Las Vegas Mayor Presents World Market Center(sm) with Key to the City; Home Furnishings Complex Also Recognized by Nevada Governor as a Model for Economic Diversification

Furniture World News

Las Vegas Mayor Oscar Goodman and Nevada Gov. Kenny Guinn recently honored World Market CenterSM in front of more than one hundred guests at a private dinner reception at The Stirling Club in Las Vegas. World Market Center was presented with the Key to the City and recognized as a significant development for Nevada, as well as a driving force for rejuvenation of downtown Las Vegas. “The revitalization of downtown is my top priority as Mayor of Las Vegas,” Goodman told the crowd of guests in attendance, which was a virtual “who’s who” of Nevada business leaders as well as select group of home furnishings manufacturers. The Mayor informed guests of his plans for the downtown area, which include redevelopment of downtown into a cultural center, with the focal point being a 61-acre parcel north of the County Government Center where the mayor is planning cultural facilities, a university medical center, and high-rise apartments. World Market CenterSM sits adjacent to the City’s 61-acre parcel, and upon completion will be the largest and most comprehensive home furnishings showroom and convention complex in the West. “World Market CenterSM represents innovation and forward thinking, and fits with our vision for Las Vegas,” said Mayor Goodman. “This project has come a long way since it first arrived on our radar. At the City, we are thrilled to see this kind of commitment and progress downtown.” “The furniture mart team is first class. I have been very impressed with the group since day one, and they have made a believer out of me,” he added. “This is an exciting new project for the downtown area and we welcome the home furnishings industry to Las Vegas. I am proud to present the developers with an official Key to the City.” “However, do not be fooled,” he joked, “this key will not unlock any of the slot machines at the casinos!” The City of Las Vegas recently approved a public-private partnership for World Market CenterSM valued by the developers at more than $50 million. Following the Mayor’s presentation, Nevada Gov. Kenny Guinn greeted guests at the exclusive Stirling Club and shared a business-oriented message with the group of manufactures in attendance. “Nevada has a wonderful business climate,” Gov. Guinn said. “This project represents a tremendous opportunity. The State of Nevada embraces this new industry and will continue to support World Market Center SM.” Gov. Guinn also addressed the many benefits the State offers to the business community, such as the absence of corporate income tax, personal income tax, and inventory tax. The event was held at the new Stirling Club at Turnberry Place, a luxury high-rise residential complex located near the Las Vegas Strip. Mayor Goodman and Gov. Guinn both surprised and delighted guests, who were there to enjoy an exquisite four-course dinner prepared by Executive Chef Peter J. Sherlock in Las Vegas’ premier private club. Another highlight of the evening included remarks by Managing Partners Shawn Samson and Jack Kashani, who informed attendees of the project’s recentadvancements. “It’s very exciting that World Market Center SM is moving ahead on schedule and that we are accomplishing our goal of developing this state-of-the-art complex for the benefit of Las Vegas and the industry,” Samson said. “We recently closed on a prime parcel of land, located at the intersection of the two major freeways in Las Vegas, which will house the first three phases of the project.” “Our recently announced tenant improvement package valued at $25 million, has been overwhelmingly embraced by the industry,” Kashani said. “The prospective tenants deeply appreciate our commitment to the industry and to making this facility a first class market.” Due to this significant level of demand, World Market CenterSM announced that the first phase of the project has been expanded from 1 million square feet to over 1.25 million square feet. Plans for development of phase two of the project are also being accelerated. The first stage of World Market CenterSM will dominate the complex and will encompass four million square feet of permanent showrooms and a Design Center dedicated to all facets of home furnishings. To be built in three phases, the first stage will comprise three separate buildings and will be open to trade only. The first Las Vegas market will take center stage in early 2004. For more information about the project, Dave Palmer, General Manager, can be reached at (888) 416-8600 E-mail: Palmer@LasVegasMarket.com. For leasing space, contact Babs or Russell Blair at (336) 885-6691. E-mail: Babs@LasVegasMarket.com or Russell@LasVegasMarket.com. For more information, visit www.LasVegasMarket.com.