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    The NFL Sunday Ticket/YouTube deal is good for both the league and Alphabet

    It’s official. The NFL’s Sunday Ticket is coming to Google-owned YouTube. The agreement is a strong one for both the league and Alphabet (GOOGL), the parent company of Google and a Club holding. It’s not hard to see why the National Football League would want to distribute games with such an established streaming player like YouTube. The hope is to convert as many YouTube users into Sunday Ticket subscribers as possible, turning casual watchers into avid fans. For Alphabet, the deal adds a loyal viewer base to its vast ecosystem of services and products, providing a greater opportunity to collect user data and more effectively target advertisements. The seven-year deal is going to cost YouTube roughly $2 billion per year for the residential rights of the Sunday Ticket, CNBC reports . Since it started in 1994, the Sunday Ticket has been on DirecTV’s satellite service. The move brings another valuable sports property from a legacy platform to streaming. Amazon (AMZN) already has Thursday Night Football , while Apple (AAPL) previously secured the rights to Major League Baseball and Major League Soccer games. The Sunday Ticket/YouTube arrangement should also prove attractive for companies that advertise during NFL games because Alphabet can provide ad buyers with far greater data than they could have possibly had access to with untargeted, linear satellite distribution. What’s good for ad buyers is good for Alphabet as it will pull more advertising dollars into the company’s various offerings. It will also make YouTube’s premium offerings — a requirement to view the games — more attractive and consequently serve to boost subscription revenues generated from the platform. Subscription services are fast becoming the bread and butter of many large technology firms. Investors like the steady, dependable recurring revenue, especially at a time when online advertising overall has hit a rough patch against the difficult domestic and global macroeconomic backdrop. Alphabet’s third-quarter earnings and revenue, released back in October, were weaker than expected, due in part to a slowdown in ad spending . Bottom line Ultimately, we don’t think this Sunday Ticket deal alone is a real needle mover at the moment. But we do view it as an incremental near- to mid-term positive and potentially much more than that in the long term. As noted during Thursday’s “Morning Meeting” for Club members, monetization opportunities are not exactly clear beyond additional advertising and YouTube subscription revenues. But owning the rights to run Sunday NFL games will provide yet another way for Alphabet to draw in viewers and show off what else its ecosystem has to offer. (Jim Cramer’s Charitable Trust is long GOOGL, AMZN and AAPL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

    In this Oct. 4, 2020 file photo is an empty Levi’s Stadium before an NFL football game.
    Tony Avelar | AP

    It’s official. The NFL’s Sunday Ticket is coming to Google-owned YouTube. The agreement is a strong one for both the league and Alphabet (GOOGL), the parent company of Google and a Club holding. More

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    Biden urges Americans to travel early if possible with a massive blizzard slated to hit the U.S.

    Large swaths of the continental U.S. are under blizzard, ice storm and winter storm warnings. Other areas are under wind chill, freeze and flood warnings.
    The National Weather Service website warns of a “widespread and dangerous arctic blast” approaching which will cause “life-threatening cold” and “consume much of the lower 48.”
    “I encourage everyone, everyone to please heed the local warnings,” Biden said, adding information can be found on weather.gov.

    President Joe Biden participates in a briefing on winter storms across the United States in the Oval Office of the White House, Thursday, Dec. 22, 2022, in Washington.
    Patrick Semansky | AP

    President Joe Biden warned Americans traveling ahead of the Christmas holiday weekend to be careful and leave early if possible to avoid the massive storm expected to hit several states Thursday night.
    “This is not like a snow day when you were a kid,” Biden said. “This is serious stuff.”

    Biden was briefed by officials from the National Weather Service and FEMA in the Oval Office Thursday morning. Large swaths of the continental U.S. are under blizzard, ice storm and winter storm warnings. Other areas are under wind chill, freeze and flood warnings.
    The National Weather Service website warns of a “widespread and dangerous arctic blast” approaching which will cause “life-threatening cold” and “consume much of the lower 48.” The Midwest and Great Lakes regions are expected to receive the bulk of the snow fall with nearly all of the Great Plains region under a wind chill warning. The storm will “produce widespread disruptive and potentially crippling impacts across the central and eastern United States.”
    Airlines canceled more than 2,800 flights from Wednesday through Friday, according to tracking site FlightAware. That period includes what airlines expected to be the busiest travel times before Christmas, which is Sunday.
    American, Southwest, United, Delta, Spirit, JetBlue, Alaska and other airlines issued weather waivers for dozens of destinations around the country, allowing travelers to change their departures without paying a change fee or difference in fare.
    Regardless of how they plan to travel, Biden encouraged Americans to listen to guidance and be careful.

    “I encourage everyone, everyone to please heed the local warnings,” Biden said, adding information can be found on weather.gov.
    Biden said the White House has tried to contact governors of 26 states slated to be hit by the storm.
    CNBC’s Leslie Josephs contributed to this article.

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    The $52 billion plan to save New York’s low-lying areas from sea level rise and storm surges

    Roger Gendron’s community of Hamilton Beach, which sits on the Jamaica Bay, is plagued by up to a foot of tidal flooding almost every month.
    Gendron is one of tens of thousands of people who live on the far outskirts of Queens, where climate change has triggered rising sea levels and worsening coastal storms in low-lying neighborhoods.
    The region is now at the center of a historic federal plan that would funnel billions of dollars into constructing storm surge gates and seawalls to protect the Jamaica Bay area and all of New York.

    Roger Gendron is one of tens of thousands of residents who live on the far outskirts of Queens in neighborhoods prone to flooding and worsening coastal storms.
    Emma Newburger | CNBC

    QUEENS, N.Y. — Roger Gendron recalled when nearly eight feet of floodwaters inundated his home and tore down the first floor ceiling while he and his family huddled upstairs during Hurricane Sandy in 2012.
    Gendron’s home has since been rebuilt. But his community of Hamilton Beach, which sits on the Jamaica Bay, is plagued by up to a foot of tidal flooding almost every month. And residents here fear when the next major storm will pass through.

    Gendron is one of tens of thousands of people who live on the far outskirts of Queens in low-lying neighborhoods like Howard Beach and Broad Channel, where climate change has triggered rising sea levels and worsening coastal storms.
    The region is now at the center of a historic federal plan that would funnel billions of dollars into constructing storm surge gates and seawalls to protect the Jamaica Bay area and all of New York. Still, it’s unclear how these vulnerable coastal communities — and others across the country — will ultimately fare.
    “When I tell someone in say, Brooklyn, that we have to move our cars three to four times a month just to avoid floods, or that the main entry road into our community gets flooded and traps us in — they’re completely shocked,” Gendron said.
    Hamilton Beach, located just west of John F. Kennedy airport, is just a one-hour train ride to Midtown Manhattan. But it feels more like a quaint coastal town than a neighborhood on the outskirts of a bustling metropolis.
    The middle-class neighborhood of roughly 27,000 people overlooks the bay and contains mostly detached two-story homes, many of which were entirely rebuilt after Hurricane Sandy. The streets are calm and quiet, except for the frequent hum of airplane engines from JFK. It’s also a close- knit community. Residents greet each other during walks and feed the chickens and rabbits that wander around the neighborhood.

    Gendron, a former truck driver and the president of the New Hamilton Beach Civic Association, is a life-long resident and is popular in the community for his advocacy work on storm and flood protection. Many of the families in Hamilton Beach have lived here for several generations and don’t have plans to leave.

    Hamilton Beach in Queens is one of the neighborhoods at the center of a historic federal plan that would build a system of storm surge gates and seawalls to protect against flooding.
    Emma Newburger | CNBC

    They eventually might not have a choice. Sea levels are projected to rise an alarming six feet or more along U.S. coastlines by the end of the century. In this scenario, most of the communities surrounding Jamaica Bay would be inundated every day by high tides.
    The situation is already urgent. Nearly 2.5 million New Yorkers live in the 100-year floodplain, which means they have a 1% chance of experiencing a major disaster every year. The city has also lost a majority of its sand dunes and coastal marshlands, which historically provided natural buffers to rising sea levels and storms and protected residents in low-lying neighborhoods.
    Property values located in the city’s floodplain have reached more than $176 billion, about a 44% increase since Sandy, according to a recent report by the city’s comptroller. Rising tides and more frequent storms will put up to $242 billion at risk of coastal flooding by the 2050s, a 38% increase from today’s market value. In Queens, property values in the floodplain have hit more than $60 billion, about a 43% increase since Sandy. And up to $72 billion in property value will be at risk of coastal flooding by the 2050s.
    Nearly every month during the highest tides, the streets of communities like Hamilton Beach, Howard Beach and Broad Channel are flooded by the waters of Jamaica Bay. Residents have grown accustomed to it. They plan community events and their parking schedules around the tidal charts, and some have moved their living spaces to the second floors in anticipation of floods.
    “Communities like mine won’t survive if nothing’s done,” said Gendron, who turned 60 this year and eventually plans to leave the neighborhood to find a single-story home for he and his wife.
    “Little by little, the government is learning this,” Gendron added. “In the meantime, all we can do is try to prepare our communities for what could be.”

    A historic proposal to save New York’s coasts

    Federal officials are working on a complex and costly plan to try and protect the region from storm surges and floods. One decade after Sandy caused nearly $70 billion in damage in New York and New Jersey, the U.S. Army Corps of Engineers in September unveiled a major plan to build sea gates across the mouths of major bays and inlets along New York Harbor, including Jamaica Bay.
    The $52 billion proposal would be the largest project yet to combat storm surge and sea level rise in the region and the only course of action ever taken to protect the entire New York Harbor region. The proposal includes building movable sea gates that would close during big storms and block waterways in Queens, Staten Island and New Jersey, as well as constructing more than 30 miles of land-based levees, raised shorelines and sea walls.
    The plan also calls for integrating natural solutions like wetland restoration and living shorelines built out of sand, oyster shells and plants in order to blunt the force of waves. These types of natural projects, some of which are already underway at the Jamaica Bay Wildlife Refuge, would be balanced with the Army Corp’s man-made engineered solutions.

    For Jamaica Bay communities, the plan involves smaller-scale projects, including tide gates, floodwalls and berms that would provide coastal storm risk management to Hamilton Beach, Howard Beach, Ramblersville, Rockwood Park and Lindenwood. Additionally, the proposed Jamaica Bay Storm Surge Barrier, located to the east of the Marine Parkway Bridge, would close during major storms.
    Bryce Wisemiller, a project manager with the Army Corps, said the agency is working as quickly as possible to move forward on construction at Jamaica Bay and that it would know more about a timeline for smaller-scale projects within the proposal when its New York and New Jersey Harbors and Tributaries Study is completed.
    “We would look to advance various features into construction as quickly as possible,” Wisemiller said. “This is all subject to construction authorization, non-federal sponsor support and funding from Congress.”
    The price tag of the Army Corps proposal is high, but estimates of damages from storm surge and sea level rise are much higher without the plan. Without the proposal to build storm surge and flood protections, officials project that average annual damages to the region will amount to $5.1 billion in 2030 and $13.7 billion by the end of the century. The Army Corp estimates its projects would generate a net benefit of $3.7 billion each year over the next 50 years.

    Shoreline restoration is underway at the Jamaica Bay Wildlife Refuge in Queens.
    Emma Newburger | CNBC

    The federal government would fund 65% of the projects if Congress approves the plan, and the rest of the cost would be covered by state and local governments. Construction would begin in 2030 and finish within 14 years.
    The plan chosen by the Army Corps was one of five proposed options, which ranged from doing nothing to spending more than twice as much at $112 billion. The more extensive option had more flood control projects across New York and New Jersey, including more than 7 miles of flood barriers along shorelines on New York Harbor, which would be the longest storm barrier in the world.
    This option was not chosen due to the major cost and lengthy timeline, according to the Army Corps, which conducts a cost-benefit analysis to assess the extent of damage that could be avoided by a project compared with how much it would cost to construct it.
    “It’s a homerun for us,” said Gendron, who recently met with government officials to urge them to implement the smaller projects more quickly for his community. “It’s a 14-year construction cycle for them, but that doesn’t mean those smaller projects couldn’t get done sooner.”

    A possible last generation in low-lying coastal areas

    The Army Corps proposal will buy the region time but is not an ultimate fix, as encroaching seas would eventually overcome costly infrastructure like sea walls, climate adaptation experts warn. Ultimately, the government will likely need to buy out and relocate residents in New York’s low-lying regions.
    “There are some communities that will eventually need to leave — it’s just a matter of time,” said Paul Gallay, the director of the Columbia Center for Sustainable Urban Development’s Resilient Coastal Communities Program. “But these communities will need to know that there’s no better option before they consider relocation.”
    Gallay said that while this year’s Army Corps proposal is a good start, officials require a tremendous amount of additional information before they can properly protect low-lying communities. He also urged that officials bring together community members and environmental organizations to have transparent conversations about the the benefits, drawbacks and uncertainties of the engineered projects.
    Critics of the proposal have argued that the plans would only temporarily protect against storm surge and not against the more major and long-term threat of sea level rise. Some have raised concerns over the extent of damage the new infrastructure would pose to the environment.
    “This is a wicked problem. It’s not easily solvable,” Gallay said, noting that the plan must address the three main challenges of storm surge, downpours and sea level rise, all of which are growing worse with human-caused climate change.
    Given the grim sea level rise projections, officials, scientists and planners have increasingly supported relocation, also called managed retreat, as a national flood and climate change strategy.
    In 2016, for instance, the government for the first time ever allocated $48 billion in federal tax dollars to move an entire community in coastal Louisiana. More recently, the Biden administration in November granted $75 billion to five Native American tribes to help them relocate away from coastal areas at risk of destruction, a move that will likely be a litmus test for other communities across the U.S.

    Roger Gendron sits on his porch in Hamilton Beach, Queens. Gendron is one of tens of thousands of residents who live on the far outskirts of Queens in neighborhoods prone to flooding and worsening coastal storms.
    Emma Newburger | CNBC

    Robert Freudenberg, vice president of energy & environment of the Regional Plan Association, a non-profit that promotes sustainable development, said that climate adaptation is finally on the radar of government spending and there’s an increasing acknowledgment that some places are becoming too complicated or too expensive to sustain.
    “There are just going to be places that we can’t keep trying to protect at some point,” Freudenberg said. “Billion dollars of could be spent in places where these plans won’t be effective beyond a certain time, and so we have to figure out if we’re okay with spending tax dollars that way.”
    Some climate adaptation experts pointed out that rebuilding over and over after repeated floods or Sandy-like storms in New York might not make financial sense in the long run. The government has historically paid to purchase and demolish homes damaged by floods. Under a managed retreat strategy, officials would conduct broader buyouts and resettle residents or entire communities.
    Hurricanes, floods and other disasters made worse by climate change could cost the U.S. federal budget about $2 trillion each year by the end of the century, the White House said earlier this year. The government is also projected to spend between $25 billion to $128 billion each year in areas like coastal disaster relief and flood insurance.
    “If we want to protect these low lying communities in New York — or in any part of the country for that matter — we’ve got to understand that the viability of these communities in the future is tied directly to how effectively we can reduce greenhouse gas emissions,” Gallay said.
    For Gendron, officials are simply moving too slowly to protect New York’s low-lying regions. Congress, he added, must act urgently and approve the Army Corps proposal before it’s too late for Hamilton Beach. But Gendron is optimistic that his community can and will be saved.
    “We don’t want to be a victim of our destiny — we want to control our destiny,” Gendron said. “We just want to keep our neighborhood.”

    A house sits on the water in Broad Channel, Queens.
    Emma Newburger | CNBC

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    Jim Cramer’s Investing Club meeting Thursday: Estee Lauder, NFL-YouTube deal, Beer buy

    Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Thursday’s key moments. Buy EL before day-end We like the NFL-YouTube deal Buying some more STZ 1. Buy El before day-end China will move to curtail quarantine requirements for overseas travelers next month, according to Bloomberg . This suggests that China could be reopening its economy faster than expected, which bodes well for Club holding Estee Lauder (EL). We believe that new Club members in particular should pick up shares of Estee Lauder by the end of the day. While shares of EL were down to around $241 each mid-morning on Thursday, Jim Cramer thinks they could slip further by the close. 2. We like the NFL-YouTube deal The National Football League said Thursday that its Sunday Ticket subscription packet will go to Google-parent Alphabet ‘s (GOOGL) YouTube TV. It’s unclear how this new deal with the NFL will fit into Alphabet’s vast assortment of products and services. However, we believe there are many ways they can capitalize on streaming NFL games. “There’s a lot of ways to skin the cat here,” Jim said. “I like it.” 3. Buying some more STZ While shares of Constellation Brands (STZ) have fallen from the high $250s at the beginning of December to the $230s on Thursday, we still like the stock and bought more of it . RBC Capital blames what it calls transitory issues, including poor weather in California, a hyper-focus on volumes and growth in other brands. We agree with the assessment, and we’re also reassured by the company’s strong cash flow. (Jim Cramer’s Charitable Trust is long EL, GOOGL, STZ. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. More

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    New head of United Airlines pilot union resigns after online comments spark outcry

    United Airlines Capt. Neil Swindells resigned days after he was narrowly elected to lead the union of more than 14,000 pilots.
    Swindells had apologized a day earlier for comments on pilot forums over the last few years.
    United’s pilot union is in the middle of contract negotiations with the airline.

    A United Airlines passenger aircraft prepares to leave its gate and taxi to the runway at San Francisco International Airport in San Francisco, California.
    Robert Alexander | Getty Images

    The newly elected leader of United Airlines pilots’ union has resigned after a series of his recent online posts sparked an outcry from some other aviators and union leaders.
    Neil Swindells, a Chicago-based Boeing 787 captain, was narrowly elected earlier this week to lead the union of more than 14,000 pilots. Some of the messages had surfaced before the union leadership’s vote, which he narrowly won. The election was held after the previous chairman resigned due to a family issue.

    Swindells, who could not immediately be reached for comment, announced his resignation in a note to pilots late Wednesday.
    United Airlines didn’t immediately comment. Swindells, as head of the pilot union, would have had a seat on United’s board of directors. The airline and the union are in the middle of contract negotiations and previous efforts to get to a deal have failed.
    On Sept. 16, two days after United announced a partnership with one-time rival Emirates at an event at Washington Dulles International Airport, Swindells wrote on a private message board for pilots: “And I’m sure EMIRATES had NOTHING TO DO with the EMIRATES MALE CAPTAIN being flanked” by a United “FEMALE FIRST OFFICER.”
    He wrote that the event showed Emirates’ “DOMINANCE OF THE CODESHARE, while giving UNITED their desired DEI money shot!!!”
    DEI is a commonly used shorthand for diversity, equity and inclusion. Code-sharing in the aviation industry is when airlines partner to market each other’s flights.

    Swindells, who has been at United for nearly three decades, apologized “to anyone I have offended” on Tuesday for language “that was often colorful, heated, and inappropriate,” but declined to step down at the time.
    In his resignation note to pilots Wednesday night, he said that “while many of these things have been taken completely out of context and publicly weaponized against me, I cannot ignore their existence and the damaging effect it has had on many of my fellow pilots.”
    Screenshots of some of Swindells posts were shared with CNBC.
    Hours before he stepped down, the head of the Air Line Pilots Association, International, the parent union of the United and other airlines’ chapters, issued a statement saying it would always “stand and fight” for an inclusive aviation community.
    “Under our democratic structure, United pilots elect their leaders and it’s up to them to decide who they want at the helm,” Capt. Joe DePete wrote.

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    Taxpayers are paying billions for the renovations and construction of NFL stadiums. Here’s how

    In 2022, the Tennessee Titans of the NFL unveiled their plans for a new stadium in the heart of Nashville. The 1.7 million-square-foot stadium can house 60,000 screaming football fans and is estimated to cost $2.1 billion.
    The public would fund more than half of the stadium through a one-time contribution from the state of $500 million and $760 million through revenue bonds issued by Nashville’s Metropolitan Sports Authority.

    Since 2000, public funds diverted to helping build professional sports stadiums and arenas have cost taxpayers $4.3 billion. While the NFL and team owners contend that building stadiums will provide economic growth for a city, economists and urban planners think otherwise. 

    The impact of a stadium can be something that leads to really great placemaking, and that is a catalyst for community gathering and other small businesses in a neighborhood. Yet a typical football stadium has a really different design, the impact on the surrounding community is really more just that the stadium is kind of like a big spaceship that is parked there.

    Tracy Hadden Loh
    Fellow, The Brookings Institution

    The reason cities end up paying for stadiums begins with the issuance of tax-exempt bonds from state and local governments that the federal government has signed off on for decades.
    These tax exemptions help lower the burden of high debt through low-interest municipal bonds used by cities and teams to pay for stadiums. Since 1913, municipal bonds have been a popular financing option for airports, roads, hospitals and schools. Private entities could still access these bonds but were subject to a volume cap limiting how many public bonds are issued annually.
    As for stadiums, well, they weren’t subject to that cap. The Tax Reform Act of 1986 wanted to end the exemptions for private use, including stadiums. Instead, the bill inadvertently created a loophole allowing stadiums to be backed by tax-free public bonds.
    The loophole works by creating an artificial financing structure through tax-exempt municipal bonds. To gain access to those bonds, private companies must fail one of two tests stipulated by the Tax Reform Bill of 1986.

    The private use-case test states that a private entity can use no more than 10% of the money from a bond, a test that NFL teams will most certainly pass. Then there’s the private-payment test which states that no more than 10% of the bond’s debt service is backed by the stadium itself.
    So if a state or local government is willing to finance at least 90% of the stadium’s cost, it fails the private-payment test — meaning the stadium will get tax-exempt financing through municipal bonds.
    However, to keep that tax exemption, the repayment of bonds cannot come directly from revenue generated by the stadium or rent collection. Instead, cities rely on taxes like hotel levies to pay off these bonds. The recoupment of revenue generated by these taxes varies from city to city.
    Cities like Las Vegas and Chicago rely on tourism taxes to help pay off these municipal bond commitments for their respective stadiums.
    Las Vegas is home to the Raiders organization and its $1.9 billion Allegiant Stadium. The Las Vegas Stadium Authority financed nearly 40% of the stadium through $750 million in bonds backed by its hotel taxes.
    “We’re collecting about 50 million additional dollars through a room tax that’s largely paid for by tourists, almost completely paid for by tourists. But the real key here is the stadium itself is producing more tax revenue than the $50 million,” Steve Hill, chairman of the Las Vegas Stadium Authority, told CNBC about the net-positive spillover effects since the Raiders moved to Las Vegas from Oakland, California.

    So that investment of $50 million of room tax is producing more than, well, more than $50 million. It turned out to be probably double the 50 million. And that comes in the form of a live-entertainment tax, a ticket tax, a sales tax on everything sold around there, and a modified business tax. All of those types of taxes are then turned into their typical flow and are used in their typical way to provide services throughout Nevada.

    Steve Hill
    Chairman, Las Vegas Stadium Authority

    As for Chicago, the tourism taxes haven’t exactly worked in the city’s favor; the spillover gains the city has seen so far have been negative.
    In 2002, Soldier Field, the Chicago Bears home, urgently needed upgrades to modernize the stadium, which was built in 1924. Renovation costs were $587 million in total. The NFL and the Bears organization chipped in $200 million toward the work, and the city of Chicago financed $387 million through municipal bonds levied by a tourism tax in Chicago. According to an investigation by NBC Chicago News, 20 years after the renovation, Chicago owes $640 million on its initial $387 million bonds after years of deferring payments. The city declined to comment to NBC Chicago.
    Since 2015, reining in spending on public funds being diverted to professional stadiums has become an increasingly bipartisan issue as both sides of the aisle have expressed shared interest in closing the 10% loophole.
    In 2015, the Obama administration proposed removing the 10% loophole for sports and other private projects. In 2017, Sens. Cory Booker, D-N.J., and James Lankford, R-Okla., introduced a bill outlawing the use of tax-exempt bonds for any pro sports venues.
    That same year, the Trump administration proposed eliminating the tax-exempt bonds for NFL stadiums through the administration’s tax reform bill. However, the language regarding NFL stadiums was lifted from the finalized tax reform bill.
    Most recently, Rep. Earl Blumenauer, D-Ore., introduced a new bill called the No Tax Subsidies for Stadiums Act of 2022.
    However, no significant movements have been made pushing those proposals into law.
    As for how fans feel regarding this issue, most just want to ensure their team stays put. Protests from fans have erupted over the years when other cities have usurped their teams. A shared identity links NFL teams and their fan bases, and a team can reflect a city’s persona.
    Die-hard fans from all 30 major cities would continue to fight hard to ensure their teams stay in their hometowns, even if that means they have to foot the bill. 
    Watch the video above to learn how American taxpayers pay billions to fund NFL stadiums.

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    A map shows the most popular Christmas dishes around the world

    People traveling abroad this Christmas may not find their favorite holiday food on the menu.
    That’s because traditional holiday fare varies around the world.

    To see who’s eating what this weekend, the culinary website Chef’s Pencil created a map showing what it says are the most popular Christmas dishes around the world.

    Where turkey is the tradition

    Travelers spending the holiday in the United States, Canada, France, Ireland and the United Kingdom can expect turkey on the table this Christmas, according to the map.
    Those headed to parts of South America can too — the map shows turkey is a top Christmas food in Brazil, Chile and Peru.

    Source: Chef’s Pencil

    Even so, each country has its own take on how turkey is traditionally served, according to Chef’s Pencil’s research.
    “For example, in Peru, roast turkey slices are served with a melange of creme fraiche, chicken broth, lime juice, jalapeno peppers, fresh cilantro and cayenne pepper,” the website states. “In Chile, roast turkey is traditionally stuffed with apples.”

    Source: Chef’s Pencil

    But there is one similarity: Roasted potatoes are served alongside turkey “just about everywhere,” according to Chef’s Pencil.

    More countries eat pork

    Pork dishes are even more popular than turkey, in terms of the number of countries where both are served, Chef Pencil’s representative Salomea Restea told CNBC Travel.
    Pork is the most popular traditional holiday dish in 23 countries, more than the 17 that focus on turkey, she said.
    Suckling pig is the center of the traditional Christmas table in Spain and Cuba, while the Philippines feasts on roasted pork, according to the map.

    Filipina Marites Rheme Lopez Javier said “nobody eats turkey” in her hometown of Bangar, La Union on the island of Luzon. Instead, families buy a live pig to cook at home, or a pre-roasted whole pig, called “lechon.”
    “Lechon is very expensive,” she said, adding that a pig that can feed up to 50 people can cost more than $300.
    That’s why “liempo,” or grilled pork belly, is also popular, she said. It can feed 10 people for 300-500 pesos ($5-9), she said.

    Source: Chef’s Pencil

    Roasted pork also dominates in Haiti, Switzerland and Slovenia, while ham is the favored dish in Jamaica and South Africa, according to the map.
    Julskinka, which translates to “Christmas ham,” is a cold ham dish accented with mustard and breadcrumbs that is eaten in Sweden, while crispy pork ribs, or ribbe, is served in Norway for the holiday.
    In Mexico and other parts of Central America, pork is steamed and wrapped in corn husks to make tamales, according to Chef’s Pencil.
    But pork joint is another holiday hit in Mexico too.
    “In Mexico, a pork joint will be covered with a generous layer of homemade adobo, a thick chili paste with vinegar or citrus juice, and enriched with the flavors of onions, garlic, cumin and oregano,” according to the article.

    Where other meats prevail

    Duck dominates in Denmark, and goose in Belarus and Russia, according to the map.
    Yet chicken is the preferred dish for celebrations in Malta and Uganda, it shows. Brazilians also eat Chester chickens, which are larger than average chickens but smaller than turkeys, according to the New York Times.
    In the Netherlands, revelers grill a medley of meat and vegetables at the table at a festive meal known as gourmetten.    

    Source: Chef’s Pencil

    Italians traditionally eat veal, while Rwandans grill both beef and goat for Christmas, the map shows.
    Other countries prepare a combination of meats for the holiday. Bolivia, for example, has a penchant for picana soup, which is often made with chicken, lamb and beef flavored with wine and beer.

    Rice, fish and prawns

    Stuffed cabbage rolls grace Christmas feasts around the Black Sea, in places like Ukraine, Romania and Bulgaria, according to the map.
    It also shows residents of Nigeria and Ghana celebrate over jollof rice — a dish of long-grain rice, tomatoes, onions and spices.
    Carp, a freshwater fish, is popular in Central and Eastern Europe, while saltwater cod tops holiday menus in Italy and Portugal, the map shows.
    In a post about Christmas in Portugal, the travel website Portuguese for a Day states, “Christmas is not Christmas without codfish on the table!”
    Sydneysider Paula Williams said Australians feel the same way — about prawns.

    Crowds gather to buy prawns before Christmas at the Sydney Fish Market, which experiences its busiest week of the year before Christmas.
    James D. Morgan | Getty Images News | Getty Images

    “Prawns are pivotal for Aussies for Christmas,” she said. “People queue up at the fish markets for prawns. Lines are huge — they’re massive.”
    Since Christmas marks the beginning of summer, Christmas in Australia is “all about the outdoors,” she said.
    “It’s about the barbie, sitting in the sun and swimming,” she said. “It’s too bloody hot to eat turkey.” More

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    Jim Cramer says Nike, FedEx quarters demonstrate a key lesson for investors

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    The stock market’s rally Wednesday following better-than-feared Nike and FedEx earnings offers a lesson for investors, according to Jim Cramer.
    It’s misguided to focus purely on Federal Reserve commentary and predictions on where S&P 500 will go next, he said.

    CNBC’s Jim Cramer said Wall Street’s reaction Wednesday to quarterly results from Nike and FedEx offers an important lesson for investors: It’s misguided to focus purely on Federal Reserve commentary and predictions on where S&P 500 will go next.
    Both companies on Tuesday night reported better-than-feared earnings, sending their respective stocks higher and helping to boost sentiment across the market. All three major U.S. stock indexes posted strong gains Wednesday, reversing some of the declines seen in December.

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    “You’ve got a whole contingent of professional commentators and money managers who act like nothing matters beyond statements from the Fed and the price levels of the S&P 500,” Cramer said. “See, they’re dead wrong, but that mentality explains why so few of them saw today’s rebound coming.”
    Cramer said it’s possible the more positive attitude on Wednesday quickly fades and the bearish waves rush over the market again. He said the unexpected bounce — sparked in large part by corporate earnings — shows the benefit of focusing on individual companies who can outperform expectations. Putting too much emphasis on the S&P 500’s next move can make that task difficult, he said.
    “Stocks are not just bushels of wheat or bales of hay or any other kind of grain varietal. There are huge differences between individual companies,” Cramer said.

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