Wynn board chair Satre endorsed for licensing
Longtime Nevada gaming industry executive Phil Satre, chairman of Wynn Resorts Ltd.’s board of directors, was recommended for licensing as a corporate director Wednesday by the state Gaming Control Board.
Satre joined the Wynn board in August 2018 as vice chairman and was elevated to chairman earlier this year, replacing D. Boone Wayson.
A yearlong investigation of Satre conducted by board agents found no regulatory or suitability issues. A lengthy licensing investigation is routine.
The board spent about 15 minutes interviewing Satre about Wynn’s future plans in Las Vegas, Macao and Japan and received an update on operations at Encore Boston Harbor, which opened in June.
Satre said the 18-hole golf course east of Wynn Las Vegas and Encore would reopen in October and with that will come a new restaurant.
“Customers have indicated to us that they really miss that particular amenity, and that will be combined with something that I’m really excited about: Thomas Keller, the internationally known chef is going to build a restaurant in the space located right on the golf course,” Satre said. “That’s going to be a terrific new addition, I think.”
He also noted that the company’s under-construction convention facility in Las Vegas would open in early 2020.
— from July of 2018, according to a new report from the Greater Las Vegas Association of Realtors.
The median sales price of those purchases was $303,000 last month, down 0.3 percent from June but up 4.5 percent from July 2018.
Meanwhile, 7,808 houses were on the market without offers at the end of July, down just 0.1 percent from June but up 63.1 percent year-over-year, according to the GLVAR.
The trade group reports data from its listing service, which largely comprises previously owned homes. Single-family house sales make up the bulk of Las Vegas’ market.
“We’re running out of synonyms for stable,” GLVAR President Janet Carpenter, of Signature Real Estate Group, said in a statement. “Local home prices are appreciating, but at a more gradual rate than they have been in many years. As we’ve been saying for months, the local
housing market hasn’t been this stable in nearly 20 years.”
Las Vegas home prices have been rising at the fastest rate in the nation. But compared with 2018, price growth has slowed considerably, buyers are picking up fewer houses and the tally of available listings has climbed.
The pullback followed a stretch of fast-climbing property values,
dwindling inventory and rising mortgage rates that, collectively, sparked affordability concerns in a market that likes to tout its relatively cheap prices, especially compared with neighboring California.
Award Realty agent Shari Sanderson said she and associate Michelle Manley, also of Award Realty, have closed more than $58 million in transactions this year representing buyers and sellers. The market is still “incredibly busy,” Sanderson said, noting their deals included developer
Jim Rhodes’ recent sale of his Las Vegas megamansion for $16 million to a mystery buyer.
Sanderson said they were the buyer’s agents but she cannot disclose the new owner’s identity.
Still, amid higher prices around Las Vegas and an increased tally of listings, which is giving house hunters more options, she said buyers overall are not snatching up properties as fast as they used to and are “a little more discerning.”
“They’re taking their time,” Sanderson said.