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Work Begins on New Transit Line Linking LasVegas and Henderson

LAS VEGAS -- The Regional Transportation Commission of Southern Nevada is marking the start of work on a 15-mile transit line connecting downtown Las Vegas and Henderson.

Groundbreaking is Thursday on the ACE Green Line, which is expected to begin service in 2011. Officials say it'll be like the ACE Gold Line, which began service last month and uses buses resembling light rail trains traveling from downtown Las Vegas and government centers to a South Strip Transfer Terminal near the 215 Beltway.

The ACE Green Line will use dedicated curbside transit lanes on a route from downtown Las Vegas to Tropicana Avenue to Horizon Drive. Officials say it's funded in part by federal American Recovery and Reinvestment Act stimulus funds.

 

(Copyright 2010 by The Associated Press. All Rights Reserved.)

 

Virgin Atlantic Expanding Flights to United Kingdom in 2011

LAS VEGAS-Virgin Atlantic announced today that it will begin twice weekly service between Las Vegas and Manchester in the United Kingdom. The flights will begin in April 2011. The new flights will fly out of Las Vegas on Thursdays and Sundays.

Virgin Atlantic spokesperson said that the decision to expand their Manchester flying program underlines Virgin Atlantic's commitment to flying to long-haul destinations from regional airports in the United Kingdom.

Governor Gibbons News Conference Today on Health Reform

LAS VEGAS -- Nevada Gov. Jim Gibbons will hold a news conference in Las Vegas to announce what he intends to do about federal health reform.

The Republican governor has been publicly feuding with Democratic Attorney General Catherine Cortez Masto, who refused his directive to sue the federal government over the bill passed by Congress and signed last month by President Obama. Gibbons' news conference is at noon Tuesday in Las Vegas.

Gibbons argues the law tramples state's rights and amounts to unfunded mandates that will cost the state millions in added Medicaid costs. Masto says the Constitution gives Congress broad powers to regulate commerce. She says 14 other states have already sued, and that any outcome would apply to Nevada even if the state doesn't join the suit.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

Nation's Economy Posted Its Largest Job Gain In Three Years

WASHINGTON (AP) -- The nation's economy posted its largest job gain in three years in March, while the unemployment rate remained at 9.7 percent for the third straight month.

The increase is the latest sign that the economic recovery is sustainable and healing in the job market is beginning. Still, the healing is likely to be slow, and most economists don't expect job creation to be fast enough this year to rapidly reduce the unemployment rate. The Labor Department said employers added 162,000 jobs in March, the most since the recession began but below analysts' expectations of 190,000. The total includes 48,000 temporary workers hired for the U.S. Census, also fewer than many economists forecast.

Minimum Wage to Increase for Nevada Workers

CARSON CITY, Nev. -- Minimum wage workers in Nevada will be getting a raise under new requirements announced by the state labor commissioner.

Beginning July 1, Commissioner Michael Tanchek says the minimum wage for workers who also receive qualified health benefits from their employer will increase 70 cents to $7.25 per hour. The minimum hourly wage for workers who don't have employer-paid insurance will rise to $8.25.

Under a voter approved constitutional amendment passed in 2006, Nevada's minimum wage is adjusted annually based on increases in the federal minimum wage over $5.15 per hour, or, if greater, by the cumulative increase in the cost of living. Tanchek says this year's adjustment in Nevada incorporates the final phase of a $2.10 increase in the federal minimum wage that went into effect in 2007.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

More Homeowners Falling Delinquent on Mortgages

LAS VEGAS -- The number of Southern Nevada homeowners delinquent on their mortgage payments has climbed steadily for the past several months. In some cases, it's people just willing to walk away from their homes, and in other cases, homeowners are holding out hope that they will get a loan modification.

In any given neighborhood, chances are good that a homeowner is the process of walking away from their mortgage. In the past, five months was typically the longest a homeowner could stay in their home until the bank would come knocking. But that is no longer the case.

Nick Nolf with The Nolf Group has been in the real estate business through the boom, the bust, and now the slow turn-around.

Station Casinos to Reorganize Under Chapter 11

Station Casinos and its subsidiaries have announced that they have filed a Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code.

As part of the plan, the mortgage lenders that are holding debt secured by Red Rock Casino Resort Spa, Palace Station, Boulder Station, and Sunset Station will become the equity owners of a newly-formed company and will sell 46% of the equity to Frank Fertitta III and Lorenzo Fertitta, who will make a significant new investment to purchase their equity in the new company. 

The remaining equity will be owned primarily by the Propco Lenders and Colony Capital, who will also be making a new investment in the company.  Fertitta Gaming, will also manage the Propco Properties under a long-term management agreement.