Business secrets of a craft beer insider

first_img 9 Best Fall Beers to Drink This Year, According to the Brewing Experts The Best Coffee-Infused Beers to Flip All the Switches There are a handful of rock stars in the world of craft beer. First you have the OGs like Fritz Maytag of Anchor Brewing, Jim Koch of Boston Beer Co. and Ken Grossman of Sierra Nevada. They made themselves known simply by being first and then having the gumption to stick around through the lean times. The huge and ever expanding landscape of craft beer owes these gentlemen a huge debt.Then there are the second-wave guys. These are the brewers and owners who used their platforms to become more than the men behind the kettle: true beer world celebrities, outlandishly rethinking the landscape of American beer in the process. This class is dominated by none other than Sam Calagione, founder of Dogfish Head Brewery. In addition to being the original brewer, Calagione has also distinguished himself as company president, a reality television show personality and James Beard Award nominee.Related Post: Dogfish Head Teams Up with WoolrichIn 2005, he added “author” to his resume with the book Brewing Up a Business. It’s the rare behind-the-scenes business tome that is also highly entertaining. Despite all his success, Calagione doesn’t take himself too seriously. He’s more than happy to share the low points along with the highs, and make you laugh and learn from his folly along the way.As Dogfish Head has continued to grow and thrive in the last decade, it was time for Calagione to follow up with his second book, Off-Centered Leadership. This play on Dogfish Head’s slogan (“Off-centered ales for off-centered people”) rings true as the author expands upon the secrets he’s learned as company president. In this new book, he discusses the craft brewing industry’s fight against the big beer juggernauts and describes his unique, zen-like approach to establishing a new company culture at Dogfish Head.We’re inspired to innovate in order to render positive karma to our beer, our company, our customers and the entire craft community.–Excerpt from Off-Centered LeadershipParticularly enriching are the excerpts where Calagione attempts to define Dogfish Head in the aftermath of its success. How do you keep a company fresh and nimble when it has grown beyond the founder’s original visions? How do you keep a competitive edge and also be supportive of the newcomers to your industry? How does beer specifically influence topics of global and personal importance?While Sam doesn’t answer all of the questions that the book posits, he addresses them straight-on with the candor and wit that we’ve come to expect. And while the book provides lots of juicy behind-the-scenes information for craft beer aficionados and Dogfish Head faithful, there’s plenty left over for those looking for real-world leadership tips that will translate to any industry. The Most Unique Collaboration Beers in the U.S. Editors’ Recommendations The Best Food Shows on Netflix to Binge Right Now The Nomadic Beer Maestros of Evil Twin Brewing Find a Permanent Home in Queens last_img read more

Atlantic Citys Revel casino files 2nd bankruptcy in 2 years warns of

ATLANTIC CITY, N.J. – Atlantic City’s Revel Casino Hotel warned its staff Thursday that it will shut down this summer if a buyer can’t be found in bankruptcy court.In warning letters given to employees and obtained by The Associated Press, Revel said it is seeking a buyer for the struggling $2.4 billion casino, but can’t guarantee one will be found. If not, employees could be terminated as soon as Aug. 18, Revel said in the letter.“If Revel is unable to complete such a sale promptly, Revel expects to close its entire facility,” the letters read. The company also said it plans to stay open while it searches for a buyer, operating as usual, honouring player comps and paying employees and vendors.Shortly after distributing the letters, Revel filed a Chapter 11 petition with the federal bankruptcy court, its second in as many years. Revel said it hopes to find a buyer quickly.“We will work to reach an agreement with a new owner who will help ensure Revel’s long-term financial stability and who shares our commitment to providing Revel’s guests and players an exceptional experience,” said Scott Kreeger, Revel’s president and chief operating officer.He said the casino has obtained a $125 million loan from one of its existing financiers so it can operate during its stay in bankruptcy court.It could not be determined how much Revel might sell for in a bankruptcy auction, but it is sure to be a steep discount. Wall Street analysts and some casino executives said last month that $300 million was too high a price for the casino. A union that has been at odds with Revel since before it opened pegged its value in April at $25 million to $73 million, based on public filings.For much of the past year, Revel has sought a buyer for the property, which has remained eighth out of Atlantic City’s 11 casinos in terms of the amount of money won from gamblers. But it also kept the option of a second bankruptcy filing as potential buyers expressed interest but failed to pursue a deal.The Seminole tribe of Florida, through its Hard Rock franchise, has indicated an interest “if the price is right.”The casino is owned by investors who gained control of it during bankruptcy last year, swapping debt for equity in the property. The transaction wiped out 82 per cent of Revel’s $1.5 billion in debt.But even with that extra breathing room, Revel continued to struggle. It acknowledged mistakes in marketing and operations, launching a massive campaign to try to win back patrons. But that backfired when a “You Can’t Lose” promotion offering to refund slot losses angered many customers who thought their losses would be refunded in cash. Instead, they were gradually credited to a Revel account over several months, with restrictions on when the credits could be used.All this occurred against a backdrop of increasing competition from casinos in neighbouring states; four new casinos will soon open in New York. Atlantic City’s casino revenue fell from a high of $5.2 billion in 2006 to $2.86 billion last year.Revel has never been profitable since it opened in 2012.It posted a gross operating loss of $21.7 million in the first quarter this year. For all of 2013, it lost $130 million, up from the $110 million it lost during the nine months it was open in 2012.Revel was seen as a potential game-changer when it opened, the first new casino in Atlantic City since 2003.But its timing was exceedingly bad. The project broke ground just before the Great Recession, and it ran out of money halfway through construction. It was only after the state offered tax credits against future earnings that Revel was able to obtain the last $1 billion or so needed to finish building.It never really connected with the Atlantic City casino market, presenting itself as a high-end luxury destination and eschewing trademarks of New Jersey casino culture like a buffet or bus trips for gamblers. It also was the only casino in New Jersey to ban smoking throughout, further alienating some gamblers. It dropped the smoking ban last year after emerging from bankruptcy.___Wayne Parry can be reached at AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Atlantic City’s Revel casino files 2nd bankruptcy in 2 years; warns of shutdown by Wayne Parry, The Associated Press Posted Jun 19, 2014 1:38 pm MDT read more