The San Francisco 49ers will be replacing long-time concessionaire Centerplate with the sports and entertainment hospitality provider Levy Restaurants, at Levi’s Stadium, come April. The newly signed food and beverage services contract covers all areas of the stadium including; concession stands, luxury suites and club levels. Known for bringing in local iconic food vendors, Levi’s Stadium guests can expect new dining destinations; though, celebrity chef Michael Mina’s Bourbon and Steak Pub and Sunday Tailgates will remain unchanged. Levy Restaurants is a leader within the hospitality space, maintaining high-profile contracts with Dodgers Stadium, Wrigley Field and the Mercedes-Benz Stadium among others.
Howie Long-Short: Levy Restaurants is a subsidiary of the Compass Group (OTC: CMPGF), the largest food service company in the world; serving over 5.5 billion meals/year across 50 countries. The company issued Q1 ’18 financials on February 8th, reporting organic revenue grew 5.9% YOY (including 8.2% within North America); with the vending and sports & leisure sector experiencing “particularly strong growth.” Strong results in U.S., combined with the rest of the world “performing better than expected”, has the company now projecting to be “above the middle of our target 4-6% organic growth range for the full year.” For reference purposes, the company generated $31 billion in 2017 revenue.
Fan Marino: While on the topic of the 49ers, star LB Reuben Foster was arrested earlier this month (for the 2nd time within a month, marijuana possession) on domestic violence threats and possession of an assault weapon; yet, somehow remains on the team. GM John Lynch claims he has a “very high standard” for player conduct, but that’s a bunch of hot air. His rules only apply to marginal talent (a tale as old as time) like Tramaine Brock (cut in April ’17 on suspicion of felony domestic violence); Foster was a 1st round pick, so he gets a free pass. NFL players were right to use their platform to protest racial inequality and police brutality; they would serve the society equally well protesting domestic violence and assault weapon possession.
Interested in Sports? Sports Business? Sports Finance? Sign-up for our free daily email newsletter list, here!