Hub fantasy sports contest co. raises $24 million

The meteoric rise of fantasy sports, especially football, has paid off big time for DraftKings, a Boston company that yesterday announced it had raised $24 million in Series B funding.

"We are really excited about the opportunity to grow both the team and the industry," CMO Paul Liberman said in an email. "We've generated strong results through a lot of hard work, and the large funding is a nice validation of our efforts."

The $24 million is one of the largest funding rounds for a consumer-focused company in Boston this year. The company also raised $7 million in May.

Liberman said the company, which offers users the chance to win money through fantasy sports contests, will use the funding to increase its marketing and hire more employees.

"Our employee base will almost double next year, with the vast majority based in Boston," he said.

The company said its users spend more than five hours per week on the mobile app and website and it has awarded more than 
$50 million in prizes.

Tom Dyal, a partner at Redpoint Ventures, which led the funding, said, "One of the most exciting aspects of venture investing is when we see a company that plays a role in creating a consumer phenomenon. DraftKings is just that sort of company."

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Expert: Gaming panel will consider Revere casino

A leading casino expert predicts the state Gaming Commission will seriously consider a Suffolk Downs casino in Revere to keep competition for the sole Eastern Massachusetts gaming license alive, but a group of East Boston residents is vowing to fight such a project.

After yesterday's recount of the votes cast in Palmer's Nov. 5 referendum found that Mohegan Sun did lose, albeit by 94 votes, the Rev. Richard McGowan, a Boston college professor and gaming expert, predicted that Suffolk Downs will now entertain bids from Mohegan Sun, Penn National and Hard Rock — all casino operators that lost bids in other parts of the state.

"I am also fairly certain that Commissioner (Stephen) Crosby will encourage this in order to provide competition with (Las Vegas billionaire Steve) Wynn, especially if (the) Dec. 16 ruling on his suitability goes against Wynn" in his bid to build a casino in Everett, McGowan wrote in an email.

Last week, Crosby said he wanted to consult with the commission's lawyers to determine whether Suffolk Downs legally could shift the site of its proposed casino from East Boston, where residents voted down the project, to Revere, where voters approved it.

Yesterday, Celeste Myers of No Eastie Casino said the group would not rule out legal action if the commission permits the racetrack to build a casino in Revere.

"That's what we have our legal team looking at," Myers said. "We're going to pursue every avenue to fight this."

McGowan predicted that whether Suffolk Downs can build a casino in Revere ultimately will be decided by the courts.

"I don't think the law ever foresaw a situation like this," he said.

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Asian stocks muted before Thanksgiving holiday

MANILA, Philippines — Asian stocks were muted Wednesday as funds switched to better performing markets and trading thinned out ahead of the Thanksgiving holiday in the U.S.

Japan's Nikkei 225 was down 0.3 percent at 15,464.17. Hong Kong's Hang Seng was up 0.5 percent at 23,805.16 and China's Shanghai Composite added 0.7 percent to 2,198.17. South Korea's Kospi fell 0.2 percent to 2,018.40. Southeast Asian bourses were mixed.

Francis Lun of GE Oriental Financial Group in Hong Kong said some funds from Asia are being invested in the U.S. and Germany, where stock indexes are setting record highs.

"Fund managers are switching money out of Asia into Europe and America," he said. "That's why the Asian markets are underperforming."

On Wall Street, upbeat news from the housing industry and luxury retailer Tiffany & Co. nudged shares higher Tuesday.

Investors also got another market milestone when the Nasdaq composite closed above 4,000 for the first time in 13 years.

That followed two other round-number moments last week. The Standard & Poor's 500 closed above 1,800 for the first time and the Dow Jones industrial average finished above 16,000.

The Nasdaq jumped 0.6 percent to 4,017.75. The Dow rose less than a point to 16,072.80 and the S&P 500 index nudged up less than a point to 1,802.75.

In energy markets, benchmark crude for January delivery was down 23 cents at $93.45 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 41 cents to close at $93.68 on Tuesday.

The euro rose to $1.3591 from $1.3567 late Tuesday. The dollar rose to 101.56 yen from 101.25 yen.

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Palmer recount on, Revere heats up

The Bay State's roller coaster casino ride shows no signs of leveling off, with a recount of Palmer's narrow rejection of Mohegan Sun set for today, even as the casino operator says it is moving on in talks with Suffolk Downs as it tries to cobble together a last-minute casino deal in Revere.

On Sunday, Revere Mayor Daniel Rizzo told the Herald an agreement "may be imminent." But yesterday, both Suffolk Downs and Mohegan Sun said they had no agreement to report.

"As we have said before, we have received strong interest in potential partnerships from a number of top-class gaming companies," Chip Tuttle, the track's chief operating officer, said in a statement. "We are aiming to enter an agreement with a new gaming partner soon."

Other casino operators who made failed bids in Massachusetts also could be in the running to replace Caesars Entertainment, which bowed out as Suffolk Downs' partner over concerns about debt and purported mob links.

Yesterday, Scott Butera of Foxwoods, which last week lost a referendum to build a casino in Milford, said: "We're looking for opportunities at this point." But he would not say whether he was talking to Suffolk Downs.

Even if the track cuts a casino deal before the Dec. 31 deadline, its chances of Gaming Commission approval are far from assured. Last week, commission Chairman Stephen Crosby said he wanted to consult with lawyers about the switch to a Revere-only project after voters in East Boston rejected it.

Mayor-elect Martin J. Walsh said in a statement yesterday, "The voters of East Boston said no to a casino, and I respect their stance. It's my responsibility as mayor to ensure that the best interests of Boston residents are protected, and I'll do everything in my power to advocate for Boston during this process."

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The Ticker

Apple buys company that developed Kinect

Apple could be getting into the 3-D sensor game, as it has picked up a company used by rival Microsoft.

Apple confirmed that it has bought PrimeSense, the company behind Microsoft's Kinect sensor device.

PrimeSense also confirmed the sale, though the price has not been revealed.

Wal-Mart names new CEO

Wal-Mart Stores Inc. said yesterday that Doug McMillon, head of its international business, will replace Mike Duke as chief executive officer when he retires as the world's largest retailer struggles to ignite growth at home and abroad.

McMillon, 47, will take over for Duke on Feb. 1, the Bentonville, Ark.-based company said. Duke, 63, will stay on as chairman of the board's executive committee, and McMillon will join the board immediately.

McMillon, who first worked at Wal-Mart as a summer employee in 1984, is grabbing the reins as the retailer tries to restore U.S. sales growth with Amazon.com Inc. and dollar stores luring away its customers.

Today

• Commerce Department releases housing starts for September and October.
• Commerce Department releases third-quarter gross domestic product.
• Standard & Poor's releases S&P/Case-Shiller index of home prices for September and the third quarter.
• The Conference Board releases the Consumer Confidence Index for November.

TOMORROW

• Commerce Department releases durable goods for October.
• Commerce Department releases personal income and spending for October.
• Labor Department releases weekly jobless claims.
• Freddie Mac, the mortgage company, releases weekly mortgage rates.

Kirkland Albrecht & Fredrickson LLC, one of the leading CPA firms in the Boston area, announces that Jennifer Frazier has joined the company as a staff accountant. In this role, she will assist with audit engagements, including bank reconciliations and the preparation of trial balances and financial statements.

L CVS Caremark announced that Helena Foulkes, recently chief of health care strategy and marketing officer, has been named president of CVS/Pharmacy effective Jan. 1.

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Asian stocks trade sideways ahead of US holiday

MANILA, Philippines — Asian stock markets mostly traded sideways Tuesday after a lull in Wall Street's record-breaking run ahead of a U.S. holiday.

Japan's Nikkei 225 fell 0.5 percent to 15,546.26 while Hong Kong's Hang Seng added 0.2 percent to 23,735.29. China's Shanghai Composite Index was nearly unchanged at 2,186.40. Australia's S&P/ASX 200 gained 0.4 percent to 5,371.30 and markets in Southeast Asia were mixed.

"There's very little macro data coming out and there's little news to drive the market one way or the other," said Andrew Sullivan of Kim Eng Securities in Hong Kong.

Wall Street has enjoyed seven weeks of gains, driven by the Federal Reserve's super easy monetary policy, signs of gradual improvement in the U.S. economy and rising company profits. But there was little company-specific news to digest Monday and trading was light before the Thanksgiving holiday later this week.

The Dow Jones industrial average rose 7.7 points or 0.1 percent to 16,072.54. The Standard and Poor's 500 fell 2.28 points, or 0.1 percent, to 1,802.48. But the Nasdaq rose as high as 4,007.09, a level it hasn't seen since Sept. 7, 2000 during the dot-com bubble. The index ended up 2.92 points, or 0.1 percent, at 3,994.57.

In energy markets, benchmark crude for January delivery was up 31 cents at $94.40 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 75 cents to $94.09 on Monday.

The euro slightly rose to $1.3529 from 1.3526 late Monday in New York. The dollar rose to 101.49 yen from 101.40 yen.

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Asia stocks lifted by Wall St winning streak, Iran

BANGKOK — Asian stock markets rose Monday after Wall Street posted its seventh straight week of gains and a nuclear deal between world powers and Iran boosted sentiment.

Japan's Nikkei 225 stock average rose 1.1 percent to 15,551.28 and Hong Kong's Hang Seng added 0.2 percent to 23,732.43. Seoul's Kopsi climbed 0.8 percent to 2,021.52 and Australia's S&P/ASX 200 gained 0.5 percent to 5,360.20.

Going against the trend was Thailand where the SET index fell 0.7 percent after anti-government protests on the weekend drew tens of thousands of people. China's Shanghai Composite rose 0.3 percent to 2,203.47.

Appetite for stocks was energized by Wall Street's string of milestones and an easing of political risk signaled by the first significant progress in years to curtail Iran's nuclear ambitions.

Iran on Sunday reached an agreement with the U.S., Britain, France, Russia, China and Germany to limit enrichment of uranium to 5 percent, far below the level needed for nuclear weapons. Iran got limited relief from sanctions that have hobbled its economy, but an embargo on its oil exports remains in place while negotiations continue for an enduring deal.

"Perhaps the Iran nuclear deal, effectively setting limits to Iran's nuclear program, has added to the buoyant risk mood," said Stan Shamu, market strategist at IG in Melbourne, Australia.

Wall Street continued to be lifted by the Federal Reserve's super easy monetary policy, signs of gradual improvement in the U.S. economy and rising company profits.

The Standard & Poor's 500 closed above 1,800 for the first time Friday, capping seven straight weeks of gains. The Dow also logged a seventh week of increase.

The S&P 500 rose 8.91 points, or 0.5 percent, to 1,804.76. The Dow Jones industrial average gained 54.78 points, or 0.3 percent, to 16,064.77 after Thursday passing 16,000 for the first time. The Nasdaq composite jumped 22.49 points, or 0.6 percent, to 3,991.65.

In energy trading, benchmark U.S. crude for January delivery was down 83 cents at $94.01 in electronic trading on the New York Mercantile Exchange as the nuclear deal made it more likely that the sanctions choking Iranian oil exports will eventually be lifted. The contract fell 60 cents to close $94.84 on Friday.

The euro was barely changed at $1.3543. The dollar rose to 101.75 yen from 101.29 yen late Friday.

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Marty Walsh promises to retain, spur Hub’s innovation economy

Martin J. Walsh, known for his labor ties, State House experience and Dorchester roots, hardly made startups a signature issue of his campaign, but the soon-to-be mayor says the innovation economy will be a crucial part of his plan to continue Boston's growth.

"The beauty about that is it creates jobs," Walsh told the Herald. "They're an important piece to Boston."

"The plan for continued growth in the city of Boston is creating more opportunities," Walsh said.

A Kaufman Foundation report in August said high-tech startups are "a key driver of job creation."

Walsh's plan for the continued success and momentum of the startup ecosystem, while still light on specifics, places significant emphasis on keeping talent in Boston.

"I'd really like to keep these startups here in Boston," he said. "There's no pipeline to keep them here."

His plans include:

• Acting as a quasi-real estate agency to match growing companies with affordable office space that fits their needs.

• Focusing on the biotech and medical device industries as industries that could take off in Boston.

• Continuing Mayor Thomas M. Menino's Innovation District initiative, which the city says has added more than 5,000 jobs and led to the newly opened District Hall.

• Also making sure innovation in Boston is not contained to one area. "We have an opportunity to take innovation and spread it around the city of Boston," Walsh said.

Attracting a tech giant to anchor the city's growth is not a bad plan, Walsh said, though he prefers to create "our own team" of big-name companies.

"If we can attract a big name, we will, but it's really cultivating the businesses to stay here," he said. "Some of these startup companies become the Googles and Twitters of the world."

Startup leaders say Walsh seems to be on the right track.

"He's said the right things, so we're excited to see him engage with the community," said Tim Rowe, founder and CEO of the Cambridge Innovation Center.

John Harthorne, founder and CEO of MassChallenge, said his conversations with Walsh have been promising.

"I do think he recognizes it really is critically important to the growth and sustainability of Boston," Harthorne said. "It remains to be seen in practice, but I remain optimistic."

Harthorne said one of the key things Walsh can do for startups is to simply engage with the community.

"Come and speak when we have events, just to show up," Harthorne said. "That's part of recognizing that innovation is a priority."

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PS4 no competition for Xbox

Microsoft's Xbox One is the biggest game-changer to hit the consumer electronics industry since the iPad, establishing the foundation for true multimedia integration between gaming, social media, television and more.

But because the new Xbox One ($499) debuted just days after Sony's widely anticipated PlayStation 4 ($399) hit shelves, most tech reviewers are throwing their backs out in an attempt to be "balanced," dutifully comparing and contrasting the two.

Not me.

Here's the straight dope: PlayStation is graphically a tad more powerful but it's just for gamers. The Xbox is for gamers and everyone else. Though it costs $100 more, that price includes the motion-sensing Kinect and a slew of exclusive features, including the following:

• Xbox is always listening. Walk into the room and awaken it with a simple phrase: "Xbox, on." Or just cut to the chase: "Xbox, go to Netflix." Rarely will you need your remote.

• Facial recognition. It knows the different members of your family. When someone walks into the room, that person's user name (aka gamer tag) appears on the screen.

• It's a wireless personal trainer. The Kinect will monitor your heart rate, and give you tips on how to step up your game. The Xbox fitness library is another story altogether, with workout stars like Jillian Michaels cheering you on and issuing official "achievements" and other incentives.

• Xbox is fully integrated into your technology, controlling everything except your DVR. There's no switching back and forth between your Xbox and TV anymore. Xbox is layered atop everything you already have. It simply adds features.

• It's a football-lover's best friend. Microsoft struck a five-year, $400 million deal with the NFL that will allow you to view and control your fantasy football league while watching live games side-by-side.

Like any evolving technology, however, the Xbox has hiccups. For instance, for the life of me I can't get it to recognize when I say "Xbox, turn off," though it does recognize the same phrase from my husband just fine. If you expect voice controls to be flawless, you will be disappointed.

Nearly all the cool features require a subscription to Xbox Live Gold, which is $5 a month. Because of the myriad movies and television titles provided by Xbox and its integrated apps, I'm now keeping my cable subscription around for the sake of one or two shows.

It's becoming harder and harder to justify.

What's more exciting than the current product is its potential. In the future, it may provide everything from virtual health care monitoring to salsa lessons.

For now, it's sure to be at the top of many a shopping list this holiday season.

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Luxury rental tower springs up

If you've driven down Essex Street in Boston heading toward South Station, you've undoubtedly noticed the construction project that's been in development at 120 Kingston St.

The project, which broke ground in September 2012, is within months of completion. For Forest City, which is developing it with the Hudson Group, it's the first such project in Boston to date.

Located on the edge of Boston's Chinatown, this new luxury rental development will include 240 studio, one-bedroom, two-bedroom and penthouse contemporary residences available for lease in the spring. Officially known as the Radian, the development will offer modern rentals on the Rose Fitzgerald ­Kennedy Greenway and will feature panoramic views of Boston along with luxury amenities and services for residents.

Additionally, Radian will have 4,500 square feet of retail space available on the ground floor with an outdoor patio perfect for a restaurant and cafe.

The retail space is being marketed by Jesse Baerkahn and Dave Downing of Graffito SP, a team with extensive experience in ­urban place-making in Boston and Cambridge. Graffito SP helped transform Kendall Square into a retail and restaurant destination by bringing Area Four, Commonwealth, FireBrand Saints and Tatte Bakery to the neighborhood. In Boston, the firm just completed work on the restaurant and coffee bar at District Hall and The Club by George Foreman III in Fort Point.

"Radian is the premier rental tower opening downtown next year. As the gateway to the Greenway, Radian is at the nexus of three vibrant neighborhoods and will become a new icon in the Boston skyline," said Doug Arsham, vice president of development for Forest City Boston. "Our vision is to offer an enhanced living experience through top-of-market finishes, services and amenities, while also offering a respite from the bustling city life. We are very pleased with the initial response we received for Radian, on the first day that our teaser website launched we received approximately 100 inquiries."

Keep this property on your list if you're in the market to lease. With a location that's ideal for the downtown professional, it's set to fill up very quickly.

Charlie Abrahams is a licensed real estate agent in Boston who works with buyers and sellers and can be reached for any additional information at: Bostonrealestate@charlieabrahams.com

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