Connect with us

Nevada

Nevada Water Company Files For Bankruptcy Amid Worsening Drought

Published

on

Nevada Water Company Files For Bankruptcy Amid Worsening Drought


LAS VEGAS—One in all Southern Nevada’s longest-running non-public water corporations has gone below financially amid the area’s worsening drought.

The Fundamental Water Firm filed for Chapter 11 chapter in early September with roughly $50 million in reported belongings and greater than $7 million in bond debt.

On July 1, the corporate ceased operations when the Lake Mead reservoir reached “Failure Stage” at 1,043 ft, inflicting a 40-inch diameter consumption pipe at Saddle Island to fail.

The corporate mentioned it might not pump water to the town of Henderson, inhabitants 291,346, and 4 business industries as the corporate had executed for many years.

Advertisement
A previously sunken boat sits on cracked earth tons of of ft from the shoreline on the Lake Mead Nationwide Recreation Space on Might 10, 2022, close to Boulder Metropolis, Nev. (John Locher/AP)

In a 27-page declaration filed with the U.S. Chapter Courtroom in Las Vegas, BWC president and chief monetary officer Stephanne Zimmerman mentioned the corporate couldn’t meet its contractual obligations with its prospects.

Because the drought in 2000 worsened, Zimmerman mentioned, the corporate checked out numerous technical methods to increase the consumption pipe, referred to as a “straw,” together with a floating barge that proved unfeasible.

The corporate additionally thought-about extending the consumption to a decrease depth of 995 ft above sea stage. Nonetheless, a number of contractors thought the endeavor could be too dangerous and trigger injury, resulting in a failure of the consumption.

Zimmerman mentioned Fundamental Water in 2021 proposed acquisition of the system by the Southern Nevada Water Authority (SNWA) or connecting with a 3rd straw at 860 ft above sea stage, which proved too expensive.

Dire Predictions

Earlier projections had been that Fundamental Water would proceed working till April 2023, when the federal Bureau Of Reclamation (BOR) anticipated Lake Mead would attain a failure stage.

Regardless of these projections, “it turned clear in Might of 2022 that circumstances had develop into much more dire,” Zimmerman mentioned within the declaration.

Advertisement

“The floor stage of Lake Mead reached the failure elevation on or about July 1, and the consumption constructions stopped pumping uncooked water from the lake.”

Within the meantime, Fundamental Water is searching for a “viable everlasting resolution” for its prospects.

Fundamental Water was the only provider for the town of Henderson, about 17 miles south of Las Vegas, for the previous 70 years. The corporate started delivering water in 1941 when the Anaconda Copper Co. constructed Fundamental Magnesium to provide magnesium for the Allied effort in World Conflict II.

The water firm turned a part of the “Fundamental Complicated,” unofficially generally known as the “Fundamental Townsite” earlier than the city modified the identify to Henderson, in honor of former U.S. Sen. Charles Belknap Henderson (D-Nevada).

Metropolis officers, nevertheless, mentioned the corporate’s submitting for chapter would have “no influence” on the town’s water provide.

Advertisement

Fundamental Water’s consumption pipe delivered uncooked water to Henderson’s water remedy plant and, as soon as handled, distributed consuming water to roughly 10 % of the town’s prospects.

Lake Mead Arizona
Lightning strikes over Lake Mead close to Hoover Dam that impounds Colorado River water on the Lake Mead Nationwide Recreation Space in Ariz., on July 28, 2014. (John Locher/AP Photograph)

“Town for many years has bought roughly 90 % of its potable water from Southern Nevada Water Authority [SNWA],” Kathleen Richards, Henderson’s senior public info officer, instructed The Epoch Occasions.

“With the closure of the Fundamental Water Co. consumption, we seamlessly shifted to buy one hundred pc of our potable water from SNWA,” Richards mentioned.

Henderson is a member of the SNWA, a cooperative company of seven native water and wastewater companies fashioned in 1991 to deal with regional water points.

The company serves 2.2 million residents in southern Nevada, offering water remedy and supply.

Water Emergency Declared

As a result of conservation efforts, per capita water use in southern Nevada decreased by 47 % between 2002 and 2020, even because the inhabitants grew by 52 %, Richards mentioned.

Advertisement

In 2015, SNWA constructed a 3rd water consumption able to pumping water at decrease elevations.

In accordance with the SNWA, drought and local weather change have induced the floor stage of Lake Mead to drop by about 170 ft.

Southern Nevada is at the moment below a federal Tier Two water scarcity declaration on the Colorado River, which feeds into Lake Mead, decreasing the quantity of water drawn from the lake by 8 %.

Allan Stein

Comply with

Allan Stein is an Epoch Occasions reporter who covers the state of Arizona.

Advertisement



Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nevada

How Las Vegas, Nevada, Became Known For Its Larger-Than-Life Buffets

Published

on

How Las Vegas, Nevada, Became Known For Its Larger-Than-Life Buffets


Las Vegas, Nevada, is known for many things: gambling, drive-thru weddings, massive themed hotels, and, of course, the secrets it keeps (what happens there, stays there, after all). It’s also a haven for foodies, with world-renowned and celebrity chefs like Bobby Flay opening must-visit restaurants both on and off the Strip. And then there’s the buffets, Vegas-sized and often destinations in their own right.

While the heyday of the Vegas buffet may have passed — there are far fewer buffets in the city than there were several years ago — they remain an iconic part of the Sin City experience. But how did they become a mainstay? The roots of Vegas buffet culture trace back to the mid-20th century, when a plan to keep hungry gamblers at the tables led the El Rancho casino to start what they called a “chuck wagon,” offering snacks and cold cuts. It became the Buckaroo Buffet, the first Vegas buffet, and the concept was quickly adopted by other casinos.

In true Las Vegas fashion, the buffets grew larger and more elaborate. By the 1970s, they were everywhere, prompting casinos to explore various methods to attract diners — from high-priced, opulent spreads to mind-boggling “super buffets” with hundreds of food items. This evolution gave rise to the modern buffet, which emphasizes spectacle with made-to-order options and chefs on display preparing the food. Today’s Las Vegas buffets, whether offering luxury or comfort food, might look a little different, but carry on the tradition that has evolved over the past 75 years.

Read more: How Restaurant Steak Tricks Your Tastebuds

Advertisement

Is Vegas Buffet Culture Over?

Diners eating at Vegas buffet – Roig61/Shutterstock

In 2020, the COVID-19 pandemic shut everything down — including Las Vegas. It would prove to be the beginning of the end of the ubiquity of the Vegas buffet. Only about a baker’s dozen of the approximately 70 buffets that had operated in the city prior ultimately reopened. Off-Strip buffets still operate at a loss as a means to keep gamblers fed and spending money. But many on-Strip casinos refocused their energy on other dining options — such as the food hall, which has experienced heightened popularity in the past several years. Now, in addition to those remaining off the Strip, most buffets along Vegas Boulevard are either more limited in their opening hours and offerings, or are much more expensive and extravagant options, such as the Bacchanal at Caesars Palace. However, it’s worth noting that the largest buffet in America isn’t in Las Vegas.

Given the high cost of operating buffets, the reduction in their popularity leading up to the pandemic, and the overarching changes happening in Las Vegas, it seems that they may be a relic of the past. Despite many customers expressing nostalgia for buffets, stakeholders show little interest in reopening them, opting instead to focus on other aspects that enhance customer engagement and generate revenue for casinos. While the number of buffets may have dwindled, those that remain are still serving up satisfying experiences for hungry diners and buffet aficionados. And, who knows? Maybe someday they’ll make a comeback.

Read the original article on Chowhound.



Source link

Advertisement
Continue Reading

Nevada

Which Fortune 500 companies are based in Nevada?

Published

on

Which Fortune 500 companies are based in Nevada?


Nevada has a long history of being a business-friendly state. But several companies stand out in making it really big — like, Fortune 500 big — while staying local.

Widely considered a marker of a company’s large-scale success, the Fortune 500 list is compiled annually by Fortune magazine. Companies are ranked by total revenue generated as reported on each company’s annual reports to the U.S. Securities and Exchange Commission or through similar financial statements shared with a government agency or regulators.

It will come as no surprise that all Nevada-based companies on the list are in the gaming and hospitality industry. Read below to see which ones made the 2024 list:

MGM Resorts International

Advertisement

The Las Vegas-based resort giant, with 14 Strip operations alone, generated almost $16.2 billion in 2024. It hit the middle of the list at #251.

Caesars Entertainment

This Reno-based hospitality brand operates nine Strip hotels and resort-casinos. It generated nearly $11.8 billion in 2024, landing spot #353 on Fortune’s list.

Las Vegas Sands Corp.

The Las Vegas-based international casino and resort company reached #387 on the Fortune 500 list for its roughly $10.4 billion in revenue generated in 2023. The company used to own The Venetian, Palazzo and the property’s convention center, but sold them to Apollo Global Management and VICI Properties in 2022.

Advertisement

The Review-Journal is owned by the Adelson family, including Dr. Miriam Adelson, majority shareholder of Las Vegas Sands Corp., and Las Vegas Sands President and COO Patrick Dumont.

Contact McKenna Ross at mross@reviewjournal.com. Follow @mckenna_ross_ on X.



Source link

Advertisement
Continue Reading

Nevada

Nevada basketball drops close game to Vanderbilt for its first loss of the season

Published

on

Nevada basketball drops close game to Vanderbilt for its first loss of the season


Nevada battled back after falling into a hole in the second half, but the Wolf Pack suffered its first loss of the season, 73-71, to Vanderbilt on Thursday in the Charleston Classic in Charleston, S.C.

The Wolf Pack plays VCU at 4:30 p.m. Friday. Seton Hall beat VCU, 69-66, in overtime Thursday.

Tyler Rolison and Kobe Sanders each had 13 points to lead Nevada as the Wolf Pack fell to 4-1. Brandon Love had 11 points and Nick Davidson added nine points and nine rebounds.

The Commodores led 59-47 midway through the second half. Nevada got back within one in the final minutes but could not get any closer.

Advertisement

Nevada led by 10 in the early going before Vanderbilt rallied to take a 37-35 lead into the break.

Nevada shot 54 percent for the field (29-of-54) while Vanderbilt shot 47 percent (28-59). Both team shot 6-of-15 from 3-point range.

Nevada had a 33-30 edge in rebounding. Both teams had 13 assists. Nevada committed 16 turnovers while Vanderbilt had 13.

A.J. Hoggard, a Michigan State transfer, led Vanderbilt (5-0) with 18 points, Jason Edwards added 16 and MJ Collins had 15. Vanderbilt plays Seton Hall at 2 p.m. Friday.

Advertisement

Nevada’s bench contributed 28 points, 24 for Vanderbilt’s bench.

The Pack had a lull in the second half before clawing back.

It was the first time Nevada had played Vanderbilt.

Former Utah State coach Ryan Odom is the coach at VCU now.

Advertisement

Up Next

  • Nevada faces Seton VCU at 4:30 p.m. Friday in the Charleston Classic
  • Dec. 2, Washington State at Nevada, 7 p.m.
  • Dec. 7, Nevada at Loyola Marymount, 6 p.m.
  • Dec. 11, South Dakota State at Nevada, 7 p.m.
  • Dec. 14, Texas Southern at Nevada, 7 p.m.
  • Dec. 21, Colorado State at Nevada, 2 p.m.
  • Dec. 28, Nevada at Wyoming, 1 p.m.
  • Dec. 31, Utah State at Nevada, 7 p.m.



Source link

Continue Reading

Trending