The ‘first’ post-Covid Olympics are exciting sponsors. Fans? Not so much
CNN
The brownish, once-polluted River Seine in Paris isn’t the glitziest or most glamorous, especially in a city filled with iconic landmarks. But for Chase, it’s hoping the waterway will be a showstopper.
The brownish, once-polluted River Seine in Paris isn’t the glitziest or most glamorous, especially in a city filled with iconic landmarks. But for Chase, it’s hoping the waterway will be a showstopper. At the 2024 Summer Olympics, which officially starts next Friday in the French capital, the bank, along with credit card company Visa, is debuting a floating lounge exclusively for holders of its pricey Chase Sapphire Reserve card. It’s just small sliver of what companies are doing in their takeover during the two-week sporting spectacular. Paris 2024 organizers are expected to bring in about $1.3 billion in sponsorship revenue from a mix of domestic partners totaling 60 companies, like Accor and LVMH, and international partners from Coca-Cola to Omega watches. In a first, Anheuser-Bush InBev is the beer sponsor for the Olympic games with a non-alcoholic brew taking the torch. On the Sapphire’s lounge on the Seine, guests will be treated to fine French food, live entertainment including DJs and bands and a one-of-kind view of Paris meant to strike envy among their Instagram followers. That’s all by design to promote the exclusivity the card offers and perhaps its most lavish attempt at expanding its swanky lounge concept, most commonly seen at airports. The games are “obviously, a huge cultural moment” with a captivated audience, according to Sam Palmer, general manager of Chase Sapphire, a popular Visa credit card that attracts high-end spenders with fancy perks, like the lounge, to offset the $550 annual fee. “It’s is very much aligned with what Sapphire Reserve card members love,” he told CNN. “If you think about the Olympics … it’s about travel, dining, culture, excitement, community.”
Nippon Steel is expected to re-file its application for a national security review by American regulators of its $15 billion takeover bid of US Steel, sources familiar with the matter told CNN on Tuesday, buying Japan’s largest steelmaker an additional 90 days to close its acquisition of an American rival after political opposition emerged in an election year.
So far, the attacks that targeted Iran-backed Lebanese militant group Hezbollah members through their pagers have had devastating consequences. At least nine people, including an eight-year-old girl, were killed, and at least 2,800 were wounded. Over 150 of those injured are in critical condition, according to the Lebanese health minister.