Information for the city of Las Vegas
Las Vegas is an internationally renowned major resort city known primarily for gambling, shopping, fine dining and nightlife and is the leading financial and cultural center for Southern Nevada. The city bills itself as The Entertainment Capital of the World, and is famous for its mega casino hotels and associated entertainment. A growing retirement and family city, Las Vegas is the 31st most populous city in the United States, with a population at the 2010 census of 583,756. The 2010 population of the Las Vegas metropolitan area was 1,951,269. The city is one of the top three leading destinations in the United States for conventions, business and meetings. Today, Las Vegas is one of the top tourist destinations in the world.Established in 1905, Las Vegas was incorporated as a city in 1911. At the close of the 20th century, Las Vegas was the most populous American city founded in that century (a distinction held by Chicago in the 19th century). The city's tolerance for various forms of adult entertainment earned it the title of Sin City, and has made Las Vegas a popular setting for films and television programs.Las Vegas is commonly used to describe not just the city, but areas beyond the city limits especially the resort areas on and near the Las Vegas Strip and the Las Vegas Valley. The 4.2 mi (6.8 km) stretch of South Las Vegas Boulevard known as the Strip is in the unincorporated communities of Paradise, Winchester, and Enterprise (Clark County).
The primary drivers of the Las Vegas economy are tourism, gaming and conventions, which in turn feed the retail and restaurant industries.TourismThe major attractions in Las Vegas are the casinos and the hotels, although in recent years other new attractions have begun to emerge. A view of the Las Vegas Valley looking south from the Stratosphere Tower at dusk.Most casinos in the downtown area are located on the Fremont Street Experience, The Stratosphere being one of the exceptions. Fremont East, adjacent to the Fremont Street Experience, was granted variances to allow bars to be closer together, similar to the Gaslamp Quarter of San Diego, the goal being to attract a different demographic than the Strip attracts.Downtown casinos Las VegasMain article: Downtown (Nevada gaming area)The Hotel & Casino, located downtown along the Fremont Street Experience, is the oldest continuously operating hotel and casino in Las Vegas; it opened in 1906 as the Hotel Nevada.The year 1931 marked the opening of the Northern Club (now the La Bayou). The most notable of the early casinos may have been while it was run by Benny .Boyd Gaming has a major presence downtown operating the Casino. Other casinos operations include the , which are also located downtown along the Fremont Street Experience.Downtown casinos that have undergone major renovations and revitalization in recent years include the .
Las Vegas StripMain article: Las Vegas StripThe center of the gambling and entertainment industry, however, is located on the Las Vegas Strip, outside the city limits in the surrounding unincorporated communities of Paradise and Winchester in Clark County. The largest and most notable casinos and buildings are located there.Development The Strip in late 2009 Astronaut photograph of Las Vegas at nightSee also: List of tallest buildings in Las VegasWhen The Mirage opened in 1989, it started a trend of major resort development on the Las Vegas Strip outside of the city. This resulted in a drop in tourism in the downtown area, but many recent projects have increased the number of visitors to downtown.An effort has been made by city officials to diversify the economy by attracting health related, high tech and other commercial interests. No state tax for individuals or corporations, as well as a lack of other forms of business related taxes, have aided the success of these efforts.With the Strip expansion in the 1990s, downtown Las Vegas which has maintained an old Las Vegas feel began to suffer.
However, in recent years the city has made strides in turning around the fortunes of this urban area.The Fremont Street Experience was built in an effort to draw tourists back to the area, and has been popular since its startup in 1995.The city purchased 61 acres (25 ha) of property from the Union Pacific Railroad in 1995 with the goal of creating a better draw for more people to the downtown area. In 2004, Las Vegas Mayor Oscar Goodman announced plans for Symphony Park, which will include residential and office highrises.Already operating in Symphony Park is the Cleveland Clinic Lou Ruvo Center for Brain Health (opened in 2010), The Smith Center for the Performing Arts (opened in 2012) and the DISCOVERY Children's Museum (opened in 2013).On land across from Symphony Park, the World Market Center Las Vegas opened in 2005. It currently encompasses three large buildings with a total of 5.1 million square feet. Trade shows for the furniture and furnishing industries are held there semiannually.Also located nearby is the Las Vegas Premium Outlets North, one of the top performing outlet centers in its company's portfolio.
It is currently undergoing a second expansion.A new Las Vegas City Hall opened in February 2013 on downtown's Main Street, another urban area ripe for development. The former City Hall building is now occupied by the corporate headquarters for the major online retailer, , which opened downtown in 2013.has taken a personal, as well as a professional, interest in the urban area and is contributing $350 million of his personal wealth toward a multifaceted revitalization effort called the Downtown Project. This involves investing $200 million in real estate, $50 million in small businesses, $50 million in education and $50 million in technology start
Information for the state of Nevada
"The Bureau of Economic Analysis estimates that Nevada's total state product in 2010 was $126�billion. Resort areas like Las Vegas, Reno, Lake Tahoe, and Laughlin attract visitors from around the nation and world. In FY08 the total of 266 casinos with gaming revenue over $1m for the year, brought in revenue of $12 billion in gaming revenue, and $13 billion in non-gaming revenue. Many of the high plateau areas are excellent for grazing, and cattle and sheep raising are important industries.
Because of the prevailing dryness and the steep slopes, agriculture is not highly developed, but is devoted mainly to growing hay and other feed for cattle; however, potatoes, onions, and some other crops are also cultivated.Nevada's riches do not grow from its land; rather, almost incredible wealth lies below its surface. Although copper mining is now much less dominant than before, Nevada is the nation's leading producer of gold, silver, and mercury. Petroleum, diatomite, and other minerals are also extracted. The state's manufactures include gaming machines and products, aerospace equipment, lawn and garden irrigation devices, and seismic monitoring equipment.
Warehousing and trucking are also significant Nevada industries.Nevada's economy, however, is overwhelmingly based on tourism, especially the gambling (legalized in 1931) and resort industries centered in Las Vegas and, to a lesser extent, Reno and Lake Tahoe. Gambling taxes are a primary source of state revenue. The service sector employs about half of Nevada's workers. Liberal divorce laws made Reno ""the divorce capital of the world"" for many years, but similar laws enacted in other states ended this distinction. Much of Nevada (almost 80% of whose land is federally owned) is given over to military and related use. Nellis Air Force Base and the Nevada Test Site have been the scene of much nuclear and aircraft testing; Yucca Mountain is slated to be the primary depository for U.S. nuclear waste."
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Nevada Factoring Company
Factoring is also known as Accounts Receivable Financing because factoring occurs when a business needs to access cash quickly, quicker than if it had to wait the 30 to 60 days (or longer) to receive payment from a customer. -Nevada Factoring Company
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The benefits of using a Factoring company versus a bank loan
If you are looking for a convenient way to obtain business capital, factoring is one of the best options available out there. From a recent study, it has been identified that many people go for bank financing in such instances, considering that it is the least expensive method of investing. However, factoring is associated with many other advantages and we will let you know about them through this article.
A proper cash flow is something that every business in the present world should have. In addition, they need to speed up their cash flows along with time. Otherwise, it will not be possible for them to get banks for financing. Unfortunately, banks are not in a position to accommodate all the financial requirements of a company, due to tough credit standards. That is where factoring comes into play. It happens when a company sells its accounts receivable to a bank or a factoring company. The amount that can be taken depends on value of the invoice.
Key benefits associated with factoring
• A company can get large amounts of capital through factoring. It is because this method is entirely based upon accounts receivable. It has impressed many small scale businesses out there since they can obtain a bigger line from their accounts receivable for services or goods. They will not be able to get such a big amount of capital from any conventional bank lender out there. Factoring is something that is based on the credit strength of your potential customers. If your company has more potential customers with healthy credit strengths, you can easily enjoy the benefits of factoring.
• Factoring is quicker than traditional bank loans. Since most of the accounts receivable factoring lines are in a position to be set up, approved and actively funded within a matter of few weeks, you can go through a hassle free process. However, banks will take more time to engage with their credit reviewing activities about your company. They might even wait for audit results or fiscal period closes. Therefore, if you are in need of quick business capital, factoring is the number one option available out there to consider.
• Factoring is something that expands quickly along with the growth of your company. Almost all the factoring companies out there support it. Your company doesn’t need to have an excellent track recording of business. You just need to select a factoring company that is big enough to accommodate all your business development ambitions.
• A factoring company does not offer loans to their clients. Therefore, you cannot find many similarities between a loan and factoring. A factoring company will purchase your accounts receivables along with cash. Therefore, it can be considered as a similar process to increasing the working capital, while showing it as a liability in the account balance sheets. This will even reduce debt in the balance sheet, when compared to borrowing. At the end of the day, your company will get the opportunity to enjoy a lower debt to equity ratio.
• Factoring is less expensive than equity. Most of the businesses approach equity investors to cater their financing requirements. However, there isn’t any substitute for equity capital in some expansion purposes and business investments. Almost all the equity investors expect a higher return from the accounts receivable than the cost. When it comes to factoring arrangements, you won’t be able to find any dilutive effect on shareholders. This will assist you a lot to stay away from hassle.
• Factoring is also recognized as one of the best options available to improve your turn. In the present world, many factoring companies will verify invoices with your customers and check whether they are being paid on time. This will motivate your customers to pay the invoices on time through a gentle reminder. This will result in a better service delivery from your end as well.
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The Advantages of Trucking Factoring for Trucking Companies
Around the country, many owners of small trucking companies are running into the same problems when trying to expand their business. While the trucking business can be quite lucrative, it can take many weeks or even months to finally get paid on hauling invoices. This puts trucking companies in a real bind by having to play catch-up while trying to pay bills and salaries of their drivers.
We caught up with Jason Kind, an owner of a small trucking business that he created just a few years ago. Like many trucking owners, Jason was trying to expand his company to meet the needs of his clients, but was running into money issues that were holding him back. We asked him about his situation, the challenges he faced and how Trucking factoring played a real role in helping his company to expand without being burdened by paying back high interest loans.
Jason, it’s good to have you with us.
Jason Kind: “Thanks, I appreciate being here.”
Tell me a little about your trucking company and how it got started.
JK: “I had been driving trucks for years when in 2011 I decided to start my own trucking business. I went through the loan process, purchased a couple of trucks and got started. At first, it was really exciting because I had made a few connections as a driver and I picked up some early business. It seemed like everything was starting to snowball as I was getting requests from other businesses, but I was running into a cash problem.”
It seems rather strange that being successful was causing you to be short on cash?
JK: “I know. You see in the trucking business we charge invoices which means that it could take weeks or even months before the cash would roll in. A typical invoice takes anywhere from 45 to 60 days before the payment comes through. Here I was getting offers from other businesses and I didn’t have the cash on hand to buy trucks and hire drivers.”
So, what did you do?
JK: I’ll admit I was at my wit’s end because I thought by the time I had the cash to expand that the interest would dry up first. I didn’t want to take out another loan because I would just be putting off that debt until later and I had nothing to sell or any additional way to make more money. It was around that time when I heard from one of my friends in the trucking business about Trucking factoring.”
What exactly is Trucking factoring?
JK: “Well, Trucking factoring is a way for trucking companies like mine to get paid quickly for the loads we are hauling. Instead of having to wait weeks or even months sometimes to get paid for hauling, Trucking factoring lets us get money right away for the work that we’ve done.”
How does Trucking factoring work?
JK: “Well, there are companies out there who are willing to purchase the invoices that trucking companies like mine get when we perform a job. I managed to find a good, reputable company that actually purchases the invoices we get after performing a job along with other bills that we charge in our business. In return, they pay us cash that I not only use to cover my payroll, fuel costs and expenses, but I was able to put back enough money to purchase another truck a lot more quickly than if I had simply waited for the invoices to be paid.”
It seems like you stumbled on a pretty good deal when it comes to Trucking factoring. Are there any other benefits that you’ve enjoyed by using this service?
JK: You bet, because the invoices act as the means to pay the company. It is not a loan where I have to pay back any money. The Trucking factoring company simply takes a very small percentage off each invoice or bill as their fee and I get the rest in cash right away. It’s really worked out for me because not only was I able to get the cash needed to expand my business I was able to pay off my original loan a lot more quickly as well.
In fact, I was able to leap onto new business offers more quickly because the Trucking factoring allowed me to start purchasing new trucks and hire drivers months before I could even consider doing that simply waiting on the invoices.
This Trucking factoring sounds almost too good to be true, surely there must be a catch somewhere?
JK: I’ll admit, I was a little skeptical at first, but it’s all pretty straightforward. The Trucking factoring company I use didn’t even charge me a sign up fee nor did they sign me to any long term contract. I just took a few minutes with them to set everything up and when I turn in an invoice, they pay me cash right on the spot.
You said you didn’t have to sign any long term contracts. Are there a minimum number of invoices or amounts that you have to turn in each month?
JK: Actually, no. When I first started with them I was turning in practically all of my invoices so I could generate some cash up front. Now, when I need some cash to pay off bills or make quick purchases, I go to the company with my invoices. Some months I’ve turned in quite a few invoices, other months not so much.
It really sounds like you found a great deal in Trucking factoring?
JK: You bet. I have even used their fuel advances and discount cards to help me save money which really helped out in the first year of my business. I’ve had other trucking owners call me up and ask me how I was able to expand my company as fast as I did. I tell them all the same thing, if you have invoices, then Trucking factoring is the way to get fast cash without having to take out loans or put yourself in a deeper hole.
Jason’s business continues to grow and Trucking factoring was a big reason why he was able to expand so rapidly. If your trucking business is short of needed cash with invoices that have yet to be paid, then you should consider Trucking factoring as a way to put money into your hands right away.
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How Factoring Saved A Staffing Agency
The Bellosa Temporary & Permanent Hiring Agency has been experiencing a major uptick in business since the unemployment crisis began. The unemployed and underemployed workers have been keeping the phones ringing. The staffing agency is also fielding a lot of calls from employers too, looking for just the right hire. Company President and Vice President, Laurie Bell and Ted Stevens, have not experienced a boom in business since they first opened the doors in 2009, during the recession. They had an idea then that this would be a profitable venture.
The mantra that Laurie and Ted live by is that there’s always going to be people searching for work and of course employers will always be on the lookout for good workers. This is especially true in healthcare staffing, the industry they specialize in. This seemed to be a safe bet for them as they embarked on this venture, but with any small business, the only way to keep the doors open is to keep pressing forward and out perform the competition.
In a relatively short period of time Laurie and Ted had built a nice sized business, they were able to hit the ground running with some brilliant marketing programs and a number of contracts from insiders. They grew rapidly, the timing couldn’t have been better and they were very lucky in this aspect. By the fall of 2011 Laurie and Ted had weathered some ups and downs but they did have some solid clients like a few big insurance companies and a university hospital close by. These clients always paid their invoices on time. But they did start to notice a decrease in accounts receivables from some smaller clients such as rehab centers and private practices.
As winter approached they recalled previous winters and holiday seasons and realized that accounts receivables usually did slow down during this time. Laurie and Ted made the decision to delay their late payments until after the New Year. This plan didn’t really appeal to them as it’s no way to start a New Year, but they seemed to have no other options.
When New Year’s had come and gone they realized that their Accounts Receivables had gone from 30 days past due to 60 days past due. Before meeting with their accountant Scott, they’d decided something had to be done, but they didn’t know what.
Sitting in the conference room with Scott they listened as pulled all the figures up on his iPad saying,“Okay you two, I’ve been looking over the files you sent over and I can certainly see why you’re worried about your late A/Rs but there may be a way to fix this. Do either of you know what factoring is?” Scott inquired.
Laurie and Ted looked at each other quizzically, and then Laurie said “I think it rings a bell, but I’m not really sure. Can you explain it?”
Scott began laying out the details, “You are sitting on a pile of invoices that are past due. The more time that goes by without them being paid, the bigger the bind this puts your business in. It makes it very difficult for you to grow, much less hire anyone new. If you don’t have enough cash coming in . ”
Ted interrupted with, “Then it could make it difficult to take on any new business because we wouldn’t be able to hire the additional personnel we need and meet our weekly payroll. We need an inflow of cash and we really can’t wait. If we have to wait any longer on these invoices we’ll be in trouble.”
Scott jumped in saying, “And this is precisely why I wanted to discuss factoring with you. The factoring company will purchase the invoices you are sitting on that are up to 3 months late, which gives you the cash you need now.” He then showed him a chart on a piece of paper he placed in front of them.
Laurie began to carefully scrutinize it asking, “Is this the fee schedule?”
Scott answered, “Yes it’s all right there. The factoring company makes 1% to 3% of the total amount of each invoice they purchase.”
“That’s sounds like a good deal to me”, Ted said.
The three of them sat there and talked this over for a while and then Laurie and Ted made the decision to go forward realizing this was the best way to keep them afloat. They knew if they couldn’t accommodate all the new clients they were acquiring the competition would get them and they would go down, they could just not afford to turn any business away.
They now needed to fill out an application and submit it to the factoring company and they also needed to show them a few back invoices, undergo a credit check for their company. Credit checks would also need to be done on the companies owing the debts that the factoring company would be purchasing.
It didn’t take long for Bellosa’s credit to be approved and the creditors’ as well. Before long the factoring company purchased the overdue invoices and Laurie and Ted got the influx of cash they needed to cover things and allow them to continue growing their business.
The next time Laurie and Ted met with their accountant Scott, there were smiles all around.Scott said, “I’ve taken a look at your books so I know that factoring was the right solution for you.”
“It worked perfectly”, Laurie stated and went on to say, “The tiny amount we paid out for this influx of cash was certainly worth it.”
Ted chimed in with, “Without a doubt! Whatever the fees were we made back and more since we were now able to hire more personnel so we could take on more business. It worked out for us and for them I would say!”
“That’s what’s great about factoring!” Scott exclaimed with a look of satisfaction on his face.
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