Utahns win in Sin City.

• Author: Garcia, Vic
• Position: Utah residents attracted to Las Vegas, Nevada for business opportunities, taking advantage of lenient corporate tax laws, tremendous economic and population growth, low housing prices, good banking market and generally good business climate

It is ironic that the state with likely the most wholesome image in the United States is next to the state with the most notorious image. Yet despite stark contrasts in lifestyles, economies, and tax structures, many Utah business have played a pivotal role in the growth of Las Vegas, the fastest-growing city in the nation according to the United States Census Bureau at the end of 1991.

A 24-hour city like Las Vegas spells ACTION with all capital letters, and national, international, and Utah businesses alike continue to go into the city to get their piece of it.

National news stories of plentiful employment in Las Vegas have been enticing people to flee economically stalled states in search of jobs in a city with an unemployment rate fluctuating between 5 and 6 percent, well below the national average.

A study conducted from May to July 1991 by the Las Vegas Chamber of Commerce estimated that 5,000 new residents were moving into the city every month, said Chamber Vice President Punam Mathur. Though that pace has decreased significantly since the study, Mathur said even half that figure still means 2,500 new people are moving into the city monthly.

Population has doubled every five years for the last 10 years, bringing the 1991 count to about 850,000, said Stephen Allen, media director of the Las Vegas News Bureau. The population is expected to hit 1 million by the year 2000, but Allen said it likely will happen sooner.

A State without Taxes

"There is no corporate income tax in Nevada, and that, obviously, is attractive to a lot of business," said Harris Simmons, chief executive officer of Zions Bancorp.

Simmons would know. In 1985, Zions Bancorp. purchased Nevada State Bank and presently operates 17 branches throughout the state, with most of the branches in Las Vegas.

Aside from having no corporate tax, Nevada has no personal income tax, no franchise tax, no admissions tax, no inventory tax, no inheritance tax, and no capital stock tax. All tolled, the Nevada tax climate spells out a favorable business climate, and the state's proximity to Utah makes it even more attractive.

"We see the Las Vegas market as being integral to Utah. We have a lot of customers who do business in Las Vegas and vice versa, so it;s a natural extension of what we perceive our trade to be.

"[The purchase of Nevada State Bank] has been good for both states," Simmons added. "We brought additional capital strength to what was a small bank in Nevada, and at the same time, their performance has been beneficial to our corporation as a whole."

Mike Chaney, senior vice president of leasing...