Editor's note: This week's top Austin news includes a tumble for Austin in a prestigious global ranking, two exciting openings, and the closure of a longtime Rainey Street bar. Get the details on our biggest stories of the week below.

And for festive ideas on how to spend the long holiday weekend, go here.

1. Austin drops out of top 50 'World's Best Cities' list for 2025. The Capital City took a tumble on this annual report of the "World's Best Cities," while Houston and Dallas rebounded.

2. New South Austin restaurant swims against current of expensive omakase. Tancho Sushi proves omakase doesn't have to break the bank, with "everyday" prices ranging from $24-$59.

Tancho Sushi offers affordable omakase. Photo courtesy of Tancho Sushi

3. Brewery named after famous character Old Gregg debuts in Austin suburb. Austin bar stars Matt Luckie and Max Moreland are taking it to the 'burbs with an expansive Pflugerville brewery, open now.

4. 7 Austin restaurants make OpenTable's top 100 for 2024. Austin is the only Texas city to have more than one restaurant on the list.

5. Rainey Street bar Icenhauer's closes after ongoing sales losses. One of Rainey Street's original bars has called it quits after a 14-year run.