Nevada
Billionaires are fleeing California for Nevada — and not for the nightlife
The most expensive condo sale in the Las Vegas area closed in early January for $21 million. If the sale of the 5,000-square-foot penthouse about 15 miles from the Las Vegas Strip had closed just a little more than a week earlier, it potentially could have saved the buyer a few hundred million dollars.
“He was looking for a while, and at the last minute, there was a little bit of a hiccup,” real estate agent Ivan Sher told Business Insider of the sale. “He was actually even under contract significantly before then.”
That “he” is billionaire Don Hankey, the chairman of Hankey Group and a lifelong Californian worth a reported $8.2 billion.
Hankey is one of a handful of Californians who have decided leave the state due to the proposed Billionaire Tax Act — a bill that would subject California residents worth more than $1 billion to a one-time tax worth 5% of their assets. For someone like Hankey, that’s about $410 million.
“I just felt a little bit like I wasn’t wanted,” Hankey told Forbes of why he chose to leave California.
trekandshoot/Getty Images
While Hankey may still be on the hook for the billionaire tax — the bill will be on the ballot in November 2026 and would retroactively tax individuals who were living in California on January 1, 2026 if passed — Nevada has welcomed Hankey and other high-net-worth individuals with open arms.
For the ultrawealthy ready to ditch California, but not the West Coast, Nevada offers a happy medium. With tax perks similar to Florida’s — no income tax and low property taxes — Nevada is slowly becoming the next nerve center for the rich.
Nevada’s luxury market is growing
Sher, who repped Hankey’s $21 million penthouse sale on both sides as the founder of real estate agency IS Luxury, said that while Las Vegas’ luxury market was already heating up, the news out of California kicked it into a higher gear.
“If people were to ask me what percentage of my buyers were from California, I’d say probably about 25%, and then for the first few years after COVID, that number was closer to 80%,” Sher said. “As soon as that billionaire tax was proposed, the exodus began again — but at a much higher level.”
The Las Vegas metropolitan area had about 331 millionaire households in 2019, according to RentCafe data. In 2023, that number jumped 166% to 879 households.
Natalia Harris has been selling ultra-luxury real estate in the Las Vegas area for the last five years. In that time, she said the definition of “ultra-luxury” has changed in the Silver State.
“Back then, a home that was $10 million was ‘Wow’ for Vegas — that was at the top of the price point,” Harris told Business Insider. “Now we have three new listings that we just brought to market last week that are all between $11 million and $20 million.”
Zain Aziz, the founder of technology firm Atom and one of Harris’ high-net-worth clients, moved to the Las Vegas suburb of Henderson, Nevada, in 2025. He said leaving the high taxes and hectic lifestyle of Silicon Valley behind was bittersweet.
“You don’t really want to get punished if you do good and you create more jobs,” Aziz said. “I believe the Las Vegas Valley has become more and more what’s synonymous with what California used to be — which was free-spirited and ‘Come and achieve the impossible,’” he added.
Aziz isn’t the only one taking his assets elsewhere. Google cofounder Sergey Brin recently spent $42 million on a Lake Tahoe home on the Nevada side, according to Bloomberg. Larry Page, Google’s other cofounder, found a tax haven on the East Coast, buying two properties totaling about $173 million in South Florida.
Billionaire Larry Ellison, who owns homes across the country and the world, bought a handful of properties in Lake Tahoe near the California-Nevada border. He also recently sold his San Francisco home for $45 million in the largest sale in the area in 2025, according to the San Francisco Standard.
Ultra-rich Californians would rather do business one state over
Has California lost its juice?
Aziz, who also moved his business to Nevada, said the culture that built California giants like Oracle and Google no longer exists there — it’s budding in the next state over.
“There’s no longer that innovative culture, and I believe where it exists is Vegas,” Aziz said. “I think that a lot of people from California who are chasing that are going to move to Vegas primarily because of the proximity to California.”
4kodiak/Getty Images
For lifelong Californians not fully ready to leave the state’s sunny weather and stellar beaches behind, Las Vegas is a less than two-hour flight to Los Angeles or San Francisco.
It also helps that certain areas of Nevada can offer a taste of home. Harris described the MacDonald Highlands neighborhood of Las Vegas, which is about 15 minutes from the Las Vegas Strip, as the Hollywood Hills of Vegas, offering stunning mountain views that give way to a sparkling cityscape beneath.
For Aziz, the developments in Nevada represent promise.
“This will become the hub for the wealthiest,” he said. “The city wants that.”
Nevada
EDITORIAL: Nevada still vulnerable as tourist downturn continues
Strip gaming executives can put their best spin on the numbers, but local tourism indicators remain a major concern. Casino operators seeking to draw more people through the door still have much work to do.
The Nevada Gaming Control Board released January gaming numbers Friday. The news was underwhelming. The state gaming win was down 6.6 percent from a year earlier. The Strip took the largest hit, an 11 percent drop. But the gloomy returns were spread throughout Clark County: Downtown Las Vegas was off 5.2 percent, Laughlin suffered a 3.3 percent decline and the Boulder Strip dipped by 7 percent.
For the current fiscal year, gaming tax collections are up a paltry
2.1 percent, below budget projections.
The red flags include more than gaming numbers. Recently released figures for 2025 reveal that visitation to Las Vegas fell nearly 8 percent from 2024, which represented the lowest total since the pandemic in 2021. Traffic at Reid International Airport fell more than 10 percent in December and was down 6 percent for the year. Strip occupancy rates fell 3 percent in 2025.
To be fair, this is not just a Las Vegas problem. International travel to the United States was down
4.8 percent in January, Forbes reported, the ninth straight month of decline. Travel from Europe fell 5.2 percent, and passenger counts from Asia fell 7.5 percent. Canadian tourism cratered by 22 percent.
No doubt that President Donald Trump’s blustery rhetoric has played a role in the decline, but there’s more at work. International tourism has been largely flat since Barack Obama’s last few years in office. But domestic travel has held relatively steady although it is “starting to cool,” according to the U.S. Travel Association. Las Vegas hasn’t been helped by high-profile complaints last year about exorbitant Strip prices for parking, bottled water and other staples. Casino operators responded by offering discounts, particularly for locals, and they’ll need to continue those policies into 2026.
The tourism downturn has ramifications for the state budget, which relies primarily on sales and gaming tax revenues to support spending plans. “Nevada’s employment and economic challenges reflect deep structural factors that extend beyond cyclical economic fluctuations,” noted a recent report by economic analyst John Restrepo. “The state’s extreme concentration in tourism and gaming creates unique vulnerabilities.”
The irony is that state and local politicians have been talking for the past half century about “diversifying” the state economy. In recent years, that effort has primarily consisted of handing out millions in tax breaks and other incentives to attract businesses to the state. A dispassionate observer might ask whether that approach has brought an adequate return on investment.
Nevada
2026 lunar eclipse visible in Nevada. How to watch
How to Watch Nevada’s 2026 Lunar Eclipse
A total lunar eclipse will cross Nevada skies early Tuesday morning. Here’s when totality begins and where to watch.
A lunar eclipse will be in Nevada skies late Monday night — or, more accurately, early Tuesday morning, March 3.
The downside is the hour: you’ll have to be up very late or very early, depending on your perspective.
Unlike a solar eclipse, which occurs when the moon passes between the Earth and the sun, a lunar eclipse happens when Earth casts its shadow on the moon, creating a rusty red hue.
If you’re looking to see the lunar eclipse, here’s everything you need to know about viewing it in Nevada.
What eclipse is in 2026?
If you live in the U.S., you will be able to see the lunar eclipse starting at 12:44 a.m. PST Tuesday, March 3, 2026, according to NASA. During the night, you’ll see the moon in a reddish hue, or a blood moon.
Totality lasts for a little more than an hour before the moon begins to emerge from behind Earth’s shadow, according to the popular site timeanddate.com. As the moon moves into Earth’s shadow, also known as the umbra, it appears red-orange or a “ghostly copper color,” hence its name: blood moon, NASA says.
“During a lunar eclipse, the moon appears red or orange because any sunlight that’s not blocked by our planet is filtered through a thick slice of Earth’s atmosphere on its way to the lunar surface,” NASA says. “It’s as if all the world’s sunrises and sunsets are projected onto the moon.”
Countdown clock to the 2026 total lunar eclipse
If you live in the U.S., you will be able to see the eclipse starting at 12:44 a.m. PST Tuesday, March 3, 2026.
The entire eclipse will last about six hours. People in Nevada can see the lunar eclipse during the early morning hours of Tuesday, March 3, 2026. The total lunar eclipse will be visible in North America, South America, Eastern Europe, Asia, Australia and Antarctica.
Everything will be over by 6:23 a.m. PST on March 3, 2026. Below is a countdown clock for the 2026 total lunar eclipse.
Where are the best places to see the lunar eclipse near Reno?
Though the Biggest Little City has an abundance of light pollution, darker skies are less than an hour from Reno.
- Fort Churchill State Park: The park provides a dark night sky ideal for evening astronomical events among the ruins of Fort Churchill. Park entrance costs $5 for Nevada residents and $10 for nonresidents.
- Pyramid Lake: A popular spot for Renoites seeking a night of stargazing, the lake is less than an hour from The Biggest Little City. It offers beautiful natural wonders and dark skies that give a clear view of the lunar eclipse.
- Lake Tahoe: Multiple locations around the lake are excellent for stargazing that are less than an hour from Reno.
- Cold Springs or Hidden Valley still get light pollution from the Biggest Little City, but have clearer skies than the middle of town.
- Driving down the road on USA Parkway will likely also give you the dark skies to see the lunar eclipse without having to make a significant drive outside of town.
Carly Sauvageau with the Reno Gazette Journal contributed to this report.
Nevada
How the strikes on Iran could impact gas prices in northern Nevada
The United States and Israel launched targeted attacks on Iran on Saturday. The move brought new uncertainty into global energy markets, as northern Nevadans could be paying more at the pump in the coming weeks.
Following the strikes, oil prices increased. Brent crude, the international benchmark, jumped to roughly $73 a barrel, while the national benchmark, West Texas Intermediate, traded above $67.
Much of the concern centers around the Strait of Hormuz, a narrow waterway between Iran and Oman. which carries about a fifth of the world’s oil supplies.
Patrick de Haan, head of petroleum analysis with GasBuddy, a price tracking company, spoke on the current questions in the region.
“The known would reduce oil prices if there becomes clarity, but it’s the unknown that is stoking fears…. If there is some sort of clarity in the days ahead, whether from Iran, the United States, or Israel, on how long this would last. We’d be able to put potentially an end date for the potential impacts that we’re seeing,” said de Haan.
Experts say for every $5 to $10 increase in oil prices, drivers could pay 15 to 25 cents more per gallon.
According to Triple-A, the average price of a gallon of gas in Nevada on Sunday comes in at $3.70, which comes in above the national average of roughly $2.98.
Over at the Rainbow Market on Vassar Street, prices sat just below four dollars a gallon on Sunday. Reno resident Abran Reyes talked about gas prices potentially going up.
“Whether it’s to work, to maybe run errands, to do stuff that helps you, gas is essential…. That gas price really hits, especially in today’s economy, where gas prices are extraordinary…. I just hope everyone’s safe. I hope our soldiers and all of our troops can be okay,” said Reyes.
-
World5 days agoExclusive: DeepSeek withholds latest AI model from US chipmakers including Nvidia, sources say
-
Massachusetts6 days agoMother and daughter injured in Taunton house explosion
-
Denver, CO6 days ago10 acres charred, 5 injured in Thornton grass fire, evacuation orders lifted
-
Louisiana1 week agoWildfire near Gum Swamp Road in Livingston Parish now under control; more than 200 acres burned
-
Technology1 week agoYouTube TV billing scam emails are hitting inboxes
-
Politics1 week agoOpenAI didn’t contact police despite employees flagging mass shooter’s concerning chatbot interactions: REPORT
-
Technology1 week agoStellantis is in a crisis of its own making
-
Oregon4 days ago2026 OSAA Oregon Wrestling State Championship Results And Brackets – FloWrestling