In further evidence of the impact the pandemic is having on everyday life, video gaming has seen a significant uptick across allage groups.
With more people staying home and avoiding in-person contact, alternative forms of entertainment and socialization have been on the rise. Video gaming, in particular, has become a popular option. Rather than being a solo experience, modern video games often provide a high level of social interaction.
According to Mat Piscatella, Video Game Industry Analyst, The NPD Group, video games are rising in popularity across age demographics, and specifically among middle-aged and older groups.
Interestingly, the biggest jump in video game usage was in the 45 to 54 year-old age group. This impact of the pandemic is sure to open up new opportunities for enterprising companies to better engage with potential customers.
Zoom has reported its Q3 results, beating estimates on strong demand amid a pandemic-fueled transition to remote work.
Zoom quickly became a favorite of companies and individuals as the pandemic forced employees to work from home, children to learn remotely and families to socialize virtually. As a result, the company has seen explosive growth, helping it beat analysts estimates yet again.
The company reported Q3 revenue of $777.2 million, an increase of 367% year-over-year. The number of customers spending more than $100,000 in revenue was up 136% year-over-year. This is an even bigger jump than last quarter, that saw an increase of 112% year-over-year. The number of customers with more than 10 employees reached 433,700, up 485% year-over-year.
“We remain focused on the communication needs of our customers and communities as they navigate the current environment and adapt to a new world of work from anywhere using Zoom. We aspire to provide the most innovative, secure, reliable, and high-quality communications platform to help people connect, collaborate, build and learn on Zoom,” said Zoom founder and CEO, Eric S. Yuan. “Strong demand and execution led to revenue growth of 367% year-over-year with solid growth in non-GAAP operating income and cash flow in our third fiscal quarter. We expect to strengthen our market position as we finish the fiscal year with an increased total revenue outlook of approximately $2.575 billion to $2.580 billion for fiscal year 2021, or approximately 314% increase year-over-year.”
The Tasmanian government has announced it has made the transition to 100% renewable electricity.
Guy Barnett, Minister for Energy, issued a statement heralding the milestone achievement for the Australian state:
Every Tasmanian should be proud that our State is the first in Australia and one of only a handful of jurisdictions in the world to achieve this target, delivering on a key Liberal Government commitment from the 2018 election.
We have reached 100 per cent thanks to our commitment to realising Tasmania’s renewable energy potential through our nation-leading energy policies and making Tasmania attractive for industry investment, which in turn is creating jobs across the State, particularly in our regions.
Barnett says the state plans to double its renewable energy generation by 2040, and says the state’s renewable energy projects will help it rebuild its economy post-pandemic.
At a time when Americans are relying on internet access more than ever, Comcast Xfinity is rolling out data caps across its market.
Comcast currently serves a 39-state region. While data caps were already in effect in much of its market, the company is now bringing them to the remaining states, primarily in the Mid-Atlantic and Northeast regions. The specific states are Connecticut, Delaware, the District of Columbia, Massachusetts, Maryland, Maine, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Virginia, Vermont, and West Virginia.
The company will cap users at 1.2 TB of monthly data usage beginning January 2021, although the company will offer a couple of months of grace period. Beginning in April, however, Comcast Xfinity customers will be charged $10 per 50 GB over the cap, although the company says overages will be capped at $100 per month. To make matters even worse, there is currently no provision to save up data from lighter months and roll it over to heavier months.
Needless to say, customers have been outraged at the announcement, pointing out that families and individuals are relying on their internet connection more than ever due to the pandemic. Individuals are working remotely, children are learning remotely, and families are relying on videoconferencing for socializing, worship and entertainment. As a result, Comcast’s announcement is being labeled an example of “unlimited greed.”
Rather than rethinking their strategy, Comcast is hitting back, pointing out that the data caps won’t impact 95% of users.
Hi Sean. About 95 percent of our customers use less than 1.2TB and are not impacted by this plan – even with the spike in usage as customers are educating and working from home during COVID-19. (1/2)
Some are already pointing to Comcast’s announcement as the latest example of why critics say internet providers should be regulated like utilities. While internet access may have been a luxury at one time, it has now become an important lifeline for the majority of Americans.
The Federal Communications Commission (FCC) has voted to free up spectrum currently reserved for automotive safety to improve WiFi.
The spectrum in question is the 5.9 GHz band. The spectrum was originally intended for vehicles to be able to communicate with each other, as well as to allow emergency vehicles to change traffic lights as needed. Despite the spectrum being reserved for that purpose since 1999, the automotive industry has yet to utilize the spectrum to its full potential.
As a result, the FCC has voted to use a portion of the spectrum to improve WiFi connectivity.
Specifically, the new band plan designates the lower 45 megahertz (5.850-5.895 GHz) for unlicensed uses and the upper 30 megahertz (5.895-5.925 GHz) for enhanced automobile safety using Cellular Vehicle-to- Everything (C-V2X) technology.
In announcing the decision, FCC Chairman Ajit Pai discussed how the coronavirus pandemic has highlighted the need for reliable broadband internet.
First, there is a pressing need for us to allocate additional spectrum for unlicensed operations.2 The pandemic has underscored that consumers need access and more bandwidth to be able to engage in telework, remote learning, telehealth, and other broadband-related services. And we have proof—not a concept, but actual evidence—that 5.9 GHz spectrum can help quickly address this need.
Pai also emphasized how the automotive industry has shifted its focus. While the 5.9 GHz spectrum was originally reserved for Intelligent Transportation System (ITS) services and designated Dedicated Short-Range Communications (DSRC), the industry has recently moved toward C-V2X technology.
Second, the automotive industry has pivoted from DSRC to Cellular Vehicle-to-Everything (C-V2X) technology. C-V2X is more reliable and resilient than DSRC and can take advantage of cellular- based connectivity to offload non-safety-of-life communications. C-V2X has momentum both domestically and internationally, with automakers such as Ford, Audi, Daimler, BMW, and Jaguar Land Rover pursuing deployment of C-V2X equipment.
The decision has already been met with criticism, although it remains to be seen if there will be any serious challenges to it.
Microsoft has revealed that “nation-state” actors have been targeting the companies and researchers working on COVID-19 vaccines.
According to Microsoft, one of the groups, Strontium, originates in Russia. Two others hail from North Korea. The three groups have targeted companies and researchers in Canada, France, India, South Korea and the US.
“Among the targets, the majority are vaccine makers that have Covid-19 vaccines in various stages of clinical trials,” writes Tom Burt – Corporate Vice President, Customer Security & Trust. “One is a clinical research organization involved in trials, and one has developed a Covid-19 test. Multiple organizations targeted have contracts with or investments from government agencies from various democratic countries for Covid-19 related work.”
To help protect companies and researchers, Microsoft has made its AccountGuard available at no cost to COVID-19 healthcare providers.
“Organizations are also taking steps to protect themselves. In April, we announced that we were making AccountGuard, our threat notification service, available to health care and human rights organizations working on Covid-19,” continues Burt. “Since then 195 of these organizations have enrolled in the service and we now protect 1.7 million email accounts for health care-related groups. Any health care-related organizations that wish to enroll can do so here.”
It’s a sad state of affairs that hackers would continue to take advantage of the COVID-19 pandemic. Microsoft is to be commended for its efforts to help protect researchers.
Cisco has announced its quarterly results, beating analyst estimates thanks to strong services and security.
Cisco reported revenue of $11.9 billion, with net income coming in at $2.2 billion. The company’s $0.76 earnings per share was higher than consensus forecasts of $0.70.
“Cisco is off to a solid start in fiscal 2021 and we are encouraged by the signs of improvement in our business as we continue to navigate the pandemic and other macro uncertainties,” said Chuck Robbins, chairman and CEO of Cisco. “Our focus is on winning with a differentiated innovative portfolio, long-term growth and being a trusted technology partner offering choice and flexibility to our customers. We see many great opportunities ahead as every company in every industry is accelerating its digital-first strategy.”
In particular, the company has been working to transform its business to more of a service-oriented approach, thereby insulating it from pandemic-like situations. Service revenue was up 2%, while Security was up 6%, leading Product revenue.
“Our Q1 results reflect good execution with strong margins in a challenging environment,” said Kelly Kramer, CFO of Cisco. “We continued to transform our business through more software offerings and subscriptions, driving 10% year over year growth in remaining performance obligations. We delivered strong growth in operating cash flow and returned $2.3 billion to shareholders.”
Chipotle has announced its first digital-only restaurant, potentially disrupting the restaurant industry during one of its most challenging periods.
One of the more controversial COVID mitigation measures has been curtailing restaurants and bars. Around the world, customers and establishments have protested, and in some cases defied, closure orders. In spite of the unpopularity of such moves, however, experts have continued to warn of the dangers of dining in. In fact, a new study by MIT Technology Review has labeled restaurants “covid hot spots.”
Although not necessarily the focus, Chipotle seems to have the answer to COVID challenges as it prepares to debut Digital Kitchen, its first digital-only restaurant. The new concept will not have a dining room, or a front service line. Instead, guests will place their order in advance using the Chipotle app, Chipotle.com or third-party delivery options. Orders can be picked up via the restaurant lobby.
“The Digital Kitchen incorporates innovative features that will complement our rapidly growing digital business, while delivering a convenient and frictionless experience for our guests,” said Curt Garner, Chief Technology Officer of Chipotle. “With digital sales tripling year over year last quarter, consumers are demanding more digital access than ever before so we’re constantly exploring new ways to enhance the experience for our guests.”
Chipotle’s new restaurants will likely be a big hit and help the company expand in locations where full-sized restaurants are not feasible. In addition, it should help the company weather any future COVID crackdowns.
Google has announced that it is bringing free retail listings to the main Google Search results page.
The move follows Google’s decision to primarily include free listings on the Google Shopping tab. According to Bill Ready President of Commerce, that move resulted in a significant uptick in engagement between customers and merchants. This would seem to indicate that people are having better success finding what they’re looking for.
“Sellers of all sizes are benefitting from this incremental traffic, particularly small and medium-sized businesses,” writes Ready. “And we already see that these changes will help generate billions of dollars in sales for retailers and brands in the U.S., on an annual basis.
“Now, we’re bringing free listings to the main Google Search results page in the U.S., helping shoppers choose the products and sellers that will serve them best, from the widest variety of options.”
Given the impact the pandemic has had on the retail industry, this move will certainly help small and medium-sized businesses connect with more customers online.
Upwork has released its “Remote Workers on the Move” report, highlighting the impact the pandemic is having on the American workforce.
As the pandemic swept the globe, companies the world over sent their employees home to work remotely. Just as the initial restrictions started to ease, the pandemic picked up its pace, forcing companies to extend their work-from-home policies. In some cases, companies such as Dropbox, Reddit, Twitter and Microsoft have made remote work a permanent part of their culture.
The shift to remote work is having a profound impact on the American workforce, according to Upwork. In particular, remote work could be leading to a sizable migration.
Anywhere from 14 to 23 million Americans are planning to move as a result of remote work. Combined with those who are moving regardless of remote work, near-term migration rates may be three to four times what they normally are.
Large cities are the biggest losers in this scenario, with 20.6% of those planning to move leaving a big city. Those planning to move are not just moving further into the suburbs. Some 54.7% of those migrating are planning on moving at least two hours away, farther than typical commuting distance.
Upwork calls the transition to remote work “the biggest, fastest transformation of the labor market since the World World II mobilization.” The report makes it clear that companies must adapt to what has become a new normal, providing employees with remote work options. In particular, Upwork makes the case that companies are better off allowing full remote work rather than partial options.
In addition to the impacts to cities, the results of the survey also present an important lesson for businesses on the future of remote work. In order to capture and provide professionals with the full benefits of remote work, businesses must allow full-time remote work. While a partial-remote model, a policy that requires a blend of both remote work and in office work, may have some appeal as a “best of both” choice, it also means forgoing many benefits. A professional cannot move hours and even states away if they still have to go into the office two days a week. Our survey shows that for 41% of people moving out of the area because of remote work, they are going 4 or hours farther away. This is not a weekly commute distance, and is not something workers can do easily with a partial-remote model.
Likewise, with a partial-remote model businesses forgo one of the biggest benefits of a remote workforce; the ability to hire from a larger talent pool. Businesses cannot hire workers wherever they are if weekly office visits are still required.
Some 76% of US CEOs plan on reducing their office space footprint as a result of the ongoing transition to remote work amid the pandemic.
As the coronavirus pandemic swept the globe, countless companies sent their employees home to work remotely. In many cases, the transition to remote work was far more successful than anticipated, leading some companies to make it a permanent part of their corporate culture. Even companies that plan on eventually returning to the office have had to push those plans back as COVID-19 has resurged.
It appears the trend toward remote work is now impacting long-term decisions regarding corporate office space. Fortune, in collaboration with Deloitte, conducted a poll of 171 CEOs. The poll found that some 76% said they will need less office space moving forward, with 28% saying they would need a lot less space.
Even more telling, 40% of the CEOs polled said that remote work had led to increased productivity, indicating their employees were likely happier working remotely. Conversely, 31% reported decreased productivity.
The mixed results may be an indication that companies need to adopt multiple approaches moving forward, rather than a one-size-fits-all approach. Doing so could ensure maximum productivity from all workers.
SAP turned in disappointing quarterly results, prompting the company to switch gears and focus on accelerating customers’ cloud adoption.
SAP revealed its Q3 2020 results Sunday, reporting revenue of roughly €6.54 billion IFRS. This was a 4% decrease year-over-year, and was down from €6.74 billion in Q2.
“COVID-19 has created an inflection point for our customers,” said Christian Klein, CEO. “The move to the cloud combined with a true business transformation has become a must for enterprises, to gain resiliency and position them to emerge stronger out of the crisis. Together with our customers and partners we will co-innovate and reinvent how businesses run in a digital world. SAP will accelerate growth in the cloud to more than €22 billion in 2025 and expand the share of more predictable revenue to approximately 85%.”
The company emphasized the impact the coronavirus pandemic has had on its performance, warning that some aspects of the business will likely not recover during 2020.
“SAP’s previous full year 2020 outlook issued on April 8, 2020, reflected its best estimates concerning the timing and pace of recovery from the COVID-19 crisis,” the company said. “This outlook assumed economies would reopen and population lockdowns would ease, leading to a gradually improving demand environment in the third and fourth quarters.
“While SAP continues to see robust interest in its solutions to drive digital transformation as customers look to emerge from the crisis with more resilience and agility, lockdowns have been recently re-introduced in some regions and demand recovery has been more muted than expected. Further and for the same reasons, SAP no longer anticipates a meaningful recovery in SAP Concur business travel-related revenues for the remainder of the year 2020.”
As a result of these factors, the company is focusing on the cloud and helping customers transition to it. In its mid-term guidance, the company is planning on €22 billion non-IFRS cloud revenue by 2025, a goal that reflects its new focus. At the same time, because of its focus on the cloud, the company expects traditional software licensing revenue to decrease as it moves forward.
SAP is just the latest company to pivot to the cloud. As the pandemic has changed how companies operate, the cloud has emerged as the single biggest factor in keeping companies and their employees operational.
Amazon is the latest company to extend work from home policies amid a resurgence of COVID-19.
With a record-breaking number of daily coronavirus cases, now topping 83,000, companies are having to make tough choices regarding a return to the office. Most recently, Microsoft announced it was pushing back a return to the office until July 2021, at the earliest.
Now Amazon has made a similar decision, announcing that workers whose jobs permit will be able to continue working from home through June 30, 2021. In an update on the company’s blog, Amazon highlighted its commitment to employee safety:
The health and safety of our employees is our top priority, and it will be some time before things return to normal. Accordingly, work that can effectively be done from home can continue to be done from home through June 30, 2021.
The White House recently admitted that “we are not going to control the pandemic.” Instead, Chief of Staff Mark Meadows made it clear that vaccines and treatment options would be the focus moving forward. If the virus is truly out of control, and hope lies in a successful vaccine, it’s a safe bet many other companies will soon be pushing back their return-to-office targets as well.
Just months after launching its highly-publicized short-form, video service, Quibi has announced it is shutting down.
Quibi debuted to much fanfare, with a wide array of investor and celebrity support. In fact, Quibi is believed to have raised some $1.75 billion, and cost $5 a month for the ad-supported version and $8 a month for no ads. The service was built around the concept of shows comprised of short, 10 minute episodes.
In many ways, it’s surprising Quibi has failed. In the midst of the pandemic, with people spending more time at home, most video services have experienced record growth. Quibi was never able to translate that into success, however, despite having celebrity backing that would make most other services jealous.
“The circumstances of launching during a pandemic is something we could have never imagined but other businesses have faced these unprecedented challenges and have found their way through it. We were not able to do so,” founders Jeffrey Katzenberg and Meg Whitman wrote on Medium.
“Which brings us to this moment. As entrepreneurs our instinct is to always pivot, to leave no stone unturned — especially when there is some cash runway left — but we feel that we’ve exhausted all our options. As a result we have reluctantly come to the difficult decision to wind down the business, return cash to our shareholders, and say goodbye to our colleagues with grace. We want you to know we did not give up on this idea without a fight.”
The company looked at other options, including the possibility of a sale. Unfortunately, none of those plans materialized, leaving no option but shutting down.
“When are the rest of the countries in the world going to catch up to China?” asks IMAX CEO Richard Gelfond. “When is Hollywood going to feel comfortable releasing their blockbuster movies globally where the rest of the world is like China. In China, people feel safe and in fact, they are safe. They really want to resume their lives. They want to go back to the movies. They want to go back to restaurants. They want to do a lot of things. China in particular, but Asia in general, is ahead of the western world.”
Richard Gelfond, CEO of IMAX, says that China and Asia, in general, are ahead of the rest of the world in feeling safe and resuming their lives including going to the movies:
When Is The Rest Of The World Going To Catch Up To China?
It’s remarkable that cinema capacity is constrained to 75% yet we did 25% better than our best year which was last year. That’s clearly an indication that people feel safe and in fact, they are safe. They really want to resume their lives. They want to go back to the movies. They want to go back to restaurants. They want to do a lot of things. China in particular, but Asia in general, is ahead of the western world. It hasn’t gone as smoothly in a lot of businesses as it’s gone in China but the indications are quite good that they want to get back to normal.
I don’t think that the message in the rest of the world is survival. From the China experience, we know that there’s a pent-up demand for going to the cinema. We know that when people feel safe and healthy they’re going to go. In the United States, on the other hand, that’s the other end of the spectrum, where people just don’t feel comfortable at this point in time. I don’t believe it’s an existential issue.
The lessons of China, not just from the National Day this weekend, you go back a few weeks ago to when the ‘The Eight Hundred’ came out and that did $115 million dollars in its opening weekend. That is in the top 10 Chinese local language movies of all time. The proof points are there. The question is when are the rest of the countries in the world going to catch up to China? When is Hollywood going to feel comfortable releasing their blockbuster movies globally where the rest of the world is like China.
China Is Largest IMAX Market In The World
We’ve done very well in China. We have about 700 plus screens open. We have another 300-ish in backlog. We’ve also signed a few deals this year in China, one with Wanda Cinemas and another one with a number of other operators. There’s great demand in China and as we speak we’re opening new screens there. There’s also a lot of dialogue going on. China is our largest market in the world for IMAX. It’s about 40% of our screens globally even though we’re in 82 countries. As a reference point, in North America, we have 400 screens.
In China, we have 700 screens with several hundred still to go. So the demand is growing there. The Chinese consumer really wants to go to the movies. The Chinese consumer is also brand conscious. They also want something innovative, the next forward-looking thing. It’s a terrifically promising market for us.
Saudi Arabia Is A Rapidly Growing Market
Japan is another market that has gone very well for us in recent years. We have about 30 to 35 theaters open with a backlog opening. In Korea, we just signed a large deal with CGV, the largest cinema operator there. We have 16 open now and we’re opening another eight or ten in Korea. Saudi Arabia is also a rapidly growing market. There was no cinema in Saudi Arabia until about a year ago.
Since it’s opened it’s been very successful. We have 25 theaters slated to open in Saudi Arabia. In Saudi Arabia, we can’t build them fast enough. Western Europe, also once it starts to feel safe again and cinema gets back to normal, that’s a very good market as well.
Non-IMAX Cinemas Have Short-Term Cash Issues
What happens between now and the vaccine? For IMAX, we have a very strong balance sheet. We have over $315 million in cash and our cash burn is less than $9 million a month. But now that China’s open it’ll be significantly less than that. So for us, we have a long runway and a lot of staying power. For cinemas, in general, they tend to be much more levered than we are so there will be some short-term cash issues.
What they’re going to have to do is just manage their spend rates until there’s a vaccine and Hollywood releases more films so they can come back in a direct way. Most of the major ones have raised capital during the last several months with the financial markets being very amenable. So I suspect a lot of them will make it through it but it’s a matter of cost control and how soon they reopens.
America Didn’t Open Theaters Up As Quickly As China
In China, there is a lot of local content as well as in Japan. IMAX has been in China since around the year 2000. We have lots of relationships with filmmakers and studios in China. We have 10 local language films available between now and the rest of the year. So there’s a lot of content going on there. I think movies got pushed because, in North America, it didn’t open up as quickly as China opened up.
There are a few reasons for that. One is people just don’t feel as good about the virus and they’re leerier about going to out-of-home experiences. It didn’t happen the same way it happened in China. Also in China, they were very intelligent about the way they reopened. They opened about a month before some of the blockbuster movies came out so people got comfortable going to theaters. Then when the movies opened it was just a natural progression.
In the US, because of local regulation, it happened very suddenly and then the movies came out right away. People really weren’t conditioned to go. A lot of people, if you read the polling data, didn’t even know the cinemas were open. In terms of Disney’s Mulan, the results were not as good in China as was expected but I think that probably had more to do with how the movie played rather than any safety concerns.
H-E-B is planning to use Swisslog robots to improve its curbside delivery services through the use of micro-fulfillment centers.
As the coronavirus pandemic has impacted how people go about their daily lives, curbside grocery pickup has experienced major growth. In an effort to improve curbside pickup, without negatively impacting the in-store expense, H-E-B is turning to robotics.
The goal is to create a number of automated micro-fulfillment centers to meet customers needs. As an added benefit, because of their smaller footprint, it should be possible to place micro-fulfillment centers closer to neighborhoods, making it easer and faster for customers to pick up their groceries.
“Swisslog is pleased H-E-B put their trust in us to automate and support their facilities with state-of-the-art automation and software,” said Mitch Hayes, vice president of e-commerce and retail, Swisslog Logistics Automation, Americas. “COVID-19 and anticipated behavioral changes have created increased urgency around the need for automation within many grocery operations. E-grocery automation is no longer an option…it’s a requirement for survival and continued growth.”
Mozilla has announced it is laying off approximately 250 employees, as a result of the effect of the pandemic on the company’s revenue.
Mozilla laid off 70 employees back in January in an effort to help fund further innovation. At the time, CEO Mitchell Baker indicated there could be more layoffs in the future. At the time, however, no one could have predicted a worldwide pandemic, or the impact it would have on Mozilla’s business.
“Today we announced a significant restructuring of Mozilla Corporation,” writes Baker. “This will strengthen our ability to build and invest in products and services that will give people alternatives to conventional Big Tech. Sadly, the changes also include a significant reduction in our workforce by approximately 250 people. These are individuals of exceptional professional and personal caliber who have made outstanding contributions to who we are today. To each of them, I extend my heartfelt thanks and deepest regrets that we have come to this point. This is a humbling recognition of the realities we face, and what is needed to overcome them.”
While a difficult decision, Baker says it will help Mozilla be more nimble and competitive in the new tech climate.
“So going forward we will be smaller.,” continues Baker. “We’ll also be organizing ourselves very differently, acting more quickly and nimbly. We’ll experiment more. We’ll adjust more quickly. We’ll join with allies outside of our organization more often and more effectively. We’ll meet people where they are. We’ll become great at expressing and building our core values into products and programs that speak to today’s issues. We’ll join and build with all those who seek openness, decency, empowerment and common good in online life.”
“Until we fix this occupancy problem, even though you are open, it is not possible to pay full rent,” says Landry CEO and reality TV host Tilman Fertitta. “How do you pay a mortgage when you only operating at 25 percent or 50 percent? To all of you judges out there, this is a taking by the state and the government when you take 50 percent of my occupancy.”
Tilman Fertitta, Landry’s chairman, and CEO talks about his frustration with the incompetence of the State of New York and the City of New York in dealing with restaurant reopenings:
It’s Unbelievable That New York Won’t Give Us A Metric To Reopen
We love to complain about leadership on a national level and on some state levels but nobody knows what to do. Everybody wants to blame DC right now but we are sitting here in New York and they can’t even give us the metics and say if the pandemic only has this much hospitalization or cases for a 14-day rolling average. Then you can plan on opening your restaurants at 25 or 50 percent. We get absolutely no information at all out of the State of New York and the City of New York. The City of New York is unbelievable that they will not give us a metric when they can open these restaurants.
Just think about it. Everything is a metric and everything is data points. We all want to blame everybody else for the data points and not making decisions. Wouldn’t you look at four or five key data points and say as soon as we hit these data points you are going to open? What is so difficult about that? We hear about the great leadership of New York and up east in New Jersey while we are treating the rest of the country like they’re from other countries that they are quarantining us and they can’t even go visit up there. It’s ridiculous right now. Yet they won’t even give us business and data points to operate. In New Jersey, you still can’t have a drink of water in the casino unless you are dehydrating and you are about to pass out. It’s extremely comical to me.
Lack Of Unions In Regional Casinos Enabling Them To Thrive
All the regional casinos are doing extremely well, take out New Jersey of course. I hate to say this but the reason the regional casinos are doing so much EBITA right now is that number one, people are moving around, they don’t have to fly in, and you don’t have the union wages in the regional casinos. They are also not opening their buffets and all their full service restaurants. You are really able to watch your costs in a regional casino that you can’t in Vegas or in New Jersey where you have the high union wages. It’s tremendously helping us all.
But we are doing 100 percent of the same gaming revenue in the regional casinos where in Vegas you are doing below 50 percent and in Atlantic City, you are doing about 40 percent. Regional is where you want to be right now.
Not Letting Restaurants Open Fully Is a ‘Taking By The State”
The State of Missouri is one of the few states that lets us open 100 percent of the occupancy of our restaurants as long as we keep six-foot distancing, which we 100 percent do and abide by. They’re for it because you are able to open the establishment and can seat your seats and still be careful. That’s why you are running the best same-store sales comps in that particular market right now.
Until we fix this occupancy problem, even though you are open, how do you pay full rent? How do you pay a mortgage when you only operating at 25 percent or 50 percent? To all of you judges out there, this is a taking by the state and the government when you take 50 percent of my occupancy.
Disney Is Not Even Hitting 20% Occupancy Target Right Now
We are down 70 percent in Orlando and we have some of the biggest stores at Disney. They are coming out now and saying it. The traffic is just not there. I give Disney a lot of credit for going out and putting great protocols to protect their guests. They were only going to let 20 percent of the park’s occupancy come in. I don’t think they are even doing 20 percent.
This is a problem all over America right now that you can’t even do the business. I’m not speaking for Disney but I know my restaurants aren’t doing 20 percent down there right now. We usually do a lot more than the parks do when it comes to percentages.
The coronavirus pandemic has led to a stellar quarter for Zillow, as potential homebuyers looked online.
The pandemic has forced many individuals to take a second look at their housing situation. With people spending unprecedented amounts of time at home during lockdown and quarantine orders, many are looking to upgrade their homes with more room and features conducive to telecommuting. Others are looking to take advantage of work from home trends, and move out of expensive neighborhoods or cities to more scenic and affordable locales.
These factors led to a stellar quarter for the company, reporting that revenue grew 28% year over year to $768 million. This was up from industry estimates of $618 million.
“Zillow’s second quarter results are even better than we had hoped, and firm up our belief that powerful tailwinds in both real estate and technology are rapidly converging, with Zillow at the nexus,” said Zillow Group co-founder and CEO Rich Barton. “I believe we are at the dawn of a Great Reshuffling, as COVID and work-from-home policies are inspiring people to rethink their homes and consider moving. In addition, real estate, like other industries, is experiencing an acceleration in technology adoption, as people move their shopping habits from offline to online. We’re lucky to be in a position to serve our customers no matter how they want to move, whether through a seamless Zillow Offers transaction or in partnership with our best-in-class Premier Agents.
“Even more important than the business results is the way our team has responded over the past several months, as we all grapple with fear, loss, protest, and anger through a health crisis and social reckoning. We’ve managed through all of this with a strong commitment that we can and will do more to support our communities and address systemic barriers in real estate.”
Barton’s comments that he believes this is the beginning of a “Great Reshuffling” are significant and should give many industry leaders pause.
Facebook joins the growing list of companies extending work from home policies amid the coronavirus pandemic.
As the pandemic forced companies to send employees home to telecommute, the tech industry led the way in adapting to the new situation. Twitter was one of the first companies to change its policies to allow employees to work from home forever. At the time, Facebook CEO Mark Zuckerberg stated his belief that within five to 10 years, Facebook could see half of its positions become permanently remote.
Now Facebook how joined Google in extending work from home policies well into next year. Whereas Google has said employees could work from home through June 2021, Facebook is extending their policy through July 2021.
According to The Verge, Facebook spokesperson Nneka Norville said: “Based on guidance from health and government experts, as well as decisions drawn from our internal discussions about these matters, we are allowing employees to continue voluntarily working from home until July 2021. In addition, we are giving employees an additional $1,000 for home office needs.”
At some point, as more and more companies continue to extend work from home policies, it’s only a matter of time before remote work becomes the new standard.
CEO Sundar Pichai has informed employees that eligible jobs will continue remotely through June 2021.
As the coronavirus pandemic forced companies to send workers home, many wondered when things would return to normal. As initial measures to contain the pandemic seemed to make headway, companies began setting target dates to return to onsite work.
Google had initially stated it would reopen offices on July 6, before pushing that back to September 7. Now, in a note the Wall Street Journal has gained access to, Pichai has said that any job not requiring onsite access will remain remote through June 30, 2021.
“I know it hasn’t been easy,” Mr. Pichai wrote in the note. “I hope this will offer the flexibility you need to balance work with taking care of yourselves and your loved ones over the next 12 months.”
Although a small number of roles require onsite access, the vast majority of Google’s roles allow for remote work. This makes the company one of the largest to extend work from home policies this far into the future.