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Phoenix Business Journal
Valley nonprofits try varying strategies to keep clients cool
When rich folks in the Phoenix area complain about the brutal summer heat, they may not get a ton of sympathy from the members of the Valley's nonprofit community who are working feverishly to do what they can to help keep their clients as comfortable as possible in triple-digit temperatures.<\p> As the Phoenix Business Journal compiled the three annual nonprofit organizations lists that were published July 19, we included an optional question in the surveys, asking what the organizations did to assist the people they serve through the toasty summer months.<\p>
Harkins Theatres CEO appointed chair of foundation
Mike Bowers, the president and CEO of Harkins Theatres, has been appointed as the new chair of The Cinema Foundation.<\p> Headquartered in Los Angeles, California, the foundation is dedicated to strengthening the cinema industry and engaging moviegoers throughout the country.<\p>
'Extreme Makeover: Home Edition' taps Scottsdale builder
Extreme Makeover: Home Edition has selected Scottsdale-based Taylor Morrison Home Corp. (NYSE: TMHC) as its exclusive homebuilder for its home renovation show on ABC-TV.<\p> The show will be filmed Sept. 9-16 at Taylor Morrison's La Mira community in Mesa, where homes range between 1,700 and 3,900 square feet and are priced from the high $400,000s.<\p>
Phoenix bank parent's deposits surge amid strategy shift
Western Alliance Bancorporation has seen its shares rise 8% since the company reported a $4 billion increase in quarter-over-quarter deposits as it shifted to an “earnings growth strategy.”<\p> Phoenix-based Western Alliance (NYSE: WAL), which operates Alliance Bank of Arizona along with banks in Nevada and California, reported on July 18 that it had $66.2 billion in deposits in the second quarter, marking an increase from $62.2 billion in the first quarter of 2024 and $51 billion in the year-earlier quarter.<\p>
Another player muscles in on Amazon bid for NBA media rights
Warner Bros. Discovery officially notified the NBA on Monday afternoon that it is attempting to match Amazon.com Inc.'s 11-year, approximate $20.9 billion total bid for the league's media rights after securing a letter of credit from undisclosed banks, sources familiar with the matter told Sports Business Journal.<\p> WBD spent the previous five days reviewing Amazon's $1.9 billion annual offer that also includes the WNBA and issued a public statement today to affirm its commitment to match:<\p>
IRS ERC moratorium could cost the agency billions
Efforts by the Internal Revenue Service to crack down on Employee Retention Credit fraud could cost the agency billions of dollars in interest payments.<\p> The IRS in an announcement in June said it had taken the time since its Sept. 14 moratorium on processing new ERC applications to analyze the more than 1 million ERC claims filed in 2023. Through that analysis, it found that between 60% and 70% of the applications showed an unacceptable level of risk.<\p>
WNBA All-Star Game's success shows Phoenix is a major league city
Compared to other WNBA All-Star games, Phoenix has apparently scored a thunderous slam dunk.<\p> This was the third time the city has hosted the WNBA All-Star Game, but those games didn't include a weekend full of fan experiences and events. As such, Valley leaders aren't sure yet how the numbers from this weekend will add up when an economic impact study is completed.<\p>
This WNBA partnership will last well beyond All-Star Game
The Phoenix Mercury have scored a partnership with K-beauty brand Laneige.<\p> The pairing of beauty and basketball began in earnest over the weekend at the 2024 WNBA All-Star Game, when the South Korean beauty brand held court at the Footprint Center in the arena’s main plaza on July 19-20. <\p>
Caitlin Clark, Angel Reese electrify sold-out WNBA All-Star crowd
In a star-studded matchup between Team WNBA and Team USA, a pair of rookies consistently got the loudest cheers from a sellout crowd of 16,407 fans at Footprint Center.<\p> Indiana Fever guard Caitlin Clark and Chicago Sky forward Angel Reese were prepared for their big moment Saturday night in the All-Star spotlight. After facing off against each other for the past few years at the college level, the rookies teamed up in a 117-109 win.<\p>
Custom homebuilder closes on record-breaking lot sale
Scottsdale-based Cullum Homes sold a record-breaking, customized home to be built at Seven Desert Mountain in north Scottsdale.<\p> Parcel 19, measuring 11,431 square feet, sold for $6.64 million to SEVWC LLC, according to public records. Included in that price is a 7,347-square-foot home to be built by Cullum Homes at 37200 N. Cave Creek Rd., Unit 1021.<\p>
WNBA stars Griner and Jones showcase evolving centers in skills event
When a 14-year-old Jonquel Jones immigrated from the Bahamas in 2008 and arrived at Riverside Baptist School in Upper Marlboro, Maryland, school trainer Reggie Bailey first noticed her length. Training processions ensued, the season progressed and Bailey recognized the New York Liberty center’s ability to shoot the 3-pointer.<\p> Jones committed to expanding, and Bailey acknowledged that she had continually “developed” her 3-point shot throughout her time at Riverside Baptist. Playing AAU and high school basketball in America motivated her to inherit new skills and, in turn, build her confidence to evolve on the court. Twelve years after she graduated from Riverside, Jones participated in her third WNBA All-Star 3-point contest Friday at Footprint Center as part of the weekend showcase in downtown Phoenix.<\p>
Caitlin Clark Effect: WNBA attendance surges in 2024
The Indiana Fever and the team's star rookie Caitlin Clark averaged a league-best 16,898 fans per home game in the first half of the 2024 WNBA season and are on pace to break the single-season record of 16,202 set by the 2002 Washington Mystics, according to a Sports Business Journal analysis of league data. <\p> Half the league’s teams – including the Phoenix Mercury – are averaging more than 10,000 fans per game at the All-Star Game break, which would also be historic if the pace continues. Overall, the league’s average attendance of 9,652 has surged 46% over the full 2023 season average of 6,615, with the Mercury averaging 10,450 for home games so far this season. The All-Star Game is set for Footprint Center in Phoenix on July 20.<\p>
Phoenix Mercury ownership makes big WNBA bet
The WNBA is in the midst of a record-breaking season in 2024, with more fan, media and sponsorship attention than ever before. <\p> With rookie sensations like Caitlin Clark and Angel Reese, along with a loaded Team USA roster expected to contend at the Olympics and a new media rights deal in the works, the league has a lot going for it.<\p>
SRP inks deal for new East Valley battery storage project
Salt River Project has yet another battery energy storage project in the works for the Valley.<\p> The nonprofit utility announced this week that it has partnered with Austin, Texas-based renewable energy company Aypa Power to complete a lithium-ion system that can pump 250 megawatts/1,000 megawatt-hours into Arizona’s grid. <\p>
Businesses line up to be part of WNBA All-Star festivities
Phoenix has raised the bar for WNBA All-Star weekend. <\p> This year's WNBA Live fan experience in downtown Phoenix has attracted the largest investment and participation from business partners in the event's history — and is expected to set a new standard for All-Star Game host cities going forward.<\p>
These luxury Arizona properties feature posh poolside amenities
Wealthy homebuyers have four opportunities to dip into their wallet in order to slip into a luxury estate featuring posh swimming pools and poolside amenities.<\p> First up, an estate on 57 acres in Sedona is listed for $18.5 million, featuring a luxurious pool that invites prospects as temperatures soar to 100 degrees in the northern Arizona city.<\p>
Businesses, agencies ramp up backup systems after global tech outage
The global technology outage caused by a CrowdStrike update pushed to Microsoft Windows devices impacted everything from airlines to banks Friday morning — and reinforced the need for companies to have procedures in place to handle disruptions when they occur.<\p> Systems were gradually coming back on line by late morning.<\p>
Sky Harbor flights, other services disrupted by Microsoft outage
A global IT outage linked to tech company CrowdStrike disrupted services at Phoenix at Sky Harbor International Airport and the Phoenix Police Department — among many others — throughout the early morning hours Friday after a major IT outage involving Microsoft 365 services. <\p> The issue was caused by Austin, Texas-based CrowdStrike (Nasdaq: CRWD), a cybersecurity technology company, through a "defect found in a single content update for Windows hosts," CEO George Kurtz posted on social media platform X early Friday morning. <\p>
Scottsdale restaurant acquired, to close for renovations
Etta, an 8,000-square-foot restaurant in North Scottsdale in the Scottsdale Quarter shopping center, will close down for renovations after being acquired.<\p> RDM Hospitality, a restaurant company based in Austin, Texas, has acquired Etta and announced it will close for renovations on July 22. The newly designed restaurant will open under the same name in September. Etta opened in Scottsdale in 2022.<\p>
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