The Weekly Journal - Wednesday, November 24, 2021

Wednesday, November 24-30, 2021 - // no. 135

The future of PR’s electric auto industry P7 Virtual assets: non fungible, but valuable P9

Puerto Rico and the Caribbean

www.theweeklyjournal.com

Shopping malls thrive in the age of

online retail

Back to the Future with the Labor Reform P12

Have to adjust to the changing scene to stay relevant

Miss World 2021 kicks off in Río Grande P15

S

Zoe Landi Fontana, The Weekly Journal

hopping malls seemed to be falling out of fashion. With the impossibly steep competition offered by online retailers, which often have more options and usually better prices, wouldn’t brick and mortar stores have no other option but to shut their doors?

At least, this seemed to be the perception of many consumers amidst a pandemic that made going outside a serious health risk. However, people have been returning to Puerto Rico’s top shopping malls at pre-pandemic

rates. By rapidly adjusting to the changing retail scene, Deloitte’s Center for Financial Services believes malls can become relevant again.

Retail real estate owners’ key to turning around the retail environment, according to Deloitte, is to focus on three strategic priorities: 1. Recast the role of the shopping center to serve multiple purposes.

2. Drive greater customization in the tenant mix.

3. Develop a new leasing model that captures the value derived from the new business model.

THE WEEKLY JOURNAL reached out to some GO TO PAGE 4

The Weekly Journal > Wednesday, November 24, 2021 > 2

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a week in review Puerto Rico VACU-ID goes global The Puerto Rico Innovation and Technology Services (PRITS) Office launched this week the Global VACU-ID, a secured digital copy of the island’s COVID-19 vaccination registry using the VCI / Smart Health Card standard.

“In compliance with our commitment to strengthen the government’s technological services, we are launching the Global VACU-ID. The response received from the people using the VACU-ID platform has been positive and with this innovation, we can further expand our fight against COVID-19,” said Enrique Völckers Nin, director of PRITS. People using the government issued VACU-ID in their cell phones can now access the Global VACU-ID option. Once selected, the app will show your date of birth, COVID-19 vaccination record and a QR code that health officials from other jurisdictions in the US can use to validate your vaccine status. The following are the US jurisdictions already using the system: California, Hawaii, Louisiana, New Jersey, New York, Puerto Rico, Utah, Virginia, and Washington.

OTC vending machines MMM Healthcare launched a new over-thecounter (OTC) vending machines in shopping centers and hospitals, to dispense non-prescription medication. “Innovation has always characterized us and, once again, we put it to work to provide greater convenience to our affiliates,” said MMM Healthcare president Orlando González.

Vending Machines are an additional option to receiving OTC’s at home or looking for them at participating pharmacies.

The machines allow MMM Healthcare subscribers to acquire OTC medicines instantly, by getting them as they walk by one of the areas where the machines are located.

Powered BY El Vocero de Puerto Rico, 1064 Ave Ponce de León 2nd floor San Juan, PR Postal Address: PO Box 15074, San Juan, PR 00902

Looking to buy a house, a car… ‘Find It’ Due to the shortage of both cars and for sale properties, a group of entrepreneurs came together to develop a new mobile tool that aims to facilitate the process of searching, buying and selling goods. “Find It is a new app that puts sellers in contact with buyers who are looking for certain items and services, such as cars, boats, real estate, insurance policies, and even financing,” explained Jorge Armando Escudero, one of Find It partners. For example, the application streamlines the process of finding the desired car, thus speeding up the buying and selling process. Currently, it takes a customer an average of 24 hours to find a car over the internet or through existing platforms. The application seeks to become another sales channel for realtors, car dealers and insurance agents.

President Salvador Hasbún shasbun@elvocero.com

VP of Accounting Félix A. Rosa frosa@elvocero.com

Human Resources Director Arlene Rolón, PHR arolon@elvocero.com

Vp of Marketing and Business Operations Michelle Pérez Miperez@elvocero.com

VP of Production Eligio Dekony edekony@elvocero.com

VP of Editorial Content Juan Miguel Muñiz Guzmán jmuniz@elvocero.com

Multi-Platform Graphic and Technology Director Héctor L. Vázquez hvazquez@elvocero.com

Phone: 787-622-2300, 787-721-2300

Multi-Plataform Digital Director María Arce marce@elvocero.com

Customer Service: 787-622-7480

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More than 15 new stores have opened in The Mall of San Juan since December 2020. >Archive

CONTINUED FROM PAGE 1

100 shops and restaurants, 60% of which are unique to the Puerto Rico market.

The spaces previously occupied by Nordstrom of San Juan’s top shopping malls to find out what and Saks Fifth Avenue have been repurposed. In they’ve implemented to bring customers back and a partnership with the Puerto what they see for the future of Rico College of Surgeons and in-person shopping.

Physicians, a vaccination site The Mall of San Juan’s has been set up on the second Revival level of what used to be In Aug 2020, Bloomberg Nordstrom. In the future, the published an article on the Mall 1. Recast the role of anchor spaces will be used for of San Juan titled “Everything the shopping center specific events such as auto Went Wrong for Puerto Rico’s to serve multiple shows, and as a television $475 Million Mall” after a purposes. filming studio. potential buyer pulled out, 2. Drive greater “We are always committed and it lost its two anchor customization in the to bringing unique new stores – Saks Fifth Avenue and tenant mix. tenants to The Mall of San Nordstrom.

Juan, and the Nordstrom/ A year later, the Mall of San 3. Develop a new Saks spaces will give us that Juan is thriving, according to leasing model that opportunity,” said Muñiz.

Irene Muñiz, Marketing and captures the value Being completely leased Tourism Manager. The mall is derived from the is quite an accomplishment, 100% leased, opening more new business model. considering that in the first than 15 new stores since quarter of 2021 the vacancy Dec. 2020, and having over

In fact,

In the retail world, it’s no longer online vs brick-and-mortar.

Markets where a brand has a physical store and an online presence, sales are often higher.

Irene Muñiz, – Marketing and Tourism Manager, The Mall of San Juan

rate in regional malls rose by 11.4% year-on-year from 2020, as reported by Deloitte.

Part of the Mall of San Juan’s success relies on combining store-level inventory and the digital supply chain, explained Muñiz.

“In the retail world, it’s no longer online vs brickand-mortar. Markets where a brand has a physical

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store and an online presence, sales are often higher.”

The pandemic’s level of impact varied significantly by geography. Deloitte’s data revealed that in metropolitan areas like New York, online spending was more frequent than retail trips.

Other markets saw average trends in both areas, and some, such as Honolulu, Hawaii, experienced above-average growth in retail trips.

The Mall of San Juan reopened in June 2020 amidst the pandemic, rapidly adjusting to the new reality created by COVID-19.

“We ensured all signage and protocols were up-to-date, complied with all local government orders and have since then. Families feel safe coming back, and we continue to see that feeling.

During the pandemic, in metropolitan areas like New Our stores have been positively increasing sales York, online spending was more frequent than retail since the Mall reopened in June 2020, and our trips. restaurants, all with outdoor terraces, have also been fully booked,” said Muñiz. up all around the mall, and Consumers increasingly restaurants have outdoor browse or shop online, making terraces. delivery and pick-up options Teams clean and disinfect such as “buy online pick-up the center throughout the in store” (BOPIS) essential. day, focusing on high-touch The Mall of San Juan created Retail sales in the and high-traffic surfaces. They a delivery service that has third quarter of have closed play areas, turned generated over $100k in sales, 2021 increased 13.1 off drinking fountains and with over 30 stores participating percent from the rearranged common areas in the program. third quarter of to allow for greater social People are returning to the 2020. In that same distancing. mall despite health concerns. period, e-commerce Plaza Las Américas and Through strategic signage and increased 6.8 enforcement by its security percent.

Plaza Del Caribe team, the Mall of San Juan Plaza Las Américas in Source: United States makes sure that guests comply Hato Rey, and Plaza Del Department of Commerce with all protocols. Cleaning Caribe, located in Ponce, are frequency was increased, hand both operated by Empresas sanitizing stations were set Fonalledas. THE WEEKLY

In fact,

Plaza Las Américas facilitates a COVID-19 vaccination center through an authorized third-party organization. >Nahira Montcourt

We continue focusing on what we always have focused on: providing our customers with the most diversified variety of products and services, entertainment options, and food dining opportunities under the same roof.

– Lorraine Vissepó, Director of Corporate Communications, Empresas Fonalledas

JOURNAL was able to contact Lorraine Vissepó, Director of Corporate Communications at Empresas Fonalledas, to find out how the Caribbean’s largest shopping mall has been faring.

“The pandemic accelerated some of the changes already taking place in the industry, such as the adoption of digital technologies, the consolidation or disappearance of retailers that were facing economic challenges, and the integration of more services and innovative retail concepts to the shopping center retail mix,” Vissepó responded.

Both Plaza Las Américas and Plaza Del Caribe are seeing similar traffic compared to their prepandemic levels. Consumer behaviors have morphed, becoming more targeted on a certain product and less interested in browsing stores.

“We continue focusing on what we always have focused on: providing our customers with the most diversified variety of products and services, entertainment options, and food dining opportunities under the same roof in Puerto Rico,” asserted Vissepó.

By the end of 2021, Plaza Las Américas will have a 93% occupancy rate. Their plans to open a Dave and Busters next year will bring the occupancy rate to 95%, as well as entice guests interested in entertainment, in addition to shopping.

Plaza Las Américas continues to embrace technology to give clients the “Plaza” experience at home using the PLAZA App or website.

“The pandemic accelerated the adoption by stores and shopping centers of Omni-Channel platforms to be able to service the shopper from either brick-and-mortar or through e-commerce.

This tendency will continue into the future,” said Vissepó.

To keep their doors open, malls must comply with stringent health and safety measures. Across the industry, traditional Black Friday sales have been spread over several weeks, limiting shoppers from conglomerating all at once.

Additionally, Plaza Las Américas and Plaza Del Caribe are facilitating COVID-19 vaccination centers through authorized third-party organizations. Plaza Del Caribe, in Ponce, is also offering free COVID-19 testing in partnership with Ponce’s municipal government.

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63.4% of all passengers arriving to Puerto Rico this year did so through the Luis Muñoz Marín International Airport. >Josian E. Bruno Gómez

Puerto Rico regains top destination status Low levels of COVID-19 transmission is boosting travelers confidence

P

Juan A. Hernández, The Weekly Journal

uerto Rico’s tourism industry is experiencing a remarkable recovery, with indicators significantly surpassing figures from 2019, the year before the pandemic.

“We have seen a significant increase in reservations, both for the last quarter of 2021, and for the beginning of 2022, since last October. What happened? First, the transmission levels of [COVID-19’s] Delta variant have dropped.

Also, vaccine boosters have been available. That has improved the way consumers feel about traveling,” said Alisha Valentine, Director of Research and Analysis at Discover Puerto Rico.

The numbers

According to Puerto Rico’s DMO (Destination Marketing Organization) statistics, the signs of improvement in tourism goes as far back as last May, when the number of airline passengers started to peak.

The number of passengers that arrived to the island last May was 445,451 versus 380,590 who arrived in May 2019, the last “regular” year before the pandemic. The increment was approximately 17%.

Until last October, 63.4% of all passengers arriving to Puerto Rico this year did so through the Luis Muñoz Marín International Airport. This is almost 5 percent more than in 2019.

Concerning hotel reservations, a steady increase was recorded for the month of October, reaching

12% for the last week of the month.

Booked Solid

The DMO informed that short-term rentals, such as Airbnb, conform 40% of the lodging demand in Puerto Rico, and that reservations for the remaining of the year have also increased.

Valentine also reported that preliminary data for October show the island has already exceeded $1,014 million in revenues from visitors’ accommodations, “a figure never seen before by the industry in Puerto Rico” which demonstrates the swift recovery after the damage caused by the COVID-19 pandemic.

The New Year’s Bash Effect

The island’s upswing in tourism has also been helped by the government’s successful negotiation to host segments of the renowned Dick Clark’s New Year’s Rockin’ Eve show. According to Valentine, the announcement drove hotel reservations for the end of the year holidays over 41%.

“Dangerous Destination”, Says The CDC

Nevertheless, according to Brad Dean, chief executive officer of Discover Puerto Rico, the Centers for Disease Control (CDC) keeps the island under the classification of “dangerous destination” in terms of the COVID-19 pandemic.

“The CDC continues to use an outdated and obsolete classification system that puts Puerto Rico at a clear disadvantage,” Dean said. “We have had multiple conversations with the CDC, and we also wrote to President Biden requesting the federal government to reconsider policies regarding travel

health advisories, which are misleading and unfair.”

In a letter sent to the President of the United States last September, Dean advocated for the change and requested the CDC apply the same guidelines to the territories that are being used for the states.

More Cruise Ships Are Arriving

Cruise ship companies have also announced their plans for expanding their itineraries to the port of San Juan.

Governor Pedro Pierluisi and the Puerto Rico Tourism Company (PRTC) executive director Carlos Mercado announced last week that Silversea Cruises, a luxury cruising company with over 900 destinations worldwide, has selected San Juan as its home port to reinitiate its operations in the Caribbean.

Silversea ships “Silver Whisper,” “Silver Spirit” and “Silver Moon” have scheduled 10 trips to Puerto Rico for the remaining of the fiscal year.

“The cruise ship market continues to strengthen locally and the arrival of the Silver Whisper is evidence of the efforts being carried out by the Tourism [Company] and the Ports [Authority] to create a business environment that allows these tourism opportunities for Puerto Rico,” Pierluisi said.

Also, the luxury cruise ship Seabourn Ovation, from Seabourn Cruises, arrived to the port of San Juan last Sunday, thus reinitiating the company’s operations on the island.

“Seabourne is the fourth cruise line that has restarted its operations in Puerto Rico this month, and we are very pleased to be able to welcome the Seabourn Ovation on its first trip to the port of San Juan,” said Mercado.

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Puerto Rico’s auto industry future set to be electric Automakers are already moving toward that goal

B

Juan A. Hernández, The Weekly Journal

y the end of this decade almost half of all cars being manufactured, not only in the United States, but also around the world, will be either hybrid or electric.

“All manufacturers, all brands, are already moving toward that goal.

This is unstoppable, not only because there are laws in place for that, but because it is the wave of the future,” said Ricardo García, president of the United Group of Auto Importers (GUIA, for its Spanish acronym).

Hybrid and electric cars are going to become more and more cost-efficient as more manufacturers compete for the market.

– Ricardo García, president, GUIA

García’s assertion seems as farfetched as President John F. Kennedy’s statement, some 60 years ago, about putting a man on the moon “in this decade.”

“We choose to go to the moon in this decade and do the other things, not because they are easy, but because they are hard…,” said Kennedy in his speech at Rice University in Texas, in 1962.

And, while today’s motives spurring the world toward electric-powered vehicles –pollution, global warming, endangerment of the environment – are decidedly different from those of President Kennedy, they are equally pressing, if not more.

Puerto Rico’s Challenges

But in Puerto Rico, that goal seems even more difficult to achieve than anywhere else.

According to García, hybrid and electric car sales account for only one percent of all new cars sold

in Puerto Rico. In absolute numbers that means could be offset by the fact that federal and state that, of the 107,992 new cars sold on the island governments offer significant tax incentives to until last October, less than 1,080 were hybrid or buyers. electric.

And, while these vehicles have incredibly GUIA’s president explained there are three low running costs and require less upkeep, kinds of environmentally friendly vehicles: 1. The maintenance could be very expensive. For hybrid that recharges its battery while it runs instance, replacing a rechargeable battery on gas; 2. The hybrid that has both a gas and an could cost between $1,000 to more than $6,000 electric engine and needs to be plugged-in to depending on make and model. Last year, a recharge and 3. The fully electric car.

Japanese automaker offered “You have to realize that, an eight year / 100,000 milewhile some brands only sell warranty –which ever comes hybrids, supply is not that first – for its hybrid batteries. great here. Plus, supply in Some main concerns among general has been affected by consumers are battery range, the worldwide shortage of the lack of readily available Of the 107,992 new electronic chips,” García cited as charging stations and charging cars sold on the reasons for the low sales. times. These can all be island until last summed-up in the term “range October, less than anxiety,” which translates into: Pricier Cars 1,080 were hybrid or how far can I drive before While García did admit electric. running out of power and hybrids are currently more where I’m I going to charge up? expensive than gas powered For García, as more and more cars, he did not consider price buyers in Puerto Rico opt for to be necessarily a reason to hybrids and EVs, the market will move to provide affect Puerto Rico’s market. But that is precisely solutions to these concerns. one of the cons about going hybrid.

“More efficient batteries and speedier car The average hybrid car could be as much as models will be developed, and market share will 20% more expensive than a regular gas-powered keep costs in check,” he said. car, according to car shopping guide website “Hybrid and electric cars are going to www.edmunds.com. The same applies to electric become more and more cost-efficient as more vehicles (EVs). Concerning plug-in hybrid or partmanufacturers compete for the market. We only time electric models, the price could be even need to wait a few years to see how the [new car] higher.

But the higher price tag on both hybrids and EVs market will go electric,” García anticipated.

In fact,

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Expensive to live in Puerto Rico, but there are some advantages

The island has a much lower property tax compared with the states Brenda A. Vázquez

P

bvazquez@elvocero.com

uerto Rico has the highest individual, corporate and sales taxes in the United States, thus making the island an expensive jurisdiction to live in. Responding to this situation many residents opt to move to places where they can save on these recurring expenses and have a better quality of life, revealed the Index of Economic Freedom (ILE, for its Spanish acronym) of Puerto Rico, as presented by the Center for Economic Renewal, Growth and Excellence (CRECE, for its Spanish acronym).

Former governor of Puerto Rico Luis Fortuño admitted that thousands of companies and individuals have moved to the states with lower tax rates, such as Texas and Florida. Fortuño understands there is “a competition” among states to attract more residents.

“We have the highest sales and use tax (IVU, for its Spanish acronym) and there cannot be a more regressive tax than the IVU. It affects everyone… from those who buy a gallon of milk, to those who buy a shirt. This has an effect on people’s lives,” the former governor argued.

This new edition of the ILE places particular emphasis on Puerto Rico’s current tax structure, using the Tax Foundation’s methodology on State Tax Structure Index for Businesses. The results from this analysis provide specific information on competitive disadvantages and structural differences between Puerto Rico and the 50 states.

How Is Puerto Rico Positioned?

Puerto Rico’s sales tax is 11.5%, while states with the highest tax, like Tennessee, have 9.55%, Arkansas has 9.53%, Louisiana 9.52%, Washington 9.23% and Alabama 9.22%. The corporate tax on the island is 37%, and in states like Iowa it is 12% and North Carolina 2.5%.

However, Puerto Rico appears with an advantage in terms of the property tax, since it has a much lower percentage than any other state, with 1.44%. Meanwhile, places like Alabama –which occupies the lowest number among the states– and New Hampshire –which ranks highest– have 1.6% and 5.66%, respectively.

Property tax in Puerto Rico is one of the lowest in the U.S. >Carlos Rivera Giusti

and 13th out of 33 countries in America. The United States ranks 17th in the world.

Of the eight categories surveyed in Puerto Rico that are directly related to governance, four changed their values when compared to 2019 results. The only one that reflected a decrease was the Government Integrity sub-index, which measures public perception of government transparency Positioning And and corruption.

For Fortuño, if Public Image “the government The ILE focused on has less interference four aspects of the in people’s lives, a economic environment less [cumbersome] over which the permit process and government exercises less bureaucracy, a its public policies: the smaller size and fewer rule of law, size of obstacles, it could government, regulatory improve the business efficiency, and market environment and accessibility. In general transparency because terms, Puerto Rico’s you don’t need to see ILE did not experience who knows who to help dramatic changes you. If everything is during 2020. The -Luis Fortuño, automatic, the human island’s rate increased former governor of Puerto Rico element is avoided from 64.4 in 2019, to for transactions that 65.4 in 2020. should be regular This result placed every day.” the island 69th, out of 180 countries in the world,

“It should be noted that foreign corporations have tax exemptions that benefit them and that in Puerto Rico no federal taxes are paid,” said Luis Gierbolini, president of the Puerto Rico Chamber of Commerce (CCPR, for its Spanish acronym). He added that the elements affecting the island’s Competitiveness Index are property tax and licenses, in addition to how difficult it is to obtain government permits.

[If] the government has less interference in people’s lives, a less [cumbersome] permit process and less bureaucracy, a smaller size and fewer obstacles, it could improve the business environment and transparency.

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NFTs, the new artistic virtual assets A non-fungible object has its own distinct value, like an old house or a classic car

A

The Associated Press

digital art piece, tweaked using cryptocurrency technology to make it one-of-a-kind, sold at auction earlier this year for nearly $70 million. That transaction made global headlines and buoyed alreadymushrooming interest in these kinds of digital objects — known as non-fungible tokens, or NFTs — that have captured the attention of artists and collectors alike.

Last week, Miramax filed a lawsuit against director Quentin Tarantino over the director’s plans to create and auction off a series of NFTs based on his work on “Pulp Fiction.” According to the lawsuit filed in federal court in Los Angeles, Tarantino’s planned offerings violate the copyrights the film studio holds to the director’s 1994 film.

Tarantino recently announced plans to sell seven NFTs, which are digital works rendered unique and attached to a specific owner through cryptocurrency technology.

The NFTs to go on sale next month include scanned digital copies of handwritten script pages for uncut versions of scenes from the film, with audio commentary and other elements. Each will also include “secret” aspects accessible only to the owner.

The feud between Tarantino and Miramax is the latest chapter in the ongoing saga of “virtual assets”.

Digital Property Rights

In economics jargon, a fungible token is an asset that can be exchanged on a one-for-one basis.

Think of dollars or bitcoins — each one has the exact same value and can be traded freely. A nonfungible object, by contrast, has its own distinct value, like an old house or a classic car.

Cross this notion with cryptocurrency technology known as the blockchain, and you get NFTs. These are effectively digital certificates of authenticity that can be attached to digital art or, well, pretty much anything else that comes in

to trace an object’s digital provenance, allowing a select few to prove ownership. In the broader picture, it’s a way to create scarcity — albeit artificial — so that you can sell something for higher prices thanks to its scarcity.

“All the time, money and effort you spend in your digital life, you can create value for that,” said Chicago fund manager Andrew Steinwold, who started a NFT fund in 2019. “You have property rights in the physical world. Why don’t we have property rights in the digital world?”

Some NFT issuers give full copyrights to the buyer, though others do not.

Who Else Is Selling NFTs?

All the time, money and effort you spend in your digital life, you can create value for that.

– Andrew Steinwold, Chicago fund manager

digital form — audio files, video clips, animated stickers, this article you’re reading.

NFTs confirm an item’s ownership by recording the details on a digital ledger known as a blockchain, which is public and stored on computers across the internet, making it effectively impossible to lose or destroy.

At the moment, these tokens are white-hot in the collecting world, where they’re being used to solve a problem central to digital collectibles: how to claim ownership of something that can be easily and endlessly duplicated.

One purpose of NFTs is that they can be used

William Shatner of “Star Trek” fame sold 90,000 virtual trading cards last year for $1 each.

Electronic musician Grimes sold $6 million worth of her digital art last month, including a video clip featuring winged cherubs floating in pastel dreamscapes that went for $389,000. Clips of NBA star LeBron James dunking are selling for as much as $225,000. Actress Lindsey Lohan sold an image of her face. You can also buy virtual land in video games and meme characters like Nyan Cat. Digital artist Anne Spalter started out as an NFT skeptic but has now sold multiple artworks using the tokens. The latest was a video called “Dark Castles” – of mysteriously distorted castles generated by artificial intelligence technology – that sold for $2,752.

“NFTs have opened up art to a whole bunch of people who never would have gone to a gallery in New York,” said Spalter, who pioneered digital fine arts courses at Brown University and the Rhode Island School of Design in the 1990s. “They’re investors, they’re tech entrepreneurs, they’re in that world.”

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Governor Pedro Pierluisi (center) participated in the opening ceremony. >Courtesy

Iconic El San Juan Hotel Reopens Casino

Draws on the hotel’s legendary heritage

I

Zoe Landi Fontana, The Weekly Journal

ceremony alongside the Mayor of Carolina José Carlos Aponte Dalmau, Tribal Council members from the Mashantucket Pequot Tribal Nation of Connecticut, and Jason Guyot, Foxwoods’ President and CEO.

Expanding Success

The Mashantucket Pequot tribe owns the Foxwoods Resort and Casino, the largest resort n a fanfare of bright confetti and glitter-clad casino in North America. It is one of the highest women on stilts, the Foxwoods El San Juan contributors to Connecticut’s revenue, not to Casino reopened its doors. After over five mention the largest employer. Rodney Butler, years of anticipation, the casino is ready Chairman of the Mashantucket Pequot Tribal for guests and players, who will have their Nation since Jan. 2010, expressed his excitement choice of 298 machines to extend their experience to and 14 Blackjack, Puerto Rico. roulette, and craps tables.

“Today is a landmark milestone The casino is expected to have for the Mashantucket Pequot an economic impact of over $22 Tribal Nation as we expand the million annually, and create 150 Foxwoods Resort Casino brand jobs. The grand opening will take –for the first time ever– to the The casino will add place at the end of Jan. 2022, but Caribbean. We’re honored to economic value the venue is now open daily from bring real economic value and and tourism to the 10:00 am to 2:00 am. Pandemic tourism to the region, including region, including an permitting, it will soon be open an estimated economic impact estimated economic 24/7. of $22 million, with the launch of impact of $22 “As planned, we are thrilled Foxwoods El San Juan Casino and million. to finally reopen our doors after remain a committed partner as five years and deliver exciting we help build a bright future for new gaming and entertainment the island. We thank our partners experiences to the wonderful at LionGrove and Fairmont El San people of Puerto Rico and visitors Juan for making this happen,” said Butler. from afar,” announced Stuart I.C. Levene, the Designed by legendary Miami Beach architect Managing Director and General Manager of the Morris Lapidus, El San Juan Hotel has been Foxwoods El San Juan Casino. welcoming locals and tourists alike since February Governor Pierluisi cut the ribbon at the opening 1, 1958. Throughout the 1960s, Puerto Rico

In fact,

became a beacon for American tourists and entertainers, and El San Juan Hotel followed as the grand dame of authentic Puerto Rican hospitality and entertainment. During the hotel’s first three decades, internationally renowned headliners performed on its stage each week, including Sammy Davis Jr., Nat King Cole, Frank Sinatra, Eddie Fisher, Carol Channing and Liza Minelli, among other icons of the time. Fast-forward to today, and El San Juan Hotel remains a timeless Puerto Rican icon, seamlessly blending the best elements of yesterday, today, and tomorrow.

This reopening of the casino is the finishing touch to the Foxwoods El San Juan Hotel. The casino was completely renovated for its reopening, keeping to the classic European style that has defined the hotel for decades. Plush carpets line the floors, rich woodwork adorns the ceilings, and there is no lack of crystal chandeliers to enhance guests’ experience at the casino.

“This property has been emblematic for Puerto Rico and thus our intent was to maintain the rich history of the venue, and we truly believe the casino’s new identity beautifully pays homage to the casino’s legendary history. Today marks the beginning of an iconic new chapter for Puerto Rico’s gaming innovation, and we’re excited for all to experience the revitalized Foxwoods El San Juan Casino firsthand”, added Levene.

LionGrove, co-investor with the Mashantucket Pequot Tribal Nation, is a hospitality investment firm with over 60 years of experience dealing with prestigious private equity. They focus on acquiring and adding value to mid-scale and luxury hotels, bringing together Wall Street professionals and world-leading hoteliers.

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ACTÍVATE en TIENDAS o llama al 1-800-TMOBILE. Oferta iPhone 13 Pro Por la Casa: Contáctanos antes de cancelar el servicio para continuar con los créditos mensuales restantes o los créditos se detendrán y deberás pagar el saldo restante en tu plan de pago a plazos requerido (iPhone 13 Pro 128GB: $999.99). Impuestos sobre el precio del equipo antes de los créditos se pagan al momento de la compra. Oferta por tiempo limitado, sujeta a cambios. Válida hasta el 28 de noviembre de 2021. Requiere crédito, servicio en plan Magenta® Max o Magenta® Plus, y trade-in de un equipo elegible ($1,000 de descuento: iPhone 12 Pro/Pro Max, iPhone 11 Pro/Pro Max). En tiendas o llamadas de servicio al clien6e, se puede requerir un cargo de $30 por asistencia en la actualización. Hasta $1,000 vía créditos por trade-in y créditos mensuales a tu factura; debes estar activo y al día para recibir los créditos; pueden demorar hasta 2 ciclos de facturación. Máx. 4/cuenta. No puede combinarse con otras ofertas o descuentos. Orden disponible para opción de Ship-To. Oferta AirPods Gen 2 Por la Casa: Si cancelas el servicio móvil, deberás pagar el saldo restante en tu plan de pago a plazos requerido (AirPods Gen 2: $129.99). Impuestos sobre el precio de compra antes del rembolso se pagan al momento de la compra. Oferta por tiempo limitado, sujeta a cambios. Válida hasta el 28 de noviembre de 2021. Requiere plan Magenta® Max, Magenta® Plus, Business Unlimited Ultimate, Sprint Max, Unlimited Plus o Unlimited Premium elegible. Debes someter solicitud de rembolso dentro de los 30 días después de la compra. Hasta $130 mediante rembolso, vía tarjeta virtual prepagada que puedes utilizar online, en tiendas vía aplicaciones de pago online aceptadas o para pagar el plan de pago a plazos del equipo; no tiene acceso a efectivo y expira en 6 meses. Virtual Express Prepaid Matercard, expedida por Sunrirse Banks N.A., miembro FDIC, de acuerdo a una licencia de Mastercard International Incorporated. Mastercard y el diseño de los círculos son marcas registradas de Mastercard International Incorporated. Esta tarjeta puede ser utilizada dondequiera que acepten la tarjeta Mastercard de débito. Registro, aceptación, activación o uso de esta tarjeta constituye aceptación de los términos y condiciones del Acuerdo de la Tarjeta prepagada. Esta promoción no está asociada, auspiciada ni endosada por Mastercard ni Sunrise Banks N.A. Las líneas tienen que estar activas y al día en plan elegible cuando el rembolso se procese y la tarjeta sea expedida; puede demorar de 6 a 8 semanas desde el momento en que se cumpla con los requisitos de la oferta. Máx. 1 oferta por cuenta. No es válido en compras previas o en combinación con otras ofertas o descuentos para este accesorio. Oferta Apple TV Por la Casa: Regístrate para el código antes del 30 de junio de 2021; código expira el 31 de julio de 2022. Esto es un código promocional y no es para reventa; no tiene valor en efectivo y no puede ser reemplazado si se pierde o es robado. Válido solo para Apple TV+ en los Estados Unidos. Oferta será cumplida por Apple en el app de Apple TV; requiere cuenta iTunes/Apple Media Services.

Aplican Términos y política de privacidad de Apple; vea los términos aplicables en https://www.apple.com/legal/internet-services/itunes/us/terms.html. Debes ser mayor de 13 años para utilizar. Solo una oferta por cuenta. Requiere crédito y servicio elegibles. Luego del año de prueba por la casa, el plan se renueva automáticamente por $4.99 al mes hasta que sea cancelado. Apple TV+ es una marca registrada de Apple Inc. Apple no es un auspiciador de esta oferta. Planes de Pago a Plazos (EIP): Disponibilidad de oferta y monto de los pagos a plazos estarán sujetos a aprobación de crédito. Requiere pago del IVU, pago inicial (de aplicar) y pago de la parte no aplazada al momento de la compra. El saldo se cancela en pagos mensuales. Pago por equipo es adicional al pago mensual de servicios. Ejemplos reflejan pago inicial y pagos mensuales para clientes con crédito excelente; cantidades pueden variar para otros clientes. Se pueden aplicar impuestos y cargos por pago tardío o por falta de pago. Control de la red: el servicio puede ponerse lento, suspenderse, cancelarse o restringirse por mal uso, uso anormal, interferencia con nuestra red, o con nuestra capacidad para brindar un servicio de calidad a otros usuarios, o por uso inmoderado de roaming. Uso en el equipo tiene mayor prioridad que el uso mediante enlace, lo cual puede resultar en velocidades mayores para la data usada en el equipo. Sujeto a los Términos y Condiciones (incluyendo cláusula de arbitraje) de T-Mobile® disponibles en www.t-mobilepr.com. Las imágenes de los equipos y pantallas son simuladas. iPhone es marca comercial registrada de Apple, Inc. T-Mobile, el logotipo de la T, Magenta y el color magenta son marcas comerciales registradas de Deutsche Telekom AG. ©2021 T-Mobile Puerto Rico, LLC.

< The Weekly Journal > Wednesday, November 24, 2021

CLIENTE NUEVO Y EXISTENTE

11

12

/ Wednesday, November 24, 2021

Manuel Quilichini, Lawyer

O

Labor Reform: “Back to the future” all over again

ur legislature is on the verge of approving a new labor reform bill that has employers fearing yet another round of labor cost increases; while employees hope they will finally receive what they consider is fair treatment by their employers.

Although the bill in its current form is employee oriented, employers should not fear a negative impact in their operations. You see, the current bill is like going back to the future, all over again.

Back in 2017, Governor Ricardo Rosselló’s administration passed the Labor Flexibility and Transformation Act (“Ley de Transformación y Flexibilidad Laboral”), which wiped away many of the long-standing protections and benefits granted by laws enacted decades before. The changes were drastic and, although welcomed by some employers, it definitively went a step too far, thus sowing the seeds for the new labor reform.

In its original form, the pendulum of benefits swung back to employee benefits, but in some areas, it went too far. Through its many twists and turns as it navigates the political waters, the bill has been substantially amended from its original form, thus making it more palatable to employers and employees alike.

If approved (as expected), the new labor reform would substantially bring back rights and benefits jettisoned by the 2017 “Reforma,” while keeping some dispositions deemed appropriate. One of the main changes attends to the accrued sick and vacation leave, which had been drastically reduced in the previous Rosselló’s reform. Now, employees would once again accrue 1.25 days of leave per month, for a total of 15 days for each leave.

Employees who work less than 115 hours per month will still accrue half a day per month for a total of six days per year. This reduced benefit will impact part-time employees, who usually accrued nothing because they did not work the 115-hour minimum. To protect small businesses with 15 employees or less, the paid vacation leave would be half a day per month and sick leave would be one day per month.

Another major change relates to the compensation for illegal or “unjust” termination.

The previous “Reforma” had drastically reduced this compensation by capping the maximum amount allowable, thus making terminations without just cause easier and less risky to employers. The current bill brings back the old scheme and limits, establishing that compensation for an illegal or unjust termination may entail a compensation based on years of employment.

There is a fixed compensation that may run

In times of economic and social turmoil, such a balanced legislation will bring calm to the rough labor waters and promote the more efficient and respectful work environment necessary for businesses to flourish. from 2 to 6-month salary, and a progressive compensation based on years of service, which may go from one week of salary for each year of service, up to three weeks for each year of service.

Most of the language and conditions existing before the 2017 reform regarding the definition of what constitutes an unlawful termination are kept.

The current bill also eliminates the excessively long probationary period for new employees and reinstates the 3-month period, which can be extended for an additional 3-month term under specific circumstances.

Thankfully, the five-year statute of limitations for possible labor claims, one of the most

troublesome dispositions of the current labor law, is being repealed. If turned into law, the current bill would reinstate the three-year statute of limitations for an employee to file a lawsuit seeking compensation for his termination. Allowing an unusually long term for former employees to initiate legal action would place employers at a greater risk of loosing in litigation because evidence and witnesses could be lost.

Regarding lawsuits, the new reform bill clearly establishes that an employer must prove termination of employment was due to a just cause. Critics of the current legislation consider that the burden of proving an employee had been unjustly terminated had been unreasonably shifted to the employee himself.

An innovation included in the 2017 “Reforma” was the 4-day workweek. The disposition allows for a 10-hour workday, prior to an agreement between employer and employee, which translates into a four-day workweek.

The still pending bill has many other changes, most of them subtle but necessary to bring back balance to the employer-employee relationship, that was lost in Rosselló’s heavy-handed “Reforma”. In times of economic and social turmoil, such a balanced legislation will bring calm to the rough labor waters and promote the more efficient and respectful work environment necessary for businesses to flourish.

/ Wednesday, November 24, 2021

13

In fact, A group of 17,000 cryptocurrency enthusiasts from around the world crowdfunded to try to buy the copy of the Constitution.

Ella Hall, a specialist in Books and Manuscripts, at Sotheby’s, in New York, places a 1787 printed copy of the U.S. Constitution in its display case. It sold for $43.2 million, a record price for a document or book sold at auction. >AP Photo/Richard Drew

Rare first printing of U.S. Constitution sells for record $43M The document is one of 13 known copies

A

Karen Matthews, The Associated Press

rare first printing of the U.S. Constitution sold at Sotheby’s in New York for $43.2 million, a record price for a document or book sold at auction.

The buyer, hedge fund manager Kenneth Griffin, will loan the document to the Crystal Bridges Museum of American Art in Bentonville, Arkansas, for public exhibition, Sotheby’s announced Friday.

Griffin, the founder and CEO of multinational hedge fund Citadel, outbid a group of 17,000 cryptocurrency enthusiasts from around the world who crowdfunded to buy it over the last week.

“The U.S. Constitution is a sacred document that enshrines the rights of every American and all those who aspire to be,” Griffin said in a statement.

“That is why I intend to ensure that this copy of our Constitution will be available for all Americans and visitors to view and appreciate in our museums and other public spaces.”

Crystal Bridges board chairperson Olivia Walton said, “We are honored to exhibit one of the most important documents in our nation’s history from

That is why I intend to ensure that this copy of our Constitution will be available for all Americans and visitors to view and appreciate in our museums and other public spaces.

– Kenneth Griffin, founder and CEO of Citadel

our location in the heartland of America.”

The museum opened in 2011 and was founded

by Alice Walton, the daughter of Walmart founder Sam Walton.

Proceeds From the Sale Will Go To Charity

The document that Griffin purchased at Thursday night’s auction was one of 13 known copies of the first printing of the Constitution, and one of only two in private hands.

This printing of the Constitution was last sold in 1988, when real estate developer and collector S. Howard Goldman bought it at auction for $165,000.

Proceeds from Thursday’s sale will benefit a foundation established by Goldman’s widow, Dorothy Tapper Goldman, to further the understanding of constitutional principles.

“Tonight’s sale of this exceptionally rare and important printing of the Constitution was a monumental and historic occasion,” Selby Kiffer, Sotheby’s senior international specialist for books and manuscripts, said in a statement.

Kiffer said the auction result reflects how relevant the Constitution remains, “not only in America but for global democracy.”

The underbidder was ConstitutionDAO, which announced its plan to raise millions of dollars to buy the Constitution on Twitter on Nov. 12.

DAO stands for decentralized autonomous organization, a type of community-run business that operates on the blockchain.

ConstitutionDAO tweeted Thursday night, “We showed the world what crypto and web3 [can do], onboarding thousands of people in the process, including museum curators and art directors who are now excited to keep learning.”

The group added, “We were the first DAO Sotheby’s has ever worked with, but we’re sure we won’t be the last one.”

The previous auction record for a book or manuscript was set in 1994 when Bill Gates purchased the Codex Leicester by Leonardo da Vinci at Christie’s for $30.8 million.

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/ Wednesday, November 24, 2021

New hotel in New York City

celebrates Broadway

The Civilian Hotel’s goal is to immerse visitors in a theatrical experience

V

Mark Kennedy, The Associated Press

A Taste Of Broadway

The 27-story building — at 305 W. 48th Street, between 8th and 9th avenues — is owned by Sixty Collective, from hotelier Jason Pomeranc, who says the goal is to immerse visitors in a theatrical experience.

Nearly every inch of the Civilian has been designed with a theatrical flourish, from the marquee-inspired lighting, dramatic curtains and stage-like elements to the raw industrial materials of backstage life.

The hotel is packed with theater memorabilia. >AP Photo/Richard Drew On display are set models of shows — like “Hadestown” designed by Rachel Hauck and Upstairs, the guest rooms — a two-person Cozy “Slave Play” by Clint Ramos — and sketches from or a 4-person Spacious — have one of two color “Chicago” designed by William Ivy Long. The hotel schemes — deep blue or wine-maroon — handplans to cycle new items in every painted details, four-poster beds, year or so. upholstered benches and framed Wallcoverings throughout the costume and set sketches. High guestroom floors and elevators design meets homey. are taken from abstracted “Even though the rooms are more details from costume designs by petite than what we’ve done in the The Civilian is a Isabel and Ruben Toledo (“After past, I don’t believe that the guest 203-room hotel with Midnight”) and William Ivey Long should have to sacrifice anything bars, lounges and (“Beetlejuice” and “Hairspray”). on a visual or textual experience, a bistro, located at Creators hope this is a chance for whether it’s the rich velvets from the 305 W. 48th Street, in the talent offstage to shine. fabrics or the tile in the bathroom New York City.

There’s also a private library or the quality of sheets and linens finished in royal blue hues and and pillows,” says Pomeranc. “The marquee lightbulbs where visitors quality level should not diminish can find replica guns and a crown because of the room size.” from “Hamilton,” the original set Visitors enter through a lobby model for “Company” as well as red boots from that feels like a stage door and into a vestibule “Kinky Boots” and a pink shrug from “Cabaret.” “This with an abstract interpretation of marquee lighting really feels like a dressing room,” says Rockwell. imbedded into the ceiling. A bank of theater seats

In fact,

> AP Photo/Richard Drew

isitors to the latest chic hotel opening in New York’s theater district can easily walk to any Broadway show — or they can stay inside and celebrate them.

The Civilian — a 203-room hotel with bars, lounges and a bistro — is packed with hundreds of pieces of Broadway art, including sketches, set models, costume pieces, photographs and artifacts that show theater past and present.

“I think people don’t realize that this neighborhood is just like a walking history of so much,” said award-winning architect and theater designer David Rockwell during a tour of the hotel he helped craft. “So I think it deserves to have a place that’s dedicated to that.”

It really speaks to the journey of the guest that’s looking for an authentically New York experience.

Jason Pomeranc, hotelier

rescued from an upstate theater sit along a brick wall and visitors climb a set of metal spiral stairs past a curtain to the second-floor bar, lounge and library.

“Does it feel like you’re stepping into kind of the fly loft you always wanted to get in?” asks Rockwell and, to be sure, there’s a strong “The Phantom of the Opera” feel.

There are photos throughout, starting in the lobby with black-and-white photos by Little Fang, the husband-and-wife team known for their opening-night portraits. Each floor will have framed art in the hallways clustered around a theme. The fourth floor, for example, is dedicated to rehearsal shots, with photos of Michael Bennett at “Dreamgirls” and the cast of “Miss Saigon.”

Pomeranc hopes to create a series of different types of public space experiences, from turning the lounge from a place where people can work and communicate during the day to a music-filled space in the evening to relax. “It really speaks to the journey of the guest that’s looking for an authentically New York experience,” he said.

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/ Wednesday, November 24, 2021

Puerto Rico is the first ever Spanishspeaking country to host the Miss World pageant. >Nahira Montcourt

Miss World 2021 beauty pageant officially opens in Río Grande The Weekly Journal Staff

The contest will be held on December 16

T

he Miss World 2021 pageant officially welcomed this week the 98 contestants aspiring to become the world’s next beauty queen.

The ceremony, which took place at the Hyatt Regency Grand Reserve Puerto Rico in Río Grande, was the first time the 98 contestants were presented to the public, the international media, government and pageant officials, and local personalities.

“We are very excited to be here, and we are ready to show the world all the wonders that Puerto Rico has to offer, especially its culture and the warmth and kindness of its people,” said Julia Morley, executive director of Miss World Ltd. Puerto Rico is the first ever Spanish-speaking

We are ready to show the world all the wonders that Puerto Rico has to offer, especially its culture and the warmth and kindness of its people.

Julia Morley, executive director, Miss World Ltd.

Stephanie Del Valle, Miss World 2016 (left), Wilnelia Merced, Miss World 1975 (center) and Julia Morley, executive director of Miss World Ltd. >Nahira Montcourt

Miss World Puerto Rico 2021, Aryam Díaz Rosado. >Nahira Montcourt

the contestants was deputy country to host the Miss World executive director of the Puerto pageant.

Rico Tourism Company (PRTC) Contestants will stay in Puerto María López, who said she Rico for 26 days, and the Hyatt was proud of how the pageant Regency Grand Reserve will will showcase Puerto Rico as become their home during this 98 contestants “a tourist destination of great period. The Miss World 2021 aspire to become luster, showing its natural final will help boost Puerto Miss World 2021. beauties, infrastructure and Rico’s economy by generating modern technology to handle around 2,840 hotel room nights large-scale events.” during the contestants and staff’s month-long stay. Also, For his part, the mayor of Río 10,000 additional room nights Grande, Ángel González Damudt, from fans, family members and franchise holders thanked pageant producers Julia Morley and are expected for the last week of the pageant in Stephanie Del Valle, Miss World 2016, for choosing hotels in the San Juan metropolitan area.

Río Grande as the contestants’ home away from Among the government officials welcoming home.

In fact,

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