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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. 

More than $19 Million in Unclaimed Tax Refunds

LAS VEGAS -- The IRS has more than $19 million in unclaimed refunds for Nevada taxpayers and the deadline to claim the money is nearing.

According to the IRS, the refunds are for people who did not file a tax return for 2006. The owed money equates to a median refund of about $575 for 19,000 taxpayers.

"There is about $19 million for about 19,400 Nevadans. The window of opportunity to claim this money is about to expire and they really need to act," said Jesse Weller, IRS.

To collect the money, a 2006 tax return must be filed by April 15, 2010.

"Why should I just let it go to the IRS?" said Steven Hansen a taxpayer who made the mistake of doing that once before. He's learned his lesson, and today it's a much different story.

"That could've been money for anything medical bills, even my rent."

Wind Turbine Plant to Be Built In Las Vegas

LAS VEGAS --  A group of companies has announced plans to develop a plant in the Las Vegas valley that would employ about 1,000 people for manufacturing wind turbines.

The announcement was made by U.S. Renewable Energy Group (US-REG), a Chinese company called A-Power Energy Generation Systems Ltd., and the real estate development company American Nevada Company of Henderson.

The plan calls for building a the 320,000-square-foot plant in Las Vegas. The plant would manufacture and assemble wind-energy turbines that would supply energy projects throughout North and South America.

Senator Harry Reid has been leading the effort to develop renewable energy and promote investment in Nevada.

Construction Revs Up on Summerlin Project

LAS VEGAS, Nv. -- The sounds of iron and steel have ceased on many construction sites around the Las Vegas valley because of the poor economy. But one project has restarted its construction.

It is called Tivoli Village and it's under construction in Summerlin next to Boca Park near Rampart and Charleston Blvd. It's a combination of retail, office and restaurant space. The company is pushing ahead despite a recent study that says commercial real estate will hit rock bottom in the upcoming year.

The owners of Tivoli Village are optimistic the space will thrive. The sounds of hammers and tractors are bringing new life to a construction site that has been quiet for nearly a year. In 2006, there were 300 workers on site until the economy tanked. Management was forced to scale back construction and cut staff to only 30 workers.

Companies Eye So. Nevada for Business Relocation

Southern Nevada's high unemployment rate is making it easy for companies relocating to the valley to find workers.

When operations became too expensive in California for Erickson International, the company looked for a more business friendly place to relocate. The company's president says Nevada has it all, especially a willing workforce.

Erickson International is a $20 million company that's growing. They make window films used for tinting car, home and business windows.

"Remember, it's a green product that can save energy," said Michael Miller, the company president. He says doing business in California no longer made sense but moving east to Nevada did.

"We looked at it as an advantage during a down time in the economy. People are looking for new options, lower cost alternatives. We're going to offer lower cost products because we are very efficiently manufacturing," he said.