CASINOS
Wynn is downsizing the venue across from Encore
Wynn Resorts has scaled back plans for its Everett entertainment venue after competing theater operators complained the project violated the state’s 2011 Casino Gambling Act. Joseph Delaney, chief of community affairs for the Massachusetts Gaming Commission, said in an email Tuesday that Wynn’s development, planned for a location across Broadway from its Encore Boston Harbor casino, would now include a 999-seat venue, less as an original plan for 1,800 seats. The development would also include 20,000 square feet of restaurant space, a 2,310-space parking garage and a pedestrian bridge over Broadway. The 2011 state law prohibits the construction of 1,000 to 3,500 seat event spaces in casinos. Other venue operators said Wynn’s original development plan would run afoul of this law, while the company had said the 1,800-seat option was fine because the venue would not be on actual casino property. Aside from removing the issue of the 1,000-seat threshold, Wynn officials said reducing the number of seats will help the venue book more often, particularly for weekday shows, and improve the aesthetics of the space. Even with the reduction in venue space, the Gaming Commission has yet to decide whether this development across the street should be considered part of the casino and thus subject to agency oversight. Wynn is due to present his new plans to the commission on Thursday, and a public hearing is scheduled for February 28. – JON CHESTO
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VIDEO TECHNOLOGY
Brightcove gets a new CEO
Brightcove, a Boston-based video technology company, on Wednesday named former ViacomCBS senior executive Marc DeBevoise as its new chief executive, replacing Jeff Ray, who announced his retirement in October. DeBevoise will assume his role on March 28 and will receive a base salary of $500,000 this year, SEC documents show. That works out to $550,000 in 2023 and $600,000 in 2024. Currently, DeBevoise is Vice Chairman and President of Argus Capital Corp, a special purpose acquisition firm focused on media, entertainment and sports investments. DeBevoise will retain this role while Brightcove operates. With extensive experience in the media sector, he joins Brightcove, a company developing a video technology platform with a software-as-a-service model. Previously, he was Chief Digital Officer of ViacomCBS, CEO and President of CBS Interactive, and a senior leader at Starz and NBCUniversal. As the company’s chief executive, Debevoise wants to sell Brightcove’s platform to a broader range of businesses, both large and small. He said most businesses will need video solutions in the future and may not favor services like YouTube or Vimeo. (Currently, the company counts BBC, Al Jazeera and Ford Motor Co. among its customers.) “All companies will need to use video to engage with audiences,” he said in an interview. “Once you’re serious… there it is [you’ll] turn to someone like us.” — PRANSHU VERMA
AGRICULTURE
Inari receives patents for genetically modified seeds
Agtech startup Inari is one step closer to developing less expensive drought- and weed-resistant seeds. The Cambridge-based company received two US patents for genetically engineered corn and soybean seeds with insect and weed protection similar to that of traditional GMOs. On a growing planet, farmers are constantly pushing for higher yields, and farmers say the GMO crops made famous by Monsanto have helped. But many consumers don’t like this technique, and it’s expensive to bring to market. Gene editing, which involves directly altering genes, promises a tastier and cheaper way to achieve yield-boosting plants. — BLOOMBERG NEWS
INTERNATIONAL
Brexit brought with it higher costs, bureaucracy and border hurdles, watchdog finds have found
Britain’s exit from the European Union has brought higher costs, more red tape and border delays for businesses, and has not yet promised benefits, a public spending watchdog said on Wednesday. A day after Prime Minister Boris Johnson appointed a minister on “Brexit Opportunities”, Parliament’s Public Finance Committee said the “only discernible impact” of Brexit so far has been to increase the burden on businesses. Britain exited the European Union’s vast single market for goods and services on December 31, 2020. Most trade remains duty-free, but Brexit has brought a host of new customs controls and other obstacles to previously smooth trade. — ASSOCIATED PRESS
AUTOMOBILE
Tesla is recalling vehicles due to defective defroster windows
Tesla is recalling nearly 27,000 vehicles in the United States because cabin heating systems may not defrost the windshield quickly enough, reducing visibility and increasing the risk of accidents. The latest in a series of recalls affects certain 2021 and 2022 Model 3, S and X, and some 2020-2022 Model Y. Documents released on Wednesday say the electric vehicle maker has released an online software update will send to fix the problem. The recall is Tesla’s 14th since January 2021, according to records from the National Highway Traffic Safety Administration. — ASSOCIATED PRESS
SATELLITE
A solar storm is pushing SpaceX’s newest fleet out of orbit
SpaceX’s newest fleet of satellites crashes from orbit after being hit by a solar storm. As many as 40 of the 49 small satellites launched last week have either reentered the atmosphere and burned up or are about to do so, the company said in an online update Tuesday night. SpaceX said a geomagnetic storm last Friday thickened the atmosphere, increasing drag on the Starlink satellites and effectively dooming them. — ASSOCIATED PRESS
DELIVERIES
DoorDash offers loans to restaurants
DoorDash, the largest food delivery service in the United States, is launching a financing arm to offer business loans to restaurants through its app. DoorDash Capital allows dealers to apply for financing to fund business operations such as buying equipment, paying rent, hiring and payroll, the San Francisco-based company said Wednesday. DoorDash Capital determines a payback structure based on a restaurant’s earnings. Eligible merchants can view cash advance offers in-app and accept terms with no additional paperwork or impact on their credit score. Funds are paid out in just one to two business days. — BLOOMBERG NEWS
Ecommerce
Amazon is treated like any other grocer in the UK
Britain’s antitrust authorities have labeled Amazon a grocery retailer, subjecting the online retail giant to the same rules followed by UK supermarket chains like Tesco. The Groceries Supply Code of Practice prohibits companies from changing supply contracts at short notice and requires dealers to give reasonable notice if they no longer wish to use a supplier, and requires reasons for contract termination. That means Amazon can now face a fine of up to 1 per cent of its UK sales for allegedly abusive retailers. — BLOOMBERG NEWS
SHIPPING
Maersk had its best year to date in 2021
The world’s largest shipping company said on Wednesday that 2021 was its best-ever profitable year, with Denmark’s AP Moeller-Maersk raking in $18.7 billion as rising demand from a recovering global economy caused deadlocks in the supply chain. Pre-tax profit increased last year from $3.3 billion in 2020, while revenue was $61.8 billion in 2021, up from $40 billion. CEO Søren Skou said that “extraordinary market conditions have resulted in record high growth and profitability”. — ASSOCIATED PRESS
