Silver lining
Count this as a plus for living in Nevada.
The Silver State has one of the lowest overall property tax rates in the country, according to a new report.
The state ranked as the third cheapest behind only Hawaii and Alabama for overall real estate property taxes, according to a WalletHub report that pulled data from the U.S. Census Bureau. Nevada’s effective real estate tax sits at 0.47 percent, and the average annual taxes on a home costing $332,700 is $1,549.
—Patrick Blennerhassett
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Booking sales up
The Las Vegas Convention and Visitors Authority destination sales group booked 221 future events in February and March for Las Vegas — 38 percent of them new to the city — resulting in a projected 480,000 hotel room nights.
That’s a 58 percent year-over-year increase from last season’s events total.
“A lot of the success in February and March, though, were really generated by our retention and repeat customers who continue to say Las Vegas is their home, and this is where they have success when they choose us for their meetings and events,” Chief Sales Officer Vanessa Claspill said at a recent LVCVA board of directors meeting.
The LVCVA team secured business from rival convention cities such as Chicago.
— Richard N. Velotta
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$2B slice of cake
Let them buy cake.
After years of rapid growth, former Las Vegas-based Nothing Bundt Cakes will be acquired by private equity firm KKR for over $2 billion, The Wall Street Journal reported.
The bakery founded in 1997 in Las Vegas by friends Dena Tripp and Debbie Shwetz is the nation’s largest specialty cake company. Their children, Jenna Lamb and Sean Tripp, separately are franchise owners. The now Dallas-based company sold to Roark in 2021.
The largely franchised bakery chain expects to generate around $120 million in earnings before interest, taxes, depreciation and amortization this year, Reuters reported.
Its 800th location opened April 15 in East Bakersfield, California.
—Erin Edgemon
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On the Strip
Five new retailers and restaurants are slated to open this spring at the massive BLVD shopping center on the Las Vegas Strip. Tenshou, the Japanese restaurant, and a second Vegas location for Silverlake Ramen, are planned for BLVD, a three-level dining, retail and entertainment complex across from the Waldorf Astoria.
They will be joined by Chinese retailer Miniso, Boot Barn and Sunglass Hut.
A giant In-N-Out Burger is anticipated to open this summer. Coming next year will be Netflix House, which will offer story-driven experiences based on the streaming giant’s portfolio.
—Emerson Drewes
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“Las Vegas stands out as one of the few large Western cities where $400,000 buys roughly the national median home size, about 1,828 square feet in our data,” Alexandra Popa, a spokesperson for Property Shark, said. “That’s approximately five times what the same budget gets in San Francisco and roughly three times what it covers in Los Angeles, which helps explain why the city continues to draw relocators from higher-cost coastal metros.”
