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April 9, 2024

Today's Highlights

Blackstone Reportedly in Talks To Acquire Jersey Mike’s for up to $8B

Investment giant Blackstone has reportedly been in discussions with Manasquan-based Jersey Mike’s Subs about buying the sandwich chain at a potential valuation of $8 billion. The Wall Street Journal, which first reported the news, cited anonymous sources who described the discussions between Blackstone and Jersey Mike’s as “on-and-off.” The article said negotiations between Blackstone and Jersey Mike’s had cooled, but asserted the sandwich chain is still open to a deal, either with the private equity firm or another suitor. Jersey Mike’s began as a single sandwich shop in 1956 and now has over 2,800 locations that are open or under development. (ROI-NJ)

AC Casinos Were Less Profitable in 2023, Even With Online Gambling

Atlantic City’s casinos were less profitable in 2023 than they were a year earlier, even with help from the state’s booming online gambling market. The nine casinos collectively reported a gross operating profit of $744.7 million in 2023, a decline of 1.6% from 2022. When two internet-only entities affiliated with several of the casinos are included, the decline in profitability was 4.1% on earnings of $780 million. All nine casinos were profitable in 2023, but only three saw an increase in profitability. The figures “suggest it is getting more expensive for New Jersey’s casinos to operate, and patron spending may not be keeping pace,” said Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University. (The Associated Press)

New Jersey Plans a Major Change in Health Care Licensing

New Jersey is poised to revise regulations in an effort to expand people’s access to mental health and substance-use care – and enhance options for patients with serious behavioral health issues. The state Health Department is considering a single “integrated care” license that would enable doctors, nurses and other clinicians to work as a team under the same roof to address a patient’s mental health, addiction and medical needs, officials said. (NJ Spotlight News)

A Guide to Finding a Business Mentor

Seeking a business mentor can help you avoid mistakes and focus on your goals. Find the right mentor to guide you towards success. (U.S. Chamber of Commerce)

Cornerstone NJ Member News

Bayer Partners With Google on New AI Product for Radiologists

Google Cloud and health-care company Bayer on Tuesday announced they are building an artificial intelligence-powered platform that aims to help radiologists diagnose patients and work through cases more quickly. It flags anomalies within images for radiologists to look at, and it can integrate relevant information from a patient’s medical history, said Thomas Kurian, CEO of Google Cloud. (CNBC)

United Airlines and Seagis Cut Ribbon on 165K Sq. Ft. Cargo Facility

United Airlines together with Seagis Property Group held a ribbon-cutting to mark the opening of a 165,000-square foot United Cargo facility at Newark Liberty International Airport that will give one of the airline’s highest-revenue entities more space to manage its cargo operations. The facility, a several-minute drive from the airport, increases United’s total cargo space at Newark Airport to 319,000 square feet. (ROI-NJ)

Cornerstone NJ is a membership program of the New Jersey Chamber of Commerce. 

BUSINESS MADE EASIER

Do business with fellow N.J. Chamber members — you can find them in our online directory.

Business Events

N.J. Chamber Business Roundtable Series

April 10 – A Conversation with the DEP Commissioner & BPU President

The National Conference Center at the Holiday Inn of East Windsor, 8 a.m. to 10 a.m. Network with fellow attendees, then participate in a candid discussion and Q&A with DEP Commissioner Shawn LaTourette and BPU President Christine Guhl-Sadovy. Breakfast is included.

Registration and information

N.J. Chamber Virtual Small Business Series

April 17 – Examining Solutions for the Labor Shortage

Virtual Event, 9 a.m. to 10 a.m. Experts will discuss how companies are finding qualified employees.

Registration and information

May 20 – N.J. Chamber Challenge Cup Golf Outing

Bedens Brook Club, Skillman

The outing features 18 holes of golf, as well as networking at our pre-golf lunch reception and post-golf banquet, where awards are handed out. Registration and information

N.J. Chamber Foundation Event

June 3 – 'Jobs for America's Graduates NJ' Fundraiser at Hudson Farm

Hudson Farm, Andover, 8:30 a.m. to 4 p.m.

This clay shooting competition on 3,800 acres of scenic farmland supports 'Jobs for America's Graduates New Jersey,' a N.J. Chamber Foundation program that changes lives by helping young people build skills and prepare for success in education, employment and life.

Registration and information

June 13 – NJ Chamber Open House and Reception

New Jersey State Museum, Trenton

Dec. 10 – Annual Member Holiday Party Networking Event

Calandra's Italian Village, Caldwell 5 p.m. to 8 p.m. Free to members

Were you forwarded this newsletter? For more information about the N.J. Chamber, email Patrick.Daily@njchamber.com.

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New Jersey Business Action Center

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U.S. Small Business Administration

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The New Jersey Chamber of Commerce is staying on top the issues important to business. For news media requests, please email Scott Goldstein.

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