How is UNLV Investing in the Future in Our Community? Page 18
Apply Today for Leadership Las Vegas Do You Have What It Takes? Page 30
Handling a Data Breach Crisis – Is Your Business Next? Page 27
Cultivating growth and prosperity
It matters who provides you business insights.
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Download a copy of the 2021 Nevada State Bank Small Business Survey Report. Get the scoop on what Nevada business owners are thinking, how the unprecedented times of 2020 impacted their business, and what they predict for the coming year. Since 2013, this survey has helped business owners understand trends, share insights, and plan for the future.
DOWNLOAD THE 2021 REPORT NOW nsbank.com/survey 855.580.NVSB
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BUSINESS VOICE MAY 2021 VEGAS CHAMBER
A division of Zions Bancorporation, N.A. Member FDIC
Cultivating growth and prosperity
MARY BETH SEWALD PRESIDENT & CEO
As we enter the final weeks of the Nevada Legislature, much is at stake for the employers, small businesses, and our economy. Will lawmakers pass legislation that will make it easier or harder to operate a business? Will they enact more regulations that add costs to employers? Will they make it easier or more difficult to create jobs and employ Nevadans? There are many proposals that would be detrimental to Nevada’s economic climate that are coming from outside our state, proposals that are coming from our neighboring state of California or being pushed for by political organizations out of Washington, D.C. These are not Nevada ideas, but if passed, they would erode the entrepreneurial spirit upon which our state was built. The Vegas Chamber will continue to stand against these proposals and will do all we can to make sure your voice is heard in the coming weeks. Please look out for callsto-action and activate to help the Chamber amplify your voice in Carson City. Additionally, the Chamber will advocate for the infrastructure our state needs to grow and thrive. In a talent-based global economy, supporting UNLV is more important than ever. UNLV has grown into a top-tier research university, which is important to fueling our community. As you will read in this issue, funding for the Kirk Kerkorian School of Medicine at UNLV Medical Education Building along with the Advanced Engineering Building are critical investments we need to make.
The Vegas Chamber applauds Governor Sisolak for including the requested funding for these projects in his budget, and now we need to make sure the Nevada Legislature passes this funding in the final biennium budget. Both of these projects will have positive economic impacts on our entire state: more physicians and health care workers; research that can lead to private-sector innovation; and creating and expanding sustainable career opportunities. Also this month, we recognize Small Business Week, May 2 - 8. This year, there is much for us to celebrate. Our small businesses have been through the toughest of times: mandatory restrictions of operations; retrofitting businesses to comply with safety protocols; and changes in consumer habits and spending. For the small businesses that have survived, they are examples of resiliency, creativity, and pure grit. I encourage you to support our local small businesses during Small Business Week – and every day. Small businesses are the core of our economy, add diversity to the marketplace, and make Las Vegas a great place to call home. We are proud to be your partner and help you succeed. Please reach out to me if there is anything the Vegas Chamber can do to support you.
VEGAS CHAMBER MAY 2021 BUSINESS VOICE
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Business Voice VOLUME 42 NUMBER 05 Vegas Chamber 575 Symphony Park Avenue, Ste. 100 Las Vegas, NV 89106 702.641.5822 • VegasChamber.com
Mary Beth Sewald President & CEO Vegas Chamber 2021 Board of Trustees Executive Committee
Trustees
Emeritus Board
Gina Bongiovi
Paul Anderson
Jay Barrett
Joseph Asher
Michael Bonner
William Hill US
Greenberg Traurig, LLP
Brandon Barkhuff
Bob Brown
NV Energy
Opportunity Village
Danielle Bisterfeldt
Steve Hill
Chair Bongiovi Law Firm
Alex Dixon Chair-Elect PureStar
Tom Burns
Immediate Past Chair Cragin & Pike Insurance
Hugh Anderson
Boyd Gaming
The Howard Hughes Corporation
HighTower Las Vegas
Jan Jones Blackhurst
Michael Bolognini
Kerry Bubolz
Cox Communications
Betsy Fretwell Switch
Caesars Entertainment Vegas Golden Knights
Vincent Ciminise Wells Fargo
The JABarrett Company
Las Vegas Convention and Visitors Authority
Senator Richard Bryan Fennemore Craig, P.C.
Fafie Moore
ERA Brokers Consolidated
Bill Noonan
John Guedry
Tyler Corder
Findlay Automotive
Boyd Gaming Corporation (Retired)
Lisa Howfield
Brigadier General Michael Drowley
Jim Prather
Nellis AFB Air Force Liaison
Las Vegas ReviewJournal
Michael Feder
Bruce Spotleson
Dickinson-Wright, PLLC
The Neon Museum
Mark Hutchison
John Wilcox
Hutchison & Steffen, PLLC
JDW Group LLC
Gregory Lee
Eureka Casino Resort
Past Chairpersons
Dr. Rex Liu
Berlyn Miller 1979
Bank of Nevada KLAS-TV
Lori Kraft
Las Vegas Convention and Visitors Authority
Ellen Schulhofer
Brownstein Hyatt Farber Schreck
Terrance Shirey
Nevada State Bank
Chris Wilcox
Eide Bailly LLP
Ryan Woodward
National Technical Institute
Family & Cosmetic Dentistry
Napoleon McCallum
The Las Vegas Sands Corporation
Bill Nelson
Production Team Joyce Goedeke Publisher/Editor
Cara Clarke Editor
Pomai Weall
Production Coordinator/ Contributor
Noel Gonzalez
Graphic Designer
Jacey Gonzalez Contributor
Nick Schneider
Marketing Intern
Dave Vlaming 1986 Jeffrey A. Silver 1988
Boyd Nelson
Peter Thomas 1989
Southwest Gas Corporation
William Martin 1991
Shaundell Newsome
Bob Maxey 1992
Sumnu Marketing
Ret. Brig. Gen. Robert Novotny Skyracer Consulting
Karla Perez
Valley Health System
Teresa Di Loreto
David Smith 1994 Ted Wiens, Jr. 1995 John O’Reilly 1996 Diane Dickerson 1997 Edward Crispell 1998
Nevada Military Support Alliance
Bill Wells 2001
Tina Quigley
Jay Kornmayer 2002
Desert Research Institute Foundation Las Vegas Review-Journal
Vincent Sanudo
Annual Subscription $25 Periodical postage paid at Las Vegas, NV POSTMASTER: Send address changes to: Vegas Chamber, 575 Symphony Park Ave., Ste. 100 Las Vegas, NV 89106
Elaina Blake 1985
BDO
Chase Rankin
The Business Voice (USPS #717-970) is published by Vegas Chamber 575 Symphony Park Ave., Ste. 100 Las Vegas, NV 89106
Phil Arce 1984
Lou Emmert 2003 Tim Cashman 2004 Hugh Anderson 2005 John Wilcox 2006
Republic Services
Fafie Moore 2008
Mark Shearer
Steve Hill 2009
Las Vegas Raiders
Kristin McMillan 2010
Larry Singer
Michael Bonner 2011
Newmark
Vicky VanMeetren
Roseman University of Health Sciences
Chris Way
Kevin Orrock 2012 Jay Barrett 2013 Bruce Spotleson 2014 Bob Brown 2015
KTNV-TV 13 Action News
John Guedry 2016
Dr. Keith Whitfield
Bill Noonan 2017
University of Nevada, Las Vegas
Michael Bolognini 2018 Terrance Shirey 2019 Tom Burns 2020
EDITORIAL POLICY: The Business Voice is a member newsletter of the Vegas Chamber. The Vegas Chamber welcomes input, ideas and suggestions from our members. As with any periodical, we must adhere to strict deadlines and we reserve the right to edit all materials submitted for publication. Commentaries that are marked as such do not necessarily reflect the opinion or position of the Chamber, its trustees or employees. The Chamber cannot guarantee the validity or accuracy of the content of paid advertisements. All content is subject to change. Questions or concerns about content of the Business Voice can be addressed to the Vice President of Marketing and Brand Strategy, Vegas Chamber, 575 Symphony Park Avenue, Ste. 100, Las Vegas, NV 89106.
What’s Happening
Table of Contents
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This event is great for business professionals interested in expanding their network and optimizing their chamber membership. In addition to quality networking time, each event will feature two speakers: a member selected from the event prior, and a Vegas Chamber team member. 7:30 – 9 a.m. | Virtual
MAY 2021
What's Happening
WEDNESDAY, MAY 12
CHAMBER CONNECTIONS AM
If you have any questions or are interested in bringing a guest, email Lita Stein at lstein@vegaschamber.com
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Welcome New Members
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Is your business ready to expand? Check your temperature.
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CHAMBER CONNECTIONS POWER HOUR Chamber Connections Power Hour is the place for business professionals to come together to expand their network and their business. By sharing contacts, referrals and ideas, members learn the most effective ways to network. Chamber Connections Power Hour is a member's only group; virtual meetings are held on the second and fourth Wednesday of every month, unless otherwise noted. 3 – 4 p.m.| Virtual Please RSVP to TSchempp@VegasChamber.com, or call Teresa Schempp at 702.277.8178.
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A First Look at the Las Vegas Convention Center’s West Hall
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Member News
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Member Spotlights
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Executive Women's Council Spotlight
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Become a better speaker and a more effective presenter by joining Chamber Voices Toastmasters. Open to all members. 11:30 a.m. – 12:45 p.m. | Vegas Chamber (Temperature Reading, Mask & Social Distancing Required) Any questions, please email Deb Makiri at dmakirivegaschamber.com
CHAMBER CONNECTIONS Chamber Connections is a dedicated leads group comprised of professionals from a variety of industries. This is a place for professionals to grow their network and their businesses by sharing contacts, referrals and ideas. 5:30 – 7 p.m. | Virtual Contact agoldberg@lvchamber.com or call 702.205.5492 for space availability and cost.
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Navigating Year 2 of the Pandemic: A Two-Part Series
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Chamber News
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UNLV - Investing in the Future in Our Community
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Some Silver Linings from the Pandemic
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Will Your Business and Clients Be Involved in the Data Breach Crisis?
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President's Club Spotlights
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Applications Open for Leadership Las Vegas
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Why Social Security Matters
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TUESDAY, MAY 18
CHAMBER VOICES TOASTMASTERS
WEDNESDAY, MAY 19
BUSINESS AFTER HOURS Join the Vegas Chamber at one of the most popular networking events held each month. The crowd is welcoming, and business minded. Chamber staff and ambassadors ensure all members make strategic connections. Exclusive to Vegas Chamber members. 4:30 – 6 p.m. | Virtual
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THURSDAY, MAY 20
VIRTUAL LEGISLATIVE ROUNDTABLE Exclusive Sponsor: Western Petroleum States Association Panel: - Mary Beth Sewald, President & CEO, Vegas Chamber - Hugh Anderson, Chairman of the Government Affairs Committee, Vegas Chamber - Paul Moradkhan, Senior Vice President of Government Affairs, Vegas Chamber - James Wadhams, Partner, Black & Wadhams - Jesse Wadhams, Partner, Black & Wadhams Complementary to President’s Club and Advocacy Members 8 – 9 a.m. | Virtual
PAUL CALL Exclusive Sponsor: Lumen Please join Paul Moradkhan, Senior Vice President, Government Affairs of the Vegas Chamber for updates & analysis on the Nevada 2021 Legislative Session in Carson City. Cost: Complimentary for PC/AD members Registration for Non-PC/AD members $15 11 a.m. – Noon | Virtual
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WEDNESDAY, MAY 26
CHAMBER CONNECTIONS POWER HOUR Chamber Connections Power Hour is the place for business professionals to come together to expand their network and their business. By sharing contacts, referrals and ideas, members learn the most effective ways to network. Chamber Connections Power Hour is a member's only group; virtual meetings are held on the second and fourth Wednesday of every month, unless otherwise noted. 3 – 4 p.m. | Virtual Please RSVP to TSchempp@VegasChamber.com, or call Teresa Schempp at 702.277.8178.
VEGAS CHAMBER MAY 2021 BUSINESS VOICE
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Body Skulpting of Las Vegas Care Coalition Cotner Professional LLC Essential Care Nevada LLC Kindred Healthcare Kone Elevator Nevada Association of Employers P3 Health Partners The Quail House TimeCrutch Graphics dba Peak Image Designs Transamerica Financial Advisors, Inc-Supra Plows Vegas Pharmacy BizJet Funding, LLC
CIM Marketing Partners Full Spectrum Laser I’m Young And Empowered, Inc. Nevada Contractors Association Nevada State Apartment Association Northern Trust Sierra Nevada University The Wealth Consulting Group Acclaim Real Estate Alliance Mortgage Group Boozer's Snack Shack BrandSpa Del'La Couture
Honest-1 Auto Care Make Time For Travel Molina Healthcare National Licensing Services Red Ridge Development, LLC. Rich, Wightman & Company CPAs, LLC The addHR Company The Dragons Lair Gym Inc The Outlaw Crusade Threads of eNVy UFC FIT Silverado Waddell & Reed Wondour World Financial Group - J Minor Alexandermagic, Inc.
VEGAS CHAMBER MAY 2021 BUSINESS VOICE
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Is your business ready to expand? Check your temperature.
I’ve worked with numerous small and medium business owners in my career. One of the most common long-term goals I hear from business owners is to create a profitable entity that can function without their direct day-to-day involvement. Often, they see expanding into new markets or products as a way to get to that objective.
By Walt Carey, U.S. Bank Goals Coach
Before going too far down that path, I like to take a temperature check with the business owner to make sure they’re truly ready.
Below is a series of questions to ask yourself. Rate yourself on a scale of 1-10, with 1 being “not at all confident” and 10 being “extremely confident.” This is a valuable way to gain insight into areas you may want to work on before moving forward with an expansion; you’ll want to be at least at an 8 for each of these. Step 1: Master the fundamentals. How would you rate your understanding of: a)
Your value proposition, and what sets your business apart?
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Your financials, including your break even and your cash flow?
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Cash is key to have the working capital to expand to other locations.
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Your blind spots?
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As a business owner, your time is your most valuable asset. If you have areas where your own skills are weaker, it’s a better use of your time to hire an expert. If you’re not sure, this is a good question to explore with a goals coach.
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Your delivery, and whether the goods and services you provide now will be appreciated as well in an expansion market as they are in your first market?
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Step 2: How would you rate your ability to leverage your own talents?
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Focus your own talent where it needs to be to make your business profitable. For entrepreneurs who turn on the lights in the morning and flip the sign to “closed” at the end of the day, it can be hard to give up that control. But this is one of the ways a goals coach can help.
Step 3: If you expand to a new location, do you need a different set of team members? Yes
No
If so, are you confident in your ability to do so? Will you need employees who are local and understand the feel and nuances of the market, and resonate with a demographic you’re targeting?
Looking at your answers above can provide a good place to start a conversation with a goals coach to see your bigger picture strategy and how to get there. U.S. Bank goals coaches are available to Chamber members and their employees at no additional cost. Meet with a coach at our U.S. Bank Coaching and Growth Center. U.S. Bank is an Equal Housing Lender. Member FDIC.
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BUSINESS VOICE MAY 2021 VEGAS CHAMBER
Scan to begin!
A First Look at the Las Vegas Convention Center’s West Hall The Las Vegas Convention and Visitors Authority (LVCVA) recently celebrated Global Meetings Industry Day (GMID) with a panel discussion about the state of the meeting and conventions industry featuring industry leaders paired with a first look at the completed West Hall, the Las Vegas Convention Center’s (LVCC) $989 million expansion. Adding 1.4 million square feet of space to the existing 3.2 million square foot campus, the West Hall features a sleek, contemporary design and an abundance of ample natural light on what was once the site of the Landmark and Riviera hotels. Beneath the entire 200-acre campus runs the Las Vegas Convention Center Loop, an innovative underground transportation system designed by visionary Elon Musk’s The Boring Company that will transport convention attendees throughout the entire campus in under two minutes in Tesla vehicles, free of charge. The first look at the West Hall comes as Las Vegas prepares to welcome World of Concrete June 8-10, which will be the first largescale show to return to Las Vegas and the U.S., and the first major show to be held in the West Hall. The LVCVA and its resort partners are eager to safely host meetings and conventions again and help reignite the industry that contributed $11.4 billion in economic impact to the destination in 2019. That same year, more than 6.6 million visitors attended a convention or trade show while in Las Vegas. Las Vegas has remained the ‘Top Trade Show Destination’ for 26 consecutive years and hosts 42 of the largest shows held in the
country, according to the Trade Show News Network (TSNN), the number one online news source for the trade show industry. With the addition of the West Hall, Las Vegas offers 14 million square feet of prime meeting and exhibit space. Upon entry to the West Hall, visitors will be struck by the multi-level atrium, which makes all meeting floor concourses visible and was designed as an entry way to the ample meeting and exhibition space. The most striking feature is perhaps the 10,000-square-foot digital screen developed by Samsung, the largest digital experience in a convention center in the U.S., ideal for one-of-a-kind branding and promotion opportunities for convention customers. The facility also features 600,000 square feet of exhibition space, large enough to fit eight NFL football fields. This includes 328,000 square feet of columnfree space, the largest columnfree exhibition space in North America. On the third floor, a 14,000-square-foot terrace able to hold receptions of up to 2,000 attendees, while offering spectacular views of the Las Vegas Strip. We look forward to welcoming our valued convention organizers, exhibitors and attendees back to Las Vegas and to offering them a safe, enjoyable “Only Vegas” experience.
VEGAS CHAMBER MAY 2021 BUSINESS VOICE
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Member News RED - PRESIDENT’S CLUB MEMBER
Announcements The Learning Experience Opens in Rhodes Ranch In August of 2020, The Learning Experience opened in the Rhodes Ranch area of Las Vegas. Due to the COVID-19 pandemic, the Vegas Chamber ribbon cutting was postponed until March 2021 to debut its new location when it was safe for everyone. The Learning Experience had a great turnout of Vegas Chamber members, Employ NV Business Hub staff, and representatives from Congresswoman Susie Lee’s office. The preschool serves families with children from ages 6 weeks to 6 years old. The team looks forward to serving the Las Vegas community. It currently employs 15 teachers, but expect that number to double over the next 12 months. Congratulations to The Learning Experience on its opening! Salud Health USA Welcomes Joe Inwald to its Team! Salud Health USA has hired Joe Inwald J.D., CPCU for its corporate team. Inwald brings more than 35 years of successful consulting, executive, insurance brokerage, and healthcare insurance industry legal experience to Salud Health USA. He has served as a shareholder and director in multiple start-ups, including a licensed insurer that has generated more than $200 Joe Inwald million in revenue. Inwald’s experience as a practicing corporate healthcare attorney, health services executive, catastrophic care manager, and national insurance broker have allowed him to assist insurers, healthcare providers and other businesses in creating a competitive advantage. Congratulations, Joe Inwald!
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BUSINESS VOICE MAY 2021 VEGAS CHAMBER
Colliers International Wins Big During NAIOP Spotlight Awards Colliers Las Vegas announced two of its specialty brokerage teams won recognition during NAIOP Southern Nevada’s 24th Annual Spotlight Awards. NAIOP is a national commercial real estate development association comprised of 18,000 members. During the virtual award ceremony on Thursday, March 25, two Colliers Las Vegas Brokerage Teams were honored. Office Broker of the Year went to Taber Thill, Patti Dillon, and Megan McInerney while Retail Broker of the Year was awarded to CNR Retail, which is comprised of Chris Clifford, Steve Neiger, and Brett Rather. Colliers Las Vegas has been named Brokerage Firm of the Year for 15 consecutive years by NAIOP Southern Nevada The NAIOP Southern Nevada Spotlight Awards honors local commercial real estate professionals and businesses for its achievements, projects and/or deals completed the year prior. Congratulations, Colliers International! Touro University Nevada Receives $3.25M Federal Grant
Vegas Golden Knights, Nevada Donor Network Foundation (NDNF) announced it has received a 5-year commitment of $50,000 per year from the VGK Foundation. The Vegas Golden Knights and Henderson Silver Knights partnered with Nevada Donor Network Foundation to launch the “End the Wait” campaign, an effort to raise $35 million for a virtual transplant institute for Nevada. This virtual transplant institute will recruit surgeons and transplant teams to bolster Nevada’s kidney transplant needs and save more lives. The financial commitment will help expand the current kidney transplant program in Nevada and create a new liver transplant program for its initial two years. NDNF, in partnership with Nevada Donor Network (NDN), will recruit qualified physicians, nurses, and support staff to Nevada to implement a successful transplant program.
Member Spotlights Ambassador Spotlight: Kim Dung Ho, Owner, Kim Photography, LLC Use one word to describe your leadership style. Caring.
What books or magazines have you read recently? BEHIND THE SHUTTER - a quality magazine for professional photographers in America. I learned a lot from this magazine from photography technique to photography business.
Which organizations outside your own do you admire the most and why? ACDC - Asian Community Development Council - they’ve been very helpful for the Asian community, as well as helping us through the pandemic with its food program; Asian food especially.
What kind of cultures do you like to work in? Where do you excel? How do you excel? A multi-culture environment where most people learn how to respect other cultures and support each other. Persistence. When I decide to obtain a goal, I will work hard to archive it.
Ambassador Spotlight: Carlos Sidney, Financial Services Professional, New York Life Insurance Are you an early bird or a night owl? I’m ok with either, but more of an night owl.
Who has influenced you most when it comes to how you approach your work? My father. He never allowed me to make excuses when it came to completing any task.
What’s your go-to productivity trick? When times are slow, I make it a point to complete a set number of tasks for the day.
Use one word to describe your leadership style. Detailed.
How do you prefer to end your day? I usually work and then finish working on things needed for the following day.
VEGAS CHAMBER MAY 2021 BUSINESS VOICE
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EXECUTIVE WOMEN’S COUNCIL SPOTLIGHT Kate Zhong
Owner & Principal | Kate Zhong, Inc
What is your career and role? I am a physician, pharmacologist, adjunct professor at the Department of Brain Health, University of Nevada, Las Vegas (UNLV), founder of UNLV Women’s Brain Health Program, and founder and CEO of CNS Innovations, LLC, a company dedicated to providing innovative consultation services to advance prevention, diagnosis and treatment of Alzheimer’s disease. As the creator of Cleveland Clinic’s HealthyBrains and the founding member of AARP Global Counsel on Brain Health GCBH, I am passionate about staying healthy and staying sharp, maintaining brain health is vital to our overall health. This has become particularly important and relevant to all of us during the pandemic, with its staggering impact continues to spread. There are more than 114 million confirmed cases of COVID 19 across the globe, resulting in over 2.5 million deaths at the end of February. In addition to causing severe physical illness and death, Covid has also taken a tremendous toll on our brain health. Recent research showed that neurological symptoms, such as loss of smell and taste, confusion, ‘brain fog” and cognitive impairment occurred very commonly among Covid patients. The economic hardship, heightened health risks, increased social isolation, changed daily routine, and lack of physical activities all have affected our mental well-being, amplified the stress level, reduced the immune system, and ultimately impacted on our brain health. Q: What are some tips and recommendations on how to protect brain health during the pandemic? This is based on the collaborative work with CDC, AARP, International Psychogeriatric Association and other organizations • First and foremost, avoid exposing yourself or others to the virus. Wear masks, practice social distancing. • Get vaccinated as soon as it’s available to you. This is a very critically important prevention step to protect your brain, along with the rest of your body. • Stay physically active. A recent report showed an incredible 42% of the U.S. labor force now works from home full time as the result of Covid. Marathon Zoom calls have become our routine, running errands /shopping can be done by a simple click, sedentary lifestyles have not only increased risk for obesity, heart disease, but it also has impacts on our memories, cognition and brain health. Get moving is key, a combination of aerobic exercise (walking/jogging/ swimming), strength training (weight lifting), balance and flexibility (stretch/yoga/Pilate) have shown to improve brain health and reduce risk for dementia. Make an effort get at least 150 minutes work out per week into your routine. VEGAS CHAMBER MAY 2021 BUSINESS VOICE
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Navigating Year 2 of the Pandemic: A Two-Part Series May is Small Business Month, and, with it, we are focused on providing guidance and tips to our small businesses to support them in recovering and thriving in the second year of the pandemic. This two-part series will provide insight from our financial members to give you the tools that you and your business may need to support your long-term comeback. Bank of America Michael Borello, senior vice president, Small Business Market Manager-Nevada In 2020, small businesses faced unique obstacles brought on by the coronavirus. Despite challenges, Bank of America’s 2020 Small Business Owner Report found entrepreneurs remained resilient. Consider these tips as we continue through 2021: • Reevaluate your business plan. It’s critical to adjust your business plan by mapping out key areas of growth and identifying potential risk areas discovered during the pandemic. How did your business track last year against the projections? Are there successes from the second half of 2020 you can build on? As we’re still in a time of uncertainty, be cautious and ensure your plan allows room for evolution as needed. • Explore financing options. 42% of U.S. entrepreneurs applied for one or more loans to address pandemic impact. Assess your current financial picture and consider how various lending options align with your operations and unique business needs that may have been impacted. Once you identify your goals for 2021 and beyond, meet with your small business banker to determine the right financing solution for you. • Go digital. Businesses across the country adjusted aspects of their operations due to the public health crisis. Consider banking digitally to limit in-person interactions and free up time to remain focused on running your business. Connect
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BUSINESS VOICE MAY 2021 VEGAS CHAMBER
with your banker on what digital options are available. For example, at Bank of America we offer a full suite of small business digital capabilities, including Cash Flow Monitor, a no-cost dashboard that provides an easy way to manage, track and project your business cash flow. Bank of Nevada Roe Belzer, vice president, Portfolio Management At Bank of Nevada, we believe there are several steps small business owners could be taking to better position themselves for future success. • Focus on building cash reserves through the use of federal, state, city and other programs that provide grants, forgivable loans and debt relief programs to small businesses. There may be private or philanthropic grants available as well. • Get a solid handle of the company’s financial footing, including working with your accountant/bookkeeper to ensure accuracy of the reporting of your company’s profitability, along with its assets and liabilities. This may help identify incorrect financial reporting or old accounts that need cleaning up or closing out, etc. to ensure your financial statements are represented correctly for potential users of your financials such as banks, vendors, investors, etc. • If indications of consumer pent-up demand are true, you will want your business to be well-prepared. Pull your credit report now and see if anything needs to be addressed. Is derogatory credit report information (e.g. unresolved disputes, etc.) hurting your score? Those factors could impact the interest rates you pay for financing in the future. Most small businesses have some sort of debt. Investigate the interest rate you are currently paying and whether there are better options with lower rates or better loan terms. With an experienced banker and assistance from
the Small Business Administration, it may be possible to significantly cut loan costs and preserve additional capital for your business. • Create a relationship with a local banker who is experienced with the many options available for business financing. Finding a banker who understands the unique challenges and opportunities facing your business will help your business now and in the future. Bank of Nevada is a division of Western Alliance Bank. Member FDIC. All offers of credit are subject to credit approval, satisfactory legal documentation, and regulatory compliance.
Nevada State Bank Jennifer Turner, senior vice president, Business Banking Sales Manager The Small Business Association’s (SBA) Paycheck Protection Program (PPP) was a wake-up call for many small business owners who hadn’t recognized the importance of keeping the detailed financial records needed to fill out the PPP loan application. While entrepreneurs are experts at running their business, they may not review their company’s financial statements, which is vital to understanding the health and the potential of their business. Those who asked their banker for help with PPP applications ended up not only appreciating the importance of good record keeping, but also the value of having a financial professional in their corner. Our most recent 2021 Small Business Survey indicates that 90.5 percent of survey respondents consider their banking relationship “somewhat to very” important to their business success. Discussing their financial statements with their banker also presented an opportunity to take a closer look at ways they may be able to improve cash flow. Businesses should be able to clearly understand where their cash is coming from, which expenses take up the most cash, and where opportunities exist to improve or increase efficiencies in cash flow. Some options might be negotiating with vendors on accounts payable, revising their billing system to collect accounts receivable faster, or examining their inventory to make sure they are keeping the most efficient amount on hand. Managing these line items allows the company to stay in front of their needs as they occur. This is a great time to partner with their banker to discuss these needs and look for solutions as they grow. One thing the pandemic and its related restrictions taught businesses, both large and small, was the importance of operating as efficiently as possible. Keeping a close eye on expenses and revenues are a good starting point. When times are tough, it becomes essential to operate as leanly as possible – reexamining every expense item to make sure it’s necessary, finding ways to streamline operations, and looking for out-ofthe-box ways to increase income. SCE Federal Credit Union Mike Campion, director of branches, Nevada As we move into a reopening stage of this year long disaster, many questions have come to light. How do I fix what had to be broken during this period? Whether it is rebuilding a saving account, retirement account or simply needing to repair credit, this has no doubt caused increased stress for many individuals. First, what needs to be fixed? Rebuild your savings? Credit Repair? Create a budget?
At SCE Federal Credit Union, we offer a Credit Builder product that will set you up to save WHILE reestablishing your credit score. Not only will it drive your credit score in a positive direction but it also will establish a relationship with our credit union. Consider reaching out to a credit union in your local area and see if they provide a similar service. Second, set a goal for yourself and create a plan. It will take time to gain your footing. Remember, you built your nest egg before, you can do it again. If you were never able to establish a savings or retirement account, reach out to us or any credit union. SCE Federal Credit Union offers 1 on 1 Money Coaching. We understand when talking about your personal finances that it’s... well, personal. We’ll sit with you to discuss your goals, challenges, and solutions, while helping to change your stress and anxiety into a hopeful plan for the future. A huge thank you to our contributors in this first part of two on tips for small businesses for navigating year two of the pandemic! Keep your eyes peeled for part two of this article in our next issue of Business Voice.
FREE Tools & Programs for Vegas Chamber Members Employ NV Business Hub: Get connected to free start-up guides, no-cost talent recruitment, hiring incentives and more. HireUp: Vegas Chamber has partnered with Workforce Connections and the Las Vegas Global Economic Alliance (LVGEA) to launch HireUp, Presented by Switch: A free portal designed to simplify the process for employers to connect with talented interns and improve the next generation of workforce. U.S. Bank Goals Coaching & Growth Program: Explore your goals, map your personalized timeline, and begin prioritizing the steps to get there. Vegas Chamber Marketing Playbook, Powered by the Las Vegas Review Journal:An exclusive assessment and consultation providing local market insights, budget allocations and recommendations.
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Chamber News Upcoming Government Affairs Events Tuesday, May 4 Eggs & Issues 8 a.m. U.S. Congressman Steven Horsford, representing Nevada’s Fourth District, will be the featured speaker at Eggs & Issues on Tuesday, May 4. Congressman Horsford currently serves on the House Ways & Means committee, as well as on the Budget Committee. He also serves as First Vice Chair of the Congressional Black Caucus and Co-Chair of the Labor Caucus. Eggs & Issues, a program designed to connect members with key federal policymakers, is a way to engage elected officials on the subjects that impact the Southern Nevada business community. The information imparted at these sessions gives members a better understanding of the federal issues that affect the business community and the health of the economy in Nevada. Free and exclusive for all members; register at VegasChamber.com. Carson City Call 11 a.m. A monthly webinar with Vegas Chamber’s government affairs team, which provides insight and information live from the Legislature. You will have an opportunity to ask questions and engage with staff. Free and exclusive for all members; register at VegasChamber.com. Thursday, May 6 Paul Call 11 a.m. A biweekly conference call with Paul Moradkhan, Vegas Chamber’s senior vice president of Government Affairs. Paul discusses the issues important to you and your business. Hear the latest about what is happening in Carson City that could impact you. Free and exclusive for all members; register at VegasChamber.com. For more events in May, check out the Events Calendar on page 5. Tune in for Virtual Business After Hours on May 19 Business After Hours is happening on May 19 from 4:30 to 6:00 p.m. The crowd is friendly, and business minded while our Chamber staff and ambassadors assist in making meaningful interactions happen in a natural way. This event aims to ensure all members connect with the type of people they’re looking to meet to grow their professional networks. Tune in virtually from the safety of your home or business and make strategic and direct connections to fellow members across the Vegas Valley. Sign up by visiting vegaschamber.com. Chamber Connections Power Hour Happening on May 26 Chamber Connections Power Hour is the place for business professionals to come together to expand their network and their business. By sharing contacts, referrals and ideas, members learn the most effective ways to network. Registration is complimentary for Vegas Chamber members. Chamber Connections Power Hour is a member's only group; virtual meetings are held on the second and fourth Wednesday of every month, unless otherwise noted. Register by visiting vegaschamber.com.
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Register Now for the DC Fly-in! We’ve booked our D.C. Fly-In for September 20 through September 24, 2021. We’re so excited to be back in our nation’s capital to meet in person with lawmakers and policy experts. There are many federal issues that impact Nevada in areas such as the economy, infrastructure, land use, education, water and trade. Our D.C. Fly-In is an outstanding way to help elevate Nevada’s voice on Capitol Hill, as well as make invaluable connections. This event is open to all President’s Club and Advocacy members. To sign up, visit vegaschamber.com. Public Policy Leadership Series Enrollment Now Open The Public Policy Leadership (PPL) Series educates leaders on the roles and responsibilities of serving in public office, the tenants of sound public policy, characteristics of good governance, and best practices to get things accomplished. The program is ideal for anyone considering running for office, currently serving in office, or for someone who wants to be a more effective advocate for their organizations or causes. Class members engage with policy experts, elected officials, and government affairs professionals to bring a practical perspective to the program. The program is a partnership with the Greenspun College of Urban Affairs and the Chamber’s Leadership Foundation of Greater Las Vegas, a 501(c)(3) non-profit that is dedicated to developing educated and capable community leaders. The Series will take place over the course of six weeks. Fridays beginning Sept. 10, and will meet from 11:30 a.m. to 1:30 p.m. For mor information, go to www.Leadership. Vegas or contact Cara Clarke at cara@Leadership.Vegas. Executive New to Las Vegas? Access the Information You Need Through “Access Las Vegas” Enrollment is open for Access Las Vegas, a two-day program to help executives new to Las Vegas develop a better understanding of the region. The program is slated for Tuesday, Oct. 12 and Tuesday, Oct. 19. Access helps executives new to Vegas develop a better understanding of our region and accelerate building their Vegas networks. Through Access, executives will • Learn about the economy, industry sectors, and the most critical issues facing our community • Gain insights on a wide range of topics, including workforce, education, infrastructure, economic development, and the arts • Understand the history of the region, its governance, and milestones • Hear how Las Vegas is addressing its challenges and capitalizing on innovation and opportunities • Meet community leaders and make connections to activate your personal network Access Las Vegas is a program of the Vegas Chamber’s Leadership Foundation of Greater Las Vegas, a 501(c) (3) organization dedicated to leadership development in Southern Nevada. To register, go to www.Leadership.Vegas and click on the Access Las Vegas program. You may also contact Cara Clarke at cara@leadership.vegas.
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UNLV - Investing in the Future in Our Community For 110 years, the Vegas Chamber has been an essential part of Las Vegas’ story. Through the Vegas Chamber, Southern Nevada’s business leaders have been visionary and forward-thinking, their contributions are evident throughout the Las Vegas Valley from the Las Vegas Convention and Visitors Authority to McCarran International Airport to the University of Nevada Las Vegas. They believed in our future and we have benefited from their vision, their drive, and their commitment to our community. During this time, Las Vegas has “grown up” – we are no longer the small town where everyone knew each other. We are a global destination and center of business. We have rapidly grown to more than 2.2 million residents who call Southern Nevada home. To continue to grow and prosper – to have a thriving economy that provides opportunities for good, sustainable careers and high quality of life for its residents – we need to continue to “think big” and invest in the community infrastructure that will propel our success. For decades, Vegas Chamber leaders and members have supported investment in our higher education system, which includes the University of Nevada Las Vegas.
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These efforts have been defined by dreaming big, leading fearlessly, and by doing right for our community. Something that continues to this day. Vegas Chamber President and CEO, Mary Beth Sewald said, “The Chamber is proud of the partnership with UNLV, which has spanned decades of collaboration and innovation. The Chamber has been a staunch supporter of UNLV because of the important role it has in workforce development efforts, fostering research and innovation, and improving lives of Southern Nevadans.” In a talentbased global economy, UNLV is one of our most important and essential community assets. To look towards our future, we need to look back to our past to understand how we got here. 65 years ago, the Nevada Legislature took action to provide initial funds to construct the first campus of higher education in Las Vegas. That legislative action would mark the beginning of what would become the UNLV. Chamber leaders were early advocates for the project and the belief that the Las Vegas community would rally and support a university. They were not wrong. Today, UNLV has over 1,000 faculty and staff that educate and support over 31,000 students with over
127,000 graduates. UNLV is classified as a R1: Doctoral Universities – Very high research activity by Carnegie Classification of Institutions of Higher Education. This success is a result of support from the State Legislature, business leaders, community partners, philanthropic donors, university faculty, and the students. However, our work is not done. As we look to recover and rebuild our economy from the devastating efforts of the COVID-19 pandemic, UNLV will play an in important role in those recovery efforts. Gina Bongiovi, Vegas Chamber Chair of the Board of Trustees and an alumnae of UNLV stated, “Universities are the economic engines of their communities; they foster economic innovation and entrepreneurship with their research work. UNLV will be essential as we diversify our economy, especially as we embrace diversification efforts in the areas of healthcare, emerging technology, and innovation.” This legislative session presents another critical milestone in the trajectory for UNLV and Southern Nevada. As the State Legislature discusses and prioritizes the spending of funds, there are two crucial UNLV capital improvement projects that need to be funded now. We cannot afford to wait. They are the Kirk Kerkorian School of Medicine at UNLV Medical Education Building and the Advanced Engineering Building. UNLV President Keith E. Whitfield stated, “Both the Medical Education Building and the Advanced Engineering Building are integral to fulfilling the university's mission. We don’t think of them as only brick and mortar, but as strategies that will allow us to grow
training more doctors and engineers as well as generate research to drive innovation. Both will create good paying jobs and support educational efforts in key areas of growth that our community needs. These priorities are also supported by the Vegas Chamber and the Southern Nevada Forum. Kirk Kerkorian School of Medicine at UNLV The Vegas Chamber was one of the earliest and strongest supporters for the creation and funding of a School of Medicine at UNLV. In 2013, a report commissioned by The Lincy Institute at UNLV, the consulting firm Tripp-Umbach made a compelling case for a UNLV-based and fully independent medical school. Its analysis helped serve as the catalyst of support for the school from the community. Those efforts along with the support of many community leaders and organizations led to the 2015 State Legislature funding the initial dollars for the medical school. The primary premise for the Kirk Kerkorian School of Medicine at UNLV is that it would directly help address the critical shortage of health care professionals in Southern Nevada. Since its creation in 2015, Kirk Kerkorian School of Medicine at UNLV has been granted full accreditation by the Liaison Committee on Medical Education, the accrediting body for schools of medicine in the U.S. and Canada. The school has also met or exceeded national standards for structure, function, and performance. The school currently has 240 students, 150 faculty physicians and more than 300 medical residents and fellows. The school’s charter class, which began in summer 2017, is due to graduate in May. Another testimony to the school’s academic achievement is all the students in the charter class were selected for residency programs. When the school was created, no one expected that we would be faced with the COVID-19 Pandemic, but the medical school has proven to be an important partner in the response to COVID-19. The school has provided support during the test phase and now the administration of the vaccination in Southern Nevada in coordination with the Southern Nevada Health District.
and sustain key academic programs that will directly benefit Nevadans, from driving economic growth to elevating health care, to creating an environment for innovation.” These capital improvement projects will have a dramatic, positive economic impact on Southern Nevada. These investments will propel our economy both in terms of
Dr. Marc J. Kahn, Dean of the Kirk Kerkorian School of Medicine at UNLV, on the impact of the building, “Kirk Kerkorian School of Medicine at UNLV is already having an impact on the community to improve health care in Southern Nevada with 330,000 visits to UNLV Medicine clinics, 52,000 surgeries performed, 100,000 COVID-19 vaccinations administered, 19,000 COVID-19 tests performed and 5,000 babies delivered.” (Note: COVID vaccines administered as of May 1, 2021). Kirk Kerkorian School of Medicine at UNLV is an emerging leader in medical education and innovative practices; the school is training future Nevada physicians, serving the community, and elevating patient care for a diverse, urban region. The next step to elevating the school is full funding of the Medical Education Building. The UNLV Medical Education Building (MEB) is a new VEGAS CHAMBER MAY 2021 BUSINESS VOICE
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five-story, 135,000 square-foot building, which is now under construction in the Las Vegas Medical District through a partnership with the Nevada Health and Bioscience Corporation (NHBC). NHBC CEO Maureen Schaefer explained the importance of the project, “The NHBC is pleased to provide support to the Medical Education Building, which is already under construction and we anticipate that it will be completed in 2022. This building will be essential to support research and innovation in medical science and healthcare.” The building will serve as the school’s permanent campus, allowing expanded class sizes and providing space for additional research activities. Kahn stated, “The future health care in Las Vegas depends on our ability to train the next generation of physicians, and there is no better place to do that than in a modern, technologicallyadvanced medical education building.”
• Addressing our health care needs: Every medical school graduate completes a residency, and more than half will stay, live, and work where their residency takes them. Nevada has only 400 residency slots statewide, and UNLV offers 325 – compared to 11,000 in neighboring California. Increasing residency slots keeps more physicians here, serving the needs of Nevadans. • Economic and employment impact: Kirk Kerkorian School of Medicine at UNLV is estimated to generate 8,000 new jobs by 2030 and have a $1.2 billion impact in the next decade. It also will contribute through health care research, adding up to $50 million in annual research funding, directly supporting UNLV’s Carnegie R1 status.
Governor Steve Sisolak highlighted the medical school in his 2021 State of the State by saying, “And in order to stop talking about our doctor shortage and actually start doing something about it, I am proposing a $25 million one-shot expenditure to help complete the UNLV Medical School Building, a school which could generate as many as 16,000 jobs over the next ten years.” The Chamber commends Governor Sisolak for emphasizing the important economic impact that the medical school will have in Southern Nevada. Hugh Anderson, Chair of the Chamber’s Government Affairs Committee shared the importance of the economic contributions that the medical school will have in Southern Nevada, “As we move forward with our economic recovery, we call upon our State Legislators to support this initiative that will train Nevadans in healthcare sector and provide for good paying careers in Southern Nevada; this building is both about improving healthcare and economic recovery.” Legislative Call to Action: • Maintain and pass the $25 million proposed by the Governor towards the $125 million Medical Education Building currently under construction. • Restore $46.7 million in funding to expand the school’s operations with the new Medical Education Building, including increasing class sizes. • Approve a $2.1 million enhancement request to expand residency positions from 325 to 380. Economic Impact by the Numbers: • Building the future: Restoring the school to its $46.7 million funding is critical to supporting its expansion and accelerates the graduation of skilled physicians. Opening a new Medical Education Building is one aspect of the school’s growth. UNLV will also need faculty and staff to fill the roles that will allow the school to increase its incoming classes and better serve the Southern Nevada community.
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Advanced Engineering Building Another pivotal project for helping transform our economy in Southern Nevada is UNLV’s Advanced Engineering Building. The Chamber has also been an advocate for the investment and was supportive of the $1.75 million allocation from the 2017 State Legislature for the planning and construction of the building. The next step is to secure the funding for the actual construction of the building from the 2021 State Legislature. This project will complement the work that is occurring in the field of engineering at UNLV. The work being done by faculty and students can help change the world as we know it. It can be best described by UNLV Physicist Ashkan Salamat part of the team behind “Top 10 breakthrough of 2020.” Salamat and his colleagues discovered the first ever room-temperature superconductor - what they call the “holy grail” of energy efficiency. The phenomena observed by the research team and reported as a cover story in the journal Nature has implications for how energy is stored and transmitted. It could one day change how everyday technological devices - from telephones to Teslas - are powered, how people and goods are transported, and how the whole
of society could operate years into the future. Salamat says he envisions a “complete transformation of tomorrow’s society.” And this innovation is happening in Southern Nevada and demonstrates why it is critical to fund the Advanced Engineering Building to generate even more research and discovery. Legislative Call to Action: • Approve the $36.8 million as proposed in Governor Sisolak’s recommended biennium budget for the Advanced Engineering Building. UNLV will match those funds for a total of $73.6 million. Economic Impacts by the Numbers: • Economic impact: Engineering jobs are high-skill and high-paying, and more than 60% of UNLV’s engineering graduates stay in Nevada. Their skills help existing businesses expand and attract new industry and business – which broadens the state’s economy. • Becoming competitive: UNLV’s program has grown by 75% since 2009, but available space has not kept up. UNLV’s space lags far behind many universities, which means students and their talents are recruited away from Nevada. • Diversifying our homegrown workforce: More than 90% of UNLV’s engineering students are residents, and more than 70% identify as a racial or ethnic minority. Nearly half are the first in their families to attend college.
As Dr. Whitfield put it, “Even through the pandemic, UNLV remained focused on its mission to help diversify the Nevada economy. These two projects are significant steps to making that happen.” Call to Action: The Vegas Chamber calls upon its members, business leaders and the UNLV Alumni to rise together to advocate for these essential projects. Contact your state legislators and let them know that you support the funding for the Kirk Kerkorian School of Medicine at UNLV Medical Education Building and the Advanced Engineering Building. Our voices together can help bring change to our community with these transformative projects. Make the call, send the email or post on social media. Your Voice Matters. Southern Nevada Matters. Our Future Matters. These projects are critical to our future. They will expand our economy, create good and sustainable jobs, and elevate the quality of life in our community. Please do your part to ensure the Nevada Legislature passes the necessary funding. The Vegas Chamber’s legislative mission and commitment to you, our members are Recover. Rebuild. Reinvent Nevada Together.
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We are proud to announce a new, significant benefit for all employees of Vegas Chamber members: The Vegas Chamber Homeownership Advantage Program. Employers can help their employees achieve work-life balance by educating them about the program, which provides employees with resources to navigate the often complex process of home buying, home selling and financing.
Benefits for Chamber Members:
Benefits for Employees:
✔ A Package of Exclusive Mortgage & Real Estate Benefits for Your Employees at No Cost to Your Company
✔ Exclusive Mortgage Credit of Up to $1,395 for Purchase or Refinance**
✔ A Dedicated Mortgage Advisor & Real Estate Sales Professional
✔ Exclusive Real Estate Credit for Buying or Selling, Giving Back 20% of Commission Received at Closing. Example: Sales Price is $325,000, Cash Back Rebate is $1,950*
✔ Customized Company-Branded Materials
✔ Personalized Annual Mortgage & Real Estate Review
✔ Dedicated Co-Branded Web Page
✔ Lower Than Market Rates
✔ 5-Star Customer Experience from Las Vegas’ Top-Rated Mortgage and Real Estate Professionals
✔ Borrower Education Series Available • First-Time Homebuyer • Credit Education • Low Down Payment Options • Debt Management / Wealth Creation
Vegas Chamber members’ employees have access to a dedicated team of experts, ready and eager to create an outstanding home buying, home selling or financing experience with up-front underwriting options, fast approvals and on-time closings. In addition, this Vegas Chamber benefit includes ongoing, periodic reviews and an education series to improve the lives of employees and their families.
Janelle Kennedy Business Development Officer M 702.376.9364 janelle.kennedy@alderus.net | alderus.net
Allison Wax Director of Bus. Dev. & Client Relations D 702.939.5186 | M 702.525.6304 allison.wax@cbvegas.com | allisonw.cbvegas.com
This is not a solicitation if you are already represented by a real estate broker. *Cash Back bonus is only in allowable states. The Cash Back Bonus is twenty percent (20%) of the gross commission paid to Coldwell Banker Premier Realty, which is typically three percent (3%) of the purchase price. Your savings will vary based on the sale or purchase price of the home and the commission received. All real estate transactions are negotiable. Other items and considerations may vary. The Cash Back Bonus may be terminated without notice. Fair Housing Broker. **Powered by Hamilton Group Funding, Inc. NMLS #200719 (nmlsconsumeraccess.org). All loans are underwritten and closed by Hamilton Group Funding, Inc. Valid on Hamilton Group Funding loan programs only; broker-funded, bond and non-delegated loans are not eligible. Homeownership Advantage Program is limited to current employees. Only one promotion per loan allowed. Equal Housing Lender. ©2020 Hamilton Group Funding, Inc. NMLS #200719 (http://www. nmlsconsumeraccess.org) State licensing: Alabama 21720, California 41DBO45707, Colorado 2007419, DS 2007149, Florida MLD680, Georgia 32726, Illinois MB.6761042, Indiana 28272, Kentucky MC90805, Louisiana 200719, Maryland 19833, Michigan FL0018547, Minnesota MN-MO-200719, Nevada 5077, New Jersey ML200719, New Mexico 200719, North Carolina L-150415, Ohio MBMB850258000, Oklahoma ML011206, Pennsylvania 37473, South Carolina 200719, Tennessee 112326, Texas 200719, Virginia MC-5546, and Wisconsin 200719BA. All loans subject to approval, including credit approval. Some restrictions may apply. Other programs available. Program conditions subject to change without notice.
SOME SILVER LININGS FROM THE PANDEMIC By Michelle Jackson, President and CEO – Junior Achievement of Southern Nevada the areas of financial literacy, community/economy, work/career readiness, and business management. After completing the lessons, students are given access to become an “employee or business owner” through the JA BizTown simulated job roles. JA BizTown is an incubator for elementary youth to be exposed to careers in Nevada that exist today and that will need employees in the future. Nevada has worked to diversify our economy for years, but has had difficulty overcoming the issue of talent needed by the businesses we want to attract. The JA BizTown program gives communities the tool to plant seeds of inspiration in young students for the careers they will have tomorrow!
We know that chamber members were impacted by the pandemic and it required them to be flexible and change the way they do business. Junior Achievement of Southern Nevada (JA) also had to change the way we approach our business of teaching life skills to K-12 grade students. In a matter of weeks, JA’s comprehensive programs in financial literacy, workforce readiness, and entrepreneurship went from being delivered face to face by a JA volunteer to being delivered over video web calls. It began slowly in the spring of 2020 with teachers and schools who had partnered with JA for several years reaching out as they struggled to find content that they could use to engage students over distance learning. Through partnerships with Vegas Chamber programs like “The Truth About Being A Grown Up,” students were able to hear directly from experts on topics like buying your first car with Findlay Volkswagen. As the year progressed Junior Achievement was determined to be prepared to meet the needs of schools no matter where education was happening and when the 2020-2021 school year began, JA had over 20 programs ready to be delivered virtually to classrooms all over Nevada. By the end of December 2020, all but 2 of JA’s 40 program options spanning K-12th grades were ready for teachers, students, and volunteers. Two of these programs – JA BizTown Adventures and JA Inspire Virtual Career Expo -- became brand new offerings for educators that Junior Achievement of Southern Nevada had not been able to provide before. JA BizTown Adventures focuses on educating upper elementary students in personal finances and career exploration through simulated employee roles. Students complete 12 teacher led lessons that prepare them in
JA Inspire Virtual Career Expo has blown away the restrictions of access, transportation and reach for students and business partners through its virtual conference center platform. After completing 5 selfguided lessons and a detailed skills and interest assessment, 8th -12th grade students from all over Nevada gain access to the JA Inspire Virtual Career Expo. In the virtual conference center, students are able to interact with businesses from all over Nevada while exploring future career opportunities in our state. Students also are able to hear from public figures and business leaders in the virtual auditorium through semi-live presentations. This year’s JA Inspire Expo took place on May 4 with more than 4000 student participants, and the virtual conference stays open for 90 days,allowing students to return several times to continue their journey of career exploration. Thus, the silver lining: through these virtual programs, we have the ability to reach greater numbers of young people, preparing them to become tomorrow’s Chamber
members and business leaders. We would like to invite you, as a Chamber member, to visit the JA Inspire Expo and see for yourself how this powerful new tool works. Just drop me an e-mail at michelle.jackson@ja.org and I’ll send you a link. We’d love to get your feedback.
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110 Years in the Making Hoover Dam? Check. McCarran International Airport? Check. Las Vegas Convention and Visitors Authority? Check. Vegas Milestone Innovator? Check. Check. Check. Since 1911, the Vegas Chamber has navigated growth in this community. Celebrating 110 years with tenacity, accessibility and Vegas-ness like no other place in the world, the Vegas Chamber will be here through it all in 2021 and beyond.
Join us and let’s make history together. 702.641.5822 VegasChamber.com Cultivating Growth & Prosperity Since 1911 VEGAS CHAMBER MAY 2021 BUSINESS VOICE
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Will Your Business and Clients Be Involved in the Data Breach Crisis? By Robert Wilson, CEO Secured Communications How confident are you that your video meetings, files, messages, and calls are truly private? We regularly see headlines about high-profile hacks and data breaches, and most businesses have been affected in some way, regardless of the size.
safe. Throughout the pandemic, our team has been hard at work to bring the same tools that are trusted and relied upon by first responders, counterintelligence agencies, and global leaders to the corporate world.
Over the past 12 months, 31 billion data records were compromised. The average cost of a data breach continues to skyrocket, surpassing $8 million in 2020, and corporations are reporting that unauthorized intrusions are more common than ever before. These trends are wellestablished and accelerating at an alarming pace.
The result of that hard work is the most powerful unified communications tool for business; we call it Mercury. Mercury enables users to host HD videoconferences, send messages, transfer files and make secured phone calls without disruptions or leaks. In addition, Mercury increases productivity by ensuring that all communications are not only protected, but within one private ecosystem.
There are lots of buzz words swirling around the media about cybersecurity, the most common one being encryption. Ironclad encryption doesn’t help if you don’t employ best practices to protect your organization. There are key points to focus on to avoid costly breaches: Avoid allowing the use of social-media platforms Require that employees use systems you approve. Keep everything in one application Each time a user switches apps, there’s an opportunity for data to be left behind or re-routed. Keep things simple Not all your employees will be tech experts. Staff productivity will benefit from having easy to use platforms. Five years ago, I founded Secured Communications, and set out in partnership with law enforcement agencies to protect the men and women who keep our communities and country
You might be thinking; “It’s not as though my company holds or discusses national secrets”, but unfortunately, companies find out on a daily basis that even small breaches can lead to heavy commercial and reputational costs. Moreover, reactive security strategies often price to be several times more expensive that proactive prevention strategies, and sometimes the effects of reputational damage are difficult or impossible to reverse. While the challenges presented by a new way of working are seemingly never-ending, and new threats emerge every day, we stand resolute and ready to help the business community of Las Vegas. We are proud to partner with the Las Vegas Chamber to double down on a city that has been with us since the very beginning and look forward to seeing you all soon in an ultra-secure, high-definition Mercury Meeting.
Robert Wilson is the CEO and Founder of Secured Communications, has 30 years of experience in Technology, Marketing, and Business Development and has developed technology for Fortune 500 companies such as American Express, and Citibank.
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President’s Club (B) Dan Kearney SVP and Market Manager – Audacy Las Vegas Dan Kearney is Senior VP and Market Manager for Audacy Las Vegas, overseeing operations, growth and revenue of the cluster’s six radio stations: KMXB (MIX 94.1) KLUC (98.5 FM) KXTE (ALT 107.5 FM), KXQQ (Q100.5 FM) KXNT (News/Talk 840 AM) and CBS Sports Radio 1140 AM as well as the Audacy App and other digital & data products. He joined Entercom Radio (now Audacy) upon the merger of CBS Radio in 2017 and consistency produces noteworthy revenue and ratings growth. He holds a BS in RadioTelevision from So. Illinois University-Carbondale.
(A) Chrishena Stanley President/Broker – STK Property Group Skillful, savvy Atlanta real estate broker Chrishena Stanley of STK Property Group, is excited to bring her energy and expertise to Las Vegas. For over 15 years, Stanley has built a reputation in Atlanta for her drive, determination, and commitment to her clients. She knows how to get the inside scoop on a market and make the impossible possible, regardless of the city she is in. Stanley credits her success to always going the extra mile, and that is why her company's motto is "There is no traffic on the extra mile."
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B (D) Doug Beckley Founder – The Beckley Group Doug Beckley is a management consultant, business advisor and CEO coach. A native Las Vegan, Doug founded The Beckley Group in 2000. The Beckley Group has created success and boosted profitability for numerous well-known Southern Nevada organizations from a variety of industries. Doug has been the owner of several prosperous businesses including the most successful multi-center UPS Store franchise in Nevada, and the famous Pioneer Club casino. Active in the community, Doug served as Chair of the Nevada Community Foundation and President of the Las Vegas Executives Association.
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(C) Bill Wadley Founder – Capstone Christian Academy Bill Wadley grew up in poverty, homelessness and three broken homes, yet by a miracle he graduated from West Point. This Henderson Basic High School graduate is now a 24year business owner of Impact Sand & Gravel. Motivated by his gratitude for the premier education and leadership training he received at West Point, Wadley wants to provide similar opportunities for the children in Southeast Las Vegas area. Capstone Christian Academy’s mission is to Develop World Changing Leaders. There are still Pre-K through 2nd grade openings. Visitors are welcome to stop by for a tour.
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Spotlights (E) Lyndsay Soprano Owner – Bound-by Marketing Lyndsay Soprano, owner of Bound-by Marketing, is an award-winning Virtual CMO who helps grow small to large companies with smoldering results. With a talent for building relationships, Lyndsay launched her boutique marketing agency over 20 years ago — and she’s been making brands sizzle ever since. Soprano offers personalized consulting services and loves to impact marketing growth in ways that leverage resources efficiently. Whether it’s creating marketing materials for a charity gala or socializing a nationally syndicated radio show, she oversees the entire breadth of your business from creative design to total brand management.
(F) Brian Formisano Region Bank President - Nevada Southern – Wells Fargo
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Brian Formisano, Region Bank President – Nevada Southern for Wells Fargo, is responsible for setting direction and leading all aspects of the branch banking network, including small business and affluent business. He provides business leadership for the planning and execution of all activities within the region and alignment between regional initiatives and overall Regional Banking initiatives. He ensures all elements of risk management, compliance accountability and talent management programs are followed. He represents Wells Fargo in all aspects of federal, state, and community leadership as well as the development within the market.
(G) Lisa De Marigny President and CEO – Omni Limousine Lisa de Marigny leads a team passionate about luxury and innovation. Omni is known for premier service and pristine chauffeured fleet of black sedans, SUVs, limousines, and mini coaches. The team opened Tango Car, the first app-based on-demand transportation service for passengers traveling in wheelchairs. Lisa’s desire to provide mobility to the paratransit community made Tango a fitting name for this unique startup. She grew up in the transportation business while earning a B.S. Organizational Leadership from Penn State University, she is a 2012 graduate of Leadership Las Vegas.
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(H) Sam Mirejovsky & Ash Watkins Partners – Sam & Ash, LLP Sam Mirejovsky and Ash Watkins are personal injury veterans who have seen first-hand the difference a great lawyer makes. Together they have built a new kind of law firm from the ground up — one that is centered on getting injured people back on their feet. Accident victims deserve a team that leaves attorney egos at the door and devotes itself to doing What’s Right for you. Sam & Ash will deliver the care and justice you deserve by truly understanding your unique circumstances and getting you the best results possible.
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Apply Now for Leadership Las Vegas; Applications Due May 20 Leadership Las Vegas is Southern Nevada’s premier community leadership development program. Through the 10-month experience, class members develop new perspectives on the community by exploring the inner-workings of Las Vegas, including its greatest strengths and most challenging issues. The program begins with a three-day opening Gateway retreat where the class gets to know each other. Through monthly day-long sessions, the class hears from area experts and leaders, and participates in interactive tours, simulations, and other exclusive activities. At the end of the program year, class members join a network of leaders committed to using their talents and strengths to improve Southern Nevada. Leadership Las Vegas selects 60 executives and accomplished professionals from a wide range of industries and local businesses who want to make a positive impact in the community. Applications are due no later than Thursday, May 20, at 4 p.m. More information and the link to the application can be found at https://www.leadership.vegas/leadership-las-vegas. Distinguished Leadership Las Vegas alumni include Vegas Chamber CEO Mary Beth Sewald, Chamber Chairwoman Gina Bongiovi U.S. Congressman Steven Horsford, Nevada Speaker of the Assembly Jason Frierson, Nevada Superintendent of Instruction Jhone Ebert, MGM Resorts International President and CEO Bill Hornbuckle, Henderson Mayor Debra March, Las Vegas City Councilman Brian Knudsen, Raiders Foundation CEO Alan Diskin, among many others. The Leadership Las Vegas program is overseen by the Vegas Chamber’s Leadership Foundation of Greater Las Vegas, a 501(c)(3) non-profit dedicated to expanding the leadership capacity in Southern Nevada by developing civic leaders who are knowledgeable, prepared, and dedicated to serving as catalysts for positive change and growth in the community. For questions, please contact Lisa Gough, program manager, at lgough@Leadership.Vegas or 702.586.3841
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Why Social Security Matters The Social Security Act has gone through many amendments since it was first enacted in 1935. It provided retirement, disability, survivor, and Medicare benefits to over 65 million Americans in 2020. Access to these benefits requires adherence to many rules and requirements, but many Americans are overwhelmed by Social Security's complexity. Americans question how social security is funded, how benefits are calculated, how to maximize benefits, when to take Social Security benefits, and how it is taxed. Of course, many are also concerned that Social Security will run out of funding. The Federal Insurance Contribution Act (FICA) tax is collected through wage earners. This tax funds The Social Security's Old-Age, Survivors (OASI), and Disability Insurance (OASDI) program, and Medicare Hospital Insurance (HI). Employers and employees each pay 6.2 percent on employee's wages. A selfemployed individual pays the full 12.4 percent. In 2021, OASDI tax applies to the first $142,000 of a person's income. Similarly, for HI, employer and employee each pay 1.45% or 2.90% for the self-employed.2 There is no income limit for this tax. To qualify for benefits, workers must pay into Social Security and accumulate a minimum of 40 credits (10 years of work). Calculating full retirement benefits requires several steps. First, take the sum of the highest 35 years of earnings (adjusted for inflation by the average wage index3) and divide it by 420. This amount is the Average Indexed Monthly Earnings (AIME). Take the first $996 of the AIME and multiply by 90%. Take the second amount up to $6,002 and multiply by 32%. Finally, take the remaining amount and multiply that by 15%. Add all three amounts to calculate full retirement benefit, also known as the Primary Insurance Amount (PIA). The average monthly benefit in 2020 was $1,514.1 When calculating benefits, many Americans may realize that Social Security was not intended to fund 100% of retirement income. The social security administration released a fact sheet in 2020, stating that benefits represented about 33% of elderly income. It is, therefore, extra concerning that 49% of the workforce in the private industry has no retirement saving option.1 There are several strategies to get the most from Social Security, including waiting to take benefits for three to four years beyond full retirement age. Social security may be taken as early as age 62 but no later than age 70. Early social security benefits result in significant income reduction while taking it past full retirement age provides an 8% increase each year delayed. Over 57% of Americans take Social Security (non-disability) early, before full retirement age.4 Many of these individuals believe they can supplement their Social Security with earned income.
However, in addition to reducing benefits from drawing them early, one dollar of Social Security benefits is withheld for every two dollars earned above $18,960 per year. There is no income reduction if you wait to take Social Security at full retirement age or beyond. For example, if benefits are taken early at age 62 and assuming the full retirement benefit at age 67 is $1,900, the benefit is reduced to $1,330. If the same person had earned $40,000, benefits would be reduced to only $453.33 per month.5 These numbers are for illustration purposes only. See a financial advisor for individual hypotheticals. Deciding when to collect Social Security can still be complicated. For instance, is retirement affordable if you stop working? Is debt eliminated? Are you healthy with a long life expectancy? Do spousal benefits provide enough income? Taking Social Security early should be avoided if possible unless disabled or expected shorter life expectancy. A retiree will need to rely on accumulative assets to provide a comfortable retirement, including extra savings, a 401(k), the sale of their business, downsizing their home, or receiving an inheritance. Income taxes on social security in 2021 depended on income levels and are different for single and joint filers. Single filers have no tax with income below $25,000, but 50 percent of benefits may be tax with income below $34,000, and as much as 85 percent tax on income above $34,000. If filing a joint return, there may be a 50 percent tax on benefits with combined income between $32,000 and $44,000, with up to 85% tax above $44,000.6 Will social security still be there when you retire? It is difficult to imagine having no benefits after paying into the system for many years. In 2019, social security received a total of $1.062 trillion but distributed $1.059 trillion. The OASDI Trust Fund's balance at the end of 2019 was $2.897 trillion, which the OASI Trust Fund is expected to be exhausted sometime beyond 2034 without legislative changes.7 Those paying into Social Security will continue to fund the Trust, but over time a shortage gap will widen. To learn more about these topics and more, join us for a Social Security webinar on Thursday, June 3 at 9 a.m. We will discuss many of the topics mentioned including survivor benefits, spousal benefits, minor dependent children, collection strategies, and government pension offset. To register, visit vegaschamber.com. For more information about Social Security and access to statements, visit www.ssa.gov or call 800.772.1213. To learn more about the Chamber's Association Retirement Plan, contact Joe Caldera at 702.846.4015.
Joe Caldera is an LPL Financial Advisor, Chartered Retirement Plan Specialist®, and principal at Caldera Wealth Management Group. CRPS conferred by The College for Financial Planning. Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, FINRA/SIPC. This material was created for educational purposes only and is not intended as ERISA, tax, legal or investment advice.
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https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf https://www.ssa.gov/oact/cola/cbb.html https://www.ssa.gov/oact/progdata/retirebenefit1.html https://www.usatoday.com/story/money/personalfinance/ retirement/2018/06/19/whats-most-popular-age-to-take-social- security/35928543/ ($40,000 minus $18,960 = $21,040 / 2 = $10,520 – $15,960 ($1,330*12) = $5,440/ 12 = $453.33. https://www.ssa.gov/benefits/retirement/planner/taxes.html https://fas.org/sgp/crs/misc/RL33028.pdf
SMOKEFREE SPACES
It’s the Responsible Thing to Do
You’ve been protecting the health of your business by:
Physical distancing
Requiring masks
Washing hands
Checking temperatures
Contactless service
But there is more you can do:
Create a smoke and vape-free policy
25ft Smokefree Air
Minimum Distance
There is no safe level of secondhand smoke. Eliminating exposure to secondhand smoke both indoor and outdoor is the responsible thing to do. It’s good for business and it’s good for health.
There is no better time than now to create a smoke and vape-free policy. For more information or for FREE signage for your business, visit GetHealthyClarkCounty.org or call 702-759-1270.
Small Businesses Are the Fabric of the Business Community What Members Are Doing Behind the Mask By Nick Schneider, Vegas Chamber Correspondent
Recently, the Vegas Chamber TV show, Like Nobody’s Business, has featured members who have shared their “Behind the Mask” stories. This mini-series provides a platform to recognize and commend our members as they not only survive, but thrive, through the pandemic. Their compelling stories are especially fitting to celebrate Small Business Month in May.
Amusement Exhibit & Event Services- (AE&ES) is an event services company that provides entertainment from team-building events to a complete takeover of the Las Vegas Motor Speedway. With the impact that COVID-19 had on live events, AE&ES entered in a partnership with a local digital creative agency and introduced the MeetFriendly platform that allows entertainment to be brought to the digital meeting. Games range from a virtual escape room to live dealer blackjack. Chief Executive Officer (CEO) Gary Bordman provides this advice to small businesses looking to adapt is in these challenging times: “Your competitors are also your community; form strategic partnerships and find ways to let your services speak to your collective customer-base.” As a local coffee company and restaurant, Makers & Finders (M&F) Founder Josh Molina took quick action by taking his business outside with an espresso cart at all locations. M&F was even able to open a new roastery in Chinatown called Take it Easy in the middle of the pandemic. Molina’s advice for small businesses looking to pivot is to focus on the unique opportunity that the pandemic has created and there is new opportunity in previously saturated markets. Further, passion was a driving force for Molina to get Take It Easy off-the-ground and is a central part to staying positive in tumultuous times. Market Resolution is a female-owned, sustainable, LGBTBE-certified company that found success through its community dedication. Market Resolution created a program with Caesars Entertainment to save equipment from the landfill, instead diverting it to local charities. To ideally help the Vegas Valley re-open, Market Resolution introduced new air cleaning technology called Active Pure, originally developed by NASA and is one of the only technologies proven to fight COVID-19. CEO Sharni Gaskins’ advice to small businesses is to look to their customer base and network and utilize them to better understand the problems they face and help find solutions together. There is no doubt that you have seen Screaming Images’ work, such as the Raiders jersey draped on the Statue of Liberty at New York New York. Through the development of ShareShield, a barrier solution for casino table games that has expanded to slots and retail, Owner James Swanson was brought back all staff who were previously furloughed. Screaming Images further reimagined its business with the creation of the fan cutouts for sporting events, bringing their productions to a smaller scale. Swanson’s advice for small businesses looking to adapt is to “put yourself in the shoes of the end user and understand what you would do or need to succeed, and keep your routine; don’t let a challenge make you give up.” A huge thank you to all members for their insight, perseverance and dedication to Southern Nevada’s business community. Visit VegasChamber.com to check out these members in their Behind the Mask segments on the Chamber’s TV show, Like Nobody’s Business.
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8985 S. Eastern Ave., #205
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VEGAS CHAMBER MAY 2021 BUSINESS VOICE
MAY 2021
Washington, D.C. Fly-In is Back! The Vegas Chamber and Las Vegas Global Economic Alliance (LVGEA) are thrilled to welcome back members to a hybrid Washington, D.C. Fly-In in September! In-person and virtual attendance options are available.
Monday, Sept. 20 to Thursday, Sept. 23 In-Person & Virtual
MARKETING PLAYBOOK powered by
Register now at VegasChamber.com Early Bird Pricing is available through Aug. 1. Register now at VegasChamber.com Exclusive to President’s Club, Advocacy, Board of Trustees and Government Affairs Committee members only.
Don’t miss: Interaction with federal policymakers A variety of meetings with decision-makers and policy experts Receptions to build relationships and strengthen existing connections
Your Customized Marketing Playbook – Your Game Plan for Success Marketing assessment & consultation Local market insights, budget allocations & recommendations Free & exclusive to Vegas Chamber members
Details at VegasChamber.com