Smaller arenas, extra tech, greener

Tennessee Titans and Los Angeles Rams fans prior to an NFL football game at SoFi Stadium in Inglewood, Calif., Sunday, November 7, 2021.

Marcio Jose Sanchez | AP

The Buffalo Bills are looking for a new stadium for the National Football League worth $ 1.3 billion. The Chicago Bears are spending money $ 197 million Acquiring land that could eventually be their new home.

FedEx Field is fall apart, and Washington Football Team is Lobbying for a new stadium in Virginia. Some major league baseball teams, including the Kansas City Royals, Oakland Athletics, and Tampa Bay Rays, want new parks.

At the National Basketball Association, the Los Angeles Clippers have already started building their $ 1.2 billion arena. Fishing the Philadelphia 76ers, the Dallas Mavericks might be lurking. And then there is the National Hockey League the phoenix coyotes.

The teams are looking for upgrades to the venues and could invest more than $ 10 billion in development by 2030. The major US sports leagues have already secured national media revenue, so the teams are now looking to increase revenue in other areas. New and redesigned arenas are one option.

Sports clubs can win lucrative naming rights and sponsorship deals with new buildings. There’s also a potential real estate game where franchisees like the Atlanta Braves and Milwaukee Bucks use their new buildings as anchors for massive real estate projects. This development helps generate even more money for teams.

Still, a debate remains about who should fund sports projects and what will be different in a post-pandemic environment.

CNBC spoke to executives about the sports stadium and arena landscape and what’s to come.

An aerial photo shows the $ 1.66 billion MSG Sphere at The Venetian, where construction halted due to the coronavirus pandemic (COVID-19) on May 21, 2020 in Las Vegas, Nevada.

Ethan Miller | Getty Images

Smaller venues, more experiences

Over the past 20 years, teams have maximized arena revenue by adding larger corporate suites, club and standing room. However, the ongoing Covid pandemic is changing this thinking.

Bill Mulvihill, head of the US bank’s sports and entertainment group, helped fund the Los Angeles Rams SoFi stadium, which cost $ 5 billion. He echoed others who predict smaller venues for the next generation of stadiums and arenas on the horizon.

Mulvihill said more and more clubs are making plans for spectators and television viewers in the arena. “The idea is to have unique fan experiences, not just to get the total number of people in your building up,” he said.

“I think the talk and trend is overall smaller capacity when it comes to arenas,” added Rob Tillis of investment firm Inner Circle Sports. “The larger NFL stadiums will maintain large capacity.”

To improve the value proposition of participating in games, you may find that your favorite team makes use of sitting experiences like the NFL’s field-level suites. The Texas Rangers have added new seating for Globe Life Field – their $ 1.2 billion stadium. It includes suites on the field and two field level lounges along the first and third baseline.

CNBC took a tour of the Rangers’ new park last August.

The field suites were pretty comfortable and sitting in the lounges felt like watching a baseball game at a local sports bar with the actual field nearby.

“These new buildings are more focused on delivering a variety of premium seating projects to meet market demands,” said Dan Barrett, President of CAA Icon, the stadium and arena planning department of the CAA Sports agency.

“We’re competing against the 80-inch television in your living room,” said Jon Ledecky, owner of the New York Islanders, who opened the $ 1 billion UBS arena in November 2021.

“All of these new arenas need to give fans a reason to stand up – go to their car and come to the event. If we don’t have a top notch experience, they’ll see the game at home. ”Ledecky added.

To paint a picture of future experiences, Mulvihill referred to Madison Square Garden and New York Knicks owner James Dolan’s project in Las Vegas. the MSG ball, a $ 1.8 billion venue, will feature technology that will allow viewers to hear concerts in multiple languages ​​and an infrasound haptic system – a vibrating floor.

“I think some of the ideas he’s talking about about how to watch a concert differently could be carried over to the gym,” said Mulvihill. “If this technology is slick and working, it could be transferable to other venues.”

Rendering of the Climate Pledge Arena

Source: Amazon

Sustainability, grab-and-go technology

The UBS Arena was built during the pandemic, which resulted in delays. But the development company Oak View Group rose to the challenge and invested $2 million in germicidal air flirting systems, something more teams will be installing.

Another Oak View project in 2021 is the Climate Pledge Arena in Seattle, where the NHL’s Kraken play. Executives praised the octopus’ new home, noting that it is climate neutral and powered by solar and electricity.

“Almost every arena will try to be carbon neutral in the future,” said Tim Leiweke, CEO of Oak View. “I think you will see more commitment to hygiene.”

The arena also uses grab-and-go technology from Amazon This enables customers to pay for items automatically without having to check out at a checkout. (Amazon pioneered) this technology in some of its convenience and grocery stores.)

Barrett of CAA Icon – who oversaw the Climate Pledge and Chase Center of the Golden State Warriors in San Francisco – believes facial recognition technology, automated concessions, and robotics will expand too.

“Environmental pledge and [Chase Center] have set the bar high in terms of technology, fan engagement and fan experience, ”he said. “Until the Clippers building goes online. Given Ballmer’s background, I’m sure he’ll want it [Intuit Dome] to be the model for the future. “

In the new LA Clippers arena

Source: LA Clippers

intuition Dome will include a double-sided Halo video board with 44,000 square feet of LED lights and use walk-out technology for concessions.

“In five to ten years, when Ballmer is finished, some of the older buildings will look very old very quickly,” said Tillis. “They’ll look like dinosaurs with no extra revenue opportunities.”

But who pays the bill?

Aside from technological improvements, there is still debate about who should fund sports facilities.

In 2016, the Brookings Institute published a paper against the use of public money to finance stadiums. The report estimates that from 2000 to 2014, more than $ 3 billion in tax revenue was lost to tax-exempt municipal bonds that were used to fund professional sports facilities.

Leiweke, who matched the Islanders with private money to build the UBS Arena, agrees that it is best to avoid public funding.

“Local authorities and states have to spend their money on schools, education, traffic and life security,” said Leiweke. “Now there is constant thinking about how we are [privately] fund these buildings and run these teams to help generate new revenue streams in the future, “he added.

In most cases, teams have an impact calling for public funds and sometimes threaten to move if they don’t receive the money. That can damage the local economy. But after St. Louis sued the Rams for their departure in 2016 – she received one $ 790 million comparison – Teams will likely think twice before moving.

Buffalo Bills owner Terry Pegula.

Brett Carlsen | Getty Images

As a result, the NFL’s Buffalo Bills owner Pegula Sports and Entertainment in west New York is expected to share the cost of a new venue with the state.

The engineering company AECOM has published a report in which a. is appreciated Price tag of $ 1.35 billion for a new venue near the existing Highmark Stadium and forecast at least $ 300 million more for a downtown stadium. The Bills’ lease at Highmark expires in July 2023, and the team’s goal is to work in a new, 60,000 seats by 2027.

When asked if inflation concerns could affect sports owner funding, Mulvihill replied, “These are long-term decisions for owners, cities and states that will take 20, 30 years to make. The 10 percent increase in construction costs does not change these decisions significantly. “.”

Barrett predicted that up to $ 15 billion would be invested in new professional sports facilities over the next 15 years. That estimate increases to $ 20 billion when calculating renovation projects. Both Barrett and Mulvihill suggest more teams remodel than start over.

the Jacksonville Jaguars and Green Bay Packers are among those NFL teams looking to remodel. In the case of the Packers, they raised money by issuing $ 90 million in public stocks to fund a $ 250 million renovation project for Lambeau Field.

“You are going to see significant investment over the next 10 to 15 years,” Barrett said, adding the Major League Soccer franchises including the NYCFC champions to the teams lurking for new stadiums.

Fintech and crypto who want to spend money

Should clubs go for private funding, which they normally do, more revenue is waiting.

The clippers aligned nearly $ 1 billion on naming and partnership agreements for Intuit Dome, which is due to open in 2024. Paul Danforth, president of CAA Sports, said fintech and crypto companies are particularly eager to spend money on sports in order to establish their brand in the digital age.

Danforth cautioned markets like Buffalo not to expect mega deals like Los Angeles teams, “but it’s still a great opportunity for a brand in New York state and the NFL.”

Danforth said, “In the past they couldn’t afford to buy naming rights. But some of these companies are growing so fast that they can get into those conversations faster, which is why brands want to be associated with them, “he added.

Walmart to promote e-commerce know-how to smaller retailers

Just as Amazon Web Services is the profit center that serves a large part of Amazons other shops, Walmart CEO Doug McMillon became increasingly interested in expanding his company’s profit pools beyond the core business of retailing.

Starting Wednesday, small and medium-sized retailers will be able to acquire technology developed by Walmart that enables shoppers to purchase items online and pick them up in-store. These companies will also be able to add products to Walmart’s online marketplace with just a few clicks. To offer the suite of cloud-based services, Walmart has partnered with Adobewho sells the software through a subscription.

“When we started our journey, Covid had just struck,” said Anshu Bhardwaj, vice president of technology strategy and commercialization at Walmart Global Technology. “We reaped the benefits of this omnichannel journey early on.”

Walmart saw sales grow both online and in-store in the wake of the pandemic. While some other retailers have been forced to close stores to contain the spread of Covid-19, Walmart was considered a major retailer and stayed open. Some customers who wanted to limit the time they spent in stores took advantage of Walmart’s online purchase and in-store pickup. These developments accelerated the company’s e-commerce growth. The retailer’s online sales rose 79% for the fiscal year ended Jan. 29, with pickup and delivery sales up triple-digit year-over-year.

Only 7% of US retailers had the “buy online in-store pickup” option enabled in January 2018. The pandemic sped that rate to 22% of retailers last month, the company said Adobe Digital Economy Index.

A significant opportunity remains. Last December, Adobe and market researcher IDC estimated the total addressable market for content and commerce software as a service to be around $ 44 billion.

For those wondering why Walmart wants its potential competitors to succeed, Bhardwaj said these smaller businesses are served anyway.

“Digitization is happening everywhere as consumers evolve,” said Bhardwaj. “There is no choice but to evolve with them.”

Walmart’s size and size, and its proximity to 90% of the US population within 10 miles of any of its stores gives it a significant advantage. Additionally, Bhardwaj said, “We really want to serve our communities, our shareholders, our stakeholders and the community better.”

She noted that about a year and a half ago, McMillon changed the language of a slide he used in presentations from “serve our shareholders” to “serve our shareholders”. Bhardwaj said it was a meeting with McMillon that fueled her idea of ​​selling the technology Walmart developed to other retailers.

Bhardwaj has been involved in other major Walmart technology initiatives. In particular, she performed the successful Scan & Go technology at Sam’s Club, which enables customers to check purchases with a smartphone while adding items to their shopping cart.

The new software business opens up a potential source of income for Walmart and fits in with its strategy to start new businesses that serve new customers and lets the profit flow back into the company to finance further innovations.

Neither Walmart nor Adobe publicly share expectations of how big the business opportunity could be, but Bhardwaj said, “I’ll bet my life on it,” as their current role at the retailer was created to bring their idea to life.

For Adobe, the Walmart partnership increases visibility.

“We can now offer a more holistic solution, a first-class omnichannel experience,” said Peter Sheldon, Adobe’s senior director of Commerce Strategy, in an interview. “From Adobe, [these businesses] will receive world-class e-commerce and world-class omnichannel experiences from Walmart. “

The small and medium-sized retailers will use Adobe to operate e-commerce sites, including shopping cart, search, navigation and product recommendation functions. (Walmart does not use Adobe commerce software for these functions for its own website. It has its own technology.)

Small and medium-sized businesses and retailers with $ 1 billion or more in annual sales already use a variety of Adobe e-commerce products, including Ritual help, Verizon, Unilever, coke, PS, Honeywell, Trader Joes and more.

Walmart provides the technology that enables staff to pick and pack online purchases, and geofencing technology staff need to know when customers will be arriving to pick up their orders.

As Smaller Leisure Venues Reopen, Off-Broadway’s ‘The Workplace! A Musical Parody’ Brings Musicals Again To NYC – CBS New York

NEW YORK (CBSNewYork) – The arts return in New York City.

“The office! A musical parody”, on Off-Broadway Musical, is one of the first full performances to have been on stage for over a year.

CONTINUE READING: Path to Reopening: Savion Glover, Nathan Lane Wow, frontline health workers during the pop-up show at the St. James Theater

“I’m just so excited to be back, to bring joy, to make people and entertainment happy,” said actress Emma Brock, who plays Michael Scott in the musical based on the hit television series.

The off-Broadway show is the first musical to return to New York City in over a year since the pandemic began.

It opens on Friday night at the Midtown Theater Center with a 33% capacity.

General Manager Catherine Russell installed a new ventilation system and all actors and staff are vaccinated.

“When the audience comes in, they have to be masked. We will take their temperature, ”said Russell Andrea Grymes of CBS2.

CONTINUE READING: Path to reopening: Legend Jerry Seinfeld surprises at Gotham Comedy Club

Broadway shows are not expected to reopen until September, but some of the smaller theaters that host off-Broadway shows reopened last week, with restrictions, along with other small and medium-sized entertainment venues.

This includes the Daryl Roth Theater in Union Square, which Mayor Bill de Blasio visited last Friday.

They host “blindness”, which is referred to as “socially distant sound and light experience”.

“We welcome everyone. I know that you will be comfortable. I promise you will be safe, ”said Daryl Roth.

CORONAVIRUS PANDEMIC

On Wednesday, the Mayor was present at Lincoln Center for the world premiere of “Restart Stages”. It is an outdoor venue with ten seats for performances and rehearsals.

MORE NEWS: Theater Workers Eligible For COVID Vaccine In April Says Mayor De Blasio; The shows could start as early as September

It’s all a beginning as the place known as “the city that never sleeps” finally awakens.

Smaller Leisure Venues Set To Reopen Subsequent Month In New York – CBS New York

NEW YORK (CBSNewYork) – Smaller entertainment venues across New York City will soon be welcoming audiences again, with plenty of rules.

As reported by John Dias of CBS2, COVID stole the show, but now it has to go on.

CONTINUE READING: Cuomo: Broadway may reopen through a series of pop-up concerts from February 20th

Starting April 2nd, New York City Art and Entertainment venues can Reopening at 33% capacitywith up to 100 people inside and 200 outside. These numbers can increase with testing.

The new rules apply to arenas with fewer than 10,000 people.

Audiences will need to wear face covering and practice social distancing, and performers may need to wear masks as well.

The news gives hope to actress Catherine Russell, who runs the Midtown theater center.

“I love being on stage, selling tickets, I love mopping the floor,” she said. “I think people miss that sense of community.”

A member of the Actors Equity National Council said this was critical to getting the heart of the city going again.

“It’s more than just plays and musicals, it’s jobs,” said Jeffrey Omura.

The new rules apply to spots like Radio City Music Hall and Lincoln CenterThe concert touring business, however, requires more capacity.

CONTINUE READING: With live performances in theaters that are dark due to pandemic restrictions, more are being conducted online

As for BroadwayThe performances will be suspended until at least May 30th.

“We are very pleased that the fans can again experience live performance events via PopsUp. While Broadway productions cannot return just yet, we’re glad that arts venues, including select Broadway theaters, can open their doors and give the public a taste of what we’ve all missed so much in these dark months, “the said Broadway League in a statement to CBS2.

Smaller venues like comedy clubs benefit the most.

“We were really being kept from making a living,” said Dani Zoldan, who owns Stand Up NY.

Zoldan said he was looking forward to seeing around 40 people safely laughing again at his club.

“We’re going to do temperature tests, we will probably even do COVID tests on comics,” he said.

Meanwhile, New Jersey is also making changes.

“Aspects of life feel a little more normal,” he said Governor Phil Murphy.

MORE NEWS: The York Theater Company promises to return despite the pandemic and water pause flooding their performance space

The governor says the Sleepaway Camps can resume this summer and 35% of the wedding receptions can be used indoors with up to 150 people starting Friday. Indoor receptions should adhere to the indoor dining guidelines that people eat and drink while seated and wear face-covering at all other times.

Republican senators current smaller Covid proposal

Senator Mitt Romney, a Republican from Utah, listens during a Senate Foreign Relations Committee hearing on Iran-US relations on Capitol Hill in Washington, DC, the United States, on Wednesday, October 16, 2019.

Al Drago | Bloomberg | Getty Images

WASHINGTON – A group of 10 Republican Senators urged President Joe Biden to consider a smaller, alternative proposal for Covid-19 aid as his administration works to pass a $ 1.9 trillion package, to deal with the economic consequences caused by the pandemic.

In one Letter to Biden on SundaySens. Susan Collins from Maine, Mitt Romney from Utah, Rob Portman from Ohio, Lisa Murkowski from Alaska and five other lawmakers said they would announce their bills on Monday.

“We recognize your demands for unity and would like to work in good faith with your administration to meet the health, economic and social challenges of the Covid crisis,” wrote the senators.

“We believe that with your support, Congress can once again work out a relief package that will provide meaningful and effective relief to the American people and get us on the road to recovery,” the group wrote, asking to meet with Biden on the subject to discuss the proposed law in detail.

Republican senators said their version of Covid’s aid package is “providing more targeted aid” to Americans in greatest need. The proposed legislation provides a total of $ 160 billion for vaccine development and distribution, testing and tracking, treatment, and other vital supplies.

The senators set the following details of their plan:

  • An additional round of economic impact payments for families in need of help most, including their dependent children and adults.
  • Extends the federal government’s improved unemployment benefits to the current level.
  • Funds food aid entirely to help families in trouble.
  • Additional resources to support small businesses and their employees through the Paycheck Protection Program and the Economic Injury Disaster Loan Program.
  • Funds funds for the safe opening of schools and for childcare.
  • Dedicated $ 4 billion to strengthen behavioral health and substance abuse services.

On Sunday, Portman told CNN’s State of the Union that the proposal would be a leaner version of what was put forward by the Biden administration.

“It would be less than $ 1.9 [trillion] Because a lot of what the government has planned has nothing to do with Covid-19, “Portman said.” As an example of the direct payments, we think they should be much more targeted, “he added.

Brian Deese, director of the National Economic Council, told MSNBC’s Meet the Press on Sunday that the White House had received the letter and was open to discussing the proposed legislation.

“The president has said repeatedly that he is open to ideas wherever they may come to improve the approach to actually dealing with this crisis. What he is uncompromising is the need to quickly take a comprehensive approach here,” Deese said .

“We have been working with members of Congress from both parties and in both Houses for the past week or two. We will continue to do so,” he added.

Deese also told CNN’s State of the Union that the government was ready to negotiate the stimulus checks.

The Republican counter-proposal comes as The House will pass a budget resolution this week, the first step towards approving the discharge law by vote. The process would allow Senate Democrats to approve a relief effort without Republican support.

Senate majority leader Chuck Schumer from New York signaled last week that the chamber would also work to pass a budget resolution soon. He said the Senate “will begin examining a very strong Covid relief bill as early as next week.”

When asked if Senate Democrats could lead the bailout bill through the reconciliation process, Vermont Senator Bernie Sanders told ABC’s “This Week” that he believed the party had the votes.

“I have a hard time imagining a Democrat, whatever state he or she comes from, who doesn’t understand the need to act aggressively now to protect the country’s working families,” Sanders said.

“Look, we’re all going to have disagreements. This is a $ 1.9 trillion bill. I have differences and concerns about this bill, but at the end of the day we are going to support the President of the United States and we will . ” what the American people overwhelmingly expect of us, “he added.

In a Twitter post on Sunday, Treasury Secretary Janet Yellen reiterated the government’s call for Congress to act as soon as possible.

“The president is absolutely right: the benefits of acting now – and acting big – will far outweigh the costs in the long run,” Yellen wrote.

CNBC’s Jacob Pramuk, Tucker Higgins and Emma Newburger contributed to this report from New York.

Smaller traders face down hedge funds, as GameStop soars | Leisure

Meanwhile, a cavalry of smaller investors on the Internet have admonished each other to keep the stock’s momentum moving towards the moon. Many pose as the fight of the regular people against hedge funds and big Wall Street firms.

It took only five days for GameStop stock to double after the board restructuring was announced. Last Friday it was up 51%, a bigger gain than big stocks like Apple or Exxon Mobil ever in a day. For GameStop, the 51% move was just the second best day of the month – and the month isn’t over yet.

The meteoric surge caused some short sellers to get out of their bets by buying stocks, and this helped add to the momentum. On Monday, the push and pull was so extreme that trading in GameStop shares was temporarily stopped at least nine times due to volatility.

It closed at $ 76.79 on Monday after fluctuating between $ 65.01 and $ 159.18 earlier in the day.

“This is a real experience for my first month on the stock market. Hold on to infinity, ”one user wrote on a Reddit discussion about GameStop stock. A moment later, another user said, “We’re literally more powerful than the big companies right now.”

The same feeling went well beyond Internet message boards to Wall Street.

“As someone who started trading stocks in college in the late 1990s, I always remembered the small retail groups being crushed by hedge funds and savvy short sellers,” said Edward Moya, senior market analyst at OANDA, in a report. “What happened to GameStop stock is a reminder of how times change.”

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.