Saturday, 27 December 2014
Last updated 3 days ago
Aug 9 2012 | 1:46pm ET
John Paulson made his name—and his fortune—betting on a collapse in the real-estate market. Now, he’s betting on a revival in one of the U.S.’s hardest-hit, but fastest-growing, markets.
Paulson’s hedge fund has bought up more than 875 acres of the Lake Las Vegas resort—most of the remaining undeveloped land in the community in Henderson, Nev., 20 miles east of the Las Vegas Strip. Paulson & Co.’s Real Estate Recovery Fund paid $17 million for land.
Paulson’s bet on a turnaround in Las Vegas comes as the region’s inventory shrinks and home prices rise. What’s more, vacant lots are at a premium in the area, with few for sale.
Lake Las Vegas is built around an artificial lake and features two hotels, a golf course and, of course, a casino. There are already 1,800 homes on the 3,600-acre site.
Lake Las Vegas’ master developer filed for bankruptcy in 2008.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.