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Tag: hospitality

  • Women’s World Cup 2023: When does the USWNT play? How much do the players make?

    Women’s World Cup 2023: When does the USWNT play? How much do the players make?

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    The 2023 FIFA Women’s World Cup kicks off this week in what is expected to be the biggest sporting event of the summer.

    The tournament favorite, the United States Women’s National Team, plays its first game on Friday against Vietnam at 9 p.m. EST.

    Here’s everything you need to know about this year’s highly anticipated World Cup:

    When is the Women’s World Cup?

    The tournament started on July 20 and ends on Aug. 20.

    The first games took place on Thursday when host nations New Zealand and Australia each won their matches.

    See also: The top 5 highest-paid women’s soccer players at the 2023 Women’s World Cup

    Where is the World Cup?

    The 2023 Women’s World Cup is being co-hosted by Australia and New Zealand.

    Matches will be held in nine cities including Sydney, Melbourne, Brisbane, Adelaide, Perth, Auckland, Wellington, Dunedin and Hamilton. The championship match will be held in Sydney.

    What is the time difference between New Zealand/Australia and the U.S.?

    The tournament’s location presents a major time difference for viewers in the U.S.

    Wellington, New Zealand, is 16 hours ahead of New York, and 19 hours ahead of Los Angeles. And Sydney, Australia, is 14 hours ahead of Eastern Standard Time.

    Most of the group stage games will start late at night or early in the morning for east coast viewers.

    What channel is the Women’s World Cup on?

    For U.S. viewers, the World Cup will be broadcast by Fox
    FOX,
    -0.98%
    and games will appear on the flagship Fox channel, Fox Sports 1, as well on Telemundo in Spanish.

    Fox is part of nearly all major cable bundles, and cord-cutters can stream the games on YouTubeTV, FuboTV
    FUBO,
    -4.83%    ,
    Hulu + Live TV, and Sling TV.

    When does the USWNT play?

    As noted above, the USWNT plays its first group stage game on Friday, July 21, against Vietnam at 9 p.m. EST.

    The U.S. will then compete against the Netherlands on July 26 and Portugal on Aug. 1, and then compete in the knockout stage if they advance.

    Who won the last Women’s World Cup?

    The U.S. won the 2019 Women’s World Cup in France, after beating the Netherlands in the final, as well as the 2015 World Cup in Canada.

    The U.S. has a total of four Women’s World Cup titles, the most of any nation in the world, while the U.S. men’s team has never won the World Cup.

    When was the first Women’s World Cup?

    There have only been eight Women’s World Cups in history with the first tournament occurring in 1991, while the men’s version of the tournament first started in 1930.

    Only four countries have won the women’s tournament: the U.S., Germany, Norway and Japan.

    Who are the Women’s World Cup favorites?

    Below are the betting odds for the 2023 World Cup from DraftKings
    DKNG,
    +1.30%
    Sportsbook prior to the start of the tournament:

    • USA: +250

    • England +250

    • Spain +450

    • Germany +650

    • France +1000

    • Australia +1200

    • Sweden +1400

    • Netherland +2000

    • Brazil: +2500

    • Canada: +3500

    • Japan: +3500

    • Norway: +4000

    • Denmark: +6500

    • Italy: +8000

    • New Zealand: +15000

    For those not familiar with oddsmaking, a “+” symbol indicates an underdog. For example, a $100 bet placed on a +450 side would net a $450 profit, in addition to getting back your original $100.

    What is the Women’s World Cup prize money?

    The 2023 Women’s World Cup has $150 million in prize money, up 300% from the $30 million in total given out in 2019.

    While a significant increase, the amount is still much lower than the $440 doled out at the 2022 men’s tournament in Qatar. FIFA, which organizes the World Cup, said it’s an “objective” to achieve pay parity between the men’s and women’s tournaments by 2027.

    Below are the player and nation financial allocations for the 2023 Women’s World Cup:

    Player financial allocation:

    • Group stage: $30,000

    • Round of 16: $60,000

    • Quarter Final: $90,000

    • Fourth place: $165,000

    • Third place: $180,000

    • Second Place: $195,000

    • Champions: $270,000

    Nation financial allocation:

    • Group stage: $1,560,000

    • Round of 16: $1,870,000

    • Quarterfinal: $2,180,000

    • Fourth place: $2,455,000

    • Third place: $2,610,000

    • Second place: $3,015,000

    • Champion: $4,290,000

    Each player is guaranteed $30,00 for participating in the tournament, up from $14,000 in 2019.

    That’s significant for many of the players, who in some cases don’t have club teams that pay salaries, are semi-pros or even amateurs.

    See also: Women’s World Cup players must capitalize on money-making opportunities right now — while the eyes of the world are on them

    What’s the latest on the gender pay gap in U.S. soccer?

    As stated above, pay equity for tournament prizes is not the same for World Cup winners between the men and women’s tournaments, but what about in the U.S.?

    U.S. women soccer players last year reached a landmark agreement with the sport’s American governing body to end a six-year legal battle over equal pay, a deal in which they are promised $24 million plus bonuses that match those of the men.

    The U.S. Soccer Federation and the women announced a deal that will have players split $22 million, about one-third of what they had sought in damages. The USSF also agreed to establish a fund with $2 million to benefit the players in their post-soccer careers and charitable efforts aimed at growing the sport for women.

    The USWNT routinely advocated for pay parity during tournament appearances over the past decade.

    In addition to equal pay, high-profile players on the USWNT like Megan Rapinoe, Alex Morgan and Carli Lloyd, among many others, have publicly opposed forms of discrimination off the soccer field. These causes include advocating for gender rights, LGBTQ+ rights, voting rights and the Black Lives Matter movement.

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  • Montauk hotel trades for $15M | Long Island Business News

    Montauk hotel trades for $15M | Long Island Business News

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    The 27-room boutique hotel is on .66 acres.

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    David Winzelberg

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  • Cava Group’s stock soars 11% as analysts start coverage on a bullish note

    Cava Group’s stock soars 11% as analysts start coverage on a bullish note

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    The stock of Mediterranean-style fast-casual restaurant chain Cava Group Inc. soared 11% Monday, after analysts initiated coverage on the stock which made its debut on public markets in mid-June with a flurry of buy ratings.

    At least four of the banks that were underwriters on the initial public offering — JP Morgan, Stifel, William Blair and Jefferies — assigned the stock a buy rating or the equivalent.

    FactSet shows one bank has a hold rating but it’s a restricted listing so it’s not clear who it’s from.

    The company
    CAVA,
    +8.04%
    raised $317 million in its initial public offering, which priced above its proposed range at $22 a share and immediately rallied on opening. The company issued 14.4 million shares at a valuation of $2.45 billion. The stock was last trading at $43.83.

    See also: Like choosy shoppers at a retail store, IPO investors are demanding discounts and displaying price sensitivity

    The company is not profitable and has high cash burn and just $23 million in cash and cash equivalents on its balance sheet, according to its IPO filing documents.

    But analysts were unfazed, with William Blair analysts calling it a clear leader in a fast-growing category with proven geographic appeal.

    “CAVA has hit upon a winning formula with its customizable menu of bowls and pitas featuring bold Mediterranean flavors that can fit in any dietary preference,” wrote analysts led by Sharon Zackfia.

    “CAVA’s customer appeal is evident in average unit volumes (AUVs) of roughly $2.5 million and a 44% five-year revenue CAGR through 2022.”

    The company accelerated its growth with the 2018 acquisition of Zoës Kitchen, “which provided immediate access to attractive real estate in new markets while enabling capital-efficient densification in top-tier trade areas (Zoës conversions roughly half the cost of a typical greenfield CAVA),” they wrote.

    That has set the company up to end 2023 with roughly triple the number of locations as it had in 2020.

    William Blair estimates that there’s room for at least 1,200 domestic Cava restaurants based on the population per restaurant already achieved in Virginia, where it’s still adding locations.

    That supports management’s target of 1,000-plus locations by 2032.

    “We also see the potential for digital drive-thrus to further lengthen CAVA’s growth runway while lifting AUVs (and potentially returns), with about one-third of this year’s new units having drive-thrus, ramping up to about half in 2024 (versus roughly 20 drive-thrus today),” they wrote. William Blair initiated coverage with an outperform rating.

    JP Morgan launched coverage with an overweight rating and a December 2024 $45 stock price target. Analysts cheered the entrepreneurial sprit of Founder and CEO Brett Schulman with help from Chairman Ron Shaich, the founder of Panera Bread.

    “In-store design/operational procedures and back-end support for the network allows CAVA to be efficient, safe and consistent as the brand leverages these systems for its goal national brand penetration,” they wrote in a note to clients.

    Mediterranean cuisine covers many types of food and occasions, so the end-market is large, topping out at more than $1 trillion in U.S. sales.

    While bowl builds priced at $10.95 to $16.95 will likely limit a high frequency of lower-income consumers, “we believe the brand has an enduring appeal to a very broad customer base for at least occasional usage.”

    And suburbs are 82% of the site mix and are expected to remain a key location base, they added.

    Stifel and Jefferies analysts initiated coverage with a buy rating and $48 price target. Stifel analysts led by Chris O’Cull also cheered the wide appeal of the food and compelling unit-level returns and highlighted the company’s healthy balance sheet.

    “The company is in strong financial condition with no funded debt and roughly $340M in cash on hand following the company’s IPO,” they wrote in a note to clients. “We project the company’s average quarterly cash balance will remain above $200M with no funded debt for the foreseeable future. We project positive annual free cash flow starting in 2026.”

    Still, not everyone is convinced the company is a buy. David Trainer, chief executive of New Constructs, an independent equity research firm that uses machine learning and natural-language processing to parse corporate filings and model economic earnings, published a series of critical reports before the IPO.

    Trainer questioned Cava’s ability to reach profitability and its high valuation. He even compared it to WeWork 
    WE,
    +5.80%    ,
     the infamous startup created by Israeli entrepreneur Adam Neumann, that at its peak was valued at $47 billion, but is now trading at just 26 cents a share, or a market cap of $521 million.

    The Renaissance IPO ETF 
    IPO,
    +0.52%
     has gained 32% in the year to date, while the S&P 500 
    SPX,
    -0.07%
    has gained 15%.

    For more, see: Fast-casual restaurant chain Cava Group’s IPO documents raise some red flags: analyst

    Read now: Cava Group CFO is confident restaurant chain will be profitable—but she won’t say when

    Related: 5 things to know about the fast-casual Mediterranean restaurant chain Cava

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  • Extra-Strong Sperm Uses IUD As Pull-Up Bar

    Extra-Strong Sperm Uses IUD As Pull-Up Bar

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  • Cocaine Found At White House

    Cocaine Found At White House

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    The Secret Service confirmed that testing showed an unidentified white substance found in the White House during a routine search is cocaine, with the investigation into how it got there still ongoing. What do you think?

    “The fair thing to do now is distribute it equally to all Americans.”

    Colton Kemper, Number Deducer

    This Week’s Most Viral News: June 30, 2023

    “To be fair, cocaine was a prescription medicine when Biden was young.”

    Dakota Gilbert, Amateur Clairvoyant

    “If it doesn’t send a Black person to jail, does it even count as drugs?”

    Miguel Badillo, Cheese Ager

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  • Lori Lightfoot Waves Handkerchief To Start Chicago NASCAR Street Race

    Lori Lightfoot Waves Handkerchief To Start Chicago NASCAR Street Race

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  • Like choosy shoppers at a retail store, IPO investors are demanding discounts and displaying price sensitivity

    Like choosy shoppers at a retail store, IPO investors are demanding discounts and displaying price sensitivity

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    IPO investors, much like retail shoppers in recent years’ inflationary environment, are demanding clear discounts and demonstrating sensitivity to price and valuations, according to Renaissance Capital.

    The provider of IPO exchange-traded funds and institutional research said that’s a positive — even if tech unicorns in the pipeline would prefer it were not the case.

    “Quality consumer names are working,” said Matthew Kennedy, senior strategist at Renaissance, listing Kenvue, Cava Group Inc., Gen Restaurant Group Inc. and Savers Value Village Inc. as examples of recent new issues that enjoyed strong debuts.

    Kenvue
    KVUE,
    +1.65%    ,
    the former consumer arm of Johnson & Johnson
    JNJ,
    +0.87%
    and parent of household-name products such as Tylenol and Band-Aid, raised $3.8 billion in its May IPO at a valuation of $41.08 billion, making it the biggest deal of the year to date.

    Cava Group
    CAVA,
    -5.93%    ,
    the loss-making Mediterranean-style fast-casual restaurant group, raised $317 million in its mid-June deal at a valuation of $2.5 billion. The stock popped more than 99% on its first day of trade.

    For more: Cava Group CFO is confident restaurant chain will be profitable — but she won’t say when

    Gen Restaurant Group
    GENK,
    +13.95%
    is a profitable Korean barbecue chain that made its debut Wednesday with a more than 50% pop in early trade.

    “But broadly investors are still demanding clear discounts to public peers, especially if they take issue with certain aspects of a deal. So it’s good to see that valuation sensitivity,” said Kennedy.

    Savers Value Village
    SVV,
    +3.45%
    went public Thursday with some fanfare, closing 27% above its $18 issue price. The company is the biggest for-profit thrift-store chain in North America, with 317 stores that operate under multiple names.

    The company is profitable, with net income of $11.9 million in the quarter through April 2, after a loss of $10.2 million in the same period a year earlier. For all of 2022, it had net income of $84.7 million, up from $83.4 million in 2021.

    Revenue for the quarter came to $327.5 million, down from $345.7 million in the year-ago period. Revenue totaled $1.4 billion for 2022, up from $1.2 billion in 2021.

    See: Money-losing food chain Cava showed IPO success. Is it finally time for some tech deals?

    Two other deals that made their debut on Thursday fared less well, however.

    Texas-based Kodiak Gas Services Inc. 
    KGS,
    +3.44%
     and Fidelis Insurance Holdings Ltd. closed lower after pricing below their estimated ranges and making other accommodations to get their deals through.

    Bermuda-based Fidelis, a reinsurer, downsized its deal to 15 million shares from a previous expectation that it would offer 17 million. The initial public offering was priced at $14 a share, below the proposed $16-to-$19 range.

    Maker of oil- and gas-production equipment Kodiak opened almost 3% below its issue price of $16, which was well below its proposed price range of $19 to $22.

    Fidelis has an unusual structure, in that it uses a third party for origination, underwriting and claims management, said Kennedy.

    “We think insurance investors wanted a discount for a company that didn’t own the underwriting group,” he said. “It has an experienced management team, though, so now they’ll just need to execute.”

    Kodiak, meanwhile, carries substantial debt and will need to undertake significant capital spendig in the coming years, just as gas prices have fallen back.

    It’s also worth noting that the last big oil and gas IPO, Atlas, “is slightly below its offer price,” Kennedy said.

    Atlas Energy Solutions Inc.
    AESI,
    -2.75%
    went public in March at an issue price of $18 a share. The stock was last quoted at $17.52.

    Still, Renaissance is expecting a gradual reopening of the IPO market in the second half, said Kennedy, who noted that the IPO ETF
    IPO,
    +1.38%
    has gained about 30% in to date in 2023, outperforming the S&P 500’s
    SPX,
    +1.23%
    14% gain.

    To date, there have been 52 IPOs this year, up 33% from the same time last year, when the market was effectively frozen. Almost $9 billion in proceeds have been raised, up 115% from last year but well below levels seen in frothier times.

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  • Tourist Filmed Carving Girlfriend’s Name Into Rome’s Colosseum

    Tourist Filmed Carving Girlfriend’s Name Into Rome’s Colosseum

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    A tourist in Rome was filmed carving his name and the name of his apparent girlfriend into the wall of the famous Colosseum, defacing the nearly 2,000-year-old building. What do you think?

    “Who’s to say their love won’t last another 2,000 years?”

    Vicky Leonard, Punchcard Collector

    This Week’s Most Viral News: June 30, 2023

    “I’m just glad Nero isn’t alive to see this.”

    Samuel Kleiner, Scam Artiste

    “You’re telling me that a monument built by slavery isn’t perfect anymore?”

    Cesar Rahman, Cigarette Scavenger

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  • Turtle Fact: Did You Know?

    Turtle Fact: Did You Know?

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  • WrkSpot Announces Dorothy Dowling as Board Advisor for Hotel Operations

    WrkSpot Announces Dorothy Dowling as Board Advisor for Hotel Operations

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    As a leading executive, Dowling brings years of experience in the hospitality industry and looks forward to helping WrkSpot with hotel labor management and hotel safety.


    LA PALMA, Calif., June 27, 2023 (Newswire.com)
    –
    WrkSpot, the revolutionary software suite designed to optimize hotel portfolio management, is pleased to announce the hiring of Dorothy Dowling as its new board advisor in hotel operations. Renowned as one of the top 100 Global Hospitality executives, Dowling is a highly accomplished board member and advisor who has been recognized for her work in hotel productivity, winning prestigious awards for her outstanding commercial leadership. She has been instrumental in partnering with executives to achieve commercial and professional success and to support global hospitality industry clients with go-to-market strategies to help grow scale, revenue, and profitability with services ranging from repositioning to commercial business planning and activation.

    WrkSpot’s progressive culture and innovative software that addresses hotelier needs such as hotel safety have impressed Dowling. “WrkSpot software transforms back office and HR tasks, freeing up hotel operators to focus on guest experiences and profit,” she said.  

    Dowling looks forward to helping WrkSpot as the company enters a new era of hospitality with the game-changing complete hotel operating system created by hoteliers for hoteliers that revolutionizes the guest experience, focusing on the owner, GM, and hotel staff experience. By addressing challenges in the back of the house, WrkSpot empowers hosts, fosters seamless operations, and unlocks the keys to success in a total hotel experience.

    “Wrkspot’s standout feature, a superior panic button solution, enhances staff safety and establishes a secure environment,” said Dowling. “With Wrkspot, administrative burdens are lifted, leading to improved productivity, expense controls, and unparalleled returns.”  

    Dowling is excited to join WrkSpot and help enhancement of guest satisfaction, deal with heightened competitiveness, and assist in increasing profitability in the hospitality industry. 

    With over 40 years of experience, Dowling has been a seasoned public company board director and C-Suite executive with expertise in the hospitality, franchise, and storage industries. She served as the CMO and Sr. VP of Sales, steering organizations towards success and receiving a Lifetime Achievement Award from HSMAI, NYU International Hospitality Industry Investment Conference, along the way. 

    Dowling has empowered hospitality industry clients with go-to-market strategies that drove growth, revenue, and profitability. Her track record includes an 18-year tenure as the global chief marketing officer at Best Western, where she led groundbreaking initiatives in loyalty, digital transformation, advertising, public relations, consumer engagement, distribution, and global sales.  

    Dowling received GBTA WINiT for her significant contributions to promoting diversity, equity, and inclusion. She holds an Honors B.A. and an M.A. from the University of Waterloo and has pursued executive education at Harvard and MIT.  

    To learn more about WrkSpot, please visit https://www.wrkspot.com.  

    About WrkSpot    

    Founded in 2017, WrkSpot is the developer of a revolutionary software suite for hotel portfolio management that integrates HRIS, operations management, and communication in a single app. By managing and engaging staff, controlling costs, streamlining operations, and improving compliance and safety, WrkSpot optimizes hotel operations.

    Source: WrkSpot

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  • The Top 10 Most Underrated U.S. Vacation Destinations

    The Top 10 Most Underrated U.S. Vacation Destinations

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    While there are endless possibilities of trendy hotspots to visit in the U.S. during the summer vacation season, the country has plenty of smaller, lesser-known gems that are equally worth exploring. Here are The Onion’s top 10 most underrated vacation destinations in the United States.

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  • Why top pick Victor Wembanyama could be worth over $80 million a year to the Spurs

    Why top pick Victor Wembanyama could be worth over $80 million a year to the Spurs

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    That’s how Victor Wembanyama introduced himself the day before the NBA draft, when he conducted his first news conference before NBA media. But to talent evaluators, Wembanyama has already emerged as one of the top NBA prospects of a generation with his dominant play for a French professional team this season, and his tantalizing upside on the basketball court.

    The 19-year-old, 7-foot-5 Frenchmen — who goes by “Wemby” — was selected with the first pick in the NBA Draft on Thursday night by the San Antonio Spurs, and the team could be set for a huge financial windfall from Wembanyama’s arrival.

    The Spurs could see an increase of roughly $8 million-$10 million in season ticket sales, an added $5 million-$10 million in incremental ticket revenue from higher and dynamic pricing, and another $5 million-$10 million in corporate sponsorships, according to Dr. Patrick Rishe, the director of the sports business program at Washington University in St. Louis.

    “All told, the impact on team revenues in 2023-24 will likely be somewhere in the $20-$50 million range,” Rishe said, while adding that the Spurs may also be able to leverage Wembanyama’s arrival when negotiating its next local TV contract.

    See also: Victor Wembanyama: 5 things to know about the generational NBA prospect

    Another economics expert thinks Wembanyama’s financial impact on the Spurs could be even higher.

    “$80 million a year to the Spurs for the next few years, that was roughly equal to the increase in revenues that we saw when LeBron James moved back from Miami to Cleveland,” Victor Matheson, economics professor at the College of the Holy Cross, told MarketWatch.

    NBA first-round draft picks like Wembanyama sign a four-year contract upon entering the league. After that, the team that drafted the player has a significant edge in retaining him on his next contract because they are allowed to give him larger pay raises than any other club. Because of this, young players who turn into superstars rarely leave the teams that drafted them for the first seven years of their career, meaning Wembanyama could pay dividends to the Spurs in the hundreds of millions of dollars if he stays with the team.

    See also: LeBron James vs. Michael Jordan: Who is the GOAT when it comes to net worth?

    While the Spurs are not for sale, some think Wembanyama’s presence alone will increase that value of the team, which was roughly $2 billion as of 2022 (or 20th in the NBA).

    “I suspect that just the cachet of having this player on your team would be the sort of thing that would entice an owner potentially to pay more for the team, because owners in sports aren’t just about dollars and cents, they’re about dollars and cents, and the prestige and the ego that go along with owning an NBA franchise,” said Matheson.

    The NBA has complex revenue sharing agreements among teams to help level the financial playing field between the small-market and big-market teams. Because of this agreement, not every dollar Wembanyama makes for the Spurs goes directly to the team.

    So it’s clear that Wembanyama could provide a major financial boost for the Spurs. But his immediate impact on the NBA overall might seem small, considering the league made over $10 billion last year, according to Statista. But another area where Wembanyama could help the NBA in a huge way is by unlocking a new audience for NBA games: France.

    “A guy like him can certainly open up new markets for you. So obviously, we have had top players from France before like Tony Parker, but this might be maybe a level beyond that,” Matheson said. “And if you could open up a 60 million person country, and all of a sudden make the NBA must-see TV in Paris and not just in the United States, that’s where you can really generate a lot.”

    Matheson compared Wembanyama’s arrival to that of China’s Yao Ming coming into the NBA, and Japan’s baseball star Ichiro Suzuki’s arrival in the MLB, which both opened up massive international markets that those leagues didn’t already have a big presence in.

    ESPN’s Adrian Wojnarowski reported that drafting Wembanyama could add as much as $500 million to the value of an NBA franchise.

    But some sports industry experts see Wembanyama’s impact as more muted, noting the possibility that he maybe doesn’t live up to the incredible hype, as well as the limitations of San Antonio’s smaller market size compared to cities like New York.

    “This could be a significant turning point for the fortunes of the Spurs, both on and off the court, but it is worth remembering that players are different ‘assets’ than, say, arenas,” Michael Leeds, professor of economics and director of graduate studies at Temple University, told MarketWatch. “There is a lot of uncertainty among even top picks.” 

    He recalled how Sam Bowie was chosen ahead of Michael Jordan during the 1984 draft, yet Jordan became a superstar, while Bowie did not have much of a basketball career. “A player’s career can be derailed for a lot of reasons,” Leeds added. “I do not think that Wembanyama will have that much of an immediate impact on the financial fortunes of the Spurs.”

    See also: Here’s how much Victor Wembanyama and other 2023 NBA draft picks will earn on their rookie contracts

    The Spurs are also hurt by their market size in San Antonio, which some say limits their financial upside compared to a bigger market like New York or Los Angeles. San Antonio is the 24th biggest TV market (out of 30) among NBA teams, according to Sports Media Watch.

    “The San Antonio market is small and has demographics that generally don’t support the NBA,” Emory University marketing professor Michael Lewis told MarketWatch. “There are markets that could benefit greatly from a generational talent, but the Spurs seem unlikely.”

    “It helps the franchise but over the long run players move from place to place,” added Sal Galatioto, the president of Galatioto Sports Partners, who has facilitated over 30 sales of professional sports teams — including the sale of the Golden State Warriors in 2010. “Players get hurt. Players aren’t as good as you think they are.”

    Galatioto cited the recent sale of the NBA’s Charlotte Hornets at a $3 billion valuation as evidence that franchise appraisals are getting higher, and not much of that increase is based on what happens on the court.

    “When was the last time Charlotte won anything?” he asked.

    Read on: NBA All-Star Chris Paul on what he looks for in an investment, competing with LeBron James, and his favorite possession

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  • Shootz Restaurant CEO Harold Walters on Connecting with a Large, Organic Audience | Entrepreneur

    Shootz Restaurant CEO Harold Walters on Connecting with a Large, Organic Audience | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Harold Walters, CEO of Shootz Restaurant, understands the transformative power of social media storytelling. A crucial mindset shift occurred when he embraced the notion that the opinions of others aren’t his concern. He recognized his purpose is to inspire and bring value to others.

    By embracing his purpose and focusing on telling the unique story of the Shootz Restaurant, Harold Walters found the freedom to authentically and intentionally walk his path. The CEO believes that storytelling is paramount in differentiating a brand from the competitors.

    “Telling your story, especially if you have information that can be valuable to others and can save people’s lives. Like, you got to go out there and do it.” says Harold Walters to host Shawn Walchef of CaliBBQ Media during a conversation at the Spark LA event presented by Toast.

    “And I think the story is so, so important because without a story, at the end of the day, your brand really is just a commodity.”

    Shootz also leverages technology, such as Ovation, an innovative guest feedback platform, to receive real-time responses and enhance the business. This enables staff to identify areas for improvement, engage with guests, and increase positive reviews while limiting negative ones.

    “They leave feedback, it goes directly to us, which allows us to, one, identify if we need to make any changes if we need to, and then also be able to communicate with the guests. And then also it increases our reviews, mitigates our bad reviews.” explains Walters.

    Recognizing the significance of a well-rounded restaurant tech stack, Harold Walters made the switch to the Toast point of sale (POS) and restaurant management system as his preferred technology partner. He found that Toast offered comprehensive features and valuable data insights that were lacking in other systems like Clover which they had used before switching.

    With Toast, Shootz gains access to essential features such as Toast Guestbook, which allows him to analyze customer spending patterns, lifetime value, and segment the customer base. Additionally, Toast seamlessly integrates with other restaurant software solutions in Shootz Restaurant’s tech stack, including Ovation, creating a central and efficient system for the business.

    Harold Walters, through his utilization of technology and storytelling, has transformed Shootz Restaurant into a customer-centric, e-commerce establishment and the epitome of Digital Hospitality. Walters’ shift in mindset, focusing on purpose and storytelling, has allowed Shootz to stand out, transcending the boundaries of a typical dining establishment.

    “At the end of the day, I have to live out my purpose in building and in bringing value to others.” says Walters.

    ***

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  • Wyndham Clark wins U.S. Open for his first major title, edging out Rory McIlroy 

    Wyndham Clark wins U.S. Open for his first major title, edging out Rory McIlroy 

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    LOS ANGELES — Wyndham Clark always carried the message from his late mother to “play big.” Nothing was bigger than Sunday when he held off Rory McIlroy with one clutch shot after another to become a U.S. Open champion.

    The final act was two putts from 60 feet on the 18th hole at Los Angeles Country Club, and the 29-year-old Clark pumped his fist when it settled a foot away. He tapped that in for an even-par 70 and a one-shot victory over McIlroy and so many other stars.

    Scottie Scheffler, the No. 1 player in the world, couldn’t catch him. Neither could British Open champion Cameron Smith or Rickie Fowler, who played in the final group for the third time in a major and watched an exquisite performance by Clark, playing for only the third time on the weekend in a major.

    Clark let loose his emotions at the end, looking to the blue sky in tears and covering his face with his cap as he sobbed on the green. He thought about quitting golf a decade ago when he struggled with the loss of his mother, Lise, to breast cancer. She was who kept him steady in good times and bad.

    This was as good as it gets for Clark, who broke through for his first PGA Tour victory only six weeks ago against an elite field at Quail Hollow.

    “I just felt like my mom was watching over me today,” Clark said after hoisting the silver U.S. Open trophy. “I worked so hard and dreamed about this moment for so long. I just felt like it was my time.”

    For McIlroy, it was more disappointment in his quest to end nine years without a major.

    He opened with a birdie and didn’t make another the rest of the way. McIlroy played a final round that typically wins a U.S. Open — 16 pars, one bogey. Just not this one. Even as Clark showed signs of cracking during the rugged closing stretch, McIlroy missed fairways and didn’t give himself any reasonable birdie chances.

    It was similar to St. Andrews last summer at the British Open, when he hit every green and couldn’t buy a putt. Instead, he’ll face more questions about when he’ll win another major.

    “When I do finally win this next major, it’s going to be really, really sweet,” McIlroy said. “I would go through 100 Sundays like this to get my hands on another major championship.”

    Scheffler missed too many putts early on the back nine and needed help from Clark and McIlroy that never arrived. He also closed with a 70 to finish third, a month after a runner-up finish in the PGA Championship.

    Fowler set a U.S. Open record with 23 birdies, but just like so many other majors when he had a chance, he was in reverse before he ever got going — three bogeys in the opening seven holes. He never made up the ground and shot 75.

    This day belonged to Clark, who showed remarkable poise and self-belief, not to mention an extraordinary short game and a fairway metal he won’t soon forget.

    Already with a two-shot lead, he was a yard away from an easy birdie on the par-5 eighth when his approach hit a steep bank of the barranca to the left. Barely able to see his golf ball, Clark took a whack and the ball advanced a few inches deeper into thick grass.

    He hammered it again, this time over the green, 70 feet away down a firm and scary putting surface. He chipped that to 3 feet to escape with bogey.

    “That up-and-down was the key to the tournament,” he said.

    More such shots followed. On the par-3 ninth, he was on the bank of a bunker and chipped away from the flag, using the slope expertly to get it to within 7 feet for another big save. And then he clipped a pitch from a tight lie left of the 11th green to 4 feet for par.

    The signature shot was his fairway metal from 282 yards on the par-5 14th to 20 feet that set up a two-putt birdie, giving Clark a three-shot lead with four to play.

    But he made the only bogey of the day on the par-3 15th, then found a bunker left of the 16th fairway and whacked his hand on his putter when he missed a 7-foot par putt. His lead down to one shot, he got up-and-down from left of the 17th green to keep the lead.

    The USGA allowed thousands of fans to circle the fairway short of the 18th green with so few grandstands, creating a big theater for Clark’s finish.

    Fowler, still chasing his first major, returned to the 18th green to hug Clark.

    “I went back in there and just said, ‘Your mom was with you. She’d be very proud,’” Fowler said.

    Clark finished at 10-under 270 and along with $3.6 million — his second such cash prize in the last six weeks — he moves to No. 2 in the Ryder Cup standings.

    Smith shot 67 to finish fourth. Tommy Fleetwood became the first player with two rounds of 63 in the U.S. Open and finished in a tie for fifth with Fowler and Min Woo Lee (67). Fleetwood also shot 63 at Shinnecock Hills in the final round of 2018.

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  • Cava Group CFO is confident restaurant chain will be profitable — but she won’t say when

    Cava Group CFO is confident restaurant chain will be profitable — but she won’t say when

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    Cava Group, the Mediterranean-focused fast-casual restaurant chain that’s making its trading debut on Thursday, is confident it has access to enough funding to expand its business and make a profit, according to Chief Financial Officer Tricia Tolivar.

    But Tolivar declined to provide a timeline to profitability in an interview with MarketWatch.

    The…

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  • Mediterranean fast-casual restaurant chain Cava prices IPO at $22 a share

    Mediterranean fast-casual restaurant chain Cava prices IPO at $22 a share

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    Mediterranean fast-casual restaurant chain Cava Group on Wednesday priced its initial public offering of 14.4 million shares at $22 a share, up from a prior range, giving the company a valuation of roughly $2.45 billion.

    Shares are expected to begin trading Thursday on the New York Stock Exchange with the ticker symbol CAVA.

    The rapidly-growing…

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  • How Experiential Dining Embodies Trend Capitalization and Unforgettable Customer Experiences | Entrepreneur

    How Experiential Dining Embodies Trend Capitalization and Unforgettable Customer Experiences | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As more and more restaurants open, the need for differentiation becomes more pressing. Experiential dining has become a way for restaurateurs to break away from the constraints of traditional dining and create the unique themes, experiences and culinary adventures that customers crave.

    As customers demand more from their night out, experiential dining is quickly becoming a significant contender in the culinary world.

    A twist on dining out

    Experiential dining goes beyond traditional dining concepts by incorporating multisensory experiences into the mix. It’s a unique and memorable experience that aims to challenge the usual expectations of dining through innovative menus, sensory-focused dining, thematic decor, theatrical elements, unique locations and activities. This type of dining offers a truly immersive experience that engages all the senses and creates unforgettable moments.

    Experiential dining has been around for a long time, but it has gained renewed interest in recent years due to the growing competition in the hospitality industry and the popularity of pop-up restaurants. As a result, restaurateurs recognize the importance of offering unique dining experiences to meet the demand of modern diners. According to Eventbrite, 75% of diners are willing to pay more for a one-of-a-kind dining experience. Customers are seeking more than just a delicious meal and are looking for a memorable location (76%), a surprising menu or theme (84%) and a truly unique experience (74%). This growing trend has spurred restaurants to be more creative and opened the door for new ideas.

    Related: Dave and Buster’s Proves Experiential Dining Demand is Strong

    From speakeasy to multisensory experiences

    Experiential dining can be almost anything. While there isn’t one exact definition to encompass all types of experiences, there are some common themes that overlap among popular experiential restaurants.

    Take Atomix NYC, for example. The James Beard Award-winning restaurant is a fine dining restaurant focusing on the details and the experience. Upon arrival, guests can visit the sophisticated ground-floor cocktail bar or the skylit lounge area for pre-dinner drinks and snacks. Next, guests can find their seats at an intimate U-shaped counter surrounding the open kitchen located in the dramatic basement space. Before the first of the ten courses is served, guests get to select their own chopsticks from an artisan collection. Guests get a welcome card and menu cards with detailed information on the dish’s ingredients and origins and the inspiration behind them.

    Experiential dining isn’t just limited to fine dining. Cafes such as Meomi Cat Cafe have taken the concept of enjoying a cup of coffee to new heights by incorporating furry friends into the experience. These themed cafes, known as cat cafes, center around actual cats. The cafes have resident felines that nap, roam, and dine in the same space as customers, allowing guests to interact and play with them.

    Other examples of experiential dining include:

    • Multisensory fine dining experiences
    • Themed restaurant
    • Pop-up restaurants
    • Interactive or theatrical dining experiences
    • Game bars and restaurants
    • Speakeasy bars

    Related: 3 Sustainability Trends Driving Change in the Food and Nutrition Industry

    Using technology to create memorable experiences

    Technology can be your greatest ally in elevating your dining experience. Point-of-sale software with advanced analytics capabilities can be used to create memorable experiences for each customer. By using customer data, such as past orders and preferences, restaurants can create customized menus for their guests. By using data and insights alone, experiential restaurants can create a completely different experience for repeat guests and create menus that revolve entirely around the customer. For experiential restaurants, this could be key in redefining what it means to eat out and how far personalization can go.

    Related: 6 Technology Trends Redefining the Hospitality Industry

    Elevating your restaurant through innovation

    Creativity and innovation are two major building blocks of the hospitality industry. To leave a lasting impression on existing customers or attract new ones, restaurants must capitalize on those details that set them apart from the competition. How can your restaurant take it to the next level? Experiential dining keeps the industry on its toes and brings something new to the table. Whether you run a bar, restaurant or coffee shop, ask yourself how your restaurant creates a memorable experience?

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    Peter Dougherty

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  • New owners plan expansion for iconic East End restaurant brand | Long Island Business News

    New owners plan expansion for iconic East End restaurant brand | Long Island Business News

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    Uncle Joe’s Pizza & Restaurant, a mainstay in Hampton Bays for more than 50 years, is under new ownership with the pending retirement of its founder Joe Sciara. 

    Hamptons Brands, an investment group led by Hampton Bays residents Tana Gerber, artist and historical curator, and Scott Gerber, CEO of Community.co and BrandNext, will take over the Uncle Joe’s brand and restaurant effective immediately. 

    Terms of the deal were not disclosed. 

    In addition to Hamptons Brands, the new Uncle Joe’s ownership team also includes hospitality executives David Abes, founder of Dash Hospitality Group and Michael Sinensky, founder of SimpleVenue. The Sciara family will hold a minority interest in the venture. 

    The new owners plan on expanding the Uncle Joe’s brand beyond Hampton Bays. 

    “The original Uncle Joe’s location will continue to serve neighborhood regulars, Hamptons residents and tourists as it always has through its incredible food, family-friendly atmosphere and charitable giving to school initiatives and nonprofits,” Scott Gerber said in a writen statement. “In the coming years, we intend to expand Uncle Joe’s throughout Long Island and build upon its distinguished legacy as one of New York’s original red sauce joints.”  

    The 83-year-old Sciara, who immigrated to the United States from Sicily in 1958 with his wife, Frances, opened his first restaurant in Bay Shore in 1968. He will retire at the end of the year. 

    “I want to thank everyone from the bottom of my heart,” Sciara said. “I am so very grateful to the community. For over 50 years I have been incredibly proud to serve them. I never could have imagined that a boy from Sicily who couldn’t read, write or speak English could go on to live the American dream. I am excited for Uncle Joe’s to bring joy to many more people for years to come. It is with much trust and mutual respect that I pass the torch on to the Gerber family and their team.” 

    Uncle Joe’s in Hampton Bays will continue to operate business as usual and Sciara will remain a regular presence at the restaurant. It is anticipated that renovations will occur in early 2024. 

    “Mr. Sciara is the embodiment of the American success story, realized. We wish to honor him, his journey and his contributions to our community”, Tana Gerber said. “Uncle Joe’s is an historic landmark. We will ensure it is protected and preserved for future generations of families to enjoy.”

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    David Winzelberg

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  • Sam Fonseca of Roll-Em-Up Taquitos on Simplicity for Successful Restaurants | Entrepreneur

    Sam Fonseca of Roll-Em-Up Taquitos on Simplicity for Successful Restaurants | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Roll-Em-Up Taquitos and its COO Sam Fonseca follow a deliberate approach to keeping their menu — and business — simple and successful.

    “My role is to make sure that our focus is on our taquitos.” says COO Sam Fonseca to Shawn Walchef of CaliBBQ Media. “When you add other things, it actually devalues what we do best. It’s going to take our attention away just even a smidgen for something else.”

    In honor of the original inspiration, Mama Karen, Sam Fonseca and team at Roll-Em-Up Taquitos understand the true desires of their customers and strive to surpass expectations with every “Bomb AF” Taquito rolled.

    Though they stay consistent to their simplified menu, that doesn’t mean Fonseca isn’t flexible enough to make adjustments necessary to enhance the business.

    In a serendipitous meeting with an overzealous customer while working at a previous job, Fonseca quickly understood the importance of listening to customer desires. The customer came to the door early in the morning during a team meeting, thinking the restaurant was open due to the amount of cars in the parking lot.

    Sam Fonseca instantly recognized the opportunity to change business hours and attract a new sector of customers by simply allowing employees to fill the parking lot with their cars and opening the doors at 9 in the morning.

    Recognizing the immense power of social media storytelling for restaurants, with over 100K followers on TikTok and Instagram for Roll-Em-Up Taquitos, Fonseca has observed a shift in customer behavior. Fewer people these days are connected by shared memories of Saturday morning cartoons or favorite network TV shows, while more are finding connections through social media platforms.

    The digital landscape has allowed customers to easily reach out, inquire about Roll Em Up locations, and stay connected with the brand.

    “Social media is just this powerful, powerful tool, right, that can reach folks in different countries, in different states.” says Sam Fonseca. “It’s just an amazing marketing tool.”

    Roll-Em-Up Taquitos embodies the idea of simplicity by focusing on their expertise, engaging customers through social media platforms, and capitalizing on customer connections. Roll Em Up Taquitos continues to flourish, and Fonseca’s approach ensures that the company remains a beacon of culinary excellence, bringing joy to taquito enthusiasts who come to their locations with high expectations.

    ***

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    Shawn P. Walchef

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  • Embarrassed U.S. Excuses Itself From Asia Security Summit After Realizing America Not In Asia

    Embarrassed U.S. Excuses Itself From Asia Security Summit After Realizing America Not In Asia

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    SINGAPORE—Insisting that he didn’t know how they had made such a simple mistake, an embarrassed U.S. Secretary of Defense Lloyd Austin reportedly excused himself from the Shangri-La Dialogue Asian defense summit Friday after realizing America was not in Asia. “Oh God, sorry about that, we’re not even in the right ballpark here,” said the Defense Secretary, who reportedly grew visibly flushed after learning from an aide that the closest part of the Asian continent was nearly 5,000 miles away from the United States, before slowly slinking out of the gathering of allied nations. “Maybe we saw the letter ‘A’ and just assumed it was about us? Sorry, I don’t know why we’re here. Everyone just get on with whatever you were doing. We’ll see ourselves out.” At press time, Austin had reportedly paused at the catering table and grabbed a handful of hors d’oeuvres to at least make the 19 hour and 45 minute plane trip worth something.

    This Week’s Most Viral News: June 2, 2023

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