A bill that attempts to close a tax loophole revealed by a Review-Journal investigation passed the Legislature and awaits action by Gov. Joe Lombardo.
Eli Segall
Reporter: Real estate
Email: esegall@reviewjournal.com
Phone: (702) 383-0342
X: @eli_segall
Eli Segall joined the Review-Journal in August 2016 after covering real estate and other business topics for four years at the Las Vegas Sun. He also worked for the Silicon Valley/San Jose Business Journal, The Associated Press and other news groups. Segall has a bachelor’s in political science from the University of Michigan and a master’s in journalism from the University of Maryland. His awards include 2017 Story of the Year from the Nevada Press Association.
Experts say the legislation to close the transfer tax loophole will not result in a significant increase in the payments.
Nevada lawmakers are looking to close a loophole that has let casinos and other big property owners avoid paying transfer taxes.
Vici Properties generated $2.6 billion in revenue last year and said about 45 percent of the haul stemmed from its properties on Las Vegas Boulevard.
The towering north Strip resort is set to open this year, following prior stops and starts.
Lawmakers introduced the bill in response to a Review-Journal investigation that showed some of the largest real estate transactions did not pay a transfer tax.
The new 12-story building at the Henderson casino-resort is slated to feature 375 rooms and about 15,000 square feet of additional ballroom space.
A North Dakota tribal nation closed its $10.25 million purchase of the former White Sands Motel site last week.
Work crews had torn down most of Fiesta Rancho’s hotel tower, on the north side of the property, as of Thursday morning.
The housing market started 2023 on a slow note, and though mortgage rates have been volatile lately, buyers have been returning.
The 2.2-acre compound boasts unobstructed views of the Strip, 18-car garage, gym, outdoor sport court, pizza oven, 50-plus-foot-long pool and spa, and two-story guest house.
The White Sands Motel, built in the 1950s during Las Vegas’ mafia days, is a run-down property across from the Luxor that many people likely don’t even realize is there.
Las Vegas’ famed casino corridor is a highly lucrative and competitive tourism market, where massive resorts offer extensive and ever-changing menus of amenities.
Longtime developer Larry Canarelli and investment banker Viney Singal on Wednesday unveiled their new venture together, Capro Capital.
Proposed legislation would ensure the tax still applies if the property is transferred to a business entity that was “formed for the purpose of avoiding those taxes.”
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