Is the Empire State Building a symbol of Covid woes?

first_imgShare via Shortlink ESRT CEO Anthony Malkin and the Empire State Building (Malkin by Sean Zanni/Patrick McMullan via Getty Images; iStock)The Empire State Building may be at the nexus of several issues putting pressure on commercial landlords.The landmark tower’s reliance on tourism to drive revenue to its observation deck and the shift toward remote work or satellite offices could make it more vulnerable than some of its peers, according to the Wall Street Journal.Read moreTony Malkin on looting, unions and Empire State Building reopeningA third of Empire State Realty Trust tenants sought rent relief: Q1 reportEmpire State Realty Trust lost $20M in Q2 As tourism has fallen, revenue from the building’s observation deck has fallen to a mere $86,000 last quarter, down from $32.9 million during the same time last year, according to Empire State Realty Trust’s latest earnings. The real estate investment trust owns the iconic tower along with 19 other properties.Meanwhile, the building’s office tenants are largely made up of smaller companies, compared to competing office towers, such as Hudson Yards, that have locked big companies into long-term leases, according to the Journal. Those smaller companies are more vulnerable to major economic shifts, and may not have as much capital to sustain operations during a longer period of distress.Back in May, activist investor Jonathan Litt said he was taking short positions in New York City landlords, including ESRT, SL Green Realty and Vornado Realty Trust. But many unanswered questions remain over the future office leasing in New York.Anthony Malkin, ESRT’s CEO, rejected the idea that his building represents the wider woes of the office, retail or tourism sectors.He told the Journal that two-thirds of the office tenants at the Empire State Building lease one floor or more, and office rent collection in July rose to 91 percent from 83 percent in June. Malkin maintains that Empire State’s low debt and high occupancy rates in the iconic skyscraper position it well.“I don’t think we’ve ever been as prepared for a down cycle as we are now,” Malkin said. [WSJ] — Erin Hudson Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink TagsEmpire State Realty Trusttony malkinlast_img read more

Gfinity Championship series racks up 60 million views

first_imgGfinity Championship series racks up 60 million viewsSix month event schedule surpassed expectations by more than 8 million viewsMatthew HandrahanEditor-in-ChiefTuesday 13th October 2015Share this article Recommend Tweet ShareCompanies in this articleGfinityGfinity, the British esports company, drew almost 60 million views across its inaugural Championship Series this year, which started in March and culminated in the Champion of Champions event at EGX in September.The Champion of Champions event received 8.75 million views on its own, pushing the total for the entire Gfinity Championship series to 58.5 million. Initially, the company set a target of 50 million views.Related JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games In a statement released today, Gfinity CEO Neville Upton said, “We are very pleased to have exceeded our target of 50 million views for the series, demonstrating our ability to attract the best players and talent and stage top quality esports events.” The series was composed of 23 weekly events, most of which were hosted at Gfinity’s arena in London. It was also streamed via services like Twitch, MLG.tv and its own Gfinity.net channel.Gfinity made a statement of its ambitions by listing on the AIM stock exchange in December 2014. It then opened the UK’s first dedicated esports arena in February 2015, but that rapid growth took its toll on the company’s bottom line. In the six months leading up to December 21, 2014, it lost almost £1.4 million.Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Daily Update and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesGfinity is no longer for saleRevenue at the esports company was up 212% in the second half of 2020By Marie Dealessandri A month agoGfinity acquires Epicstream as it seeks growth amid financial troublesBut sales process is progressing as plannedBy James Batchelor 5 months agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more

Desert Bus For Hope has raised $3.1 million for Child’s Play

first_imgDesert Bus For Hope has raised $3.1 million for Child’s PlayCharity drive breaks record for ninth consecutive year with $676,000 haulMatthew HandrahanEditor-in-ChiefTuesday 24th November 2015Share this article Recommend Tweet ShareThe online charity event Desert Bus For Hope broke its own record for the ninth consecutive year, raising $676,000 in a six-day gaming marathon.Desert Bus was intended to be part of the 1995 Sega CD minigame collection, Penn & Teller’s Smoke & Mirrors. The player has to drive a bus between Tucson and Las Vegas, along a long, featureless and perfectly straight road. The only wrinkle is a slight fault in the bus’s steering, which requires the player to make constant minor adjustments to keep it on the road. The journey takes eight-hours, the reward for completion is a single point and the option to drive the return journey.Desert Bus For Hope was started in 2007 by the Canadian comedy team Loading Ready Run. The initial target was a modest $5,000, but it ultimately reached almost $23,000. The centrepiece of the event is a marathon Desert Bus session, in which a string of players take back-to-back shifts on the game in return for escalating donation amounts. Related JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games This year ran to 159 hours, raising a record total of $676,883.57. Desert Bus For Hope has now raised $3.1 million for Child’s Play, the Seattle-based charity that donates toys and games to kids with serious illnesses.A statement on the Desert Bus For Hope website read: “Thank you, from the bottommost depths of our hearts. You are, indeed, the most generous community we know.”Each year we have grown leaps and bounds, both in amount raised and the people involved. It’s hard to believe that we have a volunteer staff of over 45 individuals. This team works year round in order to put this event on, but we don’t do it alone.”Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Daily Update and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesEA Play Live set for July 22Formerly E3-adjacent event moves to take place a month and half after the ESA’s showBy Jeffrey Rousseau 9 hours agoGenesis Noir nabs four nominations in 2021 IGF AwardsOther games in the running for Seumas McNally Grand Prize include Paradise Killer, Teardown, Chicory: A Colorful Tale, Umurani Generation, and SpiritfarerBy Brendan Sinclair 4 days agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more

Rise of the Tomb Raider sold “well over” 1 million units

first_imgRise of the Tomb Raider sold “well over” 1 million unitsCrystal Dynamics’ sequel was one of four Xbox One exclusives to hit that milestone over the holidaysMatthew HandrahanEditor-in-ChiefTuesday 5th January 2016Share this article Recommend Tweet ShareCompanies in this articleMicrosoftRelated JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games Crystal Dynamics’ Rise of the Tomb Raider has surpassed 1 million units sold, one of four Xbox One holiday exclusives to reach that milestonne.The first game in Crystal Dynamics’ rebooted series was a multiplatform release, and ultimately sold more than 8.5 million units. The fact that its sequel didn’t launch on PlayStation 4 made similar performance all but impossible, and yet initial signs were still underwhelming. Rise of the Tomb Raider only entered the UK chart at number four, and it didn’t feature at all on NPD’s list of the ten best-selling games in the US for November.However, in a post on Xbox Wire, Microsoft’s Aaron Greenberg said that Xbox One had four million-sellers over the holiday period: Halo 5: Guardians, Forza Motorsport 6, Gears of War: Ultimate Edition and, yes, Rise of the Tomb Raider. Greenberg later confirmed via Twitter that the game’s 1 million units were sold through to [email protected] It is sell-through and well over 1M units, big December!— Aaron Greenberg 🙅🏼‍♂️💚U (@aarongreenberg) January 4, 2016last_img read more

237 games certified for Video Games Tax Relief in 2015

first_img237 games certified for Video Games Tax Relief in 2015Total budget for UK/EEA games came to £730 million, according to BFI dataMatthew HandrahanEditor-in-ChiefThursday 4th February 2016Share this article Recommend Tweet ShareA total of 237 games have been certified for Video Games Tax Relief in the first calendar year since the initiative was introduced in the UK.Though VideoGames Tax Relief officially started in April 2014, the end of the first full calendar year has been marked with the publication of hard numbers from the BFI. In total, 116 games received “Final” certification – meaning the products were complete – with a EEA/UK budget spend of £180.9 million. The 121 EEA/UK games still in development, classified as “Interim,” represented a total of £548 million in budget.Despite there being a similar number of projects in the Interim and Final categories, the vast majority of the £728.9 million spent went on the former. The reason is scale: the majority of games to reach Final certification were simpler, with budgets below £1 million; the more expensive games will generally take longer to finish, and are therefore more likely to spend longer in the Interim phase.Related JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games In a statement released today, Jo Twist, CEO of the trade body Ukie, described the figures as evidence that Video Games Tex Relief is helping to stimulate growth in the British industry. “Now that we have a clearer picture of the impact, with the full first year’s figures, Ukie would like further detail to be provided, starting with a regional breakdown of the numbers,” she said, “to show how VGTR is helping across the country.”TIGA, another UK trade body, asked for improvements to be made, specifically an increase to the £1 million limit on subcontracting work that Video Games Tax Relief currently imposes. “Increasing the outsourcing limit could benefit smaller UK games businesses involved in the supply chain and help to build up their skills, talent and capacity,” TIGA said in its statement.”The UK is unparalleled in terms of creativity and craft, and Games Tax Relief is finally allowing our industry to thrive,” added Jason Kingsley, CEO of Rebellion and chair of TIGA. “Making high-quality video games is an art form, and it is fantastic that the UK Government has introduced this benefit previously reserved for the film industry. It signifies that games are not just for gamers: they are a hugely valuable element of our economy.”Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Daily Update and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesGearbox, Microsoft, Amazon and Apple oppose Texas anti-trans lawBorderlands developer even suggests it would expand out of the state if law is passedBy James Batchelor 20 days agoGerman legal reform to set new standards for loot boxesBundestag passes youth protection law that would require clear descriptors for games featuring loot boxesBy Matthew Handrahan 2 months agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more

Nexon and Netmarble fined for loot box practices

first_imgNexon and Netmarble fined for loot box practicesKorean FTC hands out almost $1 million in fines, the majority to NexonMatthew HandrahanEditor-in-ChiefTuesday 10th April 2018Share this article Recommend Tweet ShareCompanies in this articleNetmarbleNexonNexon, Netmarble and NextFloor have been fined by the Korean Fair Trade Commission for misleading their customers with in-game loot boxes.According to a report in The Korea Herald, the total value of the penalties and fines was ₩1 billion ($940,000). However, the overwhelming majority of that was meted out to Nexon, which had to pay ₩944.5 million ($888,000), compared to Netmarble’s total of ₩60 million ($56,000).The FTC said that the “Celebrity Count” event in Nexon’s Sudden Attack was an example of deceptive practices. In that case, loot boxes were sold to consumers in order to collect 16 puzzle pieces, with each box yielding two pieces in total. Related JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games According to the FTC, Nexon promoted the boxes as giving out pieces at random, but the chance of getting some of the pieces was just 0.5 per cent. A single consumer spent ₩460,000 trying to obtain all 16.Nexon responded to the FTC with the following statement: “In our puzzle event, we used the phrase ‘random provision’ to suggest the items would be provided at random, and that the odds of obtaining each puzzle piece were different. However, the FTC interpreted the phrase as suggesting equal odds. We plan to work on obtaining an additional review of this issue in the future.”The FTC also found fault with practices in Nexon’s Counter Strike Online 2, and Netmarble’s Ma9, Monster Taming and Everybody’s Marble. Netmarble has issued an apology to the users involved, but would not comment on any plans to challenge the FTC’s ruling.Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Daily Update and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesNexon invests $874m in Bandai Namco, Konami, Sega and HasbroMore investments to come as part of $1.5 billion initiative to support “overlooked and undervalued” entertainment firmsBy James Batchelor A month agoFinal Fantasy XI mobile reboot officially cancelledNexon and Square Enix indicated that the title didn’t meet expectations, despite having been in development for five yearsBy Marie Dealessandri A month agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more

GamesIndustry.biz teams up with PAX West on networking app

first_imgGamesIndustry.biz teams up with PAX West on networking appWe’re also at PAX Dev with a workshopChristopher DringHead of Games B2BWednesday 15th August 2018Share this article Recommend Tweet ShareCompanies in this articleReed ExhibitionsYou can now arrange business meetings at PAX West via the new GamesIndustry.biz @ PAX Networking app.The app is available to download for free right now via the App Store and Google Play, although users need to first sign-up through here.Related JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games The app is for use in and around the PAX West venues, which takes place in Seattle between August 31st and September 3rd. We hope to utilise the system at all future PAX events, so stay tuned. Users of the app simply need to swipe on the screen to confirm or reject meetings. More details on how it all works is through here.GamesIndustry.biz is attending PAX this year via the app and also through a special GamesIndustry.biz Workshop, which takes place at PAX Dev. PAX Dev runs just before PAX West (August 28th – 29th) and our workshop, entitled Make Some Headlines, will be managed by US Editor Brendan Sinclair.”For years PAX has been uniting the gaming community with each other through the passion of video games,” stated the PAX organisers. “Now we have partnered with GamesIndustry.biz to unite the very community responsible for those games. With the PAX App, our goal is bring the industry together to elevate networking by making it seamless and accessible. Now it is easier than ever to plan your show, meet with colleagues, partners, publishers and potential mentors to create the next generation of games.” Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Publishing & Retail newsletter and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesEA leans on Apex Legends and live services in fourth quarterQ4 and full year revenues close to flat and profits take a tumble, but publisher’s bookings still up double-digitsBy Brendan Sinclair 3 hours agoEA Play Live set for July 22Formerly E3-adjacent event moves to take place a month and half after the ESA’s showBy Jeffrey Rousseau 5 hours agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more

The International brings record-breaking prize pool

first_imgThe International brings record-breaking prize poolDota 2 tournament’s $24.8 million pool once again largest in esports historyRebekah ValentineSenior Staff WriterMonday 20th August 2018Share this article Recommend Tweet ShareCompanies in this articleValveAt The International this weekend, some of the world’s best Dota 2 players will compete for a prize pool of $24.8 million. This pool, breaking The International’s own record from last year, is the largest prize pool offered in esports history.Related JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games The International’s prize pool has managed to grow every year for the last seven years, according to ESPN’s report, largely due to the unique way in which Valve funds it. Ahead of each year’s competition, Valve offers a Battle Pass to Dota 2 players for $9.99 or a level-boosted pass for $36.99, with 25% of the sales going toward the prize pool.Valve contributes $1.6 million to the pool itself, but since the company began offering the Battle Pass in 2013, the crowd-funded portion of the pool has outstripped Valve’s offering by a growing amount each year. Last year, the pool reached $24 million by the day of the competition. At the time of this post, the pool for the 2018 competition sits at $24,846,365.The pool will be split among all 18 participating teams, with the smallest share of $61,868 going to 18th place and 1st place receiving $10,881,831 with the current pool size.Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Daily Update and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesWolfire Games files antitrust lawsuit against ValveThe developer argues that Valve uses its dominant position on the PC market to “exploit publishers and consumers”By Marie Dealessandri 12 days agoValve blocks Super Seducer 3 from SteamMultiple product reviews left Valve at “an impasse” with seduction game creator Richard LeRuinaBy Matthew Handrahan A month agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more

Digital Bros.’ full-year results hurt by a lack of new releases

first_imgDigital Bros.’ full-year results hurt by a lack of new releasesRevenue tumbles at 505 Games’ parent company, but next year will be boosted by The Walking Dead and Remedy’s ControlMatthew HandrahanEditor-in-ChiefWednesday 31st October 2018Share this article Recommend Tweet ShareCompanies in this article505 GamesDigital Bros.Revenue and profits were in decline at Digital Bros. in the last fiscal year, largely due to a lack of major new releases.In the fiscal year ended June 30, 2018 – the results from which have just been approved by the Digital Bros. board – the Italian company earned €76 million in gross revenue, mostly through the activities of its publishing label 505 Games. This represents a 42.7% decrease over the fiscal year ended June 2017.The majority of that revenue came from Premium Games, which generated €54.1 million in revenue across the year – a decline of more than €51 million over the prior year. The biggest contributors “in absolute terms” were Terraria and Payday 2, the former a game from 2011, and the latter a 2013 title that Digital Bros. sold the full rights to more than two years ago. Nevertheless, the two games brought in around €16.4 million in revenue.Free-to-play games remain a minority in Digital Bros. portfolio, and they too were in decline. Revenue from free-to-play titles decreased by 24.9% to €5.8 million year-on-year.Related JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games This resulted in a 19% decline in net profits over the previous year to €9.2 million.However, the company expects a much stronger performance next year, with projected revenue of between €145 million and €190 million. This is down to a much stronger release slate for 505 Games, which includes Overkill’s The Walking Dead and Remedy’s new IP Control.In February this year, Digital Bros. sold the US developer Pipeworks to the Northern Pacific Group for a total sum of $20 million.Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Publishing & Retail newsletter and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore stories505 Games buys Ghostrunner IP for €5mBut Polish publishing partner All In Games will still receive share of profits from 2020 sci-fi action gameBy James Batchelor A month ago505 Games acquires Infinity Plus TwoUpdate: Digital Bros clarified that it acquired Infinite Interactive and Infinity Plus Two for $4.5 millionBy Marie Dealessandri 3 months agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more

Tencent in talks to bring Apex Legends to China – Report

first_imgTencent in talks to bring Apex Legends to China – ReportRespawn’s latest would join Fortnite, PUBG in online giant’s stable of battle royale titlesBrendan SinclairManaging EditorFriday 15th February 2019Share this article Recommend Tweet ShareCompanies in this articleTencentRelated JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games Tencent is looking to increase its investment in the battle royale genre. The South China Morning Post today reported that the Chinese firm is in talks with Electronic Arts to bring the Respawn Entertainment-developed Apex Legends to China. Tencent already handles Chinese distribution for a number of battle royale titles, most notably Fortnite (from Epic Games, in which Tencent holds a minority stake) and PlayerUnknown’s Battlegrounds.The free-to-play Apex Legends was announced and launched just 11 days ago. It was an instant success, reaching 25 million players and 2 million concurrent users in its first week. It has also been a hit for streaming audiences, with one tracking site saying fans watched 8.4 million hours of Apex Legends on Twitch on Tuesday, beating the 7.2 million hours of Fortnite watched on the service for that game’s Season 5 launch last year.Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Publishing & Retail newsletter and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesTencent in talks with US Committee to retain Epic and Riot stakesThe CFIUS is investigating whether user data handled by the two studios could constitute a “national security risk” because they are Chinese-ownedBy Marie Dealessandri 6 days agoTencent’s Timi Studios reportedly earned $10bn in 2020The Honor of Kings studio is the world’s biggest developer, Reuters reportedBy Marie Dealessandri A month agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more