Ark Restaurants Corp. (ARKR): PESTLE Analysis [Nov-2025 Updated]

You're looking for a clear, actionable breakdown of the external forces shaping Ark Restaurants Corp. (ARKR) as we head into late 2025. The direct takeaway is this: ARKR's reliance on high-traffic, regulated venues like national parks and casinos creates high barriers to entry for competitors but also exposes them to concentrated regulatory and labor cost pressures, especially in key markets like New York and Las Vegas. The financial reality is tough, with persistent inflationary pressure projected at around 4.5% on food and beverage costs, plus industry wages growing an estimated 6% year-over-year due to minimum wage hikes. Still, their specialty in experiential dining, coupled with a push for technology like AI-driven inventory tools that can cut waste by up to 10%, offers a real path to margin defense. You need to know exactly where these political, economic, and technological currents will hit ARKR's bottom line, so let's dive into the full PESTLE picture.

Ark Restaurants Corp. (ARKR) - PESTLE Analysis: Political factors

The political landscape for Ark Restaurants Corp. in 2025 is dominated by hyper-local regulatory risks, particularly around high-value leases, and the persistent, quantifiable pressure from state and municipal labor laws. Management's strategic focus is split between mitigating the immediate legal costs of lease disputes and positioning for new, politically-driven casino opportunities.

Increased state and local minimum wage hikes, impacting labor costs defintely.

Labor cost inflation, driven by legislated minimum wage increases, is a primary political headwind that directly pressures Ark Restaurants Corp.'s operating margins. The company operates in high-cost, politically active states like New York and Florida, where minimum wage floors are rising significantly.

For the 26 weeks ended March 29, 2025, Ark Restaurants Corp. reported total payroll expenses of $30,823,000. While management has worked to offset these hikes through 'better shift management,' the underlying cost acceleration from new laws remains a constant threat to profitability. This pressure is evident in the mandated wage floors across key markets:

• New York City: The minimum wage rose to $16.50 per hour as of January 1, 2025.
• Florida: The state minimum wage increased to $13.00 per hour in 2025, continuing its path to $15.00 per hour by 2026.
• Washington D.C.: A local political battle over the tipped minimum wage resulted in a return to a tip credit structure with a minimum cash wage of $10.00 per hour for tipped workers, still requiring careful management of the tip credit mechanism.

Regulatory stability in key casino markets (Las Vegas, Atlantic City) is crucial.

Ark Restaurants Corp.'s casino-based operations in Las Vegas (New York-New York Hotel & Casino) and Atlantic City (Tropicana Hotel and Casino) rely heavily on stable state gaming and liquor licensing regimes. While the existing operations are generally stable, a major political opportunity is emerging in New Jersey.

The company is actively positioning itself for the potential development of a casino license in the Meadowlands, a move contingent on the New Jersey legislature and the timing of New York State's downstate casino license allocations. This is a high-stakes political play that could drive substantial long-term value, but it is entirely dependent on favorable regulatory outcomes and legislative action.

Here's the quick math on recent casino-related performance: Operations at the New York-New York Hotel and Casino in Las Vegas showed an increase in cash flow in Q3 2025, despite broader softness on the Las Vegas Strip, demonstrating the resilience of their core casino-adjacent business model under current regulation.

Potential changes in federal park concession contract renewals pose a long-term risk.

The most immediate and costly political risk in 2025 is the loss of key municipal and quasi-federal operating locations, which function similarly to government concessions.

The leases for the Bryant Park Grill & Cafe and The Porch at Bryant Park in New York City expired in early 2025, and the company is currently operating as a holdover tenant while engaged in litigation to challenge the selection of a new operator. This political-legal battle is a significant drain on resources, with Q3 2025 litigation expenses alone exceeding $800,000.

Additionally, the Sequoia restaurant in Washington D.C., located on the Potomac River waterfront, is subject to federal oversight, requiring approval for exterior work from the Old Georgetown Board within the federally protected Georgetown Historic District. The difficult D.C. market led to a non-cash impairment of assets at Sequoia in Q3 2025, directly linking a challenging local political/regulatory environment to financial write-downs.

Shifting local public health mandates still affect indoor dining capacity and operations.

While the most severe COVID-19 capacity restrictions from 2020-2021 (like the initial 25% indoor dining limit in NYC) are gone, new, non-health political mandates continue to affect day-to-day operations and customer flow.

In Washington D.C., a new Cashless Business Ban law, effective January 1, 2025, requires restaurants and bars to accept cash for transactions, reversing a prior trend and adding an operational compliance burden. This kind of localized, politically-driven compliance change is a constant in the restaurant industry, and it defintely requires new point-of-sale and training protocols. The political uncertainty surrounding the Bryant Park lease has also caused the event business there to suffer, as clients are hesitant to book long-term events during a protracted legal dispute. This is a clear example of political instability translating directly into lost revenue.

The following table summarizes the most pressing political risks and opportunities in 2025:

The political environment for Ark Restaurants Corp. demands a dual focus: managing the immediate financial fallout of the Bryant Park legal battle while keeping capital ready to execute on the Meadowlands casino opportunity, should the political dominoes fall in New Jersey.

Ark Restaurants Corp. (ARKR) - PESTLE Analysis: Economic factors

You need a clear-eyed view of the economic headwinds hitting the hospitality sector, and for Ark Restaurants Corp. (ARKR), the story in 2025 is one of margin compression and uneven consumer demand. The core challenge is that your prime costs-food and labor-are rising faster than you can comfortably raise menu prices, especially as discretionary spending softens. This is not a theoretical problem; it's a direct threat to your bottom line, which saw a net loss of $9,258,000 in Q2 2025 alone.

Persistent inflationary pressure on food and beverage costs is projected to be around 4.5% in 2025

The cost of goods sold (COGS) is still a major headwind. While overall food inflation has moderated from its peaks, the pressure on the dining-out segment remains acute. For full-service restaurants, menu prices climbed by an average of 4.6% year-over-year as of August 2025, largely to keep pace with your input costs. The USDA projects dining out inflation will hover in the 3-4% range through 2026, meaning the elevated cost base is here to stay, not a temporary spike.

Here's the quick math: COGS now eats up around 40% of revenue for many operators, a significant jump from the historical norm of about 30%. You can't absorb that kind of increase on a revenue base that is already showing weakness, like the $43.72M in revenue Ark Restaurants Corp. reported for Q3 2025, which was a year-over-year decrease of 13.26%. You have to be ruthless about waste and vendor negotiation.

Labor cost inflation is a major headwind, with industry wages growing an estimated 6% year-over-year

Labor is arguably the most volatile factor, and the industry-wide increase in wages is defintely challenging. While the general industry wage growth is significant, some operators have reported labor costs increasing by as much as 23% in 2025, stacked on top of a 33% climb in the prior year. This is driven by state and city minimum wage hikes. In a key market like New York City, the minimum wage is now up to $16.50/hour in the city, Long Island, and Westchester County, directly impacting your payroll. Labor costs already account for over 30% of restaurant revenue, and every new mandate pushes that percentage higher.

The pressure is compounded by the persistent labor shortage, with about 70% of operators still reporting they are understaffed. This forces you to pay a premium above the minimum wage to attract and retain talent, turning a statutory minimum into a floor that is constantly rising. It's a tight spot: pay more or risk operational failure due to high turnover (which is still running at 75-80% in the industry).

Consumer discretionary spending remains sensitive to interest rate hikes and recession fears

The consumer is pulling back, and your sales data reflects it. A survey earlier this year found that 61% of U.S. consumers are actively decreasing their restaurant spending. They are feeling the pinch from persistent inflation and the cumulative effect of past interest rate hikes. While the Federal Reserve is now expected to ease rates, perhaps with a 25 basis point cut by late 2025, the psychological impact of recession fears still makes people think twice about a high-end meal.

For Ark Restaurants Corp., this translated to a 2.3% decrease in same-store sales in Q1 2025 (excluding closures), showing the general softness. That said, the slight 0.4% same-store sales increase in Q2 2025 suggests that your specific, high-quality locations can still outperform the market, especially with a focus on value and experience. The average U.S. consumer spends about $115 on restaurants weekly, and you need to capture a larger share of that shrinking budget.

Tourism and convention attendance recovery in NYC and Las Vegas directly drives revenue

Your business model, tied heavily to high-traffic, tourist-driven locations in New York City and Las Vegas, makes you acutely sensitive to travel trends. The news here is mixed, but the risks are clear.

In New York City, the 2025 tourism forecast was downgraded from 67.2 million to 64.1 million visitors, a loss of 3.1 million travelers. Crucially, the international visitor forecast was cut by 2 million, from 14.1 million to 12.1 million. Since international visitors account for about 50% of all visitor spending, this downgrade represents a loss of over $4 billion in direct spending, a direct hit to your most profitable properties like those at Bryant Park.

In Las Vegas, the picture is more complex. While overall visitor volume dropped by 6.5% through May 2025, the convention segment is showing resilience. Convention attendance actually rose by 10.7% in May, bolstering midweek hotel occupancy to 79.3%. This tells you that business-centric travel is holding up better than general leisure tourism, which is a key distinction for your casino-based locations.

• NYC Visitor Forecast Downgrade: 3.1 million fewer visitors projected in 2025.
• Las Vegas Visitor Volume Decline (YTD May 2025): 6.5% drop.
• Las Vegas Convention Attendance Growth (May 2025): Up 10.7%.

The immediate action is to double down on convention-related business in Vegas and adapt your NYC menus to appeal to the more budget-conscious domestic traveler, given the international spending dip.

Ark Restaurants Corp. (ARKR) - PESTLE Analysis: Social factors

Strong consumer demand for experiential dining and unique venue concepts (ARKR's specialty)

You need to know that the market is heavily rewarding restaurants that offer more than just a meal; they want a memorable experience. This trend is a major tailwind for Ark Restaurants Corp. (ARKR) because their portfolio is built on unique, high-profile venues like those in Las Vegas and New York City.

A 2025 report shows that 74% of diners are more likely to return to a restaurant after a unique or memorable dining experience. ARKR's strategy of operating destination locations-often with prime real estate-positions it well to capture this spending. However, the company's overall revenue trend shows some near-term softness, with trailing twelve months (TTM) revenue as of June 28, 2025, at $171.83 million, down from the fiscal year 2024 revenue of $183.55 million. This suggests that while the concept is strong, execution and other factors (like labor costs) are challenging the top line.

Here's the quick math on the importance of experience:

• 74% of diners return after a unique experience.
• 88% trust online reviews like personal recommendations.
• 74% choose where to eat based on social media.

Growing preference for healthier, locally-sourced menu options requires supply chain adjustments

Consumers are demanding transparency and sustainability, and this is no longer a niche market. This shift creates both a cost risk and a brand opportunity for ARKR. To be fair, sourcing locally and sustainably often means higher input costs, which pressures margins already tight from inflation.

The data is clear on consumer willingness to pay for these values:

• 75% of diners prefer eco-friendly restaurants.
• Many are willing to pay extra for sustainable packaging and local sourcing.
• 59% are likely to choose seasonal dishes.

ARKR must integrate this into their supply chain and menu design. If they don't tell the story of their sourcing, they lose the benefit. Plant-based menu options are expected by many diners, so menu engineering needs to reflect this to keep up with health-conscious Millennials and Gen Zs.

Continued shift to casual dining and away from high-end, formal experiences

The dining landscape is polarizing: people want either quick, quality convenience (fast-casual) or a high-value, memorable experience (ARKR's sweet spot). The middle-of-the-road, high-end casual dining segment is under pressure. Over a dozen restaurant chains filed for Chapter 11 bankruptcy in 2024, showing the stress in the full-service sector. This is a critical risk for ARKR.

The labor market data reflects this structural shift:

The full-service segment is defintely shrinking its workforce, while limited-service (quick-service and fast-casual) is growing. ARKR's reliance on full-service venues means they must ensure their 'experience' is compelling enough to justify the price point and the time commitment, differentiating them from the struggling middle market.

Staffing challenges due to a tight labor market and lower worker participation rates

Labor remains the single biggest operational headache and cost driver. The market is still very tight, forcing operators to increase wages and benefits just to keep the lights on. This directly impacts ARKR's operating expenses, contributing to the Q2 2025 net loss of $9.3 million.

Recruiting and retention are top concerns for most operators. 65% of restaurant operators described the labor market as 'Tight' or 'Very Tight' in a recent survey. The cost of labor is rising, even as overall job growth in the sector has plateaued in 2025.

Here are the key labor market metrics you need to watch:

• Median base wages rose 4% to $14.20 per hour in 2024.
• Average hourly earnings for private-sector workers grew 3.9% year-over-year as of August 2025.
• Worker quits in the hospitality sector averaged 715,000 between May and July 2025, a sign of high turnover.
• Recruiting is a top concern for 30% of operators, and retention for 27%.

The labor force participation rate edged up slightly to 62.3% as of September 2025, but the overall pool of available workers is not growing fast enough to meet demand. ARKR must focus on retention strategies-better benefits, career paths, and a better work-life balance-to mitigate this significant cost and operational risk.

Ark Restaurants Corp. (ARKR) - PESTLE Analysis: Technological factors

The technological landscape in 2025 presents Ark Restaurants Corp. (ARKR) with a clear path to combat the persistent issues of high labor and food costs, but it requires capital investment and a unified strategy. You can't afford to let your operations in Las Vegas, New York, and Florida run on disparate, legacy systems. The industry is moving fast; over half of all restaurants are either using Artificial Intelligence (AI) or planning to adopt it in 2025, an increase of 7 percentage points from the prior year.

Increased need for point-of-sale (POS) systems integration for loyalty programs and data analytics.

Your current challenge is turning high-volume transactions, like those at New York-New York Hotel and Casino, into repeat business. The solution isn't just a cash register; it's a fully integrated Point-of-Sale (POS) system that acts as a Customer Relationship Management (CRM) tool. Modern POS systems are now integrating AI and Machine Learning (ML), with the AI in Food & Beverages Market projected to grow from $9.68 billion in 2025 to nearly $49 billion by 2029.

This integration allows you to move beyond simple discounts. For instance, you can analyze transaction data to offer personalized promotions or use dynamic pricing, which only 7% of operators currently offer. This is how you drive customer loyalty and optimize profit margins without resorting to blanket price hikes that hurt your value proposition. Honestly, a disconnected POS is just a costly calculator.

Adoption of kitchen automation and robotics to mitigate the high cost of labor.

Labor costs are a massive headwind, and while ARKR has focused on being more efficient on a payroll basis, especially in Las Vegas, robotics offer a tangible way to stabilize back-of-house expenses and ensure consistency. The global food automation market is projected to increase to $16.7 billion in 2025, reflecting a clear industry priority.

For your full-service and high-volume kitchens, the goal is not to replace staff but to automate repetitive, high-turnover tasks like prep work, frying, or slicing. Full-service venues are aiming to automate around 27% of tasks by 2025. A food-running robot, for example, can be financed for approximately $350 monthly, compared to the nearly $9,000 monthly cost of a minimum-wage human server over the same period. This is defintely a capital expenditure that yields a predictable, long-term return.

Greater investment in online ordering and reservation platforms to capture digital sales.

The digital front door is now as critical as your physical one. Diners expect seamless online experiences, with nearly 75% of consumers comfortable with AI handling reservations in 2025. Furthermore, the year-over-year increase in reservations reached a robust 21% between Q1 2023 and Q1 2024, showing the clear demand for digital booking.

For ARKR, this means ensuring your online reservation systems-like those for Robert in NYC or Rustic Inn in Florida-are fully integrated with your table management and customer data. Up to 45% of reservations are made the same day, so your system must offer real-time, flexible availability to capture that spontaneous demand. You need to be where the customers are searching, and that increasingly means optimizing your Google presence for direct bookings.

Use of AI-driven tools for inventory management to reduce food waste and cost by up to 10%.

Food waste is pure margin erosion. With ARKR's Q3 2025 revenue at $43.72 million, even a small percentage saving on Cost of Goods Sold (COGS) is a significant profit boost. AI-driven inventory systems are the most direct way to attack this. They use predictive analytics to forecast demand based on sales history, weather, and events, preventing both costly over-ordering and missed sales from stockouts. Here's the quick math on the opportunity:

AI-powered inventory management reduces food waste by up to 20%, and some case studies show reductions as high as 30%. This is how you get to the required 10% reduction in total food costs, or more. Plus, AI systems streamline vendor management and automatically compare supplier prices, which maximizes your purchasing efficiency.

Actionable Steps for ARKR:

• Audit current POS systems for CRM and AI-driven data analytics capabilities.
• Pilot kitchen automation for repetitive tasks in your highest-volume venues, like the New York-New York Hotel and Casino operations.
• Implement an AI-driven inventory system across all locations to target a minimum 5% reduction in food waste by the end of fiscal year 2026.

Ark Restaurants Corp. (ARKR) - PESTLE Analysis: Legal factors

You're operating a multi-state restaurant group like Ark Restaurants Corp., so your legal risk profile is a complex matrix of state, municipal, and even quasi-governmental regulations. The biggest near-term threat isn't just a fine; it's the loss of a major revenue stream due to a lease dispute, which we've seen play out in 2025. The core challenge is navigating the hyper-local nature of licensing and labor laws across New York, Las Vegas, Florida, and other jurisdictions.

Stricter enforcement of federal and state labor laws, including wage and hour compliance

Labor law compliance has become a significant, non-negotiable cost in 2025. With a full-service restaurant market projected to reach $360.9 billion this year, regulators are scrutinizing wage and hour practices more closely, especially around overtime, tip pooling, and mandated paid sick leave. For a company with operations across multiple states, this means managing a patchwork of constantly rising minimum wages and state-specific rules.

Honesty, a single misclassification of an employee or an error in overtime calculation can trigger a significant lawsuit. We saw a stark example of this enforcement risk outside of ARKR, where the Department of Labor secured a judgment in late 2024 to recover $66,000 in back wages and damages for just 13 workers at a single Oklahoma restaurant operator. This shows the government's determination to ensure compliance. Your action here is to invest in automated compliance systems; manual compliance is defintely a recipe for error at this scale.

Complex and varied liquor licensing laws across multiple states and jurisdictions

Ark Restaurants Corp.'s strategy of operating in high-traffic, unique venues-casinos, waterfronts, and public/private spaces-exposes it to an unusually complex web of liquor and operating licenses. You're not just dealing with the State Liquor Authority (SLA); you're dealing with the owners of the land, who often have their own set of rules.

For example, the New York State FY2025 Budget provided a favorable legal development by extending the popular 'drinks to go' provision for five years and making outdoor dining permanent, which is a clear win for your New York City venues like Robert. Still, managing licenses in locations like the New York-New York Hotel & Casino in Las Vegas, the Tropicana Hotel and Casino in Atlantic City, and quasi-governmental entities like the Bryant Park Corporation adds layers of regulatory bureaucracy that smaller, single-state operators simply don't face.

Ongoing litigation risk related to food safety, premises liability, and employee disputes

The most immediate and material legal risk for Ark Restaurants Corp. in 2025 is the threat of losing key revenue-generating locations due to lease disputes. This isn't theoretical; it's actively impacting your bottom line.

The litigation surrounding the non-renewal of the leases for the Bryant Park Grill & Cafe and The Porch at Bryant Park is critical. The landlord, Bryant Park Corporation, indicated an intention to select a different operator as the leases expired on April 30, 2025, and March 31, 2025, respectively. The financial exposure is significant:

This single piece of litigation alone is a major headwind, significantly contributing to the net loss widening to $9.14 million in Q2 2025. You must factor in these legal costs as a substantial operating expense for the next few years.

New data privacy regulations impacting customer data collection and loyalty programs

Your loyalty programs and digital ordering platforms are essential for driving repeat business, but they are now a major legal liability due to evolving data privacy regulations (like the California Consumer Privacy Act and potential federal legislation). The industry is moving toward greater consumer control over personal data, which puts pressure on how you collect and use customer information.

Restaurants are not immune from the consequences of a breach. The average cost of a data breach in the hospitality industry is estimated at $2.94 million, according to 2023 data, and that number is only rising. Your legal team needs to ensure your Point-of-Sale (POS) systems and third-party vendors are compliant with all state-level data protection laws, especially concerning the personally identifiable information (PII) you collect for reservations and loyalty rewards.

The risk is clear: a breach could cost you millions, plus the irreparable damage to customer trust.

Here's the quick math: protecting a customer's data is cheaper than defending a class-action lawsuit.

Next Step: Legal and Finance: Draft a detailed 2026 budget line item for litigation defense and compliance technology, specifically allocating capital for the full 2-3 year duration of the Bryant Park dispute.

Ark Restaurants Corp. (ARKR) - PESTLE Analysis: Environmental factors

Pressure to adopt sustainable sourcing practices for meat, produce, and seafood.

You need to recognize that sustainable sourcing is no longer a niche marketing angle; it is a core consumer expectation in 2025. This pressure directly impacts your food costs and your brand value, especially in markets with highly conscious diners like New York City and South Florida.

The core challenge is the cost premium. Sourcing certified, sustainable ingredients is inherently more expensive than conventional bulk purchasing. However, the market is signaling a clear willingness to absorb this cost: recent surveys show that 72% of diners are willing to pay more at restaurants that prioritize sustainability, with nearly one in five happy to spend an extra 6-10% for eco-friendly options. This means the higher cost of goods sold (COGS) for sustainable options can be offset by increased menu pricing and higher customer retention. Honestly, if you aren't communicating your sourcing story on the menu, you are leaving revenue on the table.

Here is the quick math on the opportunity:

Increased regulatory focus on reducing single-use plastics and food waste in major cities.

The regulatory environment for waste is becoming a complex, expensive patchwork, especially for a multi-state operator like Ark Restaurants Corp. (ARKR). You can't treat waste management as a single corporate policy anymore; it is hyper-local compliance.

In your key markets, New York City is driving compliance through energy and waste mandates. Meanwhile, Florida presents a different challenge. Despite a statewide preemption bill failing in the 2025 legislative session, which could have blocked local action, cities like Miami Beach still enforce their own bans on single-use plastics and polystyrene foam on public property and for city vendors. This forces your Florida units to manage multiple local supply chains for takeout containers and cutlery.

Food waste is the next big operational risk. The food service industry as a whole generated 13 million tons of surplus food in 2023, with less than 1% of that being donated. While Las Vegas (Nevada) currently lacks mandatory organic waste bans, states like California are pushing for a 75% reduction in organic waste disposal by the end of 2025. This trend will inevitably spread, requiring immediate investment in:

• Food waste tracking technology.
• Composting or anaerobic digestion programs.
• Formal food donation partnerships.

If you don't start tracking waste now, you defintely won't meet the compliance thresholds when they hit your cities.

Energy efficiency mandates for commercial kitchens, raising capital expenditure needs.

New York City regulations are creating a non-negotiable capital expenditure (CapEx) requirement for your kitchen facilities. The 2025 Energy Conservation Construction Code of New York State (2025 ECCCNYS) sets minimum efficiency standards for core cooking equipment in commercial kitchens. For instance, a standard open deep-fat electric fryer must now achieve $\ge$ 83% efficiency to comply. This isn't a suggestion; it's a code requirement for new or renovated spaces.

In addition, Local Law 97 in NYC is already in effect, imposing strict energy efficiency standards on large buildings, with the first emissions reports due by May 1, 2025. Non-compliance with these mandates will result in significant fines, turning an operational cost into a financial liability.

What this estimate hides, however, is ARKR's stated position: the Company's 2024 10-K filing explicitly noted that there were no material capital expenditures for environmental control facilities in fiscal 2024 and no material expenditures are anticipated for this purpose in the near term. This creates a massive disconnect. Given the stringent NYC deadlines for 2025, this lack of anticipated CapEx suggests a significant deferred risk and a potential for substantial, unplanned compliance costs or fines in late 2025 and 2026.

Climate change impacts on outdoor dining and tourism in coastal and park locations.

Climate change translates directly into revenue volatility for your coastal and park-based restaurants, such as those in Florida and your New York Bryant Park locations.

In South Florida, sea-level rise is already manifesting as 'sunny-day floods' during king tides, disrupting access to waterfront properties and impacting the tourism-dependent economy. Scientists project sea levels in the Miami area could rise between 10 to 17 inches by 2040, and Miami Beach's 2025 Adaptation Plan identified over 67,000 assets as vulnerable to flooding. For your coastal restaurants, this means higher insurance premiums, increased risk of flood damage, and lost revenue from business interruption during increasingly frequent tidal and storm events.

In New York, the new 'Dining Out NYC' program has made outdoor dining, a key revenue driver, highly sensitive to weather. The new regulations for 2025 have been called an 'unmitigated disaster,' with the number of fully approved outdoor setups dropping from a pandemic peak of over 13,000 to only 67 fully approved citywide by April 2025. The combination of a seasonal program (April 1 to November 29 for roadway cafes) and increased severity of summer storms and heat waves makes outdoor seating revenue, which is often high-margin, unpredictable and subject to sudden closure.

Finance: draft 13-week cash view by Friday, explicitly modeling a 20% revenue drop for Florida units during a 7-day weather event and estimating the CapEx needed to meet the NYC $\ge$ 83% efficiency kitchen equipment mandate.