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Business - a person's regular occupation, profession, or trade. "experts who typically conduct their business over the internet"
Sunday, February 26, 2023
Blog update: News, articles, pop culture, interviews, scoops and more; Business - a person's regular occupation, profession, or trade. "experts who typically conduct their business over the internet"
Blog update
News, articles, pop culture, interviews, scoops and more
Business - a person's regular occupation, profession, or trade. "experts who typically conduct their business over the internet"
Friday, February 17, 2023
Media Man Business Blog: Casino gambling is colorful and dramatic and theatrical. - Steve Wynn
Media Man Business Blog
Casino gambling is colorful and dramatic and theatrical. - Steve Wynn
Tuesday, February 14, 2023
Monday, February 06, 2023
Big Tech Media Developments...
Media Man Business Blog
Big Tech groups disclose $10bn in charges from job culls and cost cutting
Amazon, Meta, Alphabet and Microsoft reveal hefty price tag as they rein in spending
Profiles
Amazon, Meta, Alphabet and Microsoft will collectively incur more than $10bn in charges related to mass redundancies, real estate and other cost-saving measures, as the Big Tech companies reveal the hefty price they incur to rein in spending.
The US companies that have been implementing the largest job cuts in the tech sector disclosed the high costs related to their restructuring efforts in earnings statements released this week.
The four groups had previously announced 50,000 job cuts to convince Wall Street they were heading into a “year of efficiency”, as Meta chief executive Mark Zuckerberg described it. This trend comes after more than a decade of heavy spending in a focus on aggressive top-line growth.
Despite the companies’ high upfront costs such as severance payments, investors appear encouraged by the steps taken.
Since formally announcing their cuts, the companies have together added more than $800bn to their market capitalisations. Meta, the earliest mover among the Big Tech groups, has seen its value almost double since detailing its job cuts in November.
While savings could have been made by implementing more gradual cost reductions, tech companies were being rewarded by the markets for “ripping the band aid off”, said Wedbush analyst Dan Ives.
“Big Tech has been spending money like 80s rock stars for the last four to five years,” he said. “It feels like there’s adults in the room now.”
The process to become leaner in the wake of macroeconomic pressure contrasts starkly with the pandemic-era hiring boom, with headcounts increasing rapidly at tech companies that were responding to a rise in demand in digital products and services.
Apple remains the only large tech company that has not announced any job cuts or a cost-cutting programme, despite on Thursday reporting its first decline in quarterly revenues in three and a half years.
According to Layoffs.fyi, a tracker logging instances of tech redundancies, almost 250,000 employees have been let go across the sector since the start of last year.
Some of the most recent, from this past week, include software group Okta, which laid off 300 employees, data analysis company Splunk, with 325, and image-sharing social network Pinterest, which said 150 roles would go.
The deepest cuts have come from the biggest names. In November, Meta announced it would let go 11,000 of its employees, as well as dump office space and data centres.
On Wednesday, the Facebook parent detailed charges of $4.6bn related to restructuring. Severance costs ran to $975mn, according to a company filing, though that cost was offset by “decreases in payroll, bonus and other benefits expenses”. A further $1bn in charges related to reducing office footprint is expected in 2023.
Amazon chief executive Andy Jassy told employees in January the company would eliminate 18,000 roles.
Speaking to investors on Thursday, Amazon’s chief financial officer Brian Olsavsky said $640mn had been spent on severance in the fourth quarter of 2022, as well as an additional $720mn on abandoning real estate, primarily due to pulling back on opening new physical grocery stores. The company did not share further details on charges it might incur in the current quarter and beyond.
Google parent Alphabet, which is laying off 12,000 people, said it expected to incur severance costs ranging from $1.9bn to $2.3bn, with most of the impact in the current quarter. At the high end of that guidance, the cost of severance will work out at approximately $191,000 per employee. Alphabet faces a further $500mn in costs relating to office space reduction in the current quarter, it said.
Despite the cuts, Alphabet chief financial officer Ruth Porat told investors on Thursday the company would continue “hiring in priority areas, with a particular focus on top engineering and technical talent, as well as on the global footprint of our talent”.
Microsoft’s planned savings — which include 10,000 job cuts — has resulted in it incurring a $1.2bn charge in the final three months of 2022, $800mn of which was from severance pay.
Salesforce, which will not report earnings until March, is expected to be another company facing significant restructuring costs, having announced a 10 per cent reduction in its workforce last month. That move came as activist investor Elliott Management took a multibillion-dollar stake in the company, saying it intended to work “constructively with Salesforce to realise the value befitting a company of its stature”.
Likewise, Alphabet has drawn attention from activist Sir Christopher Hohn, of TCI Fund Management, who wrote to chief executive Sundar Pichai, saying he needed to make further headcount cuts and trim “excessive employee compensation”.
Sunday, February 05, 2023
Media Man Business Blog: Casino, Gaming, Sports Betting and Pop Culture News
Media Man Business Blog
Casino, Gaming, Sports Betting and Pop Culture News
DraftKings lays off roughly 140 employees in corporate restructure
DraftKings is eliminating about 140 jobs, part of what the sports betting company is calling a reorganization. A majority of the eliminated positions are based in Europe, Asia and the Middle East, and primarily span both engineering and HR roles related to hiring, according to someone with direct knowledge of the moves. The 140 positions amount to a low single-digit percentage of the company’s workforce. DraftKings stock jumped nearly 10% on the day to close at $16.48.
Penn Entertainment reports small year-over-year revenue increase in Q4 despite Mattress Mack payout
Despite a huge winning bet by Jim “Mattress Mack” McIngvale and inclement weather in December, Penn Entertainment’s 2022 fourth-quarter results were consistent, according to CEO Jay Snowden during Thursday’s investors’ call. McIngvale’s bet on the Houston Astros to win the World Series via Penn’s Barstool Sportsbook cost Penn $10 million. And Snowden claimed that “severe weather in certain parts of the country”...put a drag on revenue.
Las Vegas sports news
If the Oakland Athletics relocate to Las Vegas, north Strip and downtown resort operators would strongly support the team building a $1 billion ballpark in their area. Resorts World Las Vegas President Scott Sibella confirmed that he and hotel owners from the north Strip and downtown Las Vegas met with A’s brass Wednesday. They discussed the potential of a 35,000-seat domed stadium on the Las Vegas Festival Grounds site, located on the southwest corner of Las Vegas Boulevard and Sahara Avenue.
Las Vegas Strip breaks monthly revenue record
Led by a record surge on the Las Vegas Strip, Nevada closed 2022 with its 22nd consecutive months of $1 billion and higher in gaming revenue and added to its record gaming revenue for the year, which was set in November. For calendar-year 2022, Nevada reported $14.8 billion in gaming revenue, topping the $13.4 billion in 2021, a 10.5% increase. The Nevada Gaming Control Board reported Tuesday that casinos collected $1.31 billion in revenue in December, a 14.3% jump over December 2021.
Sharp bettors weigh in quickly on Super Bowl; two 6-figure wagers
Patrick Mahomes needed all of his magic to help send the Chiefs to their third Super Bowl in four years. But sharp bettors don’t believe in magic. They’re banking on the Philadelphia Eagles to beat Kansas City in Super Bowl LVII for the franchise’s second NFL title in six years. Less than 30 minutes after the Super Bowl line opened at pick’em at multiple sportsbooks, the Eagles emerged as consensus 1½-point favorites.
Governor names ex-judge George Assad to seat on Nevada Gaming Control Board
Former Las Vegas judge George Assad, who was sanctioned by judicial overseers for a punishment he meted out and lost his re-election bid after his son robbed the Bellagio in a high-profile heist more than a decade ago, was named to the Gaming Control Board on Monday by Gov. Joe Lombardo. Assad, 71, who was a Las Vegas Municipal Court judge from 2002 until 2011, will have a four-year term as a member of the board that directs the statewide agency charged with regulating and enforcing laws.
Tribes need to do a better job of coordination
Tribal organizations with departments ranging from casino gaming to health care need to do a better job of understanding everyone’s needs, thinking strategically, and working toward common goals that benefit tribes for the long term. That was the prevailing sentiment that emerged from the panel discussion, “The Top Five Things Tribal Councils Should Expect and Evaluate from Their Executive Leaders,” held at the Raving Next gaming conference in Albuquerque.
Some overdue recognition
I’ve always been a fan of awards in the gambling industry. In my mind, any recognition beyond a paycheck and a pat on the back has value. Our industry has never lacked awards. The biggest enchilada is certainly induction into the American Gaming Association’s Hall of Fame. Like all Halls of Fame, only the most successful movers and shakers get inducted into the AGA’s Hall, no posers or wannabes. Many gaming-media companies issue awards, including regional gambling publications and newspapers that serve casino cities, although most newspapers are just trying to sell advertising to the honored casinos and companies.
Industry poised for “biggest-ever” ICE London
Clarion Gaming has confirmed next week’s ICE London 2023 will be the biggest on record, occupying 41 halls of its London ExCeL home. Having returned from the pandemic last April with a scaled-back offering, this year’s ICE will occupy 51,466 square metres of the London-docklands exhibition centre, exceeding the previous high of 49,690 m2 in 2020. Sister show iGB Affiliate London will occupy ExCel’s remaining three halls, with a week’s worth of satellite events throughout London.
Las Vegas tourism helps fuel strong Boyd Gaming earnings
Aided by a boost in the Las Vegas economy and tourism, Boyd Gaming set a record for revenue and adjusted earnings during the fourth quarter and 2022 as a whole, setting the stage for strong earning reports to come in February from Strip and other operators. For all of 2022, Boyd Gaming reported revenue of $3.56 billion, compared to $3.37 billion for 2021. Net income was $639.4 million, or $5.87 per share, compared to net income of $463.8 million, or $4.07 per share, for 2021.
Aristocrat finalizes acquisition of Roxor Gaming
Aristocrat Leisure Limited Friday announced it has completed the acquisition of igaming supplier Roxor Gaming Limited. The deal was first announced in September 2022. Roxor will form part of Aristocrat’s igaming business Anaxi, which was rebranded in October 2022. Aristocrat initially announced the creation of a dedicated igaming business in February 2022 to pair with Aristocrat Gaming and the Pixel United mobile-first publishing business. “We’re thrilled to welcome Roxor to Anaxi and the broader Aristocrat group,” said Anaxi CEO Mitchell Brown in a statement.
Texas: Casinos in Dallas-Fort Worth? Lawmakers will consider expanded gambling
A North Texas representative has filed legislation to expand casino gambling in Texas and legalize sports betting. Fort Worth Republican Rep. Charlie Geren filed the proposal on Friday. The legislation is supported The Destination Resort Alliance, which is backed by casino and resort company Las Vegas Sands. It remains to be seen whether the bill passes in a state that in the past has been reluctant to expand gaming, but Gov. Greg Abbott and House Speaker Dade Phelan have left the door open for expanded casino gambling as the legislative session that started in January begins to ramp up.
Las Vegas tourism helps fuel strong Boyd Gaming earnings
National (results) - Aided by a boost in the Las Vegas economy and tourism, Boyd Gaming set a record for revenue and adjusted earnings during the fourth quarter and 2022 as a whole, setting the stage for strong earning reports to come in February from Strip and other operators. For all of 2022, Boyd Gaming reported revenue of $3.56 billion, compared to $3.37 billion for 2021. Net income was $639.4 million, or $5.87 per share, compared to net income of $463.8 million, or $4.07 per share, for 2021. Total adjusted EBITDAR for 2022 was $1.39 billion versus $1.37 billion for 2021. Full-year 2022 adjusted earnings were $662.0 million, or $6.07 per share, compared to adjusted earnings of $584.2 million, or $5.12 per share, for 2021.
Penn reports small year-over-year revenue increase in Q4
National (results) - Despite a huge winning bet by Jim “Mattress Mack” McIngvale and inclement weather in December, Penn Entertainment’s 2022 fourth-quarter results were consistent…Penn’s revenue for the fourth quarter reached $1.6 billion, a year-over-year increase of 0.8%. But net income for the quarter, $20.8 million, decreased by more than 50% compared to the $44.8 million generated in the fourth quarter of 2021.
The World Series of Poker announces its full 2023 schedule
Nevada (Las Vegas) - The World Series of Poker has announced its full summer schedule with an eye on having the largest Main Event field in history and, if it happens, awarding the poker promotion of a lifetime. The 54th version of the world’s largest poker tournament runs May 30-July 18 at the recently rebranded Horseshoe Las Vegas with 95 bracelet events. The No-Limit Hold ’em World Championship, known as “The Main Event,” will take place from July 3 to 17 and if it sets a record for entries, one entrant will be drawn at random to win a Main Event for Life package, buying him or her into the next 30 Main Events.
Video gambling up statewide, mostly flat in area in 2022
Illinois (slots/results) - Video-gambling terminals in Illinois continued to rake in the dough in 2022, though in our area, revenues were flat or fell slightly…the amount of money put in minus the amount paid out — amounted to $2.71 billion in 2022, a 9.5 percent increase over 2021's $2.47 billion. At the same time, the number of terminals grew by about 7.6 percent, from 41,826 at the end of 2021 to a hair over 45,000 a year later.
Officials moving forward with plans for Diamond Jacks Casino
Louisiana (Bossier City) On Feb. 1, Mayor Tommy Chandler of Bossier City met with the Foundation Gaming Group to discuss the construction activity which will soon be happening at the former Diamond Jacks Casino property…Chandler and members of his staff met with the group and the project's general contractor AnderCorp to discuss the initial details of the future transformation on this casino and hotel.
Horseshoe Casino Baltimore workers rally
Maryland (Baltimore) - Unionized workers at Horseshoe Casino Baltimore are demanding raises in line with others in the gaming and hospitality industry in the city and elsewhere, saying casino revenues have rebounded since the pandemic while compensation has stalled. About 20 workers and union representatives demonstrated Wednesday in front of the casino on Russell Street near downtown, calling for raises, holiday pay and other changes. Workers said bargaining has stalled with owner Caesars Entertainment on a contract that expired in October.
Thursday, February 02, 2023
Media Man Business Blog: Consolidation in the US Regulated Sports Betting Affiliate Space?
Media Man Business Blog
Consolidation in the US Regulated Sports Betting Affiliate Space?
Thursday, January 26, 2023
Saturday, January 21, 2023
Media Man Business Blog: Congratulations! Your post was featured by the LinkedIn News team in 'Flexibility through freelancing"
Media Man Business Blog
Congratulations! Your post was featured by the LinkedIn News team in 'Flexibility through freelancing"
LinkedIn News
Flexibility through freelancing
By Salma Altantawy, Editor at LinkedIn News
Flexible work solutions are increasingly in demand as younger professionals enter the workforce. A report by Michael Page Middle East Recruitment Agency shows that 66% of survey respondents are prioritizing remote options while they look for a job in the UAE. Aiming for more flexibility, some professionals opt for taking on freelance jobs, which separates professionals' identity from an organization, Azeem Zainulbhai, co-founder of a flexible talent consultancy told Arab News. “This has reduced the attractiveness of permanent employment and the lifetime loyalty often given by employees among older generations,” he added.
Social Media
CNN's Allison covers the remote worker sector. Not all are well suited for it, be it lack of skills, lack of discipline, lack of focus, and and so on.. Sometimes both owner/manager and their staff need to check in that both and all parties are on the same page. I've managed media firms, a restaurant (with a home delivery driver..who I had to fire on the second shift) and a small team of PPV and Ethnic Channel Pay TV guns, who came from door to door to an office based outbound call scenario. All situations have their own unique challenges. Both parties need to want it to work in order for it to, in my experience. These days my main I.T guy is right on the money 90% of the time, and I haven't needed to see him in person in the office for months. He earned my trust and respect over the months which turned into years. Teamwork and the desire to do better and keep focused on the business goals while adapting to the regular changes in the business landscape. Success. #cnn #work #workplace #remotework #remoteworkers #careers #management #workenvironment #training #multiskilled #multiskilling #success #media
Arabian Business on remote working. With some of my own commentary on sports, culture, business, property and the like re the UAE, sometimes it feels like I'm remote working in a remote news media office. I'm not on the payrol of Arabian Business for the record and to be clear, but from my office I get to cover the world's news and affairs, currently based in Australia! The world is your oyster, now on another level with the internet, social media et al. Commentary via our friends via the LinkedIn platform! PS: my post sparked by recent and excellent coverage of the WWE (wrestling promotion) coverage by Arabian Business. #arabianbusiness #ab #uae #uaebusiness #uaebusinesses #remote #remoteworking #work #careers #workspace #employment #trends #culture #balance #flexibleworkspace #respect #performance #marketing #culture #b2b #b2c #social #socialmedia #world #agency #business #media
Friday, January 06, 2023
Media Man Business Blog: Vince McMahon Takes Actions in Support of Plan for WWE to Undertake a Review of Strategic Alternatives and Capture Unique Opportunity to Maximize Long-term Value for All Shareholders
Blog
Vince McMahon Takes Actions in Support of Plan for WWE to Undertake a Review of Strategic Alternatives and Capture Unique Opportunity to Maximize Long-term Value for All Shareholders
Submits written consent to WWE Board electing himself and Company veterans George Barrios and Michelle Wilson as Directors
Actions are necessary to ensure McMahon's full participation in upcoming media rights negotiations and review of strategic alternatives
GREENWICH, Conn., Jan. 5, 2023 /PRNewswire/ -- Vince McMahon, the founder and controlling shareholder of World Wrestling Entertainment Inc. ("WWE" or the "Company") (NYSE: WWE), announced today that he has taken necessary actions to position the Company to capitalize on a unique opportunity to maximize long-term value for all WWE shareholders. The actions, communicated to WWE's Board of Directors today via written consent, include the election to the Board of Mr. McMahon, as well as Michelle Wilson and George Barrios – former WWE Co-Presidents and Board members, and currently the Co-Founders and Co-CEOs of Isos Capital Management – and the requisite removal from the Board of three directors. Mr. McMahon expects to assume the role of Executive Chairman of the Board.
Mr. McMahon's new role will enable unified decision making through the Company's upcoming media rights negotiations and a parallel full review of the Company's strategic alternatives, which Mr. McMahon believes is the right course of action and in the best interests of WWE and WWE shareholders amidst the current dynamics in the media and entertainment industry. As Mr. McMahon has communicated to the Board, he believes there is a narrow window of opportunity to create significant value for all shareholders and that to do so, the strategic alternatives review must occur in tandem with the media rights negotiations. He also expressed to the Board that he believes these two initiatives require Mr. McMahon's direct participation, leadership, and support as controlling shareholder.
"WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms," said Mr. McMahon. "The only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives. My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder."
Prior to delivering written consent, Mr. McMahon sent two separate letters to the Board in late December in which he expressed the urgency of his return to the Company as Executive Chairman and his desire to work collaboratively with the Board and management team. Following conversations with representatives of the Company both before and after Mr. McMahon's most recent letter on December 31, Mr. McMahon determined, consistent with his rights as controlling shareholder, that the steps announced today are necessary to maximize value for all WWE shareholders.
Mr. McMahon said, "Ms. Wilson and Mr. Barrios are highly qualified directors whose professional experience positions them well to help the Company achieve the best possible outcomes in both initiatives. As former WWE Co-Presidents and Board members, they are intimately familiar with industry dynamics and the organization's operations and have helped guide the Company through past successful media rights negotiations. I look forward to working closely again with Michelle and George – as well as the Company's remaining directors and management team, who have my full support and confidence. WWE has an exceptional management team in place, and I do not intend for my return to have any impact on their roles, duties, or responsibilities."
In conjunction with the changes to WWE's Board, Mr. McMahon's written consent also includes certain amendments to the Company's bylaws to ensure that WWE's corporate governance continues to properly enable and support shareholder rights. These changes will be detailed in a Schedule 13D amendment to be filed by Mr. McMahon and a Form 8-K to be filed by the Company in the coming days.
No assurances can be given regarding the outcome or timing of the review process. Mr. McMahon does not intend to comment further until the process has concluded or Mr. McMahon has otherwise determined that further disclosure is appropriate or required.
Michelle Wilson Biography
Ms. Wilson is Co-Founder and Co-CEO of Isos Capital Management. She is a leading sports and entertainment c-suite executive and, prior to founding Isos with Mr. Barrios, most recently served as Co-President and Board Member of WWE until January 2020. In 2018, Forbes named Ms. Wilson one of the 10 Most Powerful Women in Sports. She also was featured on the Adweek 50 list, which highlights the leading executives in Media, Marketing and Technology, and named one of Sports Illustrated's 10 Most Influential Women in Sports. She joined WWE in 2009 and prior to her appointment as Co-President, served as Chief Revenue and Marketing Officer.
Previously, Michelle served as the Chief Marketing Officer of the United States Tennis Association, oversaw all marketing efforts for the launch of the XFL, a partnership between WWE and NBC, and held consumer products and brand management positions at the NBA and Nabisco, respectively. She received her MBA from Harvard Business School and currently serves on the Boards of Bowlero Corporation and Turtle Beach Corporation.
George Barrios Biography
Mr. Barrios serves as Isos Capital Management's Co-Founder and Co-CEO. He is an award-winning c-suite executive and most recently served as Co-President and Board Member of WWE until January 2020. In 2017, Institutional Investor ranked George among the Top 3 CFOs in the Media Industry as part of its All-America Executive team rankings. He joined WWE in 2008 as its Chief Strategy and Financial Officer.
Previously, he held leadership roles in finance, strategy and operations at the New York Times, Praxair, Time Warner and HBO. He received his MBA from the University of Connecticut School of Business and currently serves as the National Board Chair of the Make-A-Wish Foundation.
Kirkland & Ellis is serving as legal counsel to Mr. McMahon.
Forward Looking Statements
This press release contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Forward looking statements include statements regarding Mr. McMahon's return to the Board as Executive Chairman, the impact of Mr. McMahon, Ms. Wilson and Mr. Barrios as members of the Board, the timing and success of the Company's media rights negotiations and the Company's review of strategic alternatives. In addition, the words "may," "will," "could," "anticipate," "plan," "continue," "project," "intend," "estimate," "believe," "expect," "outlook," "target," "goal," "guidance" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These statements relate to future possible events, as well as plans, objectives, expectations and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from future results expressed or implied by such forward-looking statements. These forward-looking statements are subject to uncertainties relating to, without limitation, the matters referred to in this release, the complexity of the Company's rights agreements across distribution mechanisms and geographical areas and the Company's review of strategic alternatives. Forward-looking statements speak only as of the date made and are subject to change without any obligation to update or revise them. Undue reliance should not be placed on these statements.
SOURCE Vince McMahon
Wednesday, January 04, 2023
Sunday, January 01, 2023
Media Man Business Blog: Seneca Nation president: Casino compact talks progressing
Media Man Business Blog
Seneca Nation president: Casino compact talks progressing
So what's the latest on negotiations over a new gaming compact between the state of New York and the Seneca Nation of Indians?
During a recent interview with the Niagara Gazette, Seneca Nation President Rickey Armstrong Sr. said, from his point of view, talks are progressing.
Armstrong said representatives from the Nation continue to meet regularly with state officials and he remains hopeful that a tentative deal will be in place for review by the federal government by the summer of 2023.
"We've made every effort to make progress," Armstrong said.
"We want to continue to work toward a new gaming compact that reflects the gaming landscape in Buffalo, Niagara Falls," he added.
The current gaming compact, which provides the Seneca Nation with exclusive rights to operate Class III casinos in Western New York, including Niagara Falls, Buffalo and Salamanca, is set to expire in December 2023.
Seneca officials have argued in the past that since the signing of the original compact, other gaming outlets, including so-called "racinos" in Hamburg and Batavia, cut into their exclusivity by offering video lottery terminals similar to slot machines.
Armstrong said the Nation has been working on its end of the proposed agreement for about two years and that he's confident the Nation has "covered all of our bases."
He maintains that the Seneca Gaming Corp.'s three local casinos have provided economic benefit to host communities like the Falls and Buffalo, in the form of jobs and spinoff from investments made by the companies with local vendors.
In addition, the compact has allowed the state of New York to collect a percentage of slot machine revenues from Seneca casinos, with 25% of those dollars being distributed to the Falls, Buffalo and Salamanca.
"I'm hopeful that the state recognizes the impact we've had on Western New York," Armstrong said.
In a statement in response to a request for comment, a spokesperson for Gov. Kathy Hochul's office said the executive chamber and the state gaming commission have been having "substantive negotiations" with the Seneca Nation for months.
"We are fully committed to continuing to meet, discuss, and negotiate a compact, and we are confident that the process will continue in a way that best serves New Yorkers," the spokesperson said.
Friday, December 30, 2022
Media Man Business Blog: Musk says Twitter in precarious position, defends cost cuts
Musk says Twitter in precarious position, defends cost cuts
Profiles
Social Digital Network Media Media Man
Elon Musk is defending his massive cost-cutting at Twitter as necessary for the social media platform to survive next year, due in part to debt payments tied to his $44 billion takeover of the company.
“This company is like, basically, you’re in a plane that is headed towards the ground at high speed with the engines on fire and the controls don’t work,” Musk told a late-night audience on a Twitter Spaces call Tuesday.
That’s after Elon Musk said earlier on Tuesday that he plans on remaining as Twitter’s CEO until he can find someone willing to replace him in the job.
Musk’s announcement came after millions of Twitter users asked him to step down in an online poll the billionaire himself created and promised to abide by.
“I will resign as CEO as soon as I find someone foolish enough to take the job!” Musk tweeted. “After that, I will just run the software & servers teams.”
Since taking over the San Francisco social media platform in late October, Musk’s run as CEO has been marked by quickly issued rules and policies that have often been withdrawn or changed soon after being made public.
Musk said Tuesday night that he “spent the last five weeks cutting costs like crazy” and trying to build a stronger paid subscription service because otherwise Twitter might be operating with $3 billion in negative cash flow next year. He in part blamed the $12.5 billion in debt tied to his April agreement to buy the company, as well as the Federal Reserve’s recent interest rate hikes.
Some of Musk’s actions have unnerved Twitter advertisers and turned off users. He has laid off more than half of Twitter’s workforce, released contract content moderators and disbanded a council of trust and safety advisors that the company formed in 2016 to address hate speech and other problems on the platform.
The Tesla CEO has also alienated investors at his electric vehicle company over concerns that Twitter is taking too much of his attention, and possibly offending loyal customers.
Even more unnerving for investors, Tesla shares are plummeting.
Shares of Tesla are down 35% since Musk took over Twitter on Oct. 27, costing investors billions. Tesla’s market value was over $1.1 trillion on April 1, the last trading day before Musk disclosed he was buying up Twitter shares. The company has since lost 58% of its value, at a time when rival auto makers are cutting in on Tesla’s dominant share of electric vehicle sales.
Shares fell Wednesday, as they have every day this week.
A single share of Tesla that cost about $400 to start the year, can now be had for less than $140.
Musk sought to defend some of his recent Twitter decisions on the Twitter Spaces call.
“They may seem sometimes spurious or odd or whatever,” Musk said. “It’s because we have an emergency fire drill on our hands. That’s the reason. Not because I’m naturally capricious. Or at least, aspirationally, I’m not naturally capricious.”
Musk, who also helms the SpaceX rocket company, has previously acknowledged how difficult it will be to find someone to take over as Twitter CEO.
Bantering with Twitter followers earlier this week, he said that the person replacing him “must like pain a lot” to run a company that he said has been “in the fast lane to bankruptcy.”
“No one wants the job who can actually keep Twitter alive. There is no successor,” Musk tweeted.
As things stand, Musk would still retain overwhelming influence over platform as its owner. He fired the company’s board of directors soon after taking control.
Monday, December 26, 2022
Media Man Business Blog: Business is a combination of war and sport. - Andre Maurois
Media Man Business Blog
Business is a combination of war and sport. - Andre Maurois
Media Man Business Blog: 5 Keys To Online Success
Media Man Business Blog
5 Keys To Online Success
It is being more commonly understood that the dot.com bust of 2000 was more the result of bad business models and execution than of some intrinsic fault within the Internet. Many businesses with models appropriate to the Internet are alive and thriving.
Perhaps you’re wondering if your own business has what it takes to be successful on the Web? While every situation is different, experts have noted that successful online businesses possess a number of common characteristics. Let’s take a look at five key characteristics that they share.
1. Management possessed a “Net” awareness.
Dun and Bradstreet’s 20th Annual Small business Survey reports that two-thirds of today’s small businesses have Internet access, and approximately 50 percent of those also have a Website. And more than 60 percent of those with Internet access plan to increase their use of the Internet in coming months.
As business owners and decision-makers, you will most certainly benefit by spending time online learning about the Internet. Look at how your competitors and industry are using it, try to discern where your markets potentially hang out, and ask lots of questions.
2. They had an organized plan.
Do you remember the story Alice in Wonderland and the Cheshire cat? One day Alice came to a fork in the road. Looking around, she saw a Cheshire cat in a tree. “Which road should I take?” she asked. “Where do you want to go?” the cat replied. “I don’t know,” Alice answered. “In that case,” the cat said, “it doesn’t matter which road you take.”
Once you have gotten familiar with the Internet and its potential for your marketing, create a written plan of action. Simply putting your ideas down on paper will help focus your thoughts. Set goals and identify how you can get there.
How important is it to have a plan, or better yet, a written business plan? The Small Business Administration says that most successful companies started with a detailed business plan and those that didn’t plan were far more likely to fail.
3. Successful ventures implemented their creative ideas and then learned from what worked and what didn’t.
Kraft Foods is the largest branded food and beverage company in North America, and the second largest worldwide. Paula Sneed, one of their vice presidents, was a keynote speaker at an Economist Conference. She boiled down the basis for their success down to three simple “ingredients” which I believe are also important to all businesses, no matter what size.
Make smart bets. Kraft identified initiatives that build brand, increase customer loyalty, or cut costs.
Move fast. Once identified, they implemented their initiatives. I think one of the most notable things Sneed said was, “If we’re going to fail let’s fail fast and fail cheap.”
Make course corrections. Kraft expected both success and failure. They made mid-course corrections based on early feedback to improve the likelihood of success. Even failures provided good market feedback they could use for future initiatives.
4. Successful Web ventures did targeted marketing.
As a marketing consultant I find that many small businesses have great difficulty identifying their choice markets. I can’t tell you how many times I ask entrepreneurs what their target markets are, only to be told, “everyone.”
But targeting your marketing to “everyone” doesn’t make sense. Targeting means identifying those potential customers who represent the best prospects for sales and focusing your marketing efforts on them. This is simply the old 80/20 rule (that 80% of your sales come from 20% of your customers) in practice.
In fact, finding a niche and working to serve its unmet needs is one of the best uses for the Web. Why? Because the Web isn’t really a mass marketing tool, as some would believe. It’s actually a supreme targeted marketing tool.
5. They combined online and offline marketing.
I always hear people making either/or kinds of comments about offline versus online advertising. But successful companies recognized that online and offline advertising are synergistic. They support and amplify one another.
Here are two simple examples. First, including your website URL in all your offline advertising messages (yellow pages, magazine ads, circulars etc) will bring traffic to your website. Second, a signup form on your website that you use to send prospects your standard marketing printed materials (brochures, sales materials etc).
While these five Keys do not guarantee online success, including them in your business will certainly improve your chances for success.
Friday, December 23, 2022
Tuesday, December 20, 2022
Media Man Business Blog: Organic Search Results
Media Man Business Blog: Organic Search Results
In Web search engines, organic search results are the query results which are calculated strictly algorithmically, and not affected by advertiser payments. They are distinguished from various kinds of sponsored results, whether they are explicit pay per click advertisements, shopping results, or other results where the search engine is paid either for showing the result, or for clicks on the result.
Background
The Google, Yahoo!, Bing, Petal and Sogou search engines insert advertising on their search results pages. In U.S. law, advertising must be distinguished from organic results. This is done with various differences in background, text, link colors, and/or placement on the page. However, a 2004 survey found that a majority of search engine users could not distinguish the two.
Because so few ordinary users (38% according to Pew Research Center) realized that many of the highest placed "results" on search engine results pages (SERPs) were ads, the search engine optimization industry began to distinguish between ads and natural results.[citation needed] The perspective among general users was that all results were, in fact, "results." So the qualifier "organic" was invented to distinguish non-ad search results from ads. It has been used since at least 2004.
Because the distinction is important (and because the word "organic" has many metaphorical uses) the term is now in widespread use within the search engine optimization and web marketing industry. As of July 2009, the term "organic search" is now commonly used outside the specialist web marketing industry, even used frequently by Google (throughout the Google Analytics site, for instance).
Google claims their users click (organic) search results more often than ads, essentially rebutting the research cited above. A 2012 Google study found that 81% of ad impressions and 66% of ad clicks happen when there is no associated organic search result on the first page. Research has shown that searchers may have a bias against ads, unless the ads are relevant to the searcher's need or intent.
The same report and others going back to 1997 by Pew show that users avoid clicking "results" they know to be ads.
According to a June 2013 study by Chitika, 9 out of 10 searchers don't go beyond Google's first page of organic search results, a claim often cited by the search engine optimization (SEO) industry to justify optimizing websites for organic search. Organic SEO describes the use of certain strategies or tools to elevate a website's content in the "free" search results.
Users can prevent ads in search results and list only organic results by using browser add-ons and plugins. Other browsers may have different tools developed for blocking ads.
Organic search engine optimization is the process of improving web sites' rank in organic search results.
References
Sunday, December 18, 2022
Friday, December 16, 2022
Media Man Business Blog: Donald Trump Announces $99 Digital Trading Card NFTs The edition of 45,000 NFTs features the former president in various fantasy costumes and poses. It will be minted on Polygon.
Donald Trump Announces $99 Digital Trading Card NFTs The edition of 45,000 NFTs features the former president in various fantasy costumes and poses. It will be minted on Polygon.
Collect Trump Cards (Image credit: Trump Trading Cards)
New York: Donald Trump teased a “major announcement” just weeks after declaring a third presidential run, leading political-watchers to speculate about big campaign moves.
Instead, he hawked digital trading cards with his head atop cartoon super-hero figures in an NFT market that’s already sagging.
Trump said on his Truth Social platform that the “Donald Trump Digital Trading Card collection” could be collected like baseball cards and stored digitally (a NFT, or non-fungible token, is essentially a unique digital file). The “cards” cost $US99 ($147) each and people who buy them are also entered into a sweepstake for prizes including a golf outing with the former US president.
They are being offered by NFT INT LLC, which says on its website that they are not connected to Trump’s 2024 presidential campaign and the company is not owned, managed or controlled by Trump, his company, or their affiliates. Trump gets paid under a licence for use of his name and likeness, according to the website.
Trump has over the years licensed the Trump brand to a number of third-party, and mostly failed, products including steak, vodka, an airline and a university.
The market for NFTs has fallen sharply in recent months along with the rest of the crypto universe, which has endured a series of spectacular blow-ups including the November implosion of Sam Bankman-Fried’s FTX digital-asset empire.
Trump had teased the announcement with a post on his social platform on Wednesday depicting himself as a Superman-like character standing in front of Trump Tower with lasers shooting from his eyes saying, “America needs a superhero”. In crypto parlance, laser eyes are a bullish signal and that picture is now one of the available digital cards.
There was speculation that the “major announcement” would be something dramatic like Trump returning to Twitter or running to be House speaker.
Trump announced on November 15 that he would wage a 2024 White House bid.
Trump’s comeback run has so far been marked by one downturn after another, including being blamed for a disappointing Republican midterm showing; the growing popularity in the party and among voters of Florida Governor Ron DeSantis; the public dinner he held with two well-known anti-Semites; deepening legal woes; subpar online fundraising and polls showing him losing favour among his base.
President Joe Biden took a jab at Trump on Twitter, noting that he, too, had some “MAJOR ANNOUNCEMENTS,” over the last couple of weeks, including signing the Respect for Marriage Act and securing the release of basketball star Brittney Griner from a Russian prison.
Shortly after his NFT announcement, Trump posted a video to his social site to outline what he described as a platform to “reclaim” the right of free speech should he retake the White House in 2024.
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