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Credit One Bank developing 2nd office building in southwest Las Vegas

Updated August 26, 2020 - 6:22 am

A Las Vegas credit card issuer is expanding its corporate headquarters with a second office building.

Credit One Bank is developing a four-story, 150,000-square-foot building next to its existing offices just south of the 215 Beltway between Buffalo and Durango drives in the southwest valley.

It broke ground on the project several months ago and expects to finish in the second quarter of next year, according to Paul Her-Sturm, assistant vice president of social and public relations.

Credit One is among a handful of companies that moved to newly built corporate offices along the Beltway in the southwest valley in recent years. It also plans to grow its workforce despite the coronavirus pandemic’s devastating effect on the economy.

800 workers, room for more

Credit One, which boasts 10 million card members “and counting,” moved to its current four-story, 152,000-square-foot headquarters in 2017 from its former offices near McCarran International Airport. More than 800 people work in the building, which has some room for more, Her-Sturm told the Review-Journal this month.

He said the company has nearly 100 open positions and confirmed the second building had been planned from the outset.

The pandemic has wiped out jobs across the U.S., hitting tourism-dependent Las Vegas especially hard. Her-Sturm, however, said the crisis “has not had any significant impact” on Credit One’s growth plans or sparked increased credit card delinquencies.

Quarterly profit up 13%

Credit One booked nearly $59.4 million in profit in the three months ended June 30, up almost 13 percent from the same period last year, federal data shows.

Credit One’s earnings and headcount have grown fast for years coming out of the Great Recession of a decade or so ago.

The company had 812 employees at the end of last year and booked almost $220 million in profit in 2019, up from 299 workers at the end of 2012 and about $22.9 million in profit that year, according to figures from the Federal Deposit Insurance Corp., a banking regulator.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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