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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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Three options strategies for the week: August 20

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The “Options Action” traders share three options trading strategies to kick off the week.

Dan Nathan recommends a call spread in Alibaba.

Mike Khouw recommends a put spread in the Energy ETF

Mike Khouw recommends an iron condor strategy in the Russell 2000 ETF

Trader disclosure: On July 17, 2018, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s “Options Action” were owned by the “Options Action” traders: Dan Nathan is long XLF Sept put spread. Dan is long CAT put spread. Dan is long QQQ Sept put spread. Dan is long SMH Oct put spread. Carter disclosures not available. Long S&P, HAL. Bearish on TSLA.



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cornhole wants to make it to the big leagues

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Ankit Mittal, of Ellicott City, Md., tosses a bean bag as his friend Shean Flynn, of Newport News, Va., waves his Terrible Towel as the two were playing Corn Hole while enjoying tailgating before the game between the Pittsburgh Steelers and Washington Redskins at FedEx Field in Landover, Md.

Ricky Carioti | The Washington Post | Getty Images

Ankit Mittal, of Ellicott City, Md., tosses a bean bag as his friend Shean Flynn, of Newport News, Va., waves his Terrible Towel as the two were playing Corn Hole while enjoying tailgating before the game between the Pittsburgh Steelers and Washington Redskins at FedEx Field in Landover, Md.

Every day after he leaves his job as a warehouse general manager, Cody Henderson runs up to three miles. Then, he sets up cornhole boards and practices throwing beanbags for a couple hours, focusing on timing, balance and precision.

“It helps a lot with the endurance and mental game,” Henderson, 27, told CNBC. “If you can sit there and not get bored in a quiet area for two or three hours, you are really going to set yourself up to succeed on the pro level.”

Succeed he has. Henderson, who lives in Jackson, Ohio, is the top-ranked player out of the 20,000 pros in the American Cornhole League (ACL). He says he earned between $20,000 and $25,000 in prize money last year. He’s peaking just as the sport is surging in popularity.

While cornhole is generally thought of as a beanbag tossing game played at family gatherings or tailgate parties, it’s gotten so big that players like Henderson are making their way to ESPN. During last year’s The Ocho, a one-day event for alternative sports on ESPN 2, the Championship of Bags was the most viewed competition.

In the 18 to 49 age group, more peopled watched cornhole on that day than the competing game coverage of Major League Baseball, the WNBA or the final stage of the Tour de France, according to Sports Media Watch.

For Henderson, cornhole requires 20 hours a week of training and tournaments on weekends. Still, he said most people don’t take him seriously when he says he plays professionally.

“They’ll say, ‘Oh yeah really?’ and just change the subject,” he said. “When people were seeing me on ESPN, everyone’s attitude changed.”



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TiVo falls on report Amazon is developing live TV recording device

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TIVO, Inc. gave a way free TIVO (DVR) Digital Video Recorder, boxes to thousands of happy Comcast Cable customers, who also donated a toy or clothing for charity outside their corporate headquarters.

Kim Kulish | Corbis | Getty Images

TIVO, Inc. gave a way free TIVO (DVR) Digital Video Recorder, boxes to thousands of happy Comcast Cable customers, who also donated a toy or clothing for charity outside their corporate headquarters.

Shares of TiVo fell as much as 10 percent in afternoon trading Friday following a Bloomberg report that Amazon is eyeing a live TV recording device.

TiVo pared losses and closed just 4 percent down at $12.20. The drop extends a challenging run for TiVo, which is now off 20 percent in 2018 and 30 percent in the last 12 months.

Amazon is known to scare investors and send stocks tumbling with news of a planned entrance into a new industry. Earlier this week, movie theater stocks dropped on a report that Amazon is considering a bid for Landmark Theaters.

Representatives for Amazon and TiVo were not immediately available to comment.



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