Vegas Economy Inspires High Rating For Nevada Bonds

03.09.2003, Lesen Sie hier den Bericht über «Vegas Economy Inspires High Rating For Nevada Bonds».

Citing a promising future for Las Vegas' tourism industry, the Wall Street-based bond firm Fitch Ratings assigned a high rating to $135.1 million in new bonds offered by the state and reaffirmed the same high rating to $2.3 billion in existing bonds.

Fitch set ratings of AA+ for both the new and current general obligation bonds. The company said the rating on the new bonds “reflects sound debt and financial positions, as well as the continued growth and development of the (state's) economy.” “(Nevada's) economy differs from the other states, as it is geographically concentrated in Clark County and its foundation is gaming, although now broadened to be better described as entertainment,” Fitch officials said. “Investment in Las Vegas has been considerable, and recently built facilities have been dubbed mega-resorts and their offerings continue to broaden leisure choices in addition to traditional casinos. “The appeal of Las Vegas, especially with the increasing diversity of its numerous entertainment attractions, is expected to remain strong despite the trend toward more numerous legalized gaming venues.”

But the firm noted that the Sept. 11, 2001 tragedy and the national recession has caused visitors volume and hotel occupancy to decline from 2000 levels. “Reno has been somewhat more affected,” officials said. Meanwhile, Nevada's unemployment rate has been largely unaffected by the events, declining just 0.2 percent last year.

Fitch's report added that Nevada has a good track record in servicing its debt load. The state has low-to-moderate debt ratios because its constitution requires a portion of its annual property tax rate, now at 17 cents, be devoted to debt payments, the report said. Because of that law, about 60 percent of the state's debt from general obligation bonds is self- supporting from tax revenues, officials said. Also, the recently approved tax plan, which will bring in $836 million of new revenue the next two years, will help the state solve future shortfalls if they occur, officials said. Nevada's new general obligation bonds, set to go out for bid Wednesday, include $23.1 million for water refunding, $19.5 million for the university system, $61.2 million for open space, parks and cultural resources and $31.3 million for other public lands and natural resources. All of the bonds are to be paid in full by 2013.

United Development United Development International, which maintains offices in Las Vegas, British Columbia and Georgetown, Guyana, announced that it has begun seeking gold on its expansive mining claim on the Konawaruk River in the Potaru mining district in Guyana, South America. Officials said the company already has produced small amounts of gold from its 25-square-mile Guyana property and that bigger discoveries are possible in the geological area, which they said has produced up to five ounces of gold per ton of ore. The mining claim has produced more than 430,000 ounces of gold, based on a study of production from 1935 to 1953, UDI officials said. “Furthermore, this area is considered under-explored and has not been the subject of sophisticated modern exploration technique or methods at all,” officials said. “(We view) this property as having excellent potential to produce a sizable, if not world class, gold resource.” UDI's mining plan includes up to 30 dredges during the next six years.

21st Century Technologies Las Vegas-based 21st Century Technologies, manufacturer of low-light titanium gun sights used by law enforcement officers and hunters, has asked the Securities and Exchange Commission to be regulated as a business development company, enabling it to raise funds from the public for future growth. 21st Century officials said that regulation under Section 54(a) of the Investment Company Act of 1940 would enable the company to pump money into its subsidiaries, including Innovative Weaponry Inc. and Miniature Machine Corp., which produce the gun sights, and Trident Technologies, which makes leak- and rupture-preventing systems for land and sea applications. “Operating as a business development company should enhance investor confidence in our future,” said Chairman Arland Dunn. “Funds so raised will be employed to grow our businesses and acquire additional enterprises to fit into our future plans.”

Also last week, 21st Century announced that Kevin Romney had resigned from the board of directors to devote himself to day-to-day operations of the company. Officials also said they appointed Shane Traveller, James B. Terrell and Christian Crespo as directors.

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