Latest news with #Jewett
Chicago Tribune
24-07-2025
- Business
- Chicago Tribune
Long-delayed $250 million Bally's Chicago IPO may finally close in August
Eight months after launching its $250 million initial public offering, Bally's Chicago is making a final push to solicit investors and complete the long-stalled offering within weeks. The IPO, which has navigated lawsuits and regulatory delays, was refiled for a second time July 15 with the Securities and Exchange Commission to update the company's financials, according to the company. Bally's Chicago is hoping to get SEC approval and close the offering by early August, according to a note to prospective investors Wednesday. 'It's still under review by the SEC,' said Chris Jewett, Bally's senior vice president of corporate development. 'But we feel like we are hopefully closer to being able to launch.' Bally's Chicago opened the $250 million IPO in January exclusively for women and minorities to buy a 25% equity stake in the casino, looking to fulfill a commitment to the city and raise money for the construction of its planned $1.7 billion entertainment complex in River West. In April, Bally's refiled and expanded the IPO to include any potential investors, with 'preferential allocations' to Chicago and Illinois residents. Chicago-based Loop Capital Markets serves as the lead placement agent for the IPO, which initially was limited to Blacks, Asian Americans, Hispanics and other 'socially disadvantaged' people as defined by city guidelines. The elimination of the minority requirements in the IPO came as Bally's and the city faced two lawsuits in Chicago federal court alleging the investment opportunity discriminated against white men. A discrimination lawsuit brought by Wilmette resident Mark Glennon was dismissed April 30 — eight days after the first IPO refiling with the SEC. In June, Bally's and the city settled a similar lawsuit brought by the American Alliance for Equal Rights, according to court filings. The IPO creates 10,000 Class A shares featuring four classes of stock ranging from $250 to $25,000, supplemented by loans from Bally's Chicago to enable 'underrepresented communities' to participate. Jewett said he is confident the Bally's Chicago IPO will be fully subscribed and that it will help fulfill the casino's minority equity requirement, despite being opened up to all investors. 'There is definitely (investor) interest, for sure,' Jewett said Wednesday. In May 2022, Rhode Island-based Bally's was selected to build the Chicago casino, besting finalists Rivers Casino and Hard Rock with a proposal that includes an exhibition hall, a 500-room hotel, a 3,000-seat theater, 10 restaurants and 4,000 gaming positions. But Bally's Chicago, which has been operating a temporary casino at Medinah Temple since September 2023, has hit some bumps in the road on the way to building the permanent casino. Bally's navigated a one-month demolition stoppage in December after construction debris from the remnants of the Freedom Center, once the largest newspaper printing plant in North America, spilled into the river. In May, construction was shut down for two weeks by the Illinois Gaming Board to investigate the use of an unauthorized subcontracted waste hauler previously alleged to have had ties to organized crime. Bally's got the green light to resume construction after booting the waste hauler and agreeing to a better vendor vetting process. The permanent casino remains on target, however, to be opened by September 2026, Jewett said. 'The tower crane just went up, steel is starting to get delivered,' Jewett said. 'Hundreds of thousands of tons of steel are going to come in over time. The main building construct is steel and concrete.' Given the success of recent permanent casinos openings at Wind Creek in the south suburbs and Hard Rock in Rockford, and with Hollywood Joliet set to open its new land-based casino next month, Bally's Chicago is eager to get its planned casino complex at the former site of the Chicago Tribune printing plant up and running. Rivers Casino Des Plaines was once again the state's top casino in June with $40.3 million in adjusted gross receipts, followed by newcomer Wind Creek, which generated nearly $16.8 million in revenue, according to Gaming Board data. Hard Rock Rockford ranked third with $12.2 million in revenue during June, followed by Grand Victoria in Elgin at $11.9 million and Bally's Chicago at $10.7 million. Through the first six months of 2025, the state's 17 casinos have generated $954 million in adjusted gross receipts, up nearly $127 million or 15.3% over last year, according to Gaming Board data. The casinos totaled more than 7.6 million visitors, up 1.5 million or 24% year over year. Most of that growth came from the opening of Wind Creek Chicago Southland in November, which has quickly become the second busiest casino in the state behind perennial leader Rivers. During the first six months of 2025, Wind Creek topped $96 million in revenue and welcomed 1.1 million guests. Rivers Casino generated nearly $250 million in adjusted gross receipts and saw nearly 1.5 million admissions through June, according to Gaming Board data. Hollywood Joliet, one the state's original riverboat casinos, ranked ninth during the first six months with $43.4 million in revenue, but it expects business to boom with the planned opening next month of a new $185 million land-based casino. Bally's Chicago, which has been flat through June, ranking fifth in revenue at $63 million and fourth in admissions at 649,000, is hoping for a similar boost next year when its permanent casino opens, Jewett said. 'The temporary served a purpose,' Jewett said. 'It was to start generating tax revenue, creating jobs and really building up to what the permanent is. It was never meant to be the permanent in itself. It's a good experience, beautiful building, good location, but it's not the permanent.'
Newsweek
21-06-2025
- Business
- Newsweek
Fervo Uses Oil Drilling Technology to Dig Deep for Clean Geothermal Energy
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The U.S. oil and gas industry sparked an energy revolution a few decades ago by thinking in a different direction—literally. Horizontal drilling, combined with hydraulic fracturing, unlocked new petroleum reserves and quickly propelled the U.S. to global leadership in oil and gas. Fervo Energy, a company headquartered in oil capital Houston, is aiming for a similar revolution in geothermal energy by borrowing a page from the oil industry's playbook. "Drilling is drilling," Fervo's Vice President of Strategy Sarah Jewett told Newsweek. "That is kind of the 'aha' moment that our founders really found when they started this business." By using drilling technology advanced by the oil and gas industry, Fervo is drilling deeper, drilling sideways and drilling in new places to unlock new reserves of heat energy. A member of Fervo Energy's drilling rig crew climbs to the top of the rig in Utah. A Fervo well recently reached a depth of more than 15,000 feet, where rock is greater than 500... A member of Fervo Energy's drilling rig crew climbs to the top of the rig in Utah. A Fervo well recently reached a depth of more than 15,000 feet, where rock is greater than 500 degrees Fahrenheit. More Courtesy of Fervo Energy "There's no reason why geothermal energy wells should be using older, more outdated rigs," Jewett said. Traditional geothermal energy relies on finding steam-bearing resources and drilling into them vertically to capture the steam heat. It requires not only hot rock but also enough permeability in the rock to allow water and heat to come together. That made geothermal power geographically limited to those places with just the right combination of factors. Fervo is developing an enhanced geothermal system (EGS) that creates some of those conditions by making rock permeable and injecting liquid where hot rock is available. Instead of just drilling vertical wells, the company uses horizontal drilling and hydraulic fracturing techniques to harvest naturally occurring heat. "We are just using the heat from rock under the earth rather than steam directly to create electricity," Jewett explained. The U.S. Department of Energy calls EGS "the next frontier" for renewable energy. Because the technology can tap a much wider range of geothermal resources, the DOE estimates that EGS has the potential to power more than 65 million American homes and businesses. "Really, hot rock is everywhere," Jewett said. "It's just a question of how deep that rock exists and how economic is it to actually get to [that] depth." Rock that reaches 400 to 500 degrees Fahrenheit is, generally speaking, closer to the surface in the western U.S. than in the eastern states. Fervo is focusing efforts in southwestern Utah, site of the company's Cape Station development where the company is building three power plants. Fervo Energy is building three power plants as part of its Cape Station development in southwestern Utah. The first is scheduled to come online in the summer of 2026. Fervo Energy is building three power plants as part of its Cape Station development in southwestern Utah. The first is scheduled to come online in the summer of 2026. Courtesy of Fervo Energy Jewett said Fervo's first power plant is scheduled to come online next summer with the first phase delivering 100 megawatts of clean power. An additional 400 megawatts of capacity is scheduled at the same site by 2028, and power purchasers include Shell Energy and Southern California Edison. Last week the company announced that a new round of funding for the Cape Station development had secured $206 million from investors including Breakthrough Energy Catalyst, founded by Bill Gates. In another announcement last week, Fervo shared results from one of its exploration wells that pushed the boundaries of geothermal technology. The company's deepest well yet reached more than 15,750 feet, nearly 3 miles beneath the surface. Rock temperature at that depth is greater than 500 degrees, Jewett said, and the company is testing what happens to drill bits, casings and electronics at very high heat. "One of our paths to innovation we call 'boring is beautiful,'" she said. As wells reach greater depth and higher heat, companies providing parts and services test the performance of drilling equipment under increasingly harsh conditions. "That has been a really virtuous cycle of innovation between us and our partners." In another parallel with the oil and gas industry, Fervo had the petroleum consulting company DeGolyer & MacNaughton conduct an independent energy reserve estimate for the Cape Station project. Such reserve estimates are common when oil companies develop a new resource, but the practice is new for the geothermal industry, Jewett said. DeGolyer and MacNaughton applied similar principles from oil analyses to evaluate the thermal energy potential at the site and concluded that Fervo's site could yield 5 gigawatts of power. A gigawatt is enough to power a city of 750,000 homes. With those positive developments on the technical and financial fronts, Fervo is clearly on a hot streak. But like the rest of the clean energy sector, the company is also closely watching policy developments in Washington. Tax credits from the 2022 Inflation Reduction Act were a boon for new clean energy technology developers, not only because of the size of the credits but because the 10-year lifespan of the credits provided long-term stability to attract private investors. The "one big beautiful" bill approved by the Republican-controlled House of Representatives late last month would end most of those clean energy credits and debate is underway on a Senate version. "We're fighting pretty hard to preserve tax credits because for these very early projects, it's incredibly useful to have that that support," Jewett said. Fervo's first phase of development would not be affected by the changes, she said, because construction is already underway, but future projects could become more challenging. Regardless of policy changes, however, she said she is confident that EGS power will find a market as a steady source of electricity to meet surging demand. "Geothermal energy projects are capable of providing that 'always on' power," she said. "And I think that's why it's become so attractive."
Yahoo
14-06-2025
- Politics
- Yahoo
Supporters of dog tether law not ready to give up
PLATTSBURGH — A woman who began campaigning in 2024 for a countywide dog tether law isn't ready to give up anytime soon despite being denied a public hearing by the Clinton County Legislature for the second time in eight months. Five out of 10 legislators voted no at Wednesday's meeting to ensure the public hearing resolution for the law did not pass. It needed six affirmative votes to pass. 'We have had hundreds turn out and support the Dog Tether Law. Unfortunately, we don't feel heard, and now we have been banned from speaking in any regular session legislature meeting, as well as we have been denied a public hearing for the second time,' Jennifer Jewett said in a statement Friday. Jewett, of Champlain started campaigning for the dog legislation in February 2024. Since then, she has been to dozens of meetings to ask the legislature to pass a county-wide dog tethering law. Jewett was hoping for the county to pass legislation that would mirror Essex County's existing tether law, which has been in place since 2016. She made some progress last fall after spending months crafting legislation she thought legislators would feel comfortable with, but they voted down allowing it to go to a public hearing. The process played out the same at Wednesday's meeting as it did last fall and a couple dozen supporters of the tether law, led by Jewett, once again saw their efforts for a law be thwarted. 'This just isn't right. We have no voice, and this is an issue that's important to a lot of people,' Jewett said. 'We were told to show that we have support. As soon as we did, we were then silenced. The public support we have gained was used against us to deny us a public hearing. We have an overwhelming amount of support. That's undeniable. Instead of the legislators doing something to fix the problem, their main goal is to silence the public, so we'll go away. 'This Tether Law fight has turned into a fight for our First Amendment rights. Why have public meetings if the public is not allowed to address the legislature? I see this happening again in the future to some other group with an important issue they need resolved. It's only a matter of time.' Legislators Francis Peryea, R-Area 2, Altona; Mark Henry, R-Area 3, Chazy; Robbie Timmons, R-Area 7, Peru; Kevin Randall, R-Area 5, Schuyler Falls; and Dave Bezio, D-Area 4, town of Plattsburgh; all voted down the resolution. Legislators Calvin Castine, R-Area 1, Champlain; Bobby Hall, D-Area 10, city of Plattsburgh; Patty Waldron, D-Area 6, Saranac; Paul Lamoy, D-Area 8, city, town of Plattsburgh; and Josh Kretser, D-Area 9, city of Plattsburgh; voted for it. 'I am very shocked and surprised,' Hall said during the vote as the 'no' tallies came in. 'To tell people that they can't come here and speak, that's wrong, guys. I'm very disappointed,' Hall said. Those against the law, which would have included banning 24/7 tethering of dogs outside, all shared a similar consensus that they have heard everything they needed about it. A public hearing on it would be redundant, Randall said. 'I believe there should be a public hearing only after we have a consensus that we are moving forward with this as a law,' he said. 'We have listened and listened and listened. We know that there are many people that take time out of their day to come here and to preach to have this law in place. Unfortunately, we do have a small portion of the population that doesn't do the right thing, and that's why you're all here — I get it — but when we're passing a law for 80,000 people in the county, we want to make sure that we get it right.' Waldron couldn't understand why half of her colleagues were against it. 'This is truly just allowing the public to be heard. As was said earlier, we have never denied a public hearing in Clinton County's history, so I'm not sure what the sticking point is, but the public deserves to be heard,' Waldron said. 'And then if people want to cast their votes one way or the other, if we have a hearing, then that's fine, but I see no reason why we should deny the public to be heard.' Kendra Babbie Durant, who has a service dog named Lola and spoke at the meeting ahead of the vote, shared how Lola was mistreated by her previous owner, including being tethered outside for long periods of time and then getting shot when Lola no longer 'had any value.' 'She wears her scars as a testament to what happens when they look away too long,' Durant said. 'She shouldn't have those scars. No dogs should, no dog should live their life how she did. Let me reiterate, Lola had been abused before she was shot. She'd been tethered outside 24/7, on an 8-foot chain, surviving in a circle. 'It doesn't stop somebody from owning a dog, having a working dog, having a regular dog, having a dog for protection,' she continued.' It doesn't stop someone from hooking their dog up when necessary. It regulates harmful conditions and bans suffering. It protects dogs from being forgotten hour after hour, chained to the ground, waiting for food, water, shelter or a kind word.' While Jewett and other supporters have not been successful in convincing the county to pass a law, several townships have, including the town of Plattsburgh last month. It's unclear where the fight for a county-wide law goes from here, but Jewett said they're not giving up.
Yahoo
10-06-2025
- Business
- Yahoo
Former Dollar Tree CIO Josh Jewett Joins FourKites' Strategic Advisory Council
Retail technology leader brings strategic IT expertise to supply chain platform's advisory council CHICAGO, June 10, 2025--(BUSINESS WIRE)--FourKites®, the global leader in AI-driven supply chain transformation, today announced that Josh Jewett, operating partner at NewRoad Capital Partners and former Chief Information Officer at Family Dollar and Dollar Tree, has joined its Strategic Advisory Council. Jewett brings extensive experience in retail technology strategy to FourKites' advisory council, where he will provide strategic guidance on product innovation and market expansion. During his eighteen-year tenure as CIO at Family Dollar and Dollar Tree, Jewett transformed the IT function and deployed advanced technical solutions to enable growth and new business models. In his current role at NewRoad Capital Partners, an SEC-registered investment firm focused on Supply Chain & Logistics and Retail & Consumer Packaged Goods sectors, Jewett performs pre-investment due diligence, provides strategic guidance, and brokers industry contacts for portfolio companies. "The retail industry demands supply chain systems that can make autonomous decisions at the speed of consumer demand," said Jewett. "FourKites has built an impressive AI-driven platform that doesn't just present data but actively orchestrates operations based on real-time intelligence. This shift from passive monitoring to proactive automation represents the future of retail supply chains." FourKites' Strategic Advisory Council brings together accomplished supply chain executives with decades of hands-on experience. The Council represents FourKites' commitment to understanding the practical realities supply chain leaders face, ensuring the company's solutions address genuine market needs. "Josh's experience transforming IT operations at major retailers gives him unique insight into the challenges our customers face," said Mathew Elenjickal, Founder and CEO of FourKites. "His proven track record deploying technology solutions that support business growth will be invaluable as we continue to evolve our platform to address complex retail supply chain challenges." Jewett's appointment follows FourKites' evolution beyond real-time visibility to offer the industry's only Intelligent Control Tower™. This platform combines supply chain network data with digital twins and a Digital Workforce of AI agents that autonomously act on visibility data, preventing disruptions before they occur and orchestrating complex supply chain operations. Jewett's leadership has been recognized by multiple industry organizations. He was named "CIO of the Year, Strategic Impact" by RIS News in 2013 and chosen as CIO of the Year by the Charlotte Business Journal that same year. FourKites' customer co-innovation approach has defined the company since its founding. Through initiatives like the FourKites IdeaExchange, customer challenges directly shape the company's product roadmap, with more than 60% of features originating from customer suggestions. This collaborative approach has produced breakthrough solutions, enabling FourKites to transform how enterprises manage their supply chains. About FourKites FourKites®, the leader in AI-driven supply chain transformation for global enterprises and pioneer of real-time visibility, turns supply chain data into automated action. FourKites' Intelligent Control Tower™ breaks down enterprise silos by creating a real-time digital twin of orders, shipments, inventory and assets. This comprehensive view, combined with AI-powered digital workers, enables companies to prevent disruptions, automate routine tasks, and optimize performance across their supply chain. FourKites processes over 3.2 million supply chain events daily — from purchase orders to final delivery — helping 1,600+ global brands prevent disruptions, make faster decisions and move from reactive tracking to proactive supply chain orchestration. View source version on Contacts Media inquiries: press@ Sign in to access your portfolio
Business Wire
10-06-2025
- Business
- Business Wire
Former Dollar Tree CIO Josh Jewett Joins FourKites' Strategic Advisory Council
CHICAGO--(BUSINESS WIRE)-- FourKites ®, the global leader in AI-driven supply chain transformation, today announced that Josh Jewett, operating partner at NewRoad Capital Partners and former Chief Information Officer at Family Dollar and Dollar Tree, has joined its Strategic Advisory Council. Jewett brings extensive experience in retail technology strategy to FourKites' advisory council, where he will provide strategic guidance on product innovation and market expansion. Jewett brings extensive experience in retail technology strategy to FourKites' advisory council, where he will provide strategic guidance on product innovation and market expansion. During his eighteen-year tenure as CIO at Family Dollar and Dollar Tree, Jewett transformed the IT function and deployed advanced technical solutions to enable growth and new business models. In his current role at NewRoad Capital Partners, an SEC-registered investment firm focused on Supply Chain & Logistics and Retail & Consumer Packaged Goods sectors, Jewett performs pre-investment due diligence, provides strategic guidance, and brokers industry contacts for portfolio companies. "The retail industry demands supply chain systems that can make autonomous decisions at the speed of consumer demand," said Jewett. "FourKites has built an impressive AI-driven platform that doesn't just present data but actively orchestrates operations based on real-time intelligence. This shift from passive monitoring to proactive automation represents the future of retail supply chains." FourKites' Strategic Advisory Council brings together accomplished supply chain executives with decades of hands-on experience. The Council represents FourKites' commitment to understanding the practical realities supply chain leaders face, ensuring the company's solutions address genuine market needs. "Josh's experience transforming IT operations at major retailers gives him unique insight into the challenges our customers face," said Mathew Elenjickal, Founder and CEO of FourKites. "His proven track record deploying technology solutions that support business growth will be invaluable as we continue to evolve our platform to address complex retail supply chain challenges." Jewett's appointment follows FourKites' evolution beyond real-time visibility to offer the industry's only Intelligent Control Tower™. This platform combines supply chain network data with digital twins and a Digital Workforce of AI agents that autonomously act on visibility data, preventing disruptions before they occur and orchestrating complex supply chain operations. Jewett's leadership has been recognized by multiple industry organizations. He was named "CIO of the Year, Strategic Impact" by RIS News in 2013 and chosen as CIO of the Year by the Charlotte Business Journal that same year. FourKites' customer co-innovation approach has defined the company since its founding. Through initiatives like the FourKites IdeaExchange, customer challenges directly shape the company's product roadmap, with more than 60% of features originating from customer suggestions. This collaborative approach has produced breakthrough solutions, enabling FourKites to transform how enterprises manage their supply chains. About FourKites FourKites®, the leader in AI-driven supply chain transformation for global enterprises and pioneer of real-time visibility, turns supply chain data into automated action. FourKites' Intelligent Control Tower™ breaks down enterprise silos by creating a real-time digital twin of orders, shipments, inventory and assets. This comprehensive view, combined with AI-powered digital workers, enables companies to prevent disruptions, automate routine tasks, and optimize performance across their supply chain. FourKites processes over 3.2 million supply chain events daily — from purchase orders to final delivery — helping 1,600+ global brands prevent disruptions, make faster decisions and move from reactive tracking to proactive supply chain orchestration.
