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- 🏢 WeWork to Maintain Presence in Las Vegas Post-Bankruptcy
🏢 WeWork to Maintain Presence in Las Vegas Post-Bankruptcy
Issue #155 - May 10, 2024
John Wu
10 May
Dear SummerSouth Insiders!
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📆 Weekly Local Events for May 2024
Regular weekly events in or near Summerlin, Las Vegas are listed below.
Visit here to lookup specific venue information or for upcoming and/or non-weekly events on Meetup.
Monday
Monday Classes At Latin Blendz: (Every week on Monday @ 10AM)
Socially Vegas - Monday Night Bowling @ The Orleans Bowling Center: Must arrive/check-in before 7pm; 7 - 10pm (Every week on Monday); COST (CASH Only) $10 for 2 games (includes shoes) COST: $12 for 3 games (includes shoes)
Monday Night TRIVIA at ReBAR, 1225 S Main St, Las Vegas: (Every week on Monday @ 7PM)
Tuesday
Terrific Tuesday Fun Pickleball @ Police Memorial, Bring a Chair: (Every week on Tuesday @ 2PM)
Sand Volleyball Intermediate, Rusty and Old Time Players @ Aloha Shores Park (NW), Cheyenne & Buffalo, 7550 Sauer St, Las Vegas: (Every week on Tuesday @ 6 - 8 PM)
Run Drink Las Vegas - Weekly Tuesday Run @ Frankie’s Uptown patio: 6:30 - 8:30 PM (Every week on Tuesday), FOLLOW US ON INSTAGRAM @rundrinklv FOR THE LATEST WEATHER/TIMING UPDATES
Coed Soccer - Summerlin: Crossings Park, 1111 Crestdale Ln, Las Vegas: 7:30 - 9:45 PM (Every week on Tuesday/Thursday)
Wednesday
Business Leads Group - Networking Breakfast @ Summit Restaurant, Eagle Crest Golf Course, 2215 Thomas W Ryan Blvd, Las Vegas: Cost $20 cash, 7 - 8:30 AM (Every week on Wednesday)
Early Risers Toastmasters Meeting (In-Person - Summerlin Egg Works / Online Event: 7 - 8 AM (Every week on Wednesday)
Las Vegas Valley Bicycle Club - Wednesday Morning Ride @ Einstein Bagels: 9 - 11:30 AM (Every week on Wednesday)
Speakers & Leaders of Summerlin Toastmasters Meeting, Summerlin Egg Works, 2025 Village Center Cir, Las Vegas: 12 - 1:30 PM (Every week on Wednesday)
Live Music Yoga w/ Cheryl Slader @ Blue Sky Yoga: (Suggested Donation $12); 5:30 - 6:45 PM (Every week on Wednesday)
Country Crossroads Dance, Rhythms Dance Studio & Event Center, 4545 W Sahara Ave, Las Vegas: $15 Drop-in Rate / $50 for the whole month: 8 - 9 PM (Every week on Wednesday)
Thursday
Abundance Business Networking Group Online Event: 7 - 8:30 AM (Every week on Thursday). Please arrive 10-15 minutes early for networking. Steps to access our BNI Online™ Virtual Chapter Meeting, visit website.
Las Vegas Real Estate Investors Association - Weekly Power Lunch For Real Estate Investors: 11 AM - 1 PM (Every week on Thursday). Request to join here.
Free Salsa Classes @ Feel The Music Dance Studio: 7 - 8 PM (Every week on Thursday). Visit the website to register online.
Summerlin Bitcoin Happy Hour, SG Bar, 9580 W Flamingo Rd, Las Vegas: 6:30 PM (Every week on Thursday)
Coed Soccer - Summerlin: Crossings Park, 1111 Crestdale Ln, Las Vegas: 7:30 - 9:45 PM (Every week on Tuesday/Thursday)
Friday
Find Your Yoga Las Vegas - Flow & Yin W / Noé Hilyard @ Yoga Sanctuary: 6 - 7:15 PM (Every week on Friday) View Yoga Sanctuary's full schedule.
Swing Dancing in Las Vegas Vintage and Modern Swing Dances @ The Mint Tavern: 7:30 - 8:30 PM (Every week on Friday)
Saturday
Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday)
Find Your Yoga Las Vegas - Saturday Morning Meditation with Practitioner Selina Kelly @ Yoga Kandy, LLC. Cost: Love Donation $5-$10 suggested. 11 - 11:45 AM (Every week on Saturday)
Sunday
Las Vegas Valley Bicycle Club - Sunday Morning Ride @ Einstein Bagels: 9 - 11:30 AM (Every week on Sunday)
Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday)
Level 1 West Coast Swing @ 2580 N Rancho Dr, North Las Vegas: 7 - 8 PM (Every week on Tuesday); Drop in Rate is $15, Monthly pass is $50; Register online.
🌤 Summerlin South, Las Vegas Weather
⛽ Las Vegas Gas Prices
🏢 WeWork to Maintain Presence in Las Vegas Post-Bankruptcy
Coworking space provider WeWork has confirmed that it will maintain its operations in Las Vegas following its bankruptcy proceedings. The announcement comes after several months of negotiations and reorganization efforts. WeWork, which currently operates two office locations in Las Vegas totaling 138,000 square feet, will continue to serve its clientele from these sites.
The Two Summerlin building hosts one of WeWork's offices, spanning 47,000 square feet. The other, larger space is located in Town Square, covering 91,000 square feet. These offices have remained operational throughout the bankruptcy process which began in November when WeWork sought protection.
In April, WeWork secured $450 million in financing, pending court approval, to support its operations and navigate through the bankruptcy. The company anticipates concluding its restructuring by the end of May.
Beyond Nevada, WeWork also plans to retain offices in at least eight other major U.S. cities including Detroit, Atlanta, and Portland, Oregon. According to Peter Greenspan, WeWork’s global head of real estate, these locations represent some of the company’s "strongest and most popular" markets. Greenspan emphasized the improved operational efficiency across these markets and the company's commitment to delivering the flexibility and services that today's workforce demands.
The decision to continue operations in Las Vegas reflects the strength of the local office market, which has proven robust compared to national averages. At the end of 2023, the vacancy rate for office space in the Las Vegas Valley stood at 11.1 percent, significantly lower than the national average of 16 percent. This resilience is attributed to the availability of office spaces that accommodate hybrid work schedules, increasingly preferred by businesses.
🏈 Raiders Kick Off Rookie Minicamp by Signing Most of Draft Class
On the eve of their rookie minicamp, the Las Vegas Raiders have made significant strides in securing their future talent. The team announced on Thursday that six out of their eight-player draft class have agreed to terms, including their top pick, Brock Bowers.
Brock Bowers, the standout tight end from the University of Georgia, was selected 13th overall in the draft. Over his three seasons with the Bulldogs, Bowers impressed with his performance, catching 175 passes for a total of 2,538 yards and scoring 26 touchdowns. His new contract with the Raiders includes a four-year term with a fifth-year option, $18.1 million in guarantees, and a $10 million signing bonus.
In addition to Bowers, the Raiders have also signed Decamerion Richardson, a cornerback from Mississippi State, picked in the fourth round; fifth-round pick Tommy Eichenberg, a linebacker from Ohio State; Dylan Laube, a running back from New Hampshire selected in the sixth round; and two seventh-round picks, Air Force safety Trey Taylor and Pittsburgh cornerback M.J. Devonshire.
These newly signed players bring a mix of defensive and offensive skills that are poised to bolster the Raiders' lineup. Richardson, a two-year starter, ended his college career with 177 tackles, one sack, and 10 pass breakups. Eichenberg, with three years as a starter at Ohio State, amassed 268 tackles, 21 for loss, and added five pass breakups and two interceptions to his name.
Dylan Laube’s versatility was showcased through his impressive stats at New Hampshire, accumulating 2,773 rushing yards, 1,791 receiving yards, along with substantial kickoff and punt return yardage, totaling 47 touchdowns. Trey Taylor, starting three seasons for the Air Force, recorded 205 tackles and six interceptions, while M.J. Devonshire played 50 games across his time with Kentucky and Pittsburgh, achieving 89 tackles, 23 pass breakups, and eight interceptions.
As the Raiders’ rookies gear up for a two-day camp starting Friday, only Jackson Powers-Johnson, a second-round guard from Oregon, and DJ Glaze, a third-round offensive lineman from Maryland, remain unsigned. This rapid progression in signing indicates a promising start to the Raiders’ preparations for the upcoming season.
🏡 Henderson Real Estate Booms with New Luxury Developments and Retail Expansion
Henderson, Nevada is witnessing a surge in luxury real estate developments, highlighting a robust growth phase for this affluent region. The newly announced $30 million SkyVu community within the prestigious MacDonald Highlands enclave has already seen brisk sales, with 35% of the homes sold shortly after launching. Developed by Christopher Homes, this exclusive five-home project offers stunning views of the Las Vegas Valley, bolstered by the security of a guard-gated entrance.
SkyVu homes are priced between $2 and $6 million, featuring modern open floor plans, private courtyards, and spa-inspired bathrooms, all equipped with Tesla solar panels. The larger MacDonald Highlands community, already well-known for its luxury living, consists of over 100 high-end homes, varying in size from 3,500 to over 6,500 square feet.
Adjacent to this, Henderson’s Ascaya development has begun construction on 51 multimillion-dollar residences as part of The Canyon project, led by renowned architect-designer Blue Heron. These unique “stacked flat”-style homes incorporate two separate residences, one atop the other, offering three to four bedrooms each. Construction is projected to complete by the second quarter of 2025, with prices starting at $2.9 million.
Further enhancing Henderson’s residential landscape, one of America’s largest homebuilders, Lennar Corp., has acquired 37 acres for $45 million. The Miami-based builder plans to develop a new single-family community on the site previously held by Trilogy Land Holdings LLC, with the transaction finalized this past March.
To complement the burgeoning residential scene, a new 100,000-square-foot retail center, The Cliff, is set to replace an aging office complex in Green Valley Ranch. Revealed in April, this open-air shopping destination is located strategically at 2500 to 2550 Paseo Verde Parkway near the 215 Beltway and St. Rose Parkway, poised to support the influx of residents with a variety of retail options and services.
These developments reflect a significant investment in Henderson’s future, promising to enhance the quality of life and boost the local economy through high-end residential and commercial growth.
🎰 PlayAGS Inc. Acquired by Brightstar Capital in $1.1 Billion Deal
Las Vegas-based gaming equipment manufacturer PlayAGS Inc. is set to be acquired by New York's Brightstar Capital Partners in a substantial $1.1 billion cash transaction. The deal, announced on Thursday, offers PlayAGS shareholders $12.50 per share, marking a 40 percent premium over the company’s closing stock price on Wednesday. Following the announcement, PlayAGS shares saw a significant increase, jumping 26.6 percent in heavy trading on the Nasdaq exchange.
The acquisition encompasses the manufacturer known for its table games, slot machines, and interactive games, including popular franchises such as Burning Tiger, Butterfly Rise, and Blissful Fortune. PlayAGS, which boasts over 800 full-time employees, has also developed several progressive jackpots for blackjack side bets and card shufflers.
Brightstar Capital Partners, focusing on investments in industrial, manufacturing, and service sectors, aims to leverage its expertise to enhance the management, operations, and strategic trajectory of PlayAGS. According to PlayAGS President and CEO David Lopez, the partnership with Brightstar is expected to open a new chapter for the company, driving forward its commitment to providing innovative gaming solutions. Lopez highlighted the potential for targeted investments in research and development, talent acquisition, and operational enhancements, which are anticipated to expand AGS's global presence significantly.
The board of directors of PlayAGS has recommended the transaction for shareholder approval, which remains subject to regulator
Summerlin Area Command - Week Ending: May 3, 2024
Courtesy of The Las Vegas Metropolitan Police Department.
📌🏠 Summerlin South - April 2024
*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.
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