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Greenville Business Magazine

The Business Narrative: Tennis Move

Aug 15, 2022 10:41AM ● By Donna Walker

Beemok Capital to Acquire Cincinnati’s Western & Southern Open

Beemok Capital, the family office of businessman and philanthropist Benjamin Navarro, said it has entered into a definitive agreement to acquire Cincinnati’s Western & Southern Open tournament from the United States Tennis Association (“USTA”).

Financial terms weren’t disclosed.

Officials said Navarro and Beemok Capital have demonstrated a years-long commitment to the advancement of tennis in the United States with substantial investments in programs and infrastructure to support all levels of tennis development.

They said Beemok also brings extensive operational and hospitality expertise to the Western and Southern Open, having recently completed a major renovation that transformed Charleston’s Credit One Stadium into a world-class tennis and concert venue.

Credit One Stadium plays host to North America’s largest women’s only professional tennis tournament, the Credit One Charleston Open, acquired by Beemok in 2018.

Beemok also operates two tennis complexes in the Charleston area that serve as host sites for USTA Pro Circuit events, the USTA Girls’ 18s National Clay Court Championship and a tennis academy serving players aspiring to compete at the college and pro levels.

“It is an honor to partner with the USTA, ATP and WTA to help write the next chapter for the Western and Southern Open, one of the world’s premier tennis events,” said Navarro.

Completion of the transaction is subject to customary closing conditions and is expected to close in Q3 2022.

Gibson, Dunn & Crutcher LLP is serving as legal counsel to Beemok Capital. BofA Securities is acting as exclusive financial advisor to USTA, and Covington & Burling, LLP is serving as USTA’s legal counsel.

The Western & Southern Open is the nation's oldest professional tennis tournament played in its city of origin since 1899.

The tournament is a hard court combined event for men and women played during the month of August.

The Open is part of the ATP and WTA Tours as a Master 1000 (the highest category after the Grand Slams). Previous champions include Roger Federer, Rafael Nadal, Pete Sampras, Andre Agassi and Serena Williams.

Cedar Fair Announces Plans for 2023 Operating Season

Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, unveiled plans for the 2023 operating season across multiple properties in the U.S. and Canada.

Those include new themed areas at Carowinds, which straddles the South Carolina-North Carolina border, and Cedar Point in Ohio, several major upgrades at Knott’s Berry Farm in southern California, and 50th anniversary celebrations at Worlds of Fun in Missouri and Carowinds.

In addition, several parks will be introducing a new generation of guests to some iconic rides and attractions from the past – such as the Wild Mouse at Cedar Point and Zambezi Zinger at Worlds of Fun -- that have been reimagined and recast for today’s thrill seekers.

Officials said there will be plenty of new food and beverage options across the board, and park event calendars will be chock full of seasonal festivals and special celebrations that offer something fun for everyone in the family throughout 2023.

Carowinds will celebrate its 50th anniversary by unveiling its fourth rethemed area since 2017.

At the center of the anniversary celebration will be Aeronautica Landing, where guests can immerse themselves in a land where the Carolinas’ spirit of aviation invention and exploration are celebrated.

Construction is under way in the Crossroads areas of the park, which will be completely renovated and renamed as Aeronautica Landing, complete with the introduction of five new themed attractions opening in 2023.

In addition, Aeronautica Landing will boast two new and one upgraded dining venues.

The popular Grand Carnivale celebration will return to a half-dozen parks next summer, including Carowinds, Dorney ParkKings DominionKings Island and Worlds of Fun.

In the fall, 10 parks will offer Halloween-themed special events such as Tricks and Treats or Halloween Haunt.

And as temperatures drop, WinterFest will return to Carowinds, California’s Great America, Kings Dominion, Canada’s Wonderland and Kings Island.

The one-of-a-kind holiday spectacular is filled with millions of lights, enchanting themed areas, live holiday entertainment, sweet and savory treats, and a variety of additional activities for the entire family.

PNC Bank Eliminates Non-Sufficient Fund Fees For Consumer Banking Customers

PNC Bank said Aug. 11, 2022, it will no longer charge any consumer deposit account customers non-sufficient fund (NSF) fees.

"Over the last several years, we've made significant enhancements to our overdraft solutions, all of which are designed to help our customers and give them better control of their financial future,” said Alex Overstrom, head of Retail Banking for PNC.

“Eliminating NSF fees on consumer deposit accounts is just another way we are helping our customers strengthen their financial wellness."

An NSF fee, sometimes referred to as a Returned Item Fee, occurs when a payment transaction is returned due to insufficient funds.

An overdraft fee is charged when the bank completes the transaction by covering the dollar amount of the shortage, resulting in a negative account balance.

With this change, if an item is returned by the bank, a PNC consumer deposit account customer will no longer incur an NSF fee.

The strategic move comes roughly a year after PNC was among the first financial institutions to take a major step in addressing overdraft fees with the launch of Low Cash Mode, a cornerstone feature of its Virtual Wallet Spend account that provides consumers with options for avoiding overdrafts while maintaining overdraft availability for those who need to make payments during temporary cash shortfalls.

With the launch of Low Cash Mode, PNC eliminated NSF fees for customers with Virtual Wallet Spend. Now, PNC's additional personal checking account types will receive the benefit.

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States.

Woodfield Development Closes on Second Parcel in Downtown Nexton

Sharbell Nexton, LLC announced that Woodfield Development recently closed on a second parcel in Downtown Nexton, the urban-inspired mixed-use community serving the growing number of residents in Nexton and surrounding areas near Charleston, S.C.

Woodfield’s next development consists of 11.37 acres and will feature 324 apartment homes offering a mix of studios and one-, two- and three-bedroom units.

The community will include a resort-style pool with full lap lanes and tanning shelves, multiple courtyards, grill stations, a pickleball court and a dog park.

The stand-alone, two-story clubhouse will offer an indoor-outdoor fitness space, expansive resident business center, game room, dining areas, and a connected amphitheater.

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