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Speaker 2: Three casinos are coming to the New York City market.
Speaker 2: One of them includes Steve Cohen, the New York Mets
Speaker 2: owner Hughes one approval to operate a casino next to
Speaker 2: City Field. Remember, Steve Cohen again owns the Mets this stadium,
Speaker 2: and so that is big for Queens Random. Williams Joints
Speaker 2: is here is at US sports business reporter for Bloomberg News,
Speaker 2: joining us from Indianapolis via that Zoom thing. So this
Speaker 2: is a big deal for that part of Queen's random
Speaker 2: because again it looks like Steve Cohen wants to build
Speaker 2: a big, big, multi use kind of area there, hotels, gaming,
Speaker 2: the Mets, oh yeah, the US Tennis centers there as well.
Speaker 3: What do we know it's going to be. If he's
Speaker 3: able to fulfill his vision, it's going to probably be magnificent.
Speaker 3: And the reason I say that is because this is
Speaker 3: a sports owner's dream. If you have a team there,
Speaker 3: you have hotels, you have a casino there, then of
Speaker 3: course this has becomes similar to a resort life. You
Speaker 3: can go and catch a Mets game in the summertime,
Speaker 3: then you can go and gamble, and you can go
Speaker 3: and go to the hotels, at the pools and things
Speaker 3: like that. So if he's able to do everything that
Speaker 3: he wants to do, and he has more than enough
Speaker 3: money to do it, then I'm sure that there's going
Speaker 3: to be a lot of people that are going to
Speaker 3: enjoy this.
Speaker 4: Randall, can you please walk us through the timeline here?
Speaker 4: When is this going to be fulfilled? And what do
Speaker 4: you've see in terms of perhaps the job creation that
Speaker 4: this might cause.
Speaker 3: I think there's going to be a lot of job
Speaker 3: creation just because of the sheer construction, all of the
Speaker 3: you know, the tech stuff that's going to have to
Speaker 3: happen with the gambling machines that he's going to be
Speaker 3: buying as well as you know, you think about the pools,
Speaker 3: you think about all of the the potential things that
Speaker 3: he's going to be building. In terms of the time frame,
Speaker 3: I think it's to be determined. And the reason I
Speaker 3: say that is because a lot of these hotels, a
Speaker 3: lot of these different facilities that are often they put
Speaker 3: up they say, oh, we're going to be done by
Speaker 3: twenty thirty and then it's twenty thirty two. Rarely ever
Speaker 3: do these things get done on time.
Speaker 2: And again, this is just one of three projects that
Speaker 2: will approved. The other two projects are the Genting Group's
Speaker 2: Resorts World, which proposes to expand the casino next to
Speaker 2: the Aqueduct racetrack in Queen, so another good day for Queens,
Speaker 2: and Bally's, which plans to operate a gaming facility at
Speaker 2: the site of a Bronx golf course. So again more
Speaker 2: gambling coming to the City of New York. What's the
Speaker 2: Are there any financial contingencies here? We know Steve Cohen's
Speaker 2: got a lot of money, but for what he wants
Speaker 2: to build here, it's going to be really expensive. Do
Speaker 2: we know if he has partners here or how's we
Speaker 2: know anything about that yet? Not just yet.
Speaker 3: I think that, like you said, Steve Cohen is almost
Speaker 3: a perfect person to do this. Or several other bids
Speaker 3: that came in hoping to do similar things. There was
Speaker 3: a bid that included jay Z and Times Square and
Speaker 3: so put that in mind. I think Cohen, like you said,
Speaker 3: has a lot of money. I think that you know,
Speaker 3: when people have a lot of money that it can
Speaker 3: potentially lead some guardrails and some hurdles that are in
Speaker 3: front of most people. But when you can have money
Speaker 3: move people out of the way, then I think that
Speaker 3: Steve Cohen could could very easily make this look a
Speaker 3: lot easier than it could be with someone else.
Speaker 4: Randell, you touched on this already. But Steve Cohen, hedge
Speaker 4: fund manager, Mets owner, what's in it for him to
Speaker 4: build this casino? Now?
Speaker 5: Too?
Speaker 4: What does this ad for him?
Speaker 3: It's a dream come true. I mean everyone that I've
Speaker 3: talked to about sports gambling and marrying that with these
Speaker 3: sports business if you can own a sports team and
Speaker 3: a sports gambling in the exact same environment, then it
Speaker 3: does create a playground of sorts. You know, I hear you.
Speaker 3: But you know, from the business angle, there's going to
Speaker 3: be a lot of people who are looking at this
Speaker 3: and say, you just spend all day at the Mets
Speaker 3: and at the US Open and all these different things.
Speaker 3: If you can walk from one thing to the next,
Speaker 3: to the next of the next and have a fabulous time,
Speaker 3: then there are going to be plenty of people that
Speaker 3: want to do that, So for him it's huge.
Speaker 2: And Rando I kind of joked a little bit of
Speaker 2: their tongue in cheek about what could go wrong. But
Speaker 2: there was not a time very long ago, measured in
Speaker 2: just a couple three four years, when professional sports leagues
Speaker 2: would not want to get within a thousand feet of
Speaker 2: anything related to gambling.
Speaker 5: Boy.
Speaker 2: Times of change, they yeah, they have.
Speaker 3: And I think, you know, we just saw a baseball
Speaker 3: investigation with the Feds and in revolving two Cleveland Guardians pitchers.
Speaker 3: I think that this sort of thing is something that
Speaker 3: sports owners where they sports owners are going to seek
Speaker 3: where they can marry their sports business with the casino
Speaker 3: and the hotels and all of those things. We see
Speaker 3: some of that in Dallas without the casinos and the gambling.
Speaker 3: You know, Jerry whirled down with the Cowboys. He has
Speaker 3: several real estate properties around there, and in Minnesota they
Speaker 3: have something similar several other properties as well. But this
Speaker 3: one is going to be probably bigger and random than
Speaker 3: anything that we've seen yet.
Speaker 2: Stay with us. More from Bloomberg Intelligence coming up after this.
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Speaker 2: Sam Fazzelli joins us here. He's a Bloomberg Intelligence Director
Speaker 2: of Research for Global Industries. Not sure what that means,
Speaker 2: senior pharmaceutical jiannals I know what that means. He's kind
Speaker 2: of one of the top guys in the business on
Speaker 2: big pharma and on the biotechs here, Sam, what do
Speaker 2: investors think of just the broad healthcare space here? Given
Speaker 2: this administration and its views on maybe just broader healthcare
Speaker 2: policy issues, whether it's vaccine or other other issues, how
Speaker 2: are investors kind of thinking about that?
Speaker 5: So?
Speaker 6: I think K Paul, if you look to the share
Speaker 6: prices of pharma companies you generally seem to you would
Speaker 6: be able to see that there is a upward momentum
Speaker 6: in the past few weeks, a few months, and that's
Speaker 6: all because there's been some more clarity. Particularly the thing
Speaker 6: that really worried people was this pharmaceutical tariffs, and in
Speaker 6: fact today we heard that the UK and the US
Speaker 6: have agreed on it framework that doesn't apply any tariffs,
Speaker 6: although a lot of companies have also done individual deals
Speaker 6: with the administration where it delays any tariffs by three
Speaker 6: years and then who knows what happens then. So that's
Speaker 6: all fine. Share prices have moved according to that. The
Speaker 6: issues of most favorite nation has gone, or at least
Speaker 6: it's there, but it seems to be manageable. So what's
Speaker 6: left here is regulatory worries, and we see some of that,
Speaker 6: particularly for vaccines, and I'm wondering, we're all wondering whether
Speaker 6: there's going to be a few situations where standard drugs,
Speaker 6: biologics or drugs for cancer could end up in those
Speaker 6: kind of difficult situations. But vaccines seem to be bearing
Speaker 6: the brunt of the pressure from the health authorities at
Speaker 6: the moment.
Speaker 4: Sam. When I think healthcare, I think GLP ones. They
Speaker 4: are the hottest drugs on the market right now. And
Speaker 4: there's some news today that Eli Lilly is cutting prices again,
Speaker 4: a heating up competition with Novo Nordisks. Does that kind
Speaker 4: of cement its place as one of the winners in
Speaker 4: this space?
Speaker 6: Yeah? I mean so the data that the companies are
Speaker 6: presented so far suggests that the Eli Lily drug, zet
Speaker 6: Bound is more active or more effective when it comes
Speaker 6: to weight loss than Nova noticed drug, although these are
Speaker 6: always trials that are designed by one company trying to
Speaker 6: show that their drugs better, and I'm sure some other
Speaker 6: trial will show that someone else's drug is better, but
Speaker 6: that is where we are today. Zep Bound seems to
Speaker 6: be more effective based on the data that we have
Speaker 6: in hand. And so what these companies are now doing
Speaker 6: is trying to fit with getting more and more people
Speaker 6: onto their formulas, onto their drug and these early these
Speaker 6: price cuts for their first doses or the starting doses, etc.
Speaker 6: Or a vile versus the pen are designed to try
Speaker 6: and get the patients onto the drugs and then hopefully
Speaker 6: they lose some weight and they enjoy it and they
Speaker 6: keep buying and moving up to the next doses which
Speaker 6: are more expensive.
Speaker 2: So, Sam, where where are we just in this whole
Speaker 2: GLP one game in terms of the addressable market for
Speaker 2: these medications? What percentage is taking the drug right now?
Speaker 2: It feels like it's still really early.
Speaker 6: Potentially, Yeah, we very very few. I mean if you
Speaker 6: look at the numbers, we're in the low percentages still,
Speaker 6: So you don't need a particularly massive number of a
Speaker 6: percentage of people who would benefit from these drugs to
Speaker 6: take them to get into the one hundred billion number.
Speaker 6: Ten percent of patients would easily get you there, depending
Speaker 6: on the price. Of course, you keep dropping the price.
Speaker 6: You need to push the volume up to get to
Speaker 6: that total addressable market number. But the deals that they've
Speaker 6: been doing, the data that we're getting from the drugs
Speaker 6: in terms of the other effects that they have sleep apnea,
Speaker 6: cardiovascular disease, et cetera, they all support the idea that
Speaker 6: these drugs should be used by people who need them.
Speaker 6: Of course, we all hear stuff about people who don't
Speaker 6: actually need them. They just want to have it look
Speaker 6: like they've got a nice six pack. You know. That's
Speaker 6: a different conversation to have. But they are very beneficial
Speaker 6: for people who are genuinely overweight or obese and cannot
Speaker 6: control their weight with the standard way of most people doing,
Speaker 6: which is dropping eating and increasing exercise. It's not easy
Speaker 6: for everybody.
Speaker 4: What about finding other use cases for these drugs. We
Speaker 4: had no ver Nordisk with its Alzheimer's trial that wasn't successful.
Speaker 4: Do you expect companies to find other areas of use
Speaker 4: or continue these trials that are often very costly for them.
Speaker 6: They are, but I think the things that are related
Speaker 6: to obesity, so cardiovascular risk, kidney function, sleep apnea is
Speaker 6: one of them, I think those are the ones that
Speaker 6: are clearly working. One could question whether the trial that
Speaker 6: Novo did was it's good enough. The drug that they
Speaker 6: use was obviously oral, some maglutide, and you wonder if
Speaker 6: there's enough drug there to have had an effect on
Speaker 6: Alzheimer's or whether these drugs just won't help Alzheimer's patients
Speaker 6: at all. I think there'll be more data coming. I'm
Speaker 6: pretty sure this is not over in the discussion about
Speaker 6: GLP one function in a role in treating or preventing
Speaker 6: or reducing the risk of Alzheimer's disease.
Speaker 2: Stay with us. More from Bloomberg Intelligence coming up after this.
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Speaker 1: weekdays at ten am Eastern on Applecarplay and Android Auto
Speaker 1: with the Bloomberg Business App. Listen on demand wherever you
Speaker 1: get your podcasts, or watch us live on YouTube.
Speaker 2: Through air Bus, I'm taking a look at Airbus here
Speaker 2: some continued reports about some quality issues at their eight
Speaker 2: three to twenty plane, which is kind of their backbone plane.
Speaker 2: So let's see what's happening with that stuff. We kind
Speaker 2: of became used to that type of news as it
Speaker 2: relates to Boeing in their seven thirty seven maxes over
Speaker 2: the last several years. But now it seems like Airbus
Speaker 2: maybe having some headwinds, to say the least. Here George Ferguson,
Speaker 2: senior Airspace, Defense and Airlines analysts for Bloomberg Intelligence Joints,
Speaker 2: is here, George, what's going on at Airbus? They've been
Speaker 2: able to kind of fly under the radar quality concern
Speaker 2: issue wise till just recently.
Speaker 7: Yeah. I mean, I think they've also had their challenges
Speaker 7: in the supply chain along the way. Just Boeing challenges
Speaker 7: were so much greater that they stole the spotlight, if
Speaker 7: you will. But I mean, look, the aerospace supply chain
Speaker 7: is a bit thin, right. It doesn't have the same
Speaker 7: redundancy as like you'd get in an auto supply chain,
Speaker 7: and so when you just have some little problem at
Speaker 7: one of your suppliers, you know, it can really interrupt
Speaker 7: your ability to deliver airplanes. And I think right now
Speaker 7: what you're seeing is that Airbus already has a really
Speaker 7: tall order to meet the something like eight hundred twenty
Speaker 7: airplane guidance or delivery guidance they've got for this year.
Speaker 7: We don't think they're going to make it. I think
Speaker 7: they need seventy plus a three twenties in the last
Speaker 7: two months of the year November December. We haven't seen
Speaker 7: Novembers numbers yet, but we'll see them soon. We think
Speaker 7: that's pretty hard given they've kind of delured fifty five
Speaker 7: ish most months of in the last couple, you know,
Speaker 7: for months, and so I think a quality problem here
Speaker 7: probably really places in doubt their ability to make that guidance,
Speaker 7: and that's going to hurt their profitability for the year.
Speaker 7: So I think you've seen in the market react to that.
Speaker 4: George, you mentioned that really ambitious target for eight hundred
Speaker 4: and twenty aircraft deliveries by the end of this year.
Speaker 4: How disappointed could investors get if it fails to meet
Speaker 4: that target on top of the headwinds that this company
Speaker 4: is already facing.
Speaker 7: Well, I mean, so I think you're starting to see,
Speaker 7: you know, the disappointment here. Again, I'd be surprised if
Speaker 7: most investors weren't already concerned that the target was too high.
Speaker 7: I think Airbus has really put out a bunch of
Speaker 7: very ambitious build rate targets, right. I think our latest
Speaker 7: number in A three twenty is that we would be
Speaker 7: going to something like seventy five a month, and that's
Speaker 7: consistently throughout the entire year, right by the end of
Speaker 7: twenty twenty six, which to us just seems far too high.
Speaker 7: And I feel like Airbus keeps trying to lead the
Speaker 7: supplier base by pushing these higher numbers out and trying
Speaker 7: to pull the supplier base along, and then over time
Speaker 7: lowers some of these expectations. So look, I think anything
Speaker 7: they miss now isn't going away. It gets pushed into
Speaker 7: the next year and the next year, and again, I
Speaker 7: think the bigger challenge here is investors have to ask themselves,
Speaker 7: are a lot of these Airbus targets for delivery rates?
Speaker 7: Are they just too ambitious? And don't we have to
Speaker 7: sort of knock them down when we build our consensus
Speaker 7: for what we think the company's going to be able
Speaker 7: to do.
Speaker 2: Because George, I mean a number of like seventies seems
Speaker 2: really high to me, Because when we talk about Boeing,
Speaker 2: it's like, Gee, I hope they can get the forty
Speaker 2: maybe to fifty. Is that Dore's Boeing typically run that
Speaker 2: far behind on a production schedule than a Airbus.
Speaker 7: So I would say that if you would consider normal
Speaker 7: the end of the last decade when both were building
Speaker 7: and Boeing wasn't having the problems with mcass, Airbus was
Speaker 7: up in the higher sixties and Boeing was in the
Speaker 7: higher fifties, and so we have traditionally seen Airbus be
Speaker 7: able to put out more airplanes than Boeing. I think
Speaker 7: they're supply base maybe a little bit more robust, and
Speaker 7: I think they have sort of multiple final assembly areas
Speaker 7: around the world. I think those are some of the
Speaker 7: reasons why Airbus can just has the infrastructure to put
Speaker 7: out more airplanes, more narrowbody airplanes per month.
Speaker 2: Stay with us more from Bloomberg Intelligence coming up after this.
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Speaker 1: weekdays at ten am Eastern on Applecarclay, and Android Auto
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Speaker 2: Oday. One of the more competitive businesses that I've seen
Speaker 2: out there's at telecom business, particularly the wireless business. You
Speaker 2: think about the three big carriers that we all have
Speaker 2: a choice from, and then there's some other carriers out there.
Speaker 2: But boy, it is just price competitive, like you wouldn't
Speaker 2: believe in the Churn of customers is a big, big
Speaker 2: issue for all the carriers. So we want to get
Speaker 2: a sense of what's going on in the world of telecoms, satellites,
Speaker 2: all that kind of stuff. John Butler's our go to
Speaker 2: a personare senior telecom manel some Bloomberg Intelligence.
Speaker 5: John.
Speaker 2: I know you Bloomberg Intelligence analysts. This is the time
Speaker 2: of year where you guys publish your twenty twenty six
Speaker 2: outlooks what's key in your space of telecoms and satellites.
Speaker 5: So I think the big thing to keep in mind here, Paul,
Speaker 5: is as we roll into twenty two twenty six, I
Speaker 5: think we're going to see price promotion take a modest
Speaker 5: step up. The bullets are really flying in wireless right now,
Speaker 5: As you suggested, I think part of it is AT
Speaker 5: and T and Verizon both have new CEOs. Both CEOs
Speaker 5: are going to want to make their mark. I think
Speaker 5: the one to watch is Dan Shulman at Verizon He
Speaker 5: is very focused on volume. He wants to get Verizon
Speaker 5: back to subscriber growth, and I think the only way
Speaker 5: to do it is going to be by promoting a
Speaker 5: little bit more aggressively than they have in the past.
Speaker 4: John, Where do you see these strongest incremental demands coming from.
Speaker 4: Is it going to be mobile data? Is it going
Speaker 4: to be broadband?
Speaker 5: I think two areas Alex One, as you touched on,
Speaker 5: is broadband. That's a real growth factor for the telecoms.
Speaker 5: If you look at fixed wireless access, which is delivering
Speaker 5: broadband over a wireless link into the home, that has
Speaker 5: proven to be exceptionally popular with people. So I think
Speaker 5: the all three telcodes are going to lean into broadband
Speaker 5: in order to supplement the slowdown in wireless growth. But
Speaker 5: the one area I'm watching as we move into next
Speaker 5: year is satellite. Starlink is partnered with T Mobile. The
Speaker 5: two of them are already offering limited texting service on
Speaker 5: a nationwide basis. It's sort of early stages. They are
Speaker 5: early innings, if you will, for them. Verizon, an AT
Speaker 5: and T are partnered with ast Space Mobile, which is
Speaker 5: in the process of launching its constellation. Now they actually
Speaker 5: have more better satellites than starlink, and so the space
Speaker 5: race is on. As I like to say, it's going
Speaker 5: to be really interesting to see once for Verizon and
Speaker 5: AT and T are able to launch services early next year,
Speaker 5: how that market segment unfolds.
Speaker 2: So the wireless operators that the verizons of the world atts, John,
Speaker 2: there are they they're partnering with some of these space
Speaker 2: satellite services.
Speaker 5: Yeah, I mean, I think the way to think about it,
Speaker 5: Paul is it's almost like cell sites in space at
Speaker 5: this point yep. So the major carriers have partnered with
Speaker 5: starlink and AST to provide that infrastructure and the transmission
Speaker 5: capability up in space to be able to provide coverage
Speaker 5: outside the range of terrestrial networks now, so essentially that
Speaker 5: concept of coverage everywhere is going to become a reality
Speaker 5: as we move through next year.
Speaker 4: I will say it was getting a new iPhone and
Speaker 4: T Mobile. I'm still grandfathered into my father's plan. Very
Speaker 4: luck he's still paying for my cell phone. But they
Speaker 4: immediately aught on comment by the way, to get Wi
Speaker 4: Fi with them with T Mobile, So it's really interesting
Speaker 4: and a new offering from them, as you mentioned, John,
Speaker 4: So what's next?
Speaker 5: Sorry, Well, go ahead.
Speaker 2: Is there a six G out there? Because we I
Speaker 2: think I've grown up and we've had three G, four G,
Speaker 2: five G. Is there a six G out there?
Speaker 1: Not yet.
Speaker 5: I think six G is going to move onto the
Speaker 5: horizon probably as we move through next year. It's a
Speaker 5: development process by the industry, and so that standard, if
Speaker 5: you will, is getting developed now by industry committees. It
Speaker 5: will then move into tests probably in twenty twenty eight,
Speaker 5: and become a reality for us by twenty thirty. Right now,
Speaker 5: we're mid cycle with five GS. So if you think
Speaker 5: back to when four G was originally launched, it was
Speaker 5: much lower speed than it is today. So that standard
Speaker 5: those generations of mobile evolve over what are typically ten
Speaker 5: year cycles. So we're mid cycle with five G. Expect
Speaker 5: better speeds and better performance there as we move through
Speaker 5: the next five years, and then ultimately sixty will appear,
Speaker 5: probably again in the twenty thirty timeframe.
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