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Texas Rangers join sports entertainment centers trend with ‘Texas Live’

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Texas Live!, a partnership between The Cordish Companies and the Texas Rangers, is a $250 million world-class dining, entertainment and hospitality district.

Source: Cordish Companies/Texas Rangers

Texas Live!, a partnership between The Cordish Companies and the Texas Rangers, is a $250 million world-class dining, entertainment and hospitality district.

Entertainment districts near sports venues are not new. An increasing number of sports teams are investing in entertainment districts as a way to bring in revenue From AEG’s $2.5 billion LA Live to the Gateway District in Cleveland they are found all over the country. What’s unique in Arlington, is the fact that the ownership of the Texas Rangers has a stake in it.

Team owners now have a vested interest in keeping their facilities vibrant all year long — even when games aren’t going on, said Joe Favorito, a sports media consultant and professor at Columbia University.

“If you factor into a growing area like gambling, where elaborate spaces in stadia can even be used when teams are away for fan engagement, these type of investments are going to become more vibrant, and lucrative as joint ventures,” he said.

According to Cordish, it’s not only good business but it helps the overall franchise value and puts more fans in the stands.

“They are making their fans happier. When you do that it increases the value of the experience and the value of the team,” he said.

Leibman said the added revenue will help the Rangers be able to fund better, quality players on the field.

“There’s only so much you can generate from ticket sales and TV revenue – this is just an added revenue source,” he said.

The project’s owners are also hoping Texas Live helps put Arlington on the map as a tourist destination by providing a Loews hotel and amenities for a family friendly trip.

More than 2,000 construction workers were hired to build the entertainment center and it is expected to create more than 1,000 permanent jobs. The project is expected to draw an additional 3 million visitors per year to the city of Arlington, which already has 14 million annual visitors.

“You are talking about hundreds of millions of dollars of new revenue and jobs,” said Cordish.

— CNBC’s
Nick Wells
contributed to this article.



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Global stock market sell-off not an isolated event

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A trader works at the New York Stock Exchange in New York, the United States, Dec. 4, 2018. 

Xinhua News Agency | Getty Images

A trader works at the New York Stock Exchange in New York, the United States, Dec. 4, 2018. 

The latest wave of heavy selling in financial markets is a clear sign of things to come, according to a new report from the world’s oldest international financial organization.

The Bank of International Settlements (BIS), an umbrella group for the world’s central banks, warned on Sunday that a normalization of monetary policy is likely to trigger a flurry of sharp sell-offs over the coming months.

“The market tensions we saw during this quarter were not an isolated event,” Claudio Borio, head of the monetary and economic department at the BIS, said in the report.

“Monetary policy normalization was bound to be challenging, especially in light of trade tensions and political uncertainty,” Borio added.



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Fed is missing critical inflation trend, economic forecaster worries

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A veteran economic forecaster is worried the Federal Reserve and Wall Street are looking at inflation all wrong.

According to Economic Cycle Research Institute co-founder Lakshman Achuthan, they’re largely missing a critical economic trend that shows inflation is in a downturn.

“Inflation is cyclical, and I don’t think everybody really understands that — in particular, the Fed and a lot of market participants,” he said Wednesday on CNBC’s “Trading Nation.” “They’re looking at the level of inflation, and it’s generally up there around near target. But what’s really important is the direction.”

Achuthan highlighted a chart as evidence the inflation cycle is rolling over. He believes it could have market-moving consequences because it could affect the Federal Reserve’s interest rate policy.

“This is just a couple years of inflation cycles here,” he said. “We have PPI growth now and CPI growth both sitting at around 10 and 11 month lows. It’s not simply about oil. The peak in these things happened back in July.”

Achuthan, a self-proclaimed former super bull, has been bearish this year. On “Trading Nation” last April, he turned sour on economic growth because leading indicators were pointing to a slowdown that was picking up momentum.

For Achuthan to become bullish again, he said two things need to happen: The Fed must become more aware of the inflation downturn and leading growth indicators must turn up. The Fed meets on Tuesday and Wednesday to decide whether to raise rates for the fourth time this year.

“With inflation ticking lower, they should consider stopping. But fixated on a 49-year low in the jobless rate and a 9 ½-year high in wage growth, it’s not clear that they will stop just yet,” Achuthan told CNBC by email.



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Harvard professor Roland Fryer faces reports of sexual harassment

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Harvard University professor Roland Fryer speaks at the Clinton Global Initiative in New York on Sept. 25, 2008.

Ramin Talaie | Corbis Historical | Getty Images

Harvard University professor Roland Fryer speaks at the Clinton Global Initiative in New York on Sept. 25, 2008.

A prominent Harvard University economics professor is being investigated for sexual harassment, according to a new report.

Roland G. Fryer Jr., a 2011 MacArthur “Genius” fellowship recipient, is the one of the latest powerful men to get flagged amid the #MeToo movement, which took hold last year. More than 200 men have lost their jobs or major roles as a result, the New York Times said in October.

A Harvard investigator found that Fryer was involved in “unwelcome conduct of a sexual nature” with four women who worked at Fryer’s research lab, the New York Times reported on Friday. The investigator learned that one person who made an accusation about Fryer took disability leave in response to Fryer’s behavior, according to the report.

Allegations about Fryer came to light earlier this year but Friday’s New York Times article provides new details.

One woman who worked in the lab reportedly said that Fryer regularly made inappropriate comments about women, but that his reputation for being vindictive made it difficult for people to speak up. And two women told the investigator they disapproved of how Fryer had put his crotch in the face of a woman at the lab by placing his foot on her desk, the article said.

Read the full article here.



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