Hello, MBA readers,
AMC Entertainment has released fourth-quarter earnings for 2020, drawing the curtains on a brutal year for the Kansas City-area business. The latest financials showed a quarterly loss of nearly $1 billion as the COVID-19 pandemic continued to devastate the theater chain. But, as vaccination rates increase and theaters reopen, AMC executives struck a hopeful tone. There’s “reason to be optimistic about AMC’s ability to get to the other side of this pandemic,” CEO Adam Aaron said. Across town, the Negro League Baseball Museum is partnering with grocer Hy-Vee to set up a weekly vaccination clinic in Kansas City’s 18th and Vine neighborhood. The operation is expecting to vaccinate about 650 people on its first day, but vaccinations will vary depending on supply. And, across the state, St. Louis Lambert International Airport is welcoming a new airline. The airport has come to an agreement with budget carrier Spirit Airlines to offer flights to multiple destinations starting in late May.
Now hear this
Speaking Startup: Sleep science vs. entrepreneurs
Among some entrepreneurs, sleep is almost anathema. An ethos of putting in long hours at work — often at the expense of rest — is romanticized in startup circles. It shouldn’t be, said Jeff Gish, an entrepreneurship professor at the University of Central Florida. His research shows that sleep deprivation can have a whole host of negative effects on decisions and creativity in business. In the latest episode of the Speaking Startup podcast, we examine sleep in entrepreneurship.
Missouri Senate advances gas tax bill
The chamber passed a proposal that would increase the tax 12.5 cents over five years. It now moves to the House. (St. Louis Business Journal)
Spirit Airlines to offer St. Louis flights
St. Louis Lambert International Airport will be adding service from Spirit Airlines starting May 27. The budget airline will offer daily flights to Los Angeles, Las Vegas, Fort Lauderdale, Orlando and Pensacola. (KSDK)
St. Louis bank makes purchase, looks to increase rural reach
Royal Banks of Missouri has acquired Hannibal-based Saints Avenue Bank for an undisclosed price in an all-cash deal. The move extends Royal Banks of Missouri’s reach to the northern part of the state. (St. Louis Business Journal)
Harassment claims against Boulevard Brewing confirmed
An outside firm’s investigation has confirmed claims of harassment at Kansas City’s Boulevard Brewing. The claims resulted in the resignation of three high-ranking employees. (Kansas City Star)
Barnes-Jewish Hospital begins building demolition
The 18-story Queeny Tower at the St. Louis hospital is being torn down. Demolition is expected to last until September, and it will be replaced by a 17-story inpatient tower. (St. Louis Post-Dispatch)
Rockhurst University begins $23 million renovation
The oldest building on the Kansas City university’s campus is getting a major makeover from JE Dunn. Interior demolition on the century-old structure started back in December, and construction began last month. (Kansas City Business Journal)
B2B credit provider rebrands
Multi Service Technology Solutions, or MSTS, is changing its name to TreviPay in a move that CEO Brandon Spear says will clarify the Kansas City-area company’s purpose. The business-to-business credit provider is in its 43rd year. (Kansas City Business Journal)
United Way campaign raises $1.7 million
The 100 Neediest Cases campaign run by United Way of Greater St. Louis raised a record for the campaign, with over 6,500 donors helping the campaign reach nearly 9,500 residents. (St. Louis Post-Dispatch)
$1 million grant looks to improve St. Louis childbirth safety
The city of St. Louis and two nonprofits will receive the grant, which aims to improve doula access throughout the city. (St. Louis Business Journal)
Say that again
“I’m a nurse by background, so I think this bill is great. Anything that brings health care to rural communities is a fantastic idea.”
That’s Patty Lewis, D-Kansas City, discussing a bill in the Missouri Legislature that would create a grant to pay physicians to move to rural areas. More than half of Missouri’s doctors live in the city of St. Louis, St. Louis County or Jackson County, the Columbia Missourian reports. The proposed bill would grant doctors $10,000 per year for five years, which some representatives are concerned is not enough of an incentive for doctors to move. Rep. Herman Morse, R-Dexter, who sponsored the bill, said that if even a few doctors take the grant, it will be worth it.
AMC Entertainment reported a fourth-quarter loss of $946.1 million, or $6.21 per share. That brought the Leawood, Kansas-based theater operator’s total loss for the year to more than $4 billion, MarketWatch reports. AMC’s fourth-quarter revenue was just 11% of what the company generated in the same period the year before as the theater chain continued to suffer amid the pandemic. However, as of this month, AMC has reopened nearly 90% of its U.S. locations, the Kansas City Business Journal reports.
Long time NLBM partners, @HyVee will be hosting a weekly community vaccination clinic for residents of the 18th & Vine District community, at the @NLBMuseumKC. The vaccines will be available those eligible under MO Phase 1B, Tier 2 and Tier 3, and all essential workers. pic.twitter.com/ePxg5v8fwC
— Negro Leagues Baseball Museum KC (@NLBMuseumKC) March 11, 2021
The Negro Leagues Baseball Museum and supermarket chain Hy-Vee are partnering to provide COVID-19 vaccinations every Monday for residents living around the museum, which is located in Kansas City’s historic 18th and Vine district. The clinic is expected to vaccinate 650 people on its opening day, although weekly numbers will depend on vaccine supply, The Kansas City Star reports. The move comes as disparities in COVID-19 vaccination rates persist between white and Black Missourians.
Hello, my name is
This is the latest project underway at Logistics Park Kansas City, the Kansas City Business Journal reports. It is planned as a 771-acre manufacturing and distribution center, and officials expect it to create more than 250 new jobs in the area.