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❄ Las Vegas Valley Experiences First Sub-Freezing Temperatures of the Year

Issue #036 - January 12, 2024

Author

John Wu
12 Jan

❤️ Inside this issue of SummerSouth Insider..

📌❓🙋‍♂️🙋‍♀️ Trivia Question of the Day

📌📆 Local Events in January 2024 (Jan 12 - Jan 19)

📌🌤 Summerlin South, Las Vegas Weather

📌😜 Joke of the Day

❄ Las Vegas Valley Experiences First Sub-Freezing Temperatures of the Year

🏒 Golden Knights Undergo Ownership Change as Maloofs Sell Interests

💲↗ U.S. Inflation Rises in December, Challenging Fed's 2% Target

🙋‍♂️🙋‍♀️ Federal Judge Dismisses Lawsuit Challenging Trump's Candidacy in Nevada

🏨 Wynn Resorts' Third Tower Project in Las Vegas Faces Uncertain Future

🏒 Vegas Golden Knights Clinch Overtime Win with Alex Pietrangelo's Goal

 📌⛽ What Are You Paying at the Pump? (January 11, 2024)

📌👮‍♂️ LVMPD Weekly Statistical Crime Briefing Report (week ending 1-5-24)

📌🏠 Summerlin South Housing Market Report - December 2023

📌✅ We Want To Spotlight Your Business!

❓🙋‍♂️🙋‍♀️ Trivia Question of the Day

📆 Local Events in January 2024 (Jan 12 - Jan 19)

Friday, January 12, 2024

  Find Your Yoga Las Vegas - Flow & Yin W / Noé Hilyard: 6 - 7:15 PM (Every week on Friday)

Saturday, January 13, 2024

 Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday in January and February)

 Vegas Hikers - Ike’s Peak 4.3 Mile (southwest) 2 groups: 12:30 - 3:30 PM (Every week on Saturday until March 29, 2024)

Sunday, January 14, 2024

 Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday in January and February)

Monday, January 15, 2024 (Holiday - Martin Luther King Jr. Day)

Tuesday, January 16, 2024

Wednesday, January 17, 2024

  Speakers & Leaders of Summerlin Toastmasters Meeting: 12 - 1:30 PM (Every week on Wednesday)

Thursday, January 18, 2024

 Summerlin Bitcoin Happy Hour: 7 - 9 PM (Every week on Thursday)

Friday, January 19, 2024

 Find Your Yoga Las Vegas - Flow & Yin W / Noé Hilyard: 6 - 7:15 PM (Every week on Friday)

🌤 Summerlin South, Las Vegas Weather

😜 Why did the bicycle fall over?

Scroll all the way to the bottom of the newsletter for the answer 👇

❄ Las Vegas Valley Experiences First Sub-Freezing Temperatures of the Year

Las Vegas Valley is experiencing its first freeze of the year, with the National Weather Service reporting a morning low of 31 degrees. This marks the first sub-freezing temperature of 2024 and the initial dip below freezing this winter season in Las Vegas. In addition to the cold, there's a possibility of snowfall in the area.

The valley is situated on the fringe of a storm system that might bring significant snow to the Eastern Sierra Mountains. Forecasters predict increasing clouds and potential rain showers early Thursday, which could turn into snow after 3 a.m. in the west valley, including areas like Summerlin. Wind speeds are expected to be between 7-13 mph, with gusts potentially reaching 20 mph.

The likelihood of precipitation is estimated at 50%, but little to no snow accumulation is anticipated. Lee Canyon, having already received 24 inches of snow this season, might see an additional 1-2 inches. However, the risk of snow in the valley decreases to about 20% by Thursday morning, with skies expected to clear and an afternoon high of 51 degrees forecasted. Wind gusts could intensify to 30 mph.

🏒 Golden Knights Undergo Ownership Change as Maloofs Sell Interests

The ownership landscape of the Vegas Golden Knights has undergone a significant change. Four members of the Maloof family - George, Gavin, Joe, and Phil - have sold their ownership stakes in the NHL franchise to the team's majority owner, Bill Foley. This announcement was made by the team on Thursday. Despite this shift, Adrienne Maloof will maintain her role as a limited partner in the franchise. The Maloof family, known for their integral role in bringing NHL hockey to Las Vegas, previously owned about 15% of the team.

Bill Foley expressed gratitude to the Maloof family for their substantial contributions to the Golden Knights, highlighting their efforts in establishing Las Vegas as a major professional sports market. The Maloofs have been a prominent part of the Las Vegas business community for over 30 years, with ventures including Fiesta Rancho and the Palms.

The exact reasons behind the Maloofs' divestment remain undisclosed, and it's unclear if this move is part of a strategy to invest in another sports entity. The Golden Knights, since joining the NHL in 2017, have seen their value skyrocket. Forbes recently appraised the franchise at $1.13 billion, marking a 17% increase from the previous year.

The Golden Knights have been a force to be reckoned with since their inception. In their inaugural season in 2017-2018, they made it all the way to the Stanley Cup Finals, only to lose to the Washington Capitals in five games. The team has continued to be a playoff contender each year, making it to the Western Conference Finals in the 2019-2020 season.

Bill Foley, the team's majority owner, has a history of success in the business world. He founded Fidelity National Financial in 1984 and has since grown it into one of the largest title insurance companies in the United States. Foley also owns several wineries, hotels, and ski resorts.

The Maloof family's decision to sell their stake in the Golden Knights may be part of a larger trend in sports ownership. In recent years, there has been a shift towards private equity firms and other institutional investors buying stakes in sports franchises. This could be due to the increasing value of sports franchises and the potential for high returns on investment.

Despite the change in ownership, the Vegas Golden Knights remain a formidable team in the NHL. With a talented roster and a dedicated fan base, the team is poised for continued success in the years to come.

💲↗ U.S. Inflation Rises in December, Challenging Fed's 2% Target

U.S. inflation rose in December, driven primarily by higher housing and energy prices, indicating that the Federal Reserve's effort to reduce inflation to its 2% target continues to face hurdles. The Labor Department reported a 0.3% increase in overall prices from November and a 3.4% rise from a year earlier, surpassing both the previous month's figures and economists' predictions.

The surge in prices was significantly influenced by rising costs in housing and energy. Core prices, which exclude volatile food and energy costs, also saw a 0.3% month-over-month increase, maintaining November's rate, and a 3.9% rise from the previous year. This increase in core prices is the most modest since May 2021 and is closely monitored by economists as a more stable indicator of inflation trends.

Despite a gradual decline in inflation from its mid-2022 peak of 9.1%, public dissatisfaction with the economy remains high due to the lingering impact of the worst inflation in four decades. This has resulted in a notable gap between the economy's underlying health and public perception, as evidenced by recent polls. While wage gains have outpaced inflation, many Americans still feel the strain of higher costs.

The Federal Reserve Bank of New York's recent report indicates that consumer expectations for future inflation have reduced, which could help mitigate further inflationary pressures. However, the task of reducing inflation to the Fed's 2% target remains challenging. The Fed has signaled potential interest rate cuts later in the year, but economists suggest that achieving the 2% target could be more difficult than initially reducing inflation from higher levels.

In response to inflation, small-business owners like Roberto Torres and Scott Christian have had to adjust their prices and strategies to manage increased costs and remain competitive.

🙋‍♂️🙋‍♀️ Federal Judge Dismisses Lawsuit Challenging Trump's Candidacy in Nevada

A federal lawsuit in Nevada, which aimed to challenge former President Donald Trump's eligibility to run for presidency again, was dismissed on Monday by U.S. District Judge Gloria M. Navarro. This dismissal resolves the legal obstacles to Trump’s candidacy in Nevada, following a prior withdrawal of a lawsuit by Republicans regarding the mandatory primary.

The lawsuit was filed by John Anthony Castro, a Texas presidential candidate, who questioned Trump's eligibility under the 14th Amendment's insurrection clause. However, Judge Navarro ruled that Castro lacked the standing to bring this lawsuit, as he had not suffered any direct injury from Trump’s presence on the primary ballot. This rationale is based on the principle that federal courts can only adjudicate cases where the plaintiff has experienced a tangible injury.

Navarro also noted that Castro and Trump would not be competing on the same ballot. Trump is participating in the Republican caucus, not the primary, and Nevada Republicans have decided that their candidate will be chosen in the Feb. 8 caucus, not the Feb. 6 primary. Candidates participating in the primary are deemed ineligible for delegates.

While the dismissal in Nevada does not address the broader question of Trump's eligibility under the 14th Amendment's insurrection clause, other lawsuits in Colorado and Maine continue to pursue this issue. The U.S. Supreme Court is expected to review the decision from Colorado regarding Trump's removal from the ballot.

🏨 Wynn Resorts' Third Tower Project in Las Vegas Faces Uncertain Future

Wynn Resorts' plans for constructing a third hotel tower in Las Vegas may be at risk. The company has requested a five-year extension from Clark County for its previously approved project to build a 1,110-room hotel tower on a 38-acre site near Fashion Show mall. The proposed project spans 3.4 million square feet, and the company seeks the extension to finalize its development plans for the site.

However, Clark County Building Department staff have recommended denying this extension. The original development plans were approved in 2015 as part of the now-abandoned Alon Las Vegas project, and Wynn acquired the lot in 2017 for $336 million. Since the acquisition, no concrete development timeline has been established.

The denial recommendation by county staff is due to the age of the original approval, lack of building permits or technical studies submitted for review, and changes in building regulations since the initial approval. Wynn had conducted a height study with the Federal Aviation Administration in 2022, indicating interest in maintaining future development rights for the lot.

Wynn's request for an extension is partially attributed to delays caused by the COVID-19 pandemic, which affected several of its development projects. The company is currently focused on other international and domestic ventures, including the development of the $3.9 billion Wynn Al Marjan Island resort in the UAE and expansions in Boston Harbor, Macau, and the bid for Wynn New York City. The matter of the extension is likely to be addressed by the county zoning commission in April.

🏒 Vegas Golden Knights Clinch Overtime Win with Alex Pietrangelo's Goal

The Vegas Golden Knights secured a 2-1 overtime victory against the Boston Bruins, thanks largely to goalkeeper Logan Thompson's exceptional performance. Despite concerns over his health following a recent illness, Thompson was in top form, making 32 saves, some in spectacular fashion, which kept the Knights in contention throughout the game.

The winning moment came in overtime, initiated by Jack Eichel from behind his own net. Eichel passed the puck to Mark Stone, who skillfully created a two-on-one opportunity with Alex Pietrangelo. Stone's tactical play made Hampus Lindholm commit and disbalanced Jeremy Swayman, setting up Pietrangelo for an easy tap-in goal just 46 seconds into the extra session.

Coach Bruce Cassidy praised the team, especially highlighting the playoff-type nature of the game and the team's resilience. The Knights' lead was earlier established by Eichel, who tipped Jonathan Marchessault’s shot for a power-play goal in the third period. Boston equalized later with Matt Grzelcyk's blue line shot, which appeared to deflect before passing Thompson.

Injuries were a concern for the Knights, with star forwards Eichel and Stone temporarily leaving the game but returning to assist on the winning goal. The team also recalled defenseman Kaedan Korczak and forward Jonas Rondbjerg from the AHL, both of whom played in Thursday’s game.

The goaltending situation for the Knights was a topic of interest, with Thompson recovering from illness to start and Isaiah Saville dressing as the backup, due to Jiri Patera and Adin Hill being unavailable.

⛽ What Are You Paying at the Pump? (January 11, 2024)

📌👮‍♂️ Statistical Crime Briefing

Summerlin Area Command - Week Ending: 2024-1-5

Courtesy of The Las Vegas Metropolitan Police Department. The entire report for all Area Commands may be viewed here.

📌🏠 Summerlin South Housing Market Report - December 2023

*Median Sold Price By Bedroom Count

This is the middle price for which all homes in the area were sold based on the number of bedrooms. Half of all the homes sold were below this price, and half were above.

Visit here to see the entire report.

📌✅ We Want To Spotlight Your Business!

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Joke of the Day Answer: Because it was two-tired!