- 2023/24 Epic Passes On Sale Now, Offering Skiers and Riders the Best Value to Vail, Whistler Blackcomb, Breckenridge, Park City Mountain and More | Vail Resorts, Inc. Investor Relations | Vail Resorts, Inc.
- Vail Resorts announces new Epic Pass prices for 2023-24 ski season Out There Colorado
- Vail Resorts’ Epic Pass pass jumps $68 to $909 Vail Daily
- Epic Pass prices increase, early bird on sale now for 2023-24 season The Denver Post
- Vail Resorts Launches 2023-24 Epic Passes, Confirms Shift to Mobile Pass The Storm Skiing Journal and Podcast
- View Full Coverage on Google News
Tag Archives: Resorts
Europe begins New Year with historic winter heat, ski resorts close
Poland’s capital of Warsaw recorded temperatures of 18.9 degrees Celsius on Jan. 1; more than 5 degrees Celsius above the previous record set 30 years ago.
Nurphoto | Nurphoto | Getty Images
A winter heatwave smashed several national temperature records across Europe over the New Year’s weekend, prompting meteorologists to sound the alarm, while some ski resorts were forced to close due to an absence of snow.
January temperatures reached an all-time high in several European states, with national records set in at least seven countries.
Polish capital Warsaw recorded temperatures of 18.9 degrees Celsius (66 degrees Fahrenheit) on Jan. 1 — more than 5 degrees Celsius above the previous record set 30 years ago.
Northern Spanish city Bilbao logged 24.9 degrees Celsius on New Year’s Day — temperatures that might typically be expected at the start of July. Switzerland experienced 20 degrees Celsius on Sunday.
Warm weather and low snowfall forced some low-altitude ski resorts in the northern Alps and French Pyrenees to close a few weeks after opening.
Among the European countries that recorded their hottest days in history were the Netherlands, Denmark, Poland, Czech Republic, Belarus, Latvia and Lithuania.
Regional records were also broken in France, Germany and Ukraine.
The most extreme event ever seen in European climatology.
Maximiliano Herrera
climatologist
Meteorologists and climatologists expressed alarm over the unseasonably warm winter weather, saying there were “too many records to count” and that many of the overnight minimum temperatures were comparable to summer.
“We just observed the warmest January day on record for many countries in Europe,” Scottish meteorologist Scott Duncan said via Twitter.
“Truly unprecedented in modern records,” Duncan said Sunday, adding that the intensity and extent of the warmth across the region was “hard to comprehend.”
Many ski resorts in Bavaria are currently suffering from a lack of snow.
Picture Alliance | Picture Alliance | Getty Images
Maximiliano Herrera, a climatologist who tracks global weather extremes, described the temperature records as “the most extreme event ever seen in European climatology.” In remarks reported by The Washington Post on Monday, Herrera added, “Nothing stands close to this.”
Guillaume Séchet, a broadcast meteorologist in France, said Europe had “experienced one of the most incredible climatic days in history” on the first day of 2023.
Winter heat follows record-breaking summer
The record-breaking winter heat in Europe follows the region’s hottest summer on record and comes in stark contrast to the extreme cold snap seen in the U.S. in recent weeks.
The Copernicus Climate Change Service, an intergovernmental agency that supports European climate policy, found that the average European temperature for August and for the three-month June-August period was the highest on record in 2022 by “substantial margins.”
A severe lack of rainfall and a sequence of summer heatwaves took a visible toll on European waterways, ratcheting up fears over food and energy production at a time when prices were skyrocketing because of Russia’s war with Ukraine.
In April last year, the world’s top climate scientists warned the fight to keep global heating below the critical threshold of 1.5 degrees Celsius had reached “now or never” territory.
The U.N.’s Intergovernmental Panel on Climate Change repeated calls for a massive reduction in global fossil fuel use to avert a climate catastrophe.
“It’s now or never, if we want to limit global warming to 1.5°C,” IPCC Working Group III co-chair Jim Skea said in a statement accompanying the report. “Without immediate and deep emissions reductions across all sectors, it will be impossible.”
The burning of fossil fuels — such as coal, oil and gas — is the chief driver of the climate emergency.
MGM Resorts sells land on Las Vegas Strip where 2017 mass shooting took place
CNN
—
The land on the Las Vegas Strip where the 2017 Route 91 Harvest Festival mass shooting took place has been sold, the company that owned the land said.
The sale, finalized on Friday, was for land across from The Luxor hotel known as the Village property and does not include a plot of land where a memorial is slated to go, MGM Resorts International said in a letter that was distributed to employees announcing the sale and its details.
“In 2021, we were honored to commit to donating a portion of the land to Clark County to house the permanent memorial honoring the victims and heroes of 1 October,” MGM Resorts CEO & President Bill Hornbuckle said in the letter.
On October 1, 2017, Stephen Paddock shot into a crowd of concertgoers, killing 58 people and injuring more than 500. The FBI has since concluded its investigation of the attack, without finding a clear motive.
Hornbuckle acknowledged that having a permanent memorial “is essential to our community’s healing, and we’ll continue working with and supporting the county as they move forward in the development and construction process.
“We know the importance this location holds to so many and have always put tremendous thought into every consideration involving the site,” Hornbuckle said. “This is no exception.”
The remaining portion of the Village property has been sold to the Three Affiliated Tribes of the Fort Berthold Indian Reservation, according to the letter.
“The Three Affiliated Tribes have demonstrated that they care about our community, its future and, of course, its past. I’d like to thank them for their commitment to the community and wish them the best moving forward,” Hornbuckle said. “They will announce their plans for the space on a future date.”
Slower ski lifts and less artificial snow: French resorts tackle energy crisis | France
Ski resort managers in the French Alps are scrambling to find ways to conserve energy as part of a national effort to reduce consumption, with about half the resorts also bracing for power bills to be three to six times higher than in prior years.
In Chamonix, close to Switzerland, if there is no crowd, the lift will go 10% slower. And if the resort gets an alert that power supplies cannot meet demand, Chamonix will slow the lifts by 30%.
A number of ski resorts including Chamonix and Val Thorens have also pledged to limit artificial snow production and reduce heating within buildings, officials said.
In Val Thorens, maintenance and restaurant staff will have a time slot of around 10 minutes – rather than an hour – to be lifted to their workplace before the slopes open.
Those measures “will be invisible and painless for our customers. The objective is to make sure our customers don’t feel the impact of the energy cuts,” said Benjamin Blanc, a director at Les 3 Vallees, which includes Val Thorens.
Half of France’s ski resorts have had to renegotiate their long-term electricity contracts this year amid record-high inflation, and they expected an annual bill that could increase three to six-fold in 2023, said Alexandre Maulin, who chairs France’s ski resorts association.
For instance, the energy bill for the ski resorts Maulin manages at the Sybelles domain, in Savoie, should come in at €1.6m (£1.4m) next year, up from €400,000 in 2020.
Lift ticket prices will increase by around 5% but will not cover all the higher operating costs, he added.
Val Thorens was able to secure a contract with utility EDF before the energy crunch for the most part of 2023. But it now needs to find a solution for the next skiing season.
“We are mountain people,” said Jerome Grellet, head of Val Thorens ski lift operator SETAM. “Our motto is that we always get out of difficult situations, and it will be the case this time again, because we will adapt.”
Conference realignment: Phil Knight resorts to cold calling for Oregon as Pac-12, Big 12, ACC seek lifelines
The true impact of this latest round of conference realignment is the image of one of the world’s most powerful sports figures “working the phones.” That’s how one source this week described Phil Knight’s level of desperation.
A marketing genius, benefactor, philanthropist and multi-billionaire, the Shoe Dog himself is apparently using all his resources to find a home for Oregon, a program Knight has made one of the most recognizable college sports brands as a de facto offshoot of his Nike empire.
Knight has been reduced to cold-calling telemarketer. And that’s a sad situation.
The migration of USC and UCLA to the Big Ten in 2024 has made it such. In the past week, we have again been reminded of the ruthlessness of this system.
The Pac-12 may or may not survive, but after the loss of its two flagship programs, it is forever altered. All that with a reminder that the ACC is scrambling to keep its top teams, while the Big 12 may be on its fourth round of reorganization since 2010.
What we’re witnessing in real time is the consolidation of the best brands atop the sport. Everything else be damned. When Knight is being reduced to speed-dialing to save his Ducks, well, that takes potential exclusion to another level.
You may have noticed: The SEC and Big Ten are a Notre Dame (or so) away from staging their own playoff. Maybe they don’t even need the Fighting Irish, who are again deciding whether to join a conference after 130 years of independence.
What you can see is access and relevance slipping away for all but the elites — and those lucky enough to be in their conferences. Certain ACC schools are freaking out. They are looking at being $50 million per year behind the SEC and Big Ten in annual rights fees.
One industry source said it might take $500 million for a school to exit the ACC given the league’s ironclad grant of rights that keeps schools in the conference until 2036. You can buy a lot of superstar coaches, $1 million coordinators, facilities and swag copters for that kind of money.
Some of the pressure has shifted to boosters. Will they make up the difference? Can the current rate of spend be sustained?
A source at one high-resource football program says the donors are tapped out.
Someday soon, the SEC and Big Ten could decide to flex by funding 95 scholarships instead of the current 85. There might be some outside the top two conferences who can keep up, but at what price?
Add to it all that the leadership and thinking from the four newest Power Five commissioners – all hired since 2020 — is more varied than ever before.
Last week, CBS Sports presented a three-part series on the future of college football. One of the conclusions? The 130 FBS schools will break away from the NCAA, perhaps sooner than later.
Now, that number seems smaller, more perilous. Maybe 50-80 will make the cut. You can see why Knight is sweating swooshes.
This was always bound to happen. Folks freaked out when the SEC added Arkansas and South Carolina in 1991. Same for the Big Ten adding Penn State in 1990. The Southwest Conference collapsed on itself due to multiple NCAA violations. The Big 12 emerged in 1996, then almost fell apart. Only six original members remain (Baylor, Iowa State, Kansas, Kansas State, Oklahoma State, Texas Tech). Big East football ended in 2013 as the conference reformed.
Now, the SEC and Big Ten have most of the power and leverage given there has never been a gathering of brands at the top of the game like has been assembled in those conferences.
What’s left is a mad rush by the other major conferences to grab the biggest remaining brands. No other conference can bring to the table what the SEC and Big Ten will by 2024-25. The battle now is to see whether one or more of the ACC, Big 12 and Pac-12 can amass enough notable programs to keep the SEC and Big Ten from staging a credible playoff on their own.
That brings us back to Knight’s cold calling. It’s happening in a world that could leave Oregon and Washington without a chance to compete for national championships. A world that now thinks nothing of flying volleyball players across four time zones to play a match. A world that has stripped two Power Five conferences of their soul in consecutive summers.
Oregon and Washington are the two best football programs “in play” considering the Pac-12 is down to 10 teams; however, there is a reason they haven’t been considered prominently in realignment. Industry sources say neither brings requisite value to the Big Ten ($80 million-$100 million per year). The Pac-12 schools most prominently mentioned for the Big 12 are the so-called “Four Corners” schools: Arizona, Arizona State, Colorado, Utah.
The Big 12 has been told by TV rights advisors that the two most important considerations for expansion are brand and geography. Geography pushed Oregon and Washington to the margins. (That doesn’t mean the likes of Arizona and Arizona are necessarily “brands.”)
If the Big 12 expands, it wouldn’t necessarily be for money but rather survival and relevancy. One high-profile industry source called the difference between an expanded Big 12 or Pac-12 “a coin flip.” Think of the reason for expansion more this way: Can a credible playoff can be staged without Oregon and Washington being allowed to compete for a spot?
ESPN sort of answered that question when it thought nothing last summer of throwing the Big 12 on the scrap heap as Texas and Oklahoma moved to the SEC.
The network was telling us without telling us that the world wouldn’t end if the likes of Oklahoma State, Iowa State and TCU, among others, did not get a chance to finish in the top four of the College Football Playoff. The question was further answered when the Pac-12 was marginalized last week.
Ratings matter. They matter more when a 9-3 Oklahoma from the SEC might have a better chance of getting into a playoff than a 12-1 Oklahoma State from the Big 12.
One industry source called Oregon and Washington “tweeners” in realignment. They are certainly not USC and UCLA in terms of branding and marketability, but they’re not Arizona and Arizona State, either. That’s what realignment has revealed: The real things that make college football relevant to the only people that matter — TV executives, programmers, advertisers — are being exposed in increasing and specific detail.
Without Oregon and Washington, the Pac-12 might fall apart. With them, it may not matter.
Conference realignment notes
The next major focal point is the Big Ten announcing its new billion-dollar TV deal. That could come in a gala, perhaps a rollout splash at the league’s media days later this month. The Big Ten may be done expanding. It doesn’t matter, really, because Notre Dame has time and leverage on its side. If it decides the money is too big to deny and/or access to a playoff becomes too difficult to sustain success, it may join the Big Ten.
Any conclusion to this round of realignment that leaves the new Big 12 whole is a win for the league. It is happy with the 12 current teams going forward in 2025. The worst-case fallback for the Pac-12 is some sort of hybrid merger with the Mountain West. That’s what would be left for two football powers in Oregon and Washington that combined have won a national championship, played for two titles since 2010 and participated in a combined five Rose Bowls since 2001. Those two schools are also the Pac-12’s only participants in the CFP.
A merger between the Big 12 and Pac-12 remains a possibility, but … a source told CBS Sports the process of finalizing its membership — at least from the Big 12 side — could be completed in weeks, not months.
Of the four new Big 12 schools (BYU, Cincinnati, Houston, UCF), three are from the American. That forms part of narrative surrounding the Pac-12’s path forward as the league went to market early this week for its TV rights. Why would you want to go to a conference whose membership is one-quarter Group of Five teams? Why risk “momentary” stability for the history and tradition of Pac-12?
Why indeed? The Pac-12 is going to market with ESPN and Fox with a 10 teams that have pledged no loyalty to each other. The Big 12 already has been hovering, ready to pluck members from the West Coast. But rightsholders are already asking: What are we bidding on? What schools are going to be there?
Clemson, Florida State, Miami, North Carolina and Virginia from the ACC have been mentioned as possible realignment dance partners, but at least they are in a conference with a TV deal. This reveals a further reality: It truly is a scramble now. Superconferences are here and not going anywhere. Insert programs like Notre Dame, Clemson, Florida State and/or Miami, and suddenly, a two-conference playoff becomes a reality. Everything else could be an unsavory Group of Six or Seven. At that point, the obvious play is for a new subdivision to form that stages its own playoff. The money — not huge money — would be there.
require.config({"baseUrl":"https://sportsfly.cbsistatic.com/fly-0273/bundles/sportsmediajs/js-build","config":{"version":{"fly/components/accordion":"1.0","fly/components/alert":"1.0","fly/components/base":"1.0","fly/components/carousel":"1.0","fly/components/dropdown":"1.0","fly/components/fixate":"1.0","fly/components/form-validate":"1.0","fly/components/image-gallery":"1.0","fly/components/iframe-messenger":"1.0","fly/components/load-more":"1.0","fly/components/load-more-article":"1.0","fly/components/load-more-scroll":"1.0","fly/components/loading":"1.0","fly/components/modal":"1.0","fly/components/modal-iframe":"1.0","fly/components/network-bar":"1.0","fly/components/poll":"1.0","fly/components/search-player":"1.0","fly/components/social-button":"1.0","fly/components/social-counts":"1.0","fly/components/social-links":"1.0","fly/components/tabs":"1.0","fly/components/video":"1.0","fly/libs/easy-xdm":"2.4.17.1","fly/libs/jquery.cookie":"1.2","fly/libs/jquery.throttle-debounce":"1.1","fly/libs/jquery.widget":"1.9.2","fly/libs/omniture.s-code":"1.0","fly/utils/jquery-mobile-init":"1.0","fly/libs/jquery.mobile":"1.3.2","fly/libs/backbone":"1.0.0","fly/libs/underscore":"1.5.1","fly/libs/jquery.easing":"1.3","fly/managers/ad":"2.0","fly/managers/components":"1.0","fly/managers/cookie":"1.0","fly/managers/debug":"1.0","fly/managers/geo":"1.0","fly/managers/gpt":"4.3","fly/managers/history":"2.0","fly/managers/madison":"1.0","fly/managers/social-authentication":"1.0","fly/utils/data-prefix":"1.0","fly/utils/data-selector":"1.0","fly/utils/function-natives":"1.0","fly/utils/guid":"1.0","fly/utils/log":"1.0","fly/utils/object-helper":"1.0","fly/utils/string-helper":"1.0","fly/utils/string-vars":"1.0","fly/utils/url-helper":"1.0","libs/jshashtable":"2.1","libs/select2":"3.5.1","libs/jsonp":"2.4.0","libs/jquery/mobile":"1.4.5","libs/modernizr.custom":"2.6.2","libs/velocity":"1.2.2","libs/dataTables":"1.10.6","libs/dataTables.fixedColumns":"3.0.4","libs/dataTables.fixedHeader":"2.1.2","libs/dateformat":"1.0.3","libs/waypoints/infinite":"3.1.1","libs/waypoints/inview":"3.1.1","libs/waypoints/jquery.waypoints":"3.1.1","libs/waypoints/sticky":"3.1.1","libs/jquery/dotdotdot":"1.6.1","libs/jquery/flexslider":"2.1","libs/jquery/lazyload":"1.9.3","libs/jquery/maskedinput":"1.3.1","libs/jquery/marquee":"1.3.1","libs/jquery/numberformatter":"1.2.3","libs/jquery/placeholder":"0.2.4","libs/jquery/scrollbar":"0.1.6","libs/jquery/tablesorter":"2.0.5","libs/jquery/touchswipe":"1.6.18","libs/jquery/ui/jquery.ui.core":"1.11.4","libs/jquery/ui/jquery.ui.draggable":"1.11.4","libs/jquery/ui/jquery.ui.mouse":"1.11.4","libs/jquery/ui/jquery.ui.position":"1.11.4","libs/jquery/ui/jquery.ui.slider":"1.11.4","libs/jquery/ui/jquery.ui.sortable":"1.11.4","libs/jquery/ui/jquery.ui.touch-punch":"0.2.3","libs/jquery/ui/jquery.ui.autocomplete":"1.11.4","libs/jquery/ui/jquery.ui.accordion":"1.11.4","libs/jquery/ui/jquery.ui.tabs":"1.11.4","libs/jquery/ui/jquery.ui.menu":"1.11.4","libs/jquery/ui/jquery.ui.dialog":"1.11.4","libs/jquery/ui/jquery.ui.resizable":"1.11.4","libs/jquery/ui/jquery.ui.button":"1.11.4","libs/jquery/ui/jquery.ui.tooltip":"1.11.4","libs/jquery/ui/jquery.ui.effects":"1.11.4","libs/jquery/ui/jquery.ui.datepicker":"1.11.4"}},"shim":{"liveconnection/managers/connection":{"deps":["liveconnection/libs/sockjs-0.3.4"]},"liveconnection/libs/sockjs-0.3.4":{"exports":"SockJS"},"libs/setValueFromArray":{"exports":"set"},"libs/getValueFromArray":{"exports":"get"},"fly/libs/jquery.mobile-1.3.2":["version!fly/utils/jquery-mobile-init"],"libs/backbone.marionette":{"deps":["jquery","version!fly/libs/underscore","version!fly/libs/backbone"],"exports":"Marionette"},"fly/libs/underscore-1.5.1":{"exports":"_"},"fly/libs/backbone-1.0.0":{"deps":["version!fly/libs/underscore","jquery"],"exports":"Backbone"},"libs/jquery/ui/jquery.ui.tabs-1.11.4":["jquery","version!libs/jquery/ui/jquery.ui.core","version!fly/libs/jquery.widget"],"libs/jquery/flexslider-2.1":["jquery"],"libs/dataTables.fixedColumns-3.0.4":["jquery","version!libs/dataTables"],"libs/dataTables.fixedHeader-2.1.2":["jquery","version!libs/dataTables"],"https://sports.cbsimg.net/js/CBSi/app/VideoPlayer/AdobePass-min.js":["https://sports.cbsimg.net/js/CBSi/util/Utils-min.js"]},"map":{"*":{"adobe-pass":"https://sports.cbsimg.net/js/CBSi/app/VideoPlayer/AdobePass-min.js","facebook":"https://connect.facebook.net/en_US/sdk.js","facebook-debug":"https://connect.facebook.net/en_US/all/debug.js","google":"https://apis.google.com/js/plusone.js","google-platform":"https://apis.google.com/js/client:platform.js","google-csa":"https://www.google.com/adsense/search/async-ads.js","google-javascript-api":"https://www.google.com/jsapi","google-client-api":"https://apis.google.com/js/api:client.js","gpt":"https://securepubads.g.doubleclick.net/tag/js/gpt.js","hlsjs":"https://cdnjs.cloudflare.com/ajax/libs/hls.js/1.0.7/hls.js","newsroom":"https://c2.taboola.com/nr/cbsinteractive-cbssports/newsroom.js","recaptcha":"https://www.google.com/recaptcha/api.js?onload=loadRecaptcha&render=explicit","recaptcha_ajax":"https://www.google.com/recaptcha/api/js/recaptcha_ajax.js","supreme-golf":"https://sgapps-staging.supremegolf.com/search/assets/js/bundle.js","taboola":"https://cdn.taboola.com/libtrc/cbsinteractive-cbssports/loader.js","twitter":"https://platform.twitter.com/widgets.js","video-avia":"https://vidtech.cbsinteractive.com/avia-js/2.4.0/player/avia.min.js","video-avia-ui":"https://vidtech.cbsinteractive.com/avia-js/2.4.0/plugins/ui/avia.ui.min.js","video-avia-gam":"https://vidtech.cbsinteractive.com/avia-js/2.4.0/plugins/gam/avia.gam.min.js","video-avia-hls":"https://vidtech.cbsinteractive.com/avia-js/2.4.0/plugins/hls/avia.hls.min.js","video-avia-playlist":"https://vidtech.cbsinteractive.com/avia-js/2.4.0/plugins/playlist/avia.playlist.min.js","video-ima3":"https://imasdk.googleapis.com/js/sdkloader/ima3.js","video-ima3-dai":"https://imasdk.googleapis.com/js/sdkloader/ima3_dai.js","video-utils":"https://sports.cbsimg.net/js/CBSi/util/Utils-min.js","video-vast-tracking":"https://vidtech.cbsinteractive.com/sb55/vast-js/vtg-vast-client.js"}},"waitSeconds":300});
Vincent Chiarella ID’d as one of 3 Americans found dead at Sandals Emerald Bay
An Alabama man was among those who died mysteriously at a Bahamas resort.
Vincent Chiarella of Birmingham was found dead at the Sandals Emerald Bay resort on Great Exuma Friday, his son told WVTM-TV.
Vincent’s wife Donnis was also injured, Austin Chiarella told the station.
The couple was celebrating their anniversary at the resort, he told ABC News, adding that he spoke to his mother on Saturday.
He told the outlet that she had woken up to find that “she couldn’t move” and that Vincent “was laying on the floor.”
“Her legs and arms was swollen and she couldn’t move and she screamed to get someone to come in the door,” Austin said.
Three Americans were found dead at the resort, and a fourth was airlifted to a hospital, Bahamas officials said.
The deceased guests had showed signs of suffering a convulsion but were not victims of trauma and foul play was not suspected, officials said.
Police said they were waiting for autopsy reports to determine the causes of death.
“We believe it’s an isolated situation that revolves around four people,” Bahamas health minister Dr. Michael Darville said, without speculating on the deaths occurred.
Chris Coucheron-Aamot, an American who is staying at the Sandals Emerald Bay in a building next to where the three vacationers died, wrote on Facebook that “it sounds like it may have been a fault with the a/c” in the unit, causing a toxic coolant leak.
“It was hard to sleep last night — every time the a/c came on, I woke up,” he wrote. He also shared a letter from the Royal Bahamas Police Force about its investigation at the resort.
Airbnb, Roblox, Wynn Resorts & more
The Airbnb logo is seen on a little mini pyramid under the glass Pyramid of the Louvre museum in Paris, France, March 12, 2019.
Charles Platiau | Reuters
Check out the companies making headlines in after-hours trading:
Airbnb — Shares of the property rental company advanced 5% during extended trading Tuesday following the company’s fourth-quarter results. Airbnb earned 8 cents during the period on $1.53 billion in revenue. Analysts surveyed by Refinitiv were expecting the company to earn 3 cents on $1.46 billion in sales. The company also gave strong guidance.
Wynn Resorts — The hotel company’s stock slid more than 2% after Wynn missed earnings estimates for the fourth quarter. Wynn lost $1.37 per share excluding items, which was a wider loss than analysts had been expecting. Revenue, however, topped expectations. The company reported sales of $1.05 billion, compared to the $994 million analysts surveyed by Refinitiv were expecting.
Roblox — Shares of the gaming company dropped more than 12% after Roblox’s fourth-quarter results missed expectations on the top and bottom line. The company lost 25 cents per share during the period and reported sales of $770 million. Wall Street was expecting the company to lose 13 cents per share on $772 million in revenue, according to estimates from Refintiv.
Denny’s — Shares of Denny’s dropped 10% after the company’s fourth-quarter results disappointed Wall Street. Denny’s earned 16 cents per share on $107.6 million in revenue. Analysts surveyed by Refinitiv were expecting the company to earn 17 cents on $111.8 million in revenue.
JPMorgan, Wynn Resorts and more
Spencer Platt | Getty Images
Check out the companies making headlines in midday trading.
Casino stocks — Las Vegas Sands and Wynn Resorts saw their shares jump more than 11% and 7%, respectively, after the Macau government said the number of casinos allowed to operate there would remain limited at six. Licenses of the current operators – which include Wynn Macau, Sands China and MGM China – are set to expire this year. Shares of MGM Resorts slipped slightly.
JPMorgan Chase — Shares of the major bank fell more than 5%, dragging down the major equity averages. The sell-off came after the firm posted its smallest quarterly earnings beat in nearly two years and the lender’s chief financial officer lowered guidance on companywide returns. CFO Jeremy Barnum said on a conference call that management expected “headwinds” of higher expenses and moderating Wall Street revenue.
Wells Fargo — The bank stock jumped more than 3% after the company posted quarterly revenue that exceeded analysts’ expectations and a significant jump in profit. Results were helped by a $875 million reserve release that the bank had set aside during the pandemic to safeguard against widespread loan losses.
Citigroup — Citi shares lost 2.5% despite the company reporting a beat on quarterly earnings and revenue. However, the bank also reported net income for the latest quarter dropped 26% to $3.2 billion, citing an increase in expenses.
BlackRock — Shares of the asset manager fell 2.6% after the company reported a quarterly revenue miss of $5.11 billion, versus expectations of $5.16 billion, according to FactSet’s StreetAccount. The company beat earnings estimates, however, and grew its assets under management to above $10 trillion.
Monster Beverage — Shares of Monster Beverage fell 4.5% a day after the company revealed plans to acquire CANarchy Craft Brewery Collective, a craft beer and hard seltzer company, for $330 million in cash. The deal would bring brands such as Jai Alai IPA, Florida Man IPA, Wild Basin Hard Seltzer and others to the Monster beverage portfolio.
Boston Beer Company — The alcoholic beverage company’s shares slid more than 9% a day after the brewer cut its annual earnings outlook, citing high costs related to supply chain issues and waning growth of its hard seltzer brand Truly.
Walt Disney Co — Disney shares dropped 3.8% after Guggenheim downgraded the stock to neutral from buy, citing slowing profit growth in streaming and parks. The firm also cut its price target on Disney to $165 from $205.
Sherwin-Williams — The paint company saw its shares fall nearly 3% after it cut its full-year forecast, citing supply chain issues it expects will persist through the current quarter. Sherwin-Williams also said demand is still strong in most of its end markets.
Domino’s Pizza — Shares of Domino’s Pizza slid 2.8% after Morgan Stanley downgraded the restaurant chain stock to an equal weight rating. “DPZ still embodies many of the characteristics of a great long term growth compounder, we see limited justification for further multiple expansion, especially as DPZ’s sales growth will likely being to normalize after experiencing substantial Covid (and stimulus) benefits in 20/21,” Morgan Stanley said.
— CNBC’s Yun Li and Hannah Miao contributed reporting
Walt Disney World Resort’s 50th anniversary: A look back at the Magic
(CNN) — It changed acres and acres of orange groves. It changed Orlando. It changed Florida. It changed an already legendary company. And it changed the entire theme park industry.
Walt Disney World Resort opened on October 1, 1971. And on its 50th anniversary, it continues to be a major driver in the travel world, weathering big shifts in tourism trends, notorious Florida hurricanes and a pandemic.
Back in ’71, there was just the one theme park, Magic Kingdom, along with a couple of adjacent golf courses and resorts.
The Florida park was actually the second baby in the Disney bunch. It came 16 years after Southern California’s Disneyland, which opened on July 17, 1955.
But sibling No. 2 didn’t stay in the shadows.
Walt Disney World’s influence
Guests board Runnamuck Railroad as part of Mickey & Minnie’s Runaway Railway, which opened in 2020.
The Walt Disney Company
“Obviously, WDW has become one of the most popular tourist destinations in the world in its short 50-year history,” said Martin Lewison, an associate professor of business management at Farmingdale State College on Long Island, New York, in an email interview.
Known in theme park circles as “Professor Roller Coaster,” he said Walt Disney World is a dominating force in the global attractions industry.
“Just as the 1955 opening of Disneyland in California convinced other entrepreneurs that theme parks were a good investment … the opening of Walt Disney World in 1971 led to another spurt of theme park building in the USA,” he said.
Lewison noted some of the major amusement parks that followed soon after: Kings Island in Ohio in 1972, Carowinds on the North Carolina-South Carolina border in 1973, Six Flags Great Adventure in New Jersey in 1974 and Kings Dominion and Busch Gardens in Virginia in 1975.
“WDW has led the industry in many areas: ride design and technology, entertainment, resort development, transportation systems, special events, dining experiences, ticket pricing, queue products, merchandising [and] conservation,” Lewison said.
Professor Roller Coaster plans to visit the park for the first time since 2019 in November for the International Association of Amusement Parks and Attraction Expo.
His favorite rides include the classics such as Pirates of the Caribbean and the Haunted Mansion and some of the newer rides such as Avatar Flight of Passage.
He said he’s looking forward to his first ride on Mickey & Minnie’s Runaway Railway, among others.
Changes and traditions at the park
Guests take a spin on Dumbo, the Flying Elephant at Magic Kingdom Park. This signature ride has been with the park since its open in 1971.
Handout/Disney
They include beloved favorites such as the Country Bear Jamboree, Dumbo the Flying Elephant, the Haunted Mansion and the Tomorrowland Speedway. Jungle Cruise has recently been updated at Disneyland and Disney World to address racially insensitive stereotypes.
And of course, the signature structure of the park, Cinderella Castle, has been there from the start, though she’s seen some makeovers over the years.
How Disney will celebrate the anniversary
Disney’s 50th anniversary party starts on Friday, but it’s hardly going to be a one-day affair.
This is going to be an 18-month party. And celebrations will be held not only in the Magic Kingdom but at the other three of the resort’s theme parks.
A “Beacons of Magic” show starts Friday, where signature structures in each park will be specially illuminated: Cinderella Castle in Magic Kingdom, Spaceship Earth at Epcot, Hollywood Tower Hotel at Hollywood Studios and the Tree of Life at Animal Kingdom.
Just at the Magic Kingdom, a nighttime show called “Disney Enchantment” will feature music, enhanced lighting, fireworks and immersive projection effects from Cinderella Castle down Main Street, U.S.A.
West African bloc resorts to sanctions over Guinea and Mali coups
ACCRA, Sept 16 (Reuters) – West Africa’s main regional bloc on Thursday imposed sanctions against the junta in Guinea and those slowing Mali’s post-coup transition – its toughest response yet to a run of military takeovers.
The move was agreed at an emergency summit of the Economic Community of West African States (ECOWAS) in Accra to respond to last week’s putsch in Guinea and perceived slow progress towards constitutional rule in Mali following a coup last year. read more
Regional heads of state decided to freeze the financial assets and impose travel bans on Guinea’s junta members and their relatives, insisting on the release of President Alpha Conde and a short transition.
“In six months elections should be held,” said ECOWAS Commission President Jean-Claude Kassi Brou at a briefing.
The bloc also piled more pressure on Mali’s transitional government, demanding they stick to an agreement to organise elections for February 2022 and present an electoral roadmap by next month, according to the post-summit communique.
Anyone in Mali hindering preparations for the elections faces the same sanctions as those imposed in Guinea, it said.
Leaders who took part in the summit hailed this more hardline stance. West and Central Africa has seen four coups since last year – political upheaval that has intensified concerns about a backslide towards military rule in a resource-rich but poverty-stricken region.
Special forces commander Mamady Doumbouya, who ousted President Alpha Conde, walks out after meeting the envoys from the Economic Community of West African States (ECOWAS) to discuss ways to steer Guinea back toward a constitutional regime, in Conakry, Guinea September 10, 2021. REUTERS/Saliou Samb
Read More
“I welcome the strong actions of the summit to safeguard democracy, peace, security and stability in the subregion,” Senegalese President Macky Sall tweeted.
Coup leaders in Guinea are holding consultations this week with various public figures, groups and business leaders in the country to map a framework for the transition.
Late on Thursday they said they were also expecting a delegation of regional heads of state to visit Conakry for talks on Friday.
Soldiers behind the Sept. 5 coup have said they ousted Conde because of concerns about poverty and corruption, and because he was serving a third term only after altering the constitution to permit it.
Meanwhile the putsch in Mali was largely precipitated by a security crisis, which has seen militants linked to al Qaeda and Islamic State extend their influence across the north and centre of the country.
The new Malian authorities’ pledge to hold presidential and legislative elections early next year has been undermined by their failure to meet various deadlines, including the start of voter roll updates and the presentation of a new constitution.
The transition was dealt a further setback in May when the colonel who led the initial coup, Assimi Goita, ordered the arrest of the interim president and then took over the role himself. read more
Additional reporting by Saliou Samb in Conakry and Bate Felix in Dakar; Writing by Cooper Inveen, Bate Felix and Alessandra Prentice; Editing by Andrew Cawthorne, Marguerita Choy and Grant McCool
Our Standards: The Thomson Reuters Trust Principles.