.2 52.9 -5.8% Unemployment Rate 11.5% 13.8% 13.2% 11.3% 9.7% 8.0% 6.8% 5.9% 5.3% 4.8%

Source: United States Bureau of Labor Statistics; State of Nevada Department of Employment, Training & Rehabilitation. Note: Annual averages. Percent change reflects changes from 2017 to 2018.

Las Vegas MSA Establishment-Based Employment Employment (in thousands) INDUSTRY 2017 2018 CHANGE % CHANGE Natural Resources & Mining 0.4 0.4 0.0 0.0% Construction 59.3 65.8 6.6 11.1% Manufacturing 23.0 24.3 1.2 5.4% GOODS PRODUCING TOTAL1 82.7 90.5 7.8 9.4% Trade, Transportation & Utilities 174.7 178.6 3.9 2.2% Information 11.3 11.0 -0.3 -2.8% Financial Activities 50.4 51.2 0.8 1.6% Professional & Business Services 138.0 140.9 2.9 2.1% Education & Health Services 96.5 101.0 4.5 4.7% Leisure & Hospitality 289.4 293.9 4.5 1.6% Other Services 31.5 33.2 1.7 5.3% Government 102.3 107.4 5.1 5.0% SERVICES PROVIDING TOTAL1 894.1 917.3 23.1 2.6% TOTAL ALL INDUSTRIES1 976.8 1,007.8 30.9 3.2%

Source: United States Bureau of Labor Statistics. Note: Annual Averages. 1Detail may not sum due to rounding. Numbers reflect non-agricultural employment by place of work. It does not necessarily coincide with labor force concept. Includes multiple jobholders.

Employment Forecast 2.3% 3.1% 2.6% 2.7% 3.6% 2019 forecast 2019 forecast 2019 forecast 2019 forecast 2019 forecast +2.9% David Schmidt Jeremy Aguero Jeff Hardcastle Stephen Miller Perspective Chief Economist at Principal at State Demographer at Director at Center for Consensus Nevada Department of Applied Analysis University of Nevada, Business and Economic Forecast Employment, Training Reno Research (UNLV) and Rehabilitation

Business » Employment 141 2019 LAS VEGAS PERSPECTIVE Business

Comparative Annual High-Technology Labor Costs NO. OF SAN WORKERS FRANCISCO SAN JOSE LOS ANGELES SEATTLE SAN DIEGO LAS VEGAS I.T. GROUP Data Security Analyst 16 $123,583 $120,755 $111,120 $113,392 $105,463 $96,047 Data Security Analyst, Sr. 8 $157,834 $154,220 $141,915 $144,814 $134,688 $122,667 Data Security Analyst Manager 2 $190,759 $186,395 $171,524 $175,028 $162,786 $148,254 EDP Auditor 6 $122,219 $119,421 $109,896 $112,142 $104,298 $94,984 EDP Auditor, Sr. 2 $150,367 $146,924 $135,200 $137,969 $128,314 $116,862 I.S. Security Manager 2 $202,573 $197,936 $182,147 $185,868 $172,865 $157,432 Information Technology Auditor I 6 $98,289 $96,040 $88,379 $90,183 $83,877 $76,390 Information Technology Auditor II 2 $120,938 $118,173 $108,744 $110,972 $103,206 $93,995 Information Technology Auditor III 2 $151,760 $148,286 $136,454 $139,244 $129,505 $117,941 SOFTWARE/WEB GROUP Software Engineer I 14 $99,301 $96,983 $89,468 $91,299 $84,911 $77,039 Software Engineer II 8 $121,147 $118,319 $109,150 $111,385 $103,592 $89,515 Software Engineer III 4 $144,979 $141,594 $130,623 $133,296 $123,968 $107,121 Economic Overview Programmer I 12 $95,328 $93,104 $85,890 $87,647 $81,514 $70,434 Programmer II 6 $110,224 $107,652 $99,311 $101,342 $94,253 $81,444 Programmer III 2 $139,021 $135,776 $125,256 $127,818 $118,875 $102,718 Web Designer I 10 $115,189 $112,499 $103,783 $105,906 $98,498 $85,115 Web Designer II 4 $140,014 $136,748 $126,150 $128,731 $119,723 $103,454 Web Designer III 2 $165,834 $161,958 $149,412 $152,470 $141,800 $122,531 SUPPORT GROUP Administrative Assistant 12 $67,906 $66,353 $61,058 $62,304 $57,947 $52,774 Secretary I 8 $50,811 $49,649 $45,690 $46,619 $43,362 $39,487 Secretary II 8 $55,776 $54,498 $50,148 $51,175 $47,594 $43,344 Executive Secretary 4 $75,911 $74,174 $68,258 $69,653 $64,779 $58,997 TOTAL WORKERS 140 Weighted Average Annual Earnings 1 $108,809 $106,297 $97,929 $99,930 $92,941 $82,998 Total Annual Base Payroll Costs $15,233,260 $14,881,580 $13,710,060 $13,990,200 $13,011,740 $11,619,720 Fringe Benefits2 $5,483,974 $5,357,369 $4,935,622 $5,036,472 $4,684,226 $4,183,099 TOTAL ANNUAL LABOR COSTS $20,717,234 $20,238,949 $18,645,682 $19,026,672 $17,695,966 $15,802,819 Source: The Boyd Co., Inc., Princeton, NJ. Note: 1For mature information technology center in third year of operation based on current wage rates and benefits. Wage rates reflect Boyd location experience, field research, and Boyd BizCosts® data bank in Princeton. Job descriptions reflect a representative mix of key positions for a 140-worker center.2 Based on an estimated 36 percent of total annual base payroll costs. Costs include all statutory benefits, pay for time not worked and company-sponsored benefits.

Community Survey

Job Opportunity There will be plenty of wor opportunities 2.8 Expectations so my children wont have to move away from the area Please select the My children will be able to wor near home for a while, option that best but it will be difficult for them and may result in them moving away at some point 20.9 describes how you feel about future job My children will almost certainly have to move away 9.5 opportunities for your from the area at some point to find work children in Southern N/A I dont have children 42.7 Nevada.

142 Business » Economic Overview 2019 LAS VEGAS PERSPECTIVE Business

Manufacturing Employment in Clark County INDUSTRY NAICS1 # OF ESTABLISHMENTS AVERAGE EMPLOYMENT TOTAL WAGES Food Manufacturing 311 164 3,711 $35,867,687 Beverage & Tobacco Product Manufacturing 312 19 504 $6,759,660 Textile Product Mills 314 35 392 $3,821,977 Apparel Manufacturing 315 15 70 $419,890 Wood Product Manufacturing 321 21 547 $5,984,223 Paper Manufacturing 322 8 480 $7,969,317 Printing and Related Support Activities 323 135 2,618 $30,437,486 Petroleum & Coal Products Manufacturing 324 5 38 $674,643 Chemical Manufacturing 325 57 1,152 $15,665,256 Plastics & Rubber Products Manufacturing 326 48 1,836 $20,925,597 Overview Economic Nonmetallic Mineral Product Manufacturing 327 80 2,493 $37,720,901 Fabricated Metal Product Manufacturing 332 152 2,471 $33,547,775 Machinery Manufacturing 333 28 689 $8,507,173 Computer and Electronic Product Manufacturing 334 37 668 $9,231,433 Electrical Equipment and Appliances 335 24 429 $8,207,288 Transportation Equipment Manufacturing 336 36 392 $6,253,269 Furniture and Related Product Manufacturing 337 87 1,180 $12,584,365 Miscellaneous Manufacturing 339 182 4,453 $78,084,275 TOTAL MANUFACTURING 311-339 1,133 24,123 $322,662,215

Source: State of Nevada Department of Employment, Training & Rehabilitation, Q3 2018. Note: 1North American Industry Classification System.

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Business » Economic Overview 143 2019 LAS VEGAS PERSPECTIVE Business

Economic Development

Las Vegas Global Economic Alliance The Las Vegas Global Economic Alliance (LVGEA) is a 501(c)(6) nonprofit membership organization dedicated to developing the economies of Las Vegas, Clark County, Henderson, North Las Vegas, Boulder City, and Mesquite through regional cooperation, global trade, and global connectivity. LVGEA is the author of Southern Nevada’s Comprehensive Economic Development Strategy (CEDS), a document that was recognized by all municipal governments in the region as the official economic development plan of Southern Nevada. The plan aligns with the State Economic Development Plan, and directs local governments and community Established: 2013 organizations to focus their business recruitment and expansion efforts on the Leadership: following industry clusters: ›› Jonas Peterson, President and ›› Business Headquarters and Services Chief Executive Officer ›› Jared Smith, Chief Operating Officer ›› Emerging Technology Employees: 14 ›› Logistics, Manufacturing and Supply Chain Management Mission: To grow the economy in Southern Nevada ›› Autonomous Systems through connectivity, community development, ›› Finance, Banking and Insurance and aggressive business recruitment, retention, and outreach. ››

Economic Development Destination Health Care and Medical Services Services Provided: In-depth market information, ›› Gaming, Tourism and Conventions business recruitment, business retention and expansion, assistance with tax incentives, economic LVGEA received its primary support from private sector investors and the State of development marketing, public policy, and research. Nevada. LVGEA is located at 6720 Via Austi Parkway, Ste. 330, Las Vegas, NV 89119. Website: lvgea.org

LVGEA 50 Board of Directors

The LVGEA 50 is the largest business board in Nevada, made up of an impressive group of public and private sector leaders, dedicated to driving Southern Nevada’s community and economic development efforts to help strengthen the region, create new jobs and spur capital investment. Learn more at lvgea50.org.

PHOTO – In 2018, LVGEA held its biggest event of the year to celebrate the innovation, leadership and partnerships that help further economic development in the region. During its Annual Awards Dinner on Sept. 20, the LVGEA recognized community members and companies who represented the organization’s core values and mission to further the Southern Nevada economy.

144 Business » Economic Development 2019 LAS VEGAS PERSPECTIVE Business

Target Industries The Las Vegas Global Economic Alliance focuses on targeting industries that provide the most growth In 2018, the LVGEA’s potential and help diversify the economy of Southern Nevada. Economic diversification enhances regional aggressive business competitiveness in the global economy, while also helping attract and retain a talent pool that will attraction, expansion and further develop the region. retention efforts helped move Southern Nevada’s economy forward. The numbers speak Logistics, Manufacturing and Supply Chain Management for themselves: The Southern Nevada landscape for manufacturing is marked by the strong tandem of the region’s strategic geographic location and existing assets, including opportunities associated with leveraging development-ready land, industrial capabilities, regional connectivity and the state’s business-friendly

tax climate. Development Economic 4,369 Emerging Technology New Jobs Southern Nevada is well positioned to leverage existing, foundational infrastructure and regional assets to accommodate additional growth as a western U.S. hub for technology, extending into sectors powering other high-growth categories such as autonomous systems, gaming, computer programming and more. Business Headquarters and Services Although a regional focus on “business headquarters and services” is often only an extension of business recruitment efforts directed toward other industries, establishing this industry as a direct target for economic development reflects the strength of regional assets that can be leveraged toward $488.0m the recruitment of business headquarters – regional headquarters or operations, U.S. locations New Capital Investment for international companies and corporate headquarters – as well as the professional, technical, administrative and support services that serve as core inputs into business headquarters or operations and support service firms. Autonomous Systems As a region, Southern Nevada is positioned to aggressively pursue a substantial portion of economic activity driven by autonomous systems and accommodate the industry’s growth through multiple avenues, including the manufacturing, testing and implementation of autonomous technologies in both 32 hardware and software, with established vehicle-to-infrastructure (V2I) capabilities, a progressive public New + Expanded policy environment and existing plans for mobility solutions. Companies Finance, Banking and Insurance The region’s position as a leading convention and trade show destination brings global businesses from a wide array of industries to Southern Nevada on a regular basis and the region remains poised to leverage this opportunity to attract global capital across a variety of finance related activities including banking and insurance. $618.7m Destination Health Care and Medical Services 1 Year Economic Impact Unique opportunities exist in Southern Nevada to go beyond a more traditional supporting role in health care and pursue a more focused economic development strategy around health care services and medical education. These services are supported by a mix of assets and data-based trends, ranging from retirees choosing the region due to lower cost of living compared to nearby states, available amenities in areas like Laughlin and Mesquite, and large scale age-restricted planned communities in and around Las Vegas. Gaming, Tourism and Conventions $46.6m As a tourism capital of the world, one of Southern Nevada’s top-performing industries over time has been In Local + State Tax gaming, tourism and conventions. With such high employment levels and strong performance relative Revenue for 2018 to that of the U.S., there is no doubt that the industry and its supporting activities will continue to drive economic growth in the region for years to come.

Business » Economic Development 145 2019 LAS VEGAS PERSPECTIVE Business

New & Expanded Companies

Attraction A central part of Las ›› American Barbell ›› C4 Mining Company ›› CVS Health ›› IPA, LLC Vegas Global Economic Alliance’s mission is to help ›› Avvio ›› Afwerx ›› Altum Technologies ›› Design, LLC / Google attract, expand, and retain businesses in Southern ›› ITI Hydraulik ›› Sephora ›› Aptiv ›› Fresenius Kabi Nevada. The organization’s ›› staff dedicates their time to Kroger marketing Southern Nevada as an attractive business Expansion location and assisting clients ›› Nectar ›› Ritchie Brothers ›› Bigelow Aerospace ›› UFC in every facet of relocating to or expanding in the region. ›› Sofidel ›› 3PEA International ›› G4 Works ›› Hash Rabbit LVGEA received its primary support from the State of ›› VMI Enterprises ›› Alpha Guardian ›› Xtreme Manufacturing ›› Owned Outcomes Nevada and contributions ›› Cascade ›› Pictographics ›› Happie Home ›› Medicreations from private sector investors. ›› Scientific Games ›› Cannae Holdings, Inc. ›› Premium Waters New & Expanded Companies Business Assistance Programs

Business Assistance Programs In partnership with the Governor’s Office of Economic Development and the local jurisdictions Las Vegas Global Economic Alliance within Clark County, the Las Vegas Global Economic Alliance offers a variety of incentives to help (702) 791-0000 or qualifying companies locate and expand in the region. Programs include the following: Toll Free (888) 466-8293 6720 Via Austi Pkwy., Ste. 330 Sales and Use Tax Abatement Aviation Parts Abatement Las Vegas, NV 89119 On qualified capital equipment purchases, with Up to 50 percent on personal property tax and www.lvgea.org reductions in the rate to as low as 2 percent for a reduction of sales and use tax to a rate of 2 a 2-year period. percent for a 20-year period. Nevada Governor’s Office of Modified Business Tax Abatement Data Center Abatement Economic Development 50 percent of the 1.475 percent rate on Up to 75 percent on personal property tax and (775) 687-9900 or quarterly wages exceeding $50,000 for a a reduction of sales and use tax to a rate of 2 Toll Free (800) 336-1600 4-year period. percent for a 10 or 20-year period. 808 West Nye Lane Carson City, NV 89703 Personal Property Tax Abatement Silver State Works Employee Hiring Incentive www.diversifynevada.com Up to 50 percent over a maximum of 10 years. Provides employers up to $2,000 for hiring state-qualified employee candidates. Nevada Department of Taxation Real Property Tax Abatement for Recycling (775) 684-2000 Up to 50 percent abatement for up to 10 years on real for qualified recycling businesses. 1550 College Pkwy., Ste. 115 Carson City, NV 89706 Contact the Las Vegas Global Economic Alliance to learn how to qualify for these programs. www.tax.nv.gov

146 Business » New & Expanded Companies 2019 LAS VEGAS PERSPECTIVE Business

Do you struggle with hiring a skilled workforce and finding the right candidates? Do you have a local advocate with access to the public and private sectors? Do you know these services are available and cost you nothing through the LVGEA?

What is BizConnect Companies New & Expanded One of the cornerstones of our local business retention and expansion efforts is the region’s One-on-One Business Visitation Program, where we meet with all types of companies in Southern Nevada. This program is designed to help reduce local business challenges and catalyze new opportunities.

BizConnect Benefits Connect with Us ›› Leverage our regional network of public and private resources for Perry Ursem Las Vegas Global Economic Alliance business needs (702) 522-3341 6720 Via Austi Pkwy., Suite 330 www.lvgea.org Las Vegas, NV 89119 ›› Glean insight to available workforce, local supply chain, and regional new market data ›› Access local and state leadership for addressing policy and Our intent is to meet with you on a regular basis to ensure your overall regulatory challenges satisfaction with doing business in Southern Nevada. During our short, friendly visits we’ll explore your: ›› Recruit students and graduates through secondary and ›› higher education Current activities and growth projections ›› ›› Optimize global trade opportunities through Foreign Trade Zone #89 Experience working with local and state public agencies ›› ›› Gateway to local, utility, and state abatement programs Current supply chain and market opportunities ›› Products and services that would benefit other local businesses ›› Questions and/or challenges

Certified B Corps in Nevada Nevada is one of 30 states that offer companies the option to incorporate as benefit corporations. Benefit corporation status allows a firm to protect its social impact through capital raises and leadership changes, creates more flexibility when evaluating potential sale and liquidity options, and prepares businesses to lead a Law Offices of Lara Pearson mission-driven life post-IPO. Intellectual Property Law www.brandgeek.net Certified B Corps are companies that have achieved a minimum verified score on (775) 833-1600 the B Impact Assessment, a certification standard developed and maintained by the nonprofit B-Lab. Certified B Corps are evaluated on their impact on the environment, Valor CSR their workers, their customers, and their communities; they also all meet the highest Corporate Social Responsibility Consulting standards of accountability and transparency. www.valorcsr.com (702) 518-0951

Business » New & Expanded Companies 147 2019 LAS VEGAS PERSPECTIVE Business

DTP Companies

Formerly conceptualized as “Downtown Project” in 2012, DTP Companies is the COMPANIES expanded product “beyond the project” of an all-encompassing $350 million revitalization effort focused on Downtown Las Vegas (DTLV)— inspiring people to live, work and play through cultivating environments that encourage creativity, discovery and WOW experiences. DTP is dedicated to helping revitalize Downtown Las Vegas through investment in small businesses; tech startups; real estate and development; Established: 2012 and arts, culture and education. Now in its seventh year, DTP Companies serves Leadership: Michael Downs as either an owner or investor to more than 300 businesses and legal entities by providing funding and support. DTP Companies represents the connectedness of Employees: 400+ direct; 900+ supported downtown Las Vegas beyond streets and city blocks and strives to incorporate a one-of-a-kind diversity of people & businesses in its portfolio. DTP's vision is to Mission: We inspire people to live, work, and play create a family in and out of its downtown workplace by coming together, embracing through cultivating environments that encourage adventure, making 'epic' happen and striving to do what's right. creativity, discovery, and WOW experiences. DTP is dedicated to helping revitalize part of downtown Inspired and funded by Zappos CEO Tony Hsieh, DTP Companies also drives upward Las Vegas through investment in small businesses; mobility and entrepreneurial energy through the pursuit of social collisions, co- tech startups; real estate and development; and learning and connectedness in a long-term, sustainable way. For a list of its hospitality arts, culture, and education. We are doing that by lodgings, retail centers, restaurants, residential units, small businesses and other inspiring and empowering people to follow their properties properties, visit dtplv.com. passions to create a vibrant, connected urban core. Our goal and purpose is to help make downtown a place of Inspiration, Entrepreneurial Energy, Creativity, Innovation, Upward Mobility, and Discovery, through the Three C’s of Collisions, Co-learning, and Connectedness in a long-term, sustainable way.

New & Expanded Companies Services Provided: Business recruitment, business financing, and community development Economic Impact: DTP Companies businesses have created an estimated $209.2 million in recurring output since 2012. Website: dtplv.com

Established: 2012 Rob Roy’s Innevation Center Leadership: Rob Roy, CEO and Founder of Switch Rob Roy’s Innevation Center is a 65,000-square-foot collaborative workspace and Mission: To boost and diversify the economy in the community event venue driving Nevada’s new innevation economy, donated to the state of Nevada. community by Switch Founder and CEO, Rob Roy. Services Provided: Collaborative workspace, meeting As the most successful technology entrepreneur in Nevada’s history, Rob Roy rooms, and event space. created The Innevation Center as a result of his passion for enabling a more diverse Nevada economy. He fashioned the initiatives of Innevation after his patented, world Space Capacity: Conference rooms that accommodate renowned data center ecosystem, Switch. He is “paying forward” the success of up to 12 people, and event space that accommodates Switch by helping to empower Nevada’s next generation of economic leaders. up to 150 people. Emerging tech companies, global powerhouse brands from Switch, economic Highlights: Rob Roy’s Innevation Center sponsored developers, educators, community stakeholders, and universities collaborate at the over $400,000 in meeting space in 2018 for technology Innevation Center to move Nevada forward. Collaboration occurs at events, Meetups, and STEAM focused organizations and $940,000 in education series and in the everyday interactions of coworking members. office space for emerging technology companies, totaling over $1.4M sponsored in 2018. Website: innevation.com

148 Business » New & Expanded Companies 2019 LAS VEGAS PERSPECTIVE Business

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price. Annual state license fees range from $75 to Car Rental Nevada Tax Climate $500 according to the type of business. The state fee is imposed at 10 percent on the short-term rental of a passenger car. Both Clark Offering one of the lowest tax burdens in the Business License and Washoe counties levy an additional 2 percent nation, Nevada is consistently cited by the A state license fee is paid annually. The fee is $500 for authorized projects. Ten percent is remit- likes of Forbes, Inc and Money magazines for domestic and foreign for-profit corporations. ted to the state general fund. Additional airport as having one of the best overall business The fee is $200 for all other businesses. Counties fees apply. climates in the nation. Nevada’s tax structure and cities can also impose a business license is designed to be less burdensome to both fee on businesses in their jurisdiction. The fee is Cigarette/Tobacco Products business and its employees. The Tax Founda- generally based on the type of business (i.e., retail, The excise tax on cigarettes is 9 cents per ciga- tion rated Nevada as the No. 5 best state for professional, hotel, etc.) rette, which equates to $1.80 cents per package of business in 2018. 20. Other tobacco products are taxed at 30 percent Business Registration Fees of the wholesaler’s cost. Sales tax is also collected IN NEVADA THERE IS NO… Fees for filing articles of incorporation or agree- on the retail price. ý Personal Income Tax ments of consolidation providing for shares apply in Nevada. The rate is based on the value of the ý Franchise Tax Commerce Tax shares with a minimum fee of $75 and a maximum As of July 1, 2015, the commerce tax is imposed ý Unitary Tax fee of $35,000 (example: if the total value of shares on business entities doing business in Nevada. It ý Inventory Tax is $75,000 or less the fee is $75; $200,000 or less is based on the Nevada gross revenue received the fee is $175; over $1 million is $375 plus $275 by a business in a taxable year (July 1 through ý for each additional $500,000 or fraction thereof, not Inheritance Tax June 30). The rates of the commerce tax range to exceed $35,000). Except in the case of shares ý Estate Tax from 0.0331 percent to 0.051 percent. The first $4 valued at $75,000 or less, fees for the Annual Filing are the same as for filing the articles of incorpora- million is subtracted from Nevada gross revenue. tion; however, the maximum fee is $11,125 . Non-par A 50 percent credit for the commerce tax paid is value stock is assigned a value of $1 per share for allowed against the modified business tax. Alcoholic Beverages the purpose of computing the fee. Fees are the Excise tax on importation, processing, storing or same for domestic and foreign corporations. Fees Gaming selling of all liquor (including beer). Malt beverages are also imposed upon Limited-Liability Companies, There are five principal types of gaming taxes. are taxed at 16 cents per gallon and liquor is taxed Limited Partnerships, Limited-Liability Partnerships Gross gaming revenue tax, table tax and slot taxes from 70 cents to $3.60 per gallon depending on the and Business Trusts. Contact the Nevada Secretary are levied by the state. In addition, gaming fees alcohol content. Sales tax is collected on the retail of State office for additional information. are levied by the county and local governments.

Business » Nevada Taxes 149 2019 LAS VEGAS PERSPECTIVE Business

For more information, contact the Nevada Gaming $33 per year. Rates on trucks vary from a low quarter. For the first 14 quarters as an employer Control Board. of $38 for a truck with a gross weight of 6,000 in Nevada, the total rate is 3 percent. Thereafter, it pounds to a maximum of $1,360 for a truck may vary from 0.3 percent to 5.4 percent depend- Lodging with a gross weight of 80,000 pounds. Moped ing on the number of employees and the firm’s A statewide tax of 1 percent of gross receipts is registration is a one-time fee of $33 per owner. unemployment record. The maximum wage base imposed on the rental of hotel and motel rooms. upon which the rate is applied changes annually. This is in addition to any locally imposed room Property For 2016, the maximum wage base is $28,200. taxes which range from 7 to 13 percent. In Clark State statutes limit the property tax rate to a total County, the total combined rate ranges from 11 to of $3.64 per $100 of assessed valuation. Assess- Universal Energy Charge 13.88 percent. An additional 1%, apportioned to ment is at 35 percent of taxable value. The tax is The tax is assessed on each therm of natural the LVCVA Expansion (1/2%) and the Stadium Con- applied to the assessed value. Property tax rates gas or kilowatt hour of electricity consumed in struction Fund (1/2%) are effective March 1, 2017. may vary within the city and county, due to special Nevada. The rate is 3.30 mills per therm of natural districts or general improvement districts such as gas and .39 mills per kilowatt-hour of electricity. Live Entertainment Tax fire control districts, library districts and televi- If tax collected exceeds $25,000 in any calendar Imposed at locations where live entertainment is sion districts. The tax bill is generally capped at a quarter, a refund for the amount over $25,000 may provided for which there is an admission, cover or maximum increase of 3 percent over the prior year be requested. The tax is distributed to the Welfare table charge. The rate is 9 percent. For non-gaming for an owner-occupied residence or a rental prop- Division and is further distributed 25 percent to the establishments there is no tax imposed if the erty with rent charged below the HUD Fair Market Nevada Housing Division for weatherization. The maximum occupancy is less than 200. Rents, and a maximum increase of 8 percent for Welfare Division uses the remaining 75 percent Modified Business Tax all other real and personal property. Secondary tax for energy assistance to low-income households. cap formulas also apply. The tax is remitted within 30 days after the end of The tax is based on gross payroll paid in the each calendar quarter. As a pass-through, the tax is calendar quarter and is imposed on businesses in Real Property itemized on each customer’s billing statement as a Nevada that are required to make unemployment Includes land, buildings and improvements separate line item. insurance contributions to the Nevada Depart- not normally removable. The value for land is Source: Nevada Taxpayers Association. Nevada Taxes Nevada ment of Employment Security. General Business full cash value. The value for improvements is Note: All rates effective as of January 1, 2018 employers pay a tax rate of 1.475 percent on gross replacement costs less depreciation at 1.5 per- except as noted. wages reported over $50,000 in a quarter. Financial cent per year up to 50 years. The combination of institutions and mining companies pay a rate of 2 these values is known as taxable value. percent. The employer can deduct any costs for providing a qualified employer-paid health care Personal Property plan. A 50 percent credit for the commerce tax paid Includes property not permanently affixed to Community Survey is allowed against the modified business tax. land, such as business equipment and mobile/ manufactured homes not converted to real Motor Vehicle Fuel property. Assessment is 35 percent of original Gasoline and gasohol are taxed at 23 cents per cost less depreciation. Public Infrastructure gallon. Additional county taxes range from 5 cents to 10 cents per gallon. Diesel, kerosene, biodiesel Industrial Insurance Should Nevada increase the amount of and biodiesel blends are 27 cents per gallon; liquid Industrial insurance is obtained through private money spent on public infrastructure, even petroleum and butane are 22 cents per gallon; insurance carriers, self-insurance or group if it means your taxes will increase? compressed natural gas is 21 cents per gallon and self-insurance. For more information about self- 24.8% water-phased fuel is 19 cents per gallon. Clark and insurance or group self-insurance contact the Not sure Washoe counties index the tax for inflation based Nevada Division of Insurance. on the Producer Price Index. Insurance Premium Motor Vehicles Insurers pay 3.5 percent of the total direct 45.0% Fees are annual and must be paid, at the time premiums written for the preceding calendar year Yes of registration, on all vehicles operated on any covering property and other risks in the state. The 30.2% highway. For mopeds, the fee is paid one-time tax is passed onto the consumer in the cost of No per owner. the premium. Risk retention groups registered in Nevada, but chartered in another state pay a rate Governmental Service Tax of 2 percent. The tax is due on actual premiums Performance-Based Tax Incentives This tax is in lieu of personal property tax. The received in the quarter with payment due 30 days valuation of the vehicle is determined at 35 following the end of the quarter. Do you support or oppose the use of percent of the manufacturer’s suggested retail performance-based tax incentives offered price, without accessories. Vehicle value is Sales and Use to companies that create new jobs? depreciated to 95 percent after the first year and Sales tax is charged at the retail level on the sale graduated down to 15 percent after nine years. of tangible personal property unless exempt by Buses, trucks and truck trailers depreciate down statute. A companion “use” tax is charged on 20.2% to 85 percent after the first year and down to 23 property purchased outside of Nevada and brought Strongly suort percent after 10 years. The rate imposed by the into the state for use. The authorized maximum state is 4 cents on each $1 valuation. Counties combined State rate is 6.85 percent. Counties 42.9% may levy up to one cent on each dollar of valua- are allowed various options to pay for items such Soewhat suort tion, but the total tax imposed cannot exceed 5 as transportation, roads, flood control and water. cents on each dollar of valuation. In Clark County, the total combined rate is 8.25 14.4% 4.2% percent effective April 1, 2017. Soewhat Strongly oose oose Registration Passenger cars, motorcycles, travel trailers, low Unemployment Insurance speed and electric vehicles and trucks with a Paid by employers of one or more persons with 18.4% gross vehicle weight less than 6,000 pounds pay total wages paid of $225 or more during a calendar Dont nowundecided

150 Business » Nevada Taxes 2019 LAS VEGAS PERSPECTIVE Business

Comparative Real Estate Taxes1 (Metro Areas) LAND COST BUILDING COST TOTAL EFFECTIVE TOTAL ANNUAL REAL LOCATION (IN THOUSANDS) (IN THOUSANDS) (IN THOUSANDS) TAX RATE PROPERTY TAX COST LAS VEGAS, NEVADA $5,782 $52,414 $58,196 $11.47 $667,508 San Diego, California $20,171 $56,944 $77,115 $11.95 $921,523 Nashville, Tennessee $4,888 $42,791 $47,679 $19.90 $948,803 Miami, Florida $6,051 $44,742 $50,793 $19.75 $1,003,156 Dallas, Texas $5,110 $41,343 $46,453 $25.40 $1,179,911 Detroit, Michigan $4,303 $55,372 $59,675 $21.60 $1,288,976 San Francisco, California $21,724 $68,992 $90,716 $14.90 $1,351,671 $20,978 $58,835 $79,812 $16.95 $1,352,820 Los Angeles/Long Beach, California Nevada Taxes Denver, Colorado $6,051 $49,897 $55,949 $28.35 $1,586,143 Boston, Massachusetts $9,413 $61,742 $71,155 $32.05 $2,280,528 New York, New York $23,936 $69,826 $93,762 $40.30 $3,778,607

Source: The Boyd Co., Inc., Princeton, NJ. Note: 1Based on representative land and building costs scaled to a 350,000-square-foot light industrial building on a 20-acre, fully serviced site. Annual costs reflect representative nominal real property tax rate and assessment practices at each location. Petitions for tax abatements and special assessments are not considered.

Nevada General Fund Revenues by Fiscal Year (in thousands) TAX/REVENUE SOURCE 2017 2018 20191 20201 20211 Branch Bank Excise Tax $2,785 $2,745 $2,777 $2,740 $2,725 Business License Fee $104,858 $109,298 $111,693 $112,273 $112,401 Modified Business $623,646 $655,635 $689,924 $678,129 $687,583 Casino/Live Entertainment $129,306 $125,409 $126,786 $128,138 $129,467 Cigarette & Tobacco $195,371 $177,161 $178,095 $172,892 $168,814 Commerce Tax $197,827 $201,927 $210,160 $218,054 $226,880 Gaming $760,093 $785,515 $793,842 $805,170 $823,680 Insurance Premium $384,894 $418,935 $442,959 $465,103 $488,670 Liquor $43,868 $44,195 $44,252 $44,761 $45,115 Mining $25,264 $63,522 $63,861 $61,843 $61,524 Other Taxes $43,567 $25,252 $25,925 $5,000 $5,000 Passenger Carrier Excise Tax $23,101 $21,773 $30,600 $29,028 $36,713 Real Property Transfer $83,957 $103,390 $106,932 $112,279 $115,086 Sales and Use $1,133,715 $1,189,227 $1,269,025 $1,335,572 $1,388,525 TOTAL TAXES $3,752,253 $3,923,984 $4,096,831 $4,170,983 $4,292,183 Licenses $131,019 $138,946 $139,939 $141,907 $143,564 Fees and Fines $59,485 $66,449 $66,324 $67,509 $68,558 Interest Income $3,623 $9,261 $14,209 $18,845 $19,300 Other Revenue $49,765 $51,285 $55,928 $51,221 $51,792 Subtotal (non-taxes) $243,892 $265,941 $276,400 $279,482 $283,214 TOTAL (BEFORE CREDITS)2 $3,996,145 $4,189,925 $4,373,232 $4,450,465 $4,575,397 Commerce Tax Credits-MBT -$43,716 -$57,817 -$59,213 -$61,861 -$65,052 All Other Tax Credit Programs -$71,923 -$113,397 -$88,396 -$44,504 -$19,128 TOTAL (AFTER CREDITS)2 $3,880,506 $4,018,711 $4,225,623 $4,344,100 $4,491,217 Source: State of Nevada Legislative Department. Note: 1Economic Forum December 3, 2018, forecast as adjusted on January 2, 2019, for a legislatively approved General Fund repayment from the 2017 Session. 2Numbers may not add due to rounding. Other taxes include governmental services taxes and higher education capital fund.

Business » Nevada Taxes 151 2019 LAS VEGAS PERSPECTIVE Business

Taxable Retail Sales

Clark County Taxable Retail Sales Trend CALENDAR TAXABLE SALES YEAR SALES % CHANGE $44.32B $41.48B 2009 $28,503,924 -17.6% $38.56B $39.93B $36.51B 2010 $28,307,925 -0.7% $33.52B $30.11B $31.97B $28.50B $28.31B 2011 $30,105,395 6.3% 2012 $31,968,782 6.2% 09 10 11 12 13 14 15 16 17 18 2013 $33,515,335 4.8% 2014 $36,508,527 8.9% PERCENT 2015 $38,556,976 5.6% CHANGE 8.9 . .2 5. .9 2016 $39,928,527 3.6% 4.8 . .9 17. 0.7 2017 $41,476,399 3.9% Taxable Retail Sales Retail Taxable 2018 $44,318,918 6.9%

Source: Nevada Department of Taxation. Note: Calendar Year (in Thousands). 09 10 11 12 13 14 15 16 17 18

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152 Business » Taxable Retail Sales 2019 LAS VEGAS PERSPECTIVE Business

Clark County Combined Taxable Sales/Use Statistical Report BUSINESS CODE/TYPE 2018 BUSINESS CODE/TYPE 2018 111 Crop Production $17,373,590 482 Rail Transportation $4,846,103 112 Animal Production $403,550 483 Water Transportation $368,620 113 Forestry and Logging $24,974 484 Truck Transportation $4,827,984 115 Support Activities for Agriculture and Forestry $9,357,764 485 Transit and Ground Passenger Transportation $2,850,531 211 Oil and Gas Extraction $286 486 Pipeline Transportation $710,480 212 Mining (except Oil and Gas) $24,121,687 487 Scenic and Sightseeing Transportation $21,108,783 213 Support Activities for Mining $616,471 488 Support Activities for Transportation $47,725,127 221 Utilities $53,302,630 491 Postal Service $374,240 236 Construction of Buildings $138,269,518 492 Couriers and Messengers $15,498,336 237 Heavy and Civil Engineering Construction $103,897,998 493 Warehousing and Storage $62,934,224 Taxable Retail Sales 238 Specialty Trade Contractors $621,294,287 511 Publishing Industries (except Internet) $12,515,913 311 Food Manufacturing $67,053,733 512 Motion Picture and Sound Recording Industries $85,213,068 312 Beverage and Tobacco Product Manufacturing $25,513,124 515 Broadcasting (except Internet) $50,321,757 313 Textile Mills $247,745 517 Telecommunications $560,243,712 314 Textile Product Mills $9,444,752 518 Data Processing, Hosting, and Related Services $43,216,439 315 Apparel Manufacturing $6,536,547 519 Other Information Services $55,138,160 316 Leather and Allied Product Manufacturing $732,028 522 Credit Intermediation and Related Activities $205,131,039 321 Wood Product Manufacturing $86,838,195 523 Securities, Commodity Contracts, and Other Financial $12,985,763 322 Paper Manufacturing $12,644,639 524 Insurance Carriers and Related Activities $4,204,345 323 Printing and Related Support Activities $146,945,055 525 Funds, Trusts, and Other Financial Vehicles $14,251,536 324 Petroleum and Coal Products Manufacturing $14,192,212 531 Real Estate $49,798,931 325 Chemical Manufacturing $57,549,028 532 Rental and Leasing Services $1,645,671,357 326 Plastics and Rubber Products Manufacturing $41,466,626 533 Lessors of Nonfinancial Intangible Assets $2,962,868 327 Nonmetallic Mineral Product Manufacturing $348,712,316 541 Professional, Scientific, and Technical Services $697,476,514 331 Primary Metal Manufacturing $50,640,742 551 Management of Companies and Enterprises $125,045,368 332 Fabricated Metal Product Manufacturing $159,211,858 561 Administrative and Support Services $647,795,804 333 Machinery Manufacturing $261,620,308 562 Waste Management and Remediation Services $8,027,829 334 Computer and Electronic Product Manufacturing $163,404,193 611 Educational Services $38,674,834 335 Electrical Equipment, Appliance & Component $65,391,199 621 Ambulatory Health Care Services $87,733,811 Manufacturing 622 Hospitals $36,370,737 336 Transportation Equipment Manufacturing $27,053,298 623 Nursing and Residential Care Facilities $2,203,172 337 Furniture and Related Product Manufacturing $73,421,684 624 Social Assistance $2,431,450 339 Miscellaneous Manufacturing $390,136,816 711 Performing Arts, Spectator Sports & Related Industry $91,554,362 423 Merchant Wholesalers, Durable Goods $2,715,486,475 712 Museums, Historical Sites, and Similar Institution $9,265,354 424 Merchant Wholesalers, Nondurable Goods $569,469,397 713 Amusement, Gambling, and Recreation Industries $248,986,939 425 Wholesale Electronic Markets and Agents & Broker $184,369,862 721 Accommodation $849,485,019 441 Motor Vehicle and Parts Dealers $4,966,310,604 722 Food Services and Drinking Places $10,475,316,298 442 Furniture and Home Furnishings Stores $800,504,519 811 Repair and Maintenance $379,270,608 443 Electronics and Appliance Stores $1,104,849,577 812 Personal and Laundry Services $105,870,794 444 Building Material and Garden Equipment & Supplies $1,792,037,696 813 Religious, Grantmaking, Civic, and Professional $13,424,045 445 Food and Beverage Stores $1,359,969,432 814 Private Households $39,046 446 Health and Personal Care Stores $934,385,779 921 Executive, Legislative, and Other General Government $310,130 447 Gasoline Stations $378,590,104 922 Justice, Public Order, and Safety Activities $1,321,369 448 Clothing and Clothing Accessories Stores $3,416,032,147 923 Administration of Human Resource Programs $217,915 451 Sporting Goods, Hobby, Book, and Music Stores $528,859,079 924 Administration of Environmental Quality Programs $64,694 452 General Merchandise Stores $3,640,981,845 926 Administration of Economic Programs $2,624,913 453 Miscellaneous Store Retailers $1,236,610,505 COUNTY TOTAL $44,318,917,554 454 Nonstore Retailers $966,013,300 Source: Nevada Department of Taxation. Note: Calendar Year. 481 Air Transportation $20,618,059

Business » Taxable Retail Sales 153 GRAND TETON DR

ELKHORN RD DECATUR BLVD DECATUR

2019 LAS VEGAS PERSPECTIVE CENTENNIAL PKWY Business LAMB BLVD ANN RD LOSEE RD LOSEE DURANGO DURANGO DR

CRAIG RD Shopping Destinations CHEYENNE AVE MARTIN L KING BLVD L KING MARTIN

LAKE MEAD BLVD

17 WASHINGTON BLVD SUMMERLIN22 PKWY 2

13 BLVD NELLIS

5 CHARLESTON BLVD

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8206 DESERT INN RD 1512 1 199 DETAIL2411 OF 2118 LAS VEGAS3 FLAMINGO RD STRIP SHOWN BELOW 16 TROPICANA AVE

BOULDER HWY

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23 10 SUNSET RD EASTERN AVE 14

WARM SPRINGS RD LAKE MEAD DR DECATUR BLVD DECATUR DURANGO DURANGO DR JONES BLVD JONES BUFFALO DR BUFFALO RAINBOW BLVD WINDMILL LN STEPHANIE ST

WATER ST 4 Shopping Destinations RACETRACK RD RACETRACK HORIZON RIDGE PKWY BLUE DIAMOND RD

LAS VEGAS BLVD SILVERADO RANCH BLVD GREEN VALLEY PKWY GREEN VALLEY

ST ROSE PKWY COLLEGE DR COLLEGE GREENWAY RD GREENWAY

# SHOPPING DESTINATION YEAR BUILT S Q. F T. 1 Boulevard Mall 1968 1,180,000 2 Container Park 2013 14,500 8 DESERT INN RD 3 Crystals 2009 500,000 6 4 The District at Green Valley Ranch 2005 572,000 20 12 5 Downtown Summerlin 2014 1,400,000 15 6 The Esplanades at Wynn & Encore 2005/2008 76,000/27,000 19 7 Fashion Outlets of Las Vegas (Primm, Nevada) 1998 359,000 9 8 Fashion Show 1981 1,922,000 9 Forum Shops at Caesars 1992 677,100 11 24 FLAMINGO RD 10 1996 1,081,000 PARADISE RD Galleria at Sunset 18 11 Grand Bazaar Shops at Bally’s 2015 26,500 21 12 Grand Canal Shoppes at the Venetian 1999 510,000 3 HARMON AVE 13 Las Vegas North Premium Outlets 2003 685,000 14 Las Vegas South Premium Outlets 1993 535,000 15 The Linq 2013 30,000 16 Mandalay Place 2003 100,000 TROPICANA AVE 17 Meadows Mall 1978 960,000 18 2000 475,000

Miracle Mile Shops at Planet Hollywood Resort LAS VEGAS BLVD VALLEY VIEW BLVD VIEW VALLEY 19 Mirage Street of Shops 1989 31,786 16 20 The Shoppes at The Palazzo 2008 300,000 21 The Shops at The Cosmopolitan 2010 36,000 22 Tivoli Village 2011 440,000 23 Town Square 2007 1,200,000 RUSSELL RD 24 Via Bellagio 1998 100,000 Source: Individual entities.

154 Business » Shopping Destinations 2019 LAS VEGAS PERSPECTIVE Business

Downtown Summerlin Downtown Summerlin® is a 400-acre walkable, mixed-use urban core within the heart Address: 1980 Festival Plaza Dr. of the Summerlin® master-planned community located just east of the 215 Beltway Las Vegas, NV 89135 between Sahara Avenue and Charleston Boulevard. Its first phase, which opened in 2014, is a 106-acre outdoor retail, dining and entertainment destination with Hours: Mon-Sat: 10:00 am - 9:00 pm pedestrian thoroughfares and a dynamic assortment of boutiques and department Sun: 11:00 am - 7:00 pm stores including Macy’s, Macy’s Backstage, Dillard’s, Nordstrom Rack, Apple, Fabletics, Phone: (702) 832-1055 Madewell, Crate & Barrel, Sephora, PGA Tour Superstore, Lululemon, West Elm, H&M, Victoria’s Secret and Trader Joe’s. Website: downtownsummerlin.com The property boasts an exciting collection of restaurants and eateries including Maggiano’s Little Italy, California Pizza Kitchen, True Food Kitchen (opening soon),

Dave & Buster’s, Andiron Steak & Sea, Wolfgang Puck Bar & Grill, Public School 702 Destinations Shopping and Makers & Finders to name a few. Downtown Summerlin features two Class-A office towers – ONE and TWO Summerlin. The first residential development, The Constellation, is fully leased with a second luxury apartment complex, Tanager®, already under construction. City National Arena, practice facility for the National Hockey League’s Vegas Golden Knights, and the Las Vegas Ballpark, a 10,000-capacity minor league baseball stadium that is home to the Las Vegas Aviators, makes the property not only a popular location to shop, dine and be entertained, but an emerging sports hub. Rounding out Downtown Summerlin landmark facilities are Red Rock Casino Resort & Spa, Lifetime Athletic and the City National Bank building.

Business » Shopping Destinations 155 2019 LAS VEGAS PERSPECTIVE Business

Operating Costs

Total Annual High-Tech Operating Cost Rankings1

TOTAL ANNUAL LOCATION OPERATING COST LAS VEGAS, NEVADA $32,460,451 Houston, Texas $33,094,375 Dallas/Ft. Worth, Texas $33,382,788 Portland, Oregon $33,503,194 The Las Vegas Chamber and LVGEA Pittsburgh, Pennsylvania $34,081,438 Share the PERSPECTIVE That Denver/Boulder, Colorado $34,487,509 Columbus, Ohio $35,309,956 Southern Nevada Thrives When Chicago, Illinois $37,328,345 Southern Nevada Employers Thrive Minneapolis/St. Paul, Minnesota $37,443,800 Seattle, Washington $38,511,772 Boston, Massachusetts $39,976,988 Stamford, Connecticut $40,556,239 The Las Vegas Chamber cultivates connections Operating Costs between employers and our community. Washington, District of Columbia $41,400,000 Northern New Jersey $41,698,078 Don’t miss your opportunities - JOIN NOW! San Francisco, California $44,875,953

Source: The Boyd Co., Inc., Princeton, NJ. Note: 1The 15 cities analyzed are those housing Visit LVChamber.com large concentrations of corporate and entrepreneurial high technology investment and jobs. Total operating costs in the table are based on a representative high technology center in or call 702.641.5822. the information sciences field employing 200 workers and occupying 100,000 square feet of high tech office space.

LVChamber.com 702.641.5822 @LVChamber

Comparative Annual Corporate Travel Costs

LOCATION TRAVEL COST INDEX1 TOTAL ANNUAL COST2 Tampa, Florida $309.98 $161,190 LAS VEGAS, NEVADA $331.66 $172,463 Houston, Texas $354.07 $184,116 Detroit, Michigan $356.82 $185,546 Minneapolis, Minnesota $363.52 $189,030 Philadelphia, Pennsylvania $373.76 $194,355 Denver, Colorado $382.32 $198,806 Washington, District of Columbia $465.22 $241,914 Boston, Massachusetts $515.41 $268,013 San Francisco, California $567.53 $295,116 New York, New York $609.80 $317,096

Source: The Boyd Co., Inc., Princeton, NJ. Note: 1Reflects on-site cost structures typically incurred by corporate travelers, such as business traveler lodging, meals, rental car, local transit and other incidental costs. 2Total annual costs are based on an average of 10 billable per diem travel days per week in each of the surveyed cities.

156 Business » Operating Costs 2019 LAS VEGAS PERSPECTIVE Business

Transportation

Western Market Outbound Shipping Costs ANNUAL ORIGINATING CITY OF SHIPMENT SHIPMENTS DALLAS/FT. DENVER/ ALBUQUERQUE/ SALT LAKE PHOENIX/ DESTINATION CITY (1,000 LBS.) WORTH, TX BOULDER, CO RIO RANCHO, NM CITY, UT TUCSON, AZ MESA, AZ LAS VEGAS, NV Riverside, CA 7,800 $913,931 $672,174 $515,792 $447,204 $295,621 $216,057 $160,499 Los Angeles, CA 7,800 $950,955 $696,183 $539,799 $471,209 $332,659 $253,095 $184,506 San Diego, CA 7,800 $917,362 $738,708 $552,830 $513,735 $279,159 $241,433 $227,032 San Francisco, CA 7,800 $1,184,752 $827,875 $745,567 $504,820 $591,925 $513,049 $391,645 Seattle, WA 5,200 $946,986 $589,151 $650,302 $377,402 $699,588 $646,650 $505,637 Denver, CO 5,200 $357,872 $4,562 $189,843 $222,701 $386,531 $358,238 $340,440 Phoenix, AZ 5,200 $467,069 $358,238 $207,640 $293,894 $52,938 $4,562 $140,100 Transportation LAS VEGAS, NV 5,200 $567,090 $340,440 $271,528 $190,756 $193,037 $140,100 $4,562 Albuquerque, NM 5,200 $294,098 $189,843 $4,562 $272,899 $222,701 $207,640 $272,442 Salt Lake City, UT 5,200 $567,550 $222,701 $272,899 $4,562 $346,372 $293,894 $190,756

Source: The Boyd Co., Inc., Princeton, NJ. Note: Annual charges reflect truckload lots of 30,000 lbs. using private over-the-road carrier to each city location. Projected charges are based on an estimated $2.71 per mile which includes cost factors such as labor, fuel surcharges, maintenance, insurance certificates, operating rights and empty backhaul considerations. Destinations reflect regional population centers of the 11 Western States Market. Shipments to market-leader California account for approximately 50 percent of total shipments.

Distance From Las Vegas Rail Delivery Times From Southern Nevada MARKET CITY TRAILER ON FLAT CAR BOXCAR Seattle: Chicago 3 days 5 days 1,125 iles Helena: 901 iles Denver 2 days 3 days Portland: Boise: 9 iles 0 iles Kansas City 2 days 5 days

Salt Lae City: Los Angeles 1 day 2 days 421 iles Sacramento: Portland 2 days 4 days 55 iles Reno: 448 iles Cheyenne: 8 iles St. Louis 2 days 5 days Denver: San Francisco: 748 iles 1 day 2 days 558 iles Salt Lake City Seattle 2 days 4 days Los Angeles: Santa Fe: 270 iles 7 iles Source: The Boyd Co., Inc., Princeton, NJ.

San Diego: Phoenix: 2 iles 00 iles

Source: NV Energy.

Air Cargo Activity Trend YEAR CARGO (1,000 LBS.) GROWTH 20,748 2010 195,151 1.0% 244,878 2011 188,510 -3.4% 22,08 2012 201,446 6.9% 217,504 218,209 2013 205,095 1.8% 205,095 195,151 201,44 2014 217,504 6.1% 188,510 2015 218,209 0.3% 2016 223,038 2.2% 2017 244,878 9.8% 10 11 12 13 14 15 16 17 18 2018 260,748 6.5% Source: Clark County Department of Aviation.

Business » Transportation 157 2019 LAS VEGAS PERSPECTIVE Business

McCarran International Airport McCarran International Airport is Southern Nevada’s gateway to the world. With more than 30 airlines providing nonstop flights to more than 150 destinations last Established: 1948 year, it was the ninth-busiest airport in North America, and among the Top 30 busiest Leadership: airports in the world. ›› Rosemary Vassiliadis, Director of Aviation, In 2018, McCarran hosted more than 49.7 million passengers, 3.8 million of whom Clark County were from international destinations. McCarran International Airport is owned and operated by the government of Clark County, Nevada, which is overseen by Employees: 18,351 the Clark County Board of Commissioners. Unlike other departments within the ›› Department of Aviation: 1,521 County government, the Department of Aviation is a self-sufficient enterprise and ›› Tenants: 16,830 operates without County General Fund tax revenue. Airport revenue is derived from aviation and non-aviation sources, as well as Passenger Facility Charges and Airport Mission Statement: To provide excellence in customer Improvement Program grants. service, airport facilities, and airport security. For decades, the skyrocketing popularity of Las Vegas challenged the airport’s Services Provided: Aviation-related services infrastructure. Over time, more and more aircraft, cars, and travelers have jockeyed Economic Impact: $28.4 billion for space within an airport whose initial developers never envisioned a time when 40+ million passengers would become the annual norm. Airport expansions were

Operating Costs Annual Passengers: 49,716,584 delivered in the 1980s, 1990s, 2000s, and most recently in 2012, with the opening of Terminal 3. Average Daily Passengers: 136,000 In recent years, international visitation has become an increasingly important Average Daily Flights: 970 priority for McCarran Airport. The opening of Terminal 3 in 2012 allowed McCarran to experience double-digit growth in international arrivals. Today, McCarran offers Website: mccarran.com nonstop flights to more than 30 international destinations. McCarran’s largest international carriers include: Westjet (Canada), Air Canada, British Airways, Virgin Atlantic, and AeroMexico.

Top 15 Nonstop International Connections

1 Toronto, CA 6 London-Heathrow, UK 11 Seoul, KR 2 Mexico City, MX 7 Montreal, CA 12 Monterrey, MX 3 Vancouver, CA 8 Edmonton, CA 13 Panama City, PA 4 Calgary, CA 9 Guadalajara, MX 14 Frankfurt, DE 5 London-Gatwick, UK 10 Manchester, UK 15 Beijing, CN

158 Business » Operating Costs 2019 LAS VEGAS PERSPECTIVE Business

Communications

Major TV Stations Comparative Annual Telecommunications Costs STATION/CHANNEL NETWORK LOCATION USAGE COSTS1 OTHER COSTS2 TOTAL COST ENGLISH LANGUAGE Philadelphia, PA $1,000,000 $236,131 $1,236,131 KSNV – 3 NBC Atlanta, GA $1,000,000 $215,368 $1,215,368 KVVU – 5 FOX Salt Lake City, UT $1,000,000 $189,015 $1,189,015 KLAS – 8 CBS San Jose, CA $1,000,000 $184,618 $1,184,618 KLVX – 10 PBS San Antonio, TX $1,000,000 $160,862 $1,160,862 KTNV – 13 ABC Tempe, AZ $1,000,000 $155,150 $1,155,150 KVCW – 33 CW Reno, NV $1,000,000 $123,410 $1,123,410 SPANISH LANGUAGE Boise, ID $1,000,000 $79,785 $1,079,785 KINC – 15 UNIVISION HENDERSON, NV $1,000,000 $66,511 $1,066,511 Communications KBLR – 39 TELEMUNDO Source: The Boyd Co., Inc., Princeton, NJ. Note: Data not available for Las Vegas area as a whole. 1Based on utilization of a representative enterprise VOIP telecommunications system scaled to a 1,000-worker call center. 2Includes current federal, state and local taxes and surcharges. These include the federal universal service fee and other carrier cost recovery charges, property tax expenses and numerous other local and state taxes, surcharges and regulatory add-ons that vary from city to city.

40 DMA Ranking Las Vegas 2018

Las Vegas Designated Market Area (DMA) Ranking Las Vegas is the 39th largest DMA in the United States

09 10 11 12 13 14 15 16 17 18 0

40 40 40 40 40 40 9 42 42 42 41 50

Source: Local Televisions Market Universe Estimates, The Nielsen Company.

Business » Communications 159

2019 LAS VEGAS PERSPECTIVE Business

Utilities

Avg. Monthly Residential Utility Costs SOURCE MAJOR PROVIDERS AVG. COST Natural Gas Southwest Gas Corporation $48.33 Sewer Clark County Water Reclamation District $19.76 Solid Waste Disposal Republic Services of Southern Nevada $14.84 Water Las Vegas Valley Water District $49.40 Source: Individual entities. Note: Includes service charge.

Electric Power Cost Comparisons Among Major Western Cities PROVIDER COMMERCIAL INDUSTRIAL RESIDENTIAL San Diego Gas & Electric 23.13 18.46 25.31 PG&E (San Jose) 21.19 17.75 22.22 Utilities LA Dept. of Water & Power 16.80 16.28 18.31 Southern California Edison 14.68 11.14 16.30 Source: NV Energy. Form EIA-861M Arizona Public Service 11.51 8.42 14.14 (formerly EIA-826) detailed data - Sales NV ENERGY 9.05 7.77 12.09 and revenue at www.eia.gov/electricity/ Sierra Pacific Power Company (Reno) 8.69 5.45 11.13 DATA/EIA861M. Note: 12-months ended December 2018.

Average Monthly Residential Utility Costs Average Monthly Residential Utility Costs Electric Power Water MAJOR PROVIDERS AVG. COST CITY AVG. COST San Diego Gas & Electric San Diego$253.10 Gas Electric San Francisco, CA $140.56San Francisco, CA PG&E (San Jose) $222.20PGE (San Jose) Los Angeles, CA $111.26Los Angeles, CA LA Dept. of Water & Power LA Dept.$183.10 of Water Power Houston, TX $65.57Houston, TX Southern Cal Edison Southern$163.00 Cal Edison Denver, CO $52.38Denver, CO Arizona Public Service Ariona$141.40 Public Service LAS VEGAS, NV $51.07Las Vegas, NV NV ENERGY $120.90NV Energy Phoenix, AZ $43.80Phoenix, AZ Sierra Pacific Power Company (Reno)Sierra Pacific Power$111.30 Company (Reno) Salt Lake City, UT Salt$35.05 Lae City, UT

Source: NV Energy. Form EIA-861M (formerly EIA-826) detailed data - Sales and revenue at Source: Las Vegas Valley Water District (LVVWD). www.eia.gov/electricity/DATA/EIA861M. Note: Based on LVVWD average monthly single-family consumption of 11,200 gallons and a Note: 12-months ended December 2018. Average cost based on 1,000 kWh. 5/8 or 3/4 inch service charge for comparison.

SNWA Infrastructure Charge METER SIZE RESIDENTIAL NON-RESIDENTIAL FIRE METER 5/8" & 3/4" $12.92 $26.97 $3.34 1" $34.21 $51.08 $6.32 1.5" $68.41 $102.16 $12.63 2" $109.46 $163.45 $20.21 3" $218.90 $326.90 $40.41 4" $342.03 $510.79 $63.14 6" $684.05 $1,021.57 $126.28 8" $1,094.47 $1,634.50 $202.04 10" & Larger N/A $2,349.59 $290.43

Source: Las Vegas Valley Water District. Note: SNWA infrastructure rates based on a 30-day billing period.

PHOTO – Lake Mead: Lake Mead provides 90 percent of Southern Nevada’s water supply. Of the seven states that share the Colorado River, Nevada is the smallest user.

Business » Utilities 161 2019 LAS VEGAS PERSPECTIVE Business

Southern Nevada Water Authority (SNWA) The Southern Nevada Water Authority (SNWA) is a not-for-profit, regional water agency established in 1991 to address Southern Nevada’s unique water needs on a Established: 1991 regional basis. The SNWA is responsible for treating and delivering high-quality water, Leadership: operating and managing regional water facilities, and implementing comprehensive water conservation programs. The wholesale water agency also maintains a 50-year ›› SNWA Board of Directors water resource plan to ensure a secure water supply for Southern Nevada over the ›› John J. Entsminger, General Manager next half-century. ›› David L. Johnson, Deputy General Manager of Engineering/Operations Sustainably using its water resources, Southern Nevada also employs community- ›› Julie A. Wilcox, Deputy General Manager wide water reuse, reclaiming and returning nearly all water used indoors back to Lake of Administration Mead where it can be used again. Indoor water use accounts for about 40 percent of the community’s total water usage, while water used outdoors, primarily for landscape ›› Kevin E. Bethel, Chief Financial Officer irrigation, accounts for about 60 percent. ›› Gregory J. Walch, General Counsel Enhancing its flagship water conservation initiative, SNWA last year boosted the Employees: 1,300 Utilities incentive in its popular Water Smart Landscapes Rebate program (WSL) to $3 per square-foot of grass converted to water-efficient landscaping. The program saves Operating Budget: $141 million 55 gallons for every square foot of grass converted. Since 1999, local residents and Mission: Provide world-class water service in a businesses have converted more than 188 million square feet of grass to water- sustainable, adaptive and responsible manner to our efficient landscapes, saving the community a cumulative 129 billions of gallons customers through reliable, cost-effective systems. of water. Services Provided: Treatment and delivery of Moving forward, the SNWA is working with local municipal agencies to prohibit wholesale water, regional water supply planning and decorative turf installation, such as grass at neighborhood entrances and traffic management, water quality testing and compliance, medians. By eliminating such “useless” grass—which often is never used except by a and regional water conservation programs. lawn mower—the community could save an additional 12 billion gallons of water. Website: snwa.com With an eye toward promoting more efficient use of water in the commercial and multi-family home sectors, the SNWA last year also boosted provisions of its Water Efficient Technologies (WET) Program. Businesses that incorporate water- saving appliances, fixtures, and other efficiency devices into their operations can receive a financial incentive to help offset costs for making their investment. WET participants recognize that being water-smart is good for their business, and since 2001, local businesses have saved more than 14 billion gallons of water through the WET program. Regionally, the SNWA last year signed on to the Lower Colorado River Basin Drought Contingency Plan (DCP). Under the terms of this landmark agreement, the Lower Basin states of Nevada, Arizona, and California would make a series of voluntary reductions from their Colorado River withdrawal allotments to help protect water levels in Lake Mead, the source of 90 percent of Southern Nevada’s water supply. Terms of the DCP would allow the states to recover some of their voluntary withdrawal reductions in the event Lake Mead’s elevation rises. Even under ongoing drought conditions, Southern Nevada has sufficient resources to meet the community’s water needs well into the future. Continued conservation efforts by residents and businesses remains a critical component to managing current and future water resources. SNWA member agencies include the Big Bend Water District in Laughlin; the cities of Las Vegas, Henderson, North Las Vegas, and Boulder City; the Clark County Water Reclamation District; and the Las Vegas Valley Water District. Together, these seven agencies provide water and wastewater services to Southern Nevada’s two million residents and more than 40 million annual visitors. For more information about the Southern Nevada Water Authority, visit snwa.com.

PHOTO – Grass Removal: Southern Nevada has upgraded more than 188 million square feet of grass to water-smart landscaping, saving more than 129 billion gallons of water.

162 Business » Utilities 2019 LAS VEGAS PERSPECTIVE Business

Single-Family Residential Rates and Thresholds METER MONTHLY RATE METER MONTHLY RATE SIZE SERVICE THRESHOLD PER 1,000 SIZE SERVICE THRESHOLD PER 1,000 (INCHES) CHARGE TIER X 1,000 GALLONS GALLONS (INCHES) CHARGE TIER X 1,000 GALLONS GALLONS 5/8" $11.08 1 0 - 5 $1.28 3 20.33 - 57.5 $3.40 2 5.01 - 10 $2.28 4 57.51 and over $5.04 3 10.01 - 20 $3.40 1.5" $24.49 1 0 - 18.6 $1.28 4 20.01 and over $5.04 2 18.61 - 37.2 $2.28 3/4" $12.75 1 0 - 6.8 $1.28 3 37.21 - 175.7 $3.40 2 6.81 - 13.5 $2.28 4 175.71 and over $5.04 3 13.51 - 27.0 $3.40 2" $34.56 1 0 - 28.71 $1.28 4 27.01 - and over $5.04 2 28.72 - 57.43 $2.28 Utilities 1" $16.11 1 0 - 10.1 $1.28 3 57.44 - 385.26 $3.40 2 10.11 - 20.32 $2.28 4 385.27 and over $5.04

Non Single-Family Residential Rates and Thresholds METER MONTHLY RATE METER MONTHLY RATE SIZE SERVICE THRESHOLD PER 1,000 SIZE SERVICE THRESHOLD PER 1,000 (INCHES) CHARGE TIER X 1,000 GALLONS GALLONS (INCHES) CHARGE TIER X 1,000 GALLONS GALLONS 3 160.01 -1,440 $3.40 5/8" $11.08 1 0 - 5 $1.28 4 1,440.01 and over $5.04 2 5.01 - 10 $2.28 4" $91.63 1 0 - 125 $1.28 3 10.01 - 20 $3.40 2 125.01 - 250 $2.28 4 20.01 and over $5.04 3 250.01 - 4,000 $3.40 3/4" $12.75 1 0 - 7.5 $1.28 4 4,000.01 and over $5.04 2 7.51 - 15 $2.28 6" $175.54 1 0 - 250 $1.28 3 15.01 - 30 $3.40 2 250.01 - 500 $2.28 4 30.01 and over $5.04 3 500.01 - 12,500 $3.40 1" $16.11 1 0 - 12.5 $1.28 4 12,500.01 and over $5.04 2 12.51 - 25 $2.28 8" $276.23 1 0 - 400 $1.28 3 25.01 - 75 $3.40 2 400.01 - 800 $2.28 4 75.01 and over $5.04 3 800.01 - 24,000 $3.40 1.5" $24.49 1 0 - 25 $1.28 4 24,000.01 and over $5.04 2 25.01 50 $2.28 10" $393.71 1 0 - 575 $1.28 3 50.01 - 250 $3.40 2 575.01 - 1,150 $2.28 4 250.01 and over $5.04 3 1,150.01 - 40,250 $3.40 2" $34.56 1 0 - 40 $1.28 4 40,250.01 and over $5.04 2 40.01 - 80 $2.28 12" $578.32 1 0 - 850 $1.28 3 80.01 - 560 $3.40 2 850.01 - 1,700 $2.28 4 560.01 and over $5.04 3 17,00.01 - 59,500 $3.40 3" $61.42 1 0 - 80 $1.28 4 59,500.01 and over $5.04 2 80.01 - 160 $2.28

Source: Las Vegas Valley Water District Note: Rates based on a 30-day billing period. Service charges and thresholds vary based on the number of days in the billing period. Rates exclude Commodity Charge ($0.48 per 1,000 gallons) and Reliability Surcharge (calculated as a percentage of the total bill: residential at 0.25 percent; commercial at 2.5 percent).

Business » Utilities 163 It matters who you grow your business with. IT MATTERS WHO YOU BANK WITH ®

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A division of Zions Bancorporation, N.A. Member FDIC 2019 LAS VEGAS PERSPECTIVE Business

Banking

Banks in Clark County NAME BRANCHES TOTAL ASSETS (IN THOUSANDS) American First National Bank 1 $1,587,3461 Armed Forces Bank, National Association 1 $1,077,5701 Axos Bank 1 $9,796,6741 Bank of America, National Association 49 $1,782,639,0001 Bank of George 2 $238,478 Bank of the West 4 $87,392,5571 Beal Bank USA 1 $5,331,5761 BNY Mellon, National Association 1 $28,875,8701 Cathay Bank 1 $16,765,6331 Charles Schwab Bank 1 $234,032,000 Banking Charles Schwab Premier Bank 1 $15,233,000 Charles Schwab Trust Bank 1 $390,022 Citibank, National Association 9 $1,406,717,0001 City National Bank 5 $50,703,9181 Credit One Bank, National Association 1 $385,194 Crescent Bank & Trust 1 $978,5431 East West Bank 1 $41,017,4211 First American Trust, FSB 1 $4,108,9361 First Foundation Bank 1 $5,836,7841 First Savings Bank 1 $784,3981 First Security Bank of Nevada 2 $202,392 JPMorgan Chase Bank, National Association 48 $2,218,960,0001 Kirkwood Bank of Nevada 2 $86,202 Meadows Bank 2 $858,6881 MidCountry Bank 1 $786,2871 Mutual of Omaha Bank 3 $8,516,0511 Nevada Bank and Trust Company 1 $127,606 Pacific Premier Bank 1 $11,486,8591 Royal Business Bank 1 $2,971,1821 The Northern Trust Company 1 $131,695,5511 Town & Country Bank 5 $172,757 Toyota Financial Savings Bank 1 $1,028,840 U.S. Bank National Association 64 $459,476,6041 USAA Savings Bank 1 $1,674,217 Valley Bank of Nevada 2 $134,537 Washington Federal, National Association 6 $16,190,3941 Wells Fargo Bank, National Association 72 $1,689,351,0001 Wells Fargo Financial National Bank 1 $9,965,024 West Valley National Bank 1 $57,9411 Western Alliance Bank 10 $23,138,3931 Wilmington Savings Fund Society, FSB 1 $7,183,0221 Wilmington Trust, National Association 1 $4,322,1381 Zions Bancorporation, N.A. 31 $68,745,7451

Source: Federal Deposit Insurance Corporation (FDIC). Data as of December 2018. Note: Total assets in Nevada only unless otherwise specified.1 Total assets (assets unavailable by state).

Business » Banking 165 2019 LAS VEGAS PERSPECTIVE Business

Credit Unions in Clark County CREDIT UNION FEDERAL/STATE PHONE Aloha Pacific FCU Federal 776-6900 America First FCU Federal (800) 999-3961 Boulder Dam Credit Union State 293-7777 Clark County Credit Union State 228-2228 Credit Union 1 State 735-2181 InTouch Credit Union State (800) 337-3328 Las Vegas UP Employees FCU Federal 382-9688 Mountain America CU Federal 251-5750 Navy Federal CU Federal (888) 842-6328 One Nevada CU Federal 457-1000 Plus Credit Union State 871-4746 SCE FCU Federal (800) 866-6474 Banking Sierra Pacific FCU Federal 876-7229 Silver State Schools CU State 733-8820 UNIFY Financial Credit Union Federal (877) 254-9328 WestStar Credit Union State 791-4777

Note: For local calls in the Las Vegas area, dial (702).

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166 Business » Banking 24214 live area 7.2x9.625 trim size 8.375x10.875 bleed size 8.875x11.375 4c

Turn your business ideas into a business plan

As a business owner, you’re focused on the 3. A business plan may help you as you seek funding for day-to-day. It’s challenging and rewarding. You your business. Some lenders require a formal plan before have a vision for your business and where you want extending a loan or line of credit. Investors also want to see to go next, but the daily demands may make it hard how you map out your strategy and goals. to turn your vision into a formal business plan. 4. A business plan outlines current and future obstacles But having that business plan is critical. It’s your road map. you might face. Your plan will include a description of your It helps you balance short- and long-term goals, assess products or services, your plans for generating revenue, customer needs, and size up your competition. It’s a real- your target customers, trends in your industry, what your time document that charts where you’re going and how competitors are doing, and what resources you might you’re going to get there. It’s a foundation for future success. need. This information may help you anticipate and avoid Creating a business plan with the right tools and guidance potential risks in these areas instead of reacting to them. may pay off in a big way. Consider these five reasons why you should create a business plan. 5. Turning your ideas into a formal plan may help you navigate internal challenges. By clearly defining roles 1. A business plan may help serve as a guide through and a strategy everyone agrees on, you may be able to your company’s life cycle, from start-up to growth to prevent conflicts between owners, employees, and other succession planning. Gaining competitive intelligence key stakeholders. and customer insights is critical for your plan. You just As your business grows and changes, adjust your plan might discover a new target market that’s willing to pay accordingly. Revisit it annually, biannually, or quarterly. a premium price for your product or service. With that This makes your business plan a living document that may information, you might retarget your marketing efforts, help keep you on track to achieve your goals, whatever improve customer loyalty, or maximize sales. they might be.

2. A business plan may help you determine how to spend Start building your business plan today by accessing your time and money most effectively. It may be able to help you estimate what you’ll need to spend to reach your the tools and learning resources in the Business Plan goals, whether that means adding an IT expert or retaining Center at WellsFargoWorks.com/plan. an accountant.

Information and views provided through this article are general in nature and for your consideration and are not legal, tax, or investment advice. Please contact your own legal, tax, or financial advisors regarding your specific business needs before taking any action based upon this information. © 2019 Wells Fargo Bank, N.A. All rights reserved. IHA-24214 2019 LAS VEGAS PERSPECTIVE Business

Annual Financial Services Back Office Cost Rankings LOCATION TOTAL ANNUAL OPERATING COST New York, New York $13,790,072 London, United Kingdom $13,373,584 Boston, Massachusetts $12,801,867 Stamford, Connecticut $12,727,557 Chicago, Illinois $12,270,312 Baltimore, Maryland $11,926,039 Minneapolis, Minnesota $11,818,378 Miami, Florida $11,151,429 LAS VEGAS, NEVADA $11,133,001 Madrid, Spain $7,129,332 Warsaw, Poland $5,286,514

Banking Source: The Boyd Co., Inc., Princeton, NJ. Note: Total operating costs in the table are based on a representative financial services back office employing 125 workers and occupying 30,000 square feet.

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Pacific Premier Bank is a wholly owned subsidiary of Pacific Premier Bancorp, Inc. From Forbes.com, Jan 16, 2019 © 2019 Forbes. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited. Pacific Premier Bank is a registered trademark.

168 Business » Banking