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Speaker 1: with Carol Masser and Tim Stenebeck on Bloomberg Radio.
Speaker 2: That's Molly Smith. She's Bloomberg News Economics Editor. She's in
Speaker 2: for Carol mass Re live from the US Open. I'm
Speaker 2: Tim Stenebek. It is Bloomberg Business Week Daily. We start
Speaker 2: with the latest from our nation's capital and the emergency
Speaker 2: hearing about Lisa Cook. This is Friday's hearing on Federieser
Speaker 2: of Governor Lisa Cook's motion for a temporary restraining order
Speaker 2: blocking her firing by President Trump. I want to bring
Speaker 2: in Michael McKee. He's Bloomberg News Economics and Policy correspondent.
Speaker 2: He joins us in the Bloomberg Interactive at Brokers Studio.
Speaker 2: Mike Judge Cobb grilled both sides, but ended the hearing
Speaker 2: without a ruling on Cook's request for an emergency ruling.
Speaker 3: What's the latest.
Speaker 4: Well, we're probably not going to hear anything until Tuesday
Speaker 4: at the earliest. What happened was the cook people basically
Speaker 4: applied for a temporary restraining order to keep her in
Speaker 4: her job until the matter could be heard as far
Speaker 4: as whether she.
Speaker 5: Should keep her job or not.
Speaker 4: The next step would be an injunction to keep her
Speaker 4: in her job if that were the case, and the
Speaker 4: judge sort of collapsed those two ideas with the ascent
Speaker 4: of both sides, So there was a longer hearing than
Speaker 4: we expected as she questioned both sides on what's going
Speaker 4: to happen, but then gave the lawyers until Tuesday to
Speaker 4: file their next motions.
Speaker 5: So it was a signal we're not going to get
Speaker 5: anything over the weekend.
Speaker 6: Okay, so maybe we can enjoy the holiday weekend or
Speaker 6: perhaps try to at least.
Speaker 5: Especially people who are at the US.
Speaker 7: Time will oh.
Speaker 6: Well, I mean, we have it's nice here, but we're
Speaker 6: also very focused on what's going on back in Manhattan.
Speaker 6: And so tell us, Mike, this was with a district
Speaker 6: court judge. Everyone's talking about how this is going to
Speaker 6: be a Supreme Court matter. What are the steps between
Speaker 6: now and getting to the Supreme Court.
Speaker 4: Well, this judge is going to have to rule on
Speaker 4: whether or not to put a temporary hold on the
Speaker 4: president's firing of Lisa Cook at some point, whether it's
Speaker 4: Tuesday or later next week. And then if she says
Speaker 4: that the president can fire her, that changes the narration
Speaker 4: because then the president would probably move to replace her
Speaker 4: fairly quickly, and you create a whole new set of
Speaker 4: legal problems there because the ultimate case has not been decided.
Speaker 5: But if she does allow Cook to stay on.
Speaker 4: The job, then what we would see is the administration
Speaker 4: go to the Court of Appeals. The Court of Appeals,
Speaker 4: this is what's happened in previous attempts by Trump to
Speaker 4: fire people, has basically let the president proceed. Now we
Speaker 4: know that this is a little bit of a different
Speaker 4: situation because the Supreme Court carved out an exemption for
Speaker 4: the FED saying that somebody has to be fired for cause,
Speaker 4: and so that would that decision would turn on what
Speaker 4: is the definition of for cause, which is what they
Speaker 4: spend an awful lot of time on today. And then
Speaker 4: if both sides, whichever side loses, that the appeals Court
Speaker 4: takes it to the Supreme Court. I think that would
Speaker 4: be the basic question. What does it mean to say
Speaker 4: the president can fire something someone for cause? According to
Speaker 4: the Cook side, the president is using just allegations, nothing proven,
Speaker 4: and that doesn't rise to the level of a cause
Speaker 4: to fire somebody. And the Trump side says, well, Trump
Speaker 4: is the president and basically he can do whatever he wants.
Speaker 4: It's up to him to decide what for cause means.
Speaker 4: So it's a fundamental question that is probably going to
Speaker 4: end up at a Supreme Court.
Speaker 2: Is that the Justice Department attorney Yakov Roth's argument. Essentially
Speaker 2: here it's whether or not to include something that happened
Speaker 2: or could have happened before she became a governor on
Speaker 2: the Federal Reserve. Does the timing of this matter, Does
Speaker 2: the intent of this matter?
Speaker 5: None of that matters.
Speaker 4: According to mister Roth, the president has the absolute right,
Speaker 4: according to the administration, to determine what four cause means.
Speaker 4: Now that opens up a can of worms that the
Speaker 4: Cook people are trying to spread around on this fishing
Speaker 4: expedition by the president. Because if that's the case, then
Speaker 4: the law is somewhat moved. There's no point in saying
Speaker 4: fore cause, because the president could fire somebody whenever he wants,
Speaker 4: because he can make up whatever he wants to be
Speaker 4: for cause, and so that's going to be kind of
Speaker 4: the decision that Judge has to make, that is, does
Speaker 4: this rise to the level of four cause?
Speaker 5: Does the president have that right now?
Speaker 4: It's a tough situation for Judge Cobb, except that she's not.
Speaker 5: Going to be the last word on this by any means.
Speaker 6: Well, this is what I wanted to actually come back
Speaker 6: to you on Mike, because I can see a situation
Speaker 6: in which a ruling comes out it's not to Trump's liking,
Speaker 6: and Gia Cobb was appointed by Biden, and I wonder
Speaker 6: how much more this gets politicized potentially than if the
Speaker 6: ruling does not go his way.
Speaker 7: Is that something that's coming up in your reporting at all?
Speaker 4: Well, the question, kind of Molly, is could it be
Speaker 4: any more politicized? They spent quite a bit of time
Speaker 4: today talking about how many tweets that Bill Poulti the
Speaker 4: Federal Housing Administration, a Federal Housing Agency administrator, has put
Speaker 4: out on this something over thirty tweets accusing Cook of
Speaker 4: doing something illegal without offering any proof. So it has
Speaker 4: become quite politicized already. I think that the biggest question
Speaker 4: is going to be whether the President is able to
Speaker 4: get rid of her, and that would raise questions on
Speaker 4: Wall Street of politicization that haven't quite hit the markets yet,
Speaker 4: because I think the traders are basically thinking that the
Speaker 4: president will lose if he wins. That's going to raise
Speaker 4: an awful lot of questions about how policy is going
Speaker 4: to be made going forward.
Speaker 2: I do want to talk a little bit about the
Speaker 2: economic data that we got earlier today. Before we do that,
Speaker 2: I just want to bring everybody some flavor and color
Speaker 2: about where we are at the US Open right now.
Speaker 3: You might hear a.
Speaker 2: Little bit of a Ruckustan see behind us a lot
Speaker 2: of fans. It's because Carlos Alcoraz, who just won in
Speaker 2: straight sets, is sitting just a couple of feet from.
Speaker 3: Us doing interviews with the media here.
Speaker 2: So you have a ton of people right behind us
Speaker 2: trying to make Carlos Carlo's attention, and you.
Speaker 3: Know, we just want to talk about economic data. That's
Speaker 3: what we're trying to do.
Speaker 7: Do you think Carlos wants to come on to talk
Speaker 7: about the PC reports.
Speaker 5: That I think he was.
Speaker 3: I don't think he was paying any attention to the
Speaker 3: PC report before his match.
Speaker 7: Molly, you don't think so.
Speaker 3: No, you were, though, So let's get.
Speaker 7: Well, that's what I would want to know.
Speaker 6: I want to know exactly what happened to inflation of
Speaker 6: the month of July before I take to Arthur ash Stadium.
Speaker 2: Okay, well, let's bring in much McKee on that. In
Speaker 2: the last few minutes that we have, Mike, the data
Speaker 2: that we got bang in line with expectations today.
Speaker 3: Any surprises in there.
Speaker 4: The surprises came on the income and spending side, on
Speaker 4: on the price side. It's not really any any kind
Speaker 4: of surprise anymore for the PCE, because the data come
Speaker 4: in and other releases and economists can pull them out
Speaker 4: and put them together before we even get the numbers.
Speaker 5: A bit of us increase in.
Speaker 4: The core number on a year over year basis to
Speaker 4: two point nine percent, But whether that leads the Fed
Speaker 4: to do one thing or another kind of depends on
Speaker 4: whether you already think the Fed should be cutting rates
Speaker 4: or on hold. It's certainly not near two percent, but
Speaker 4: the month over month number went down a tenth, and
Speaker 4: so if you're thinking you can cutying, well, maybe we're
Speaker 4: seeing a little bit of restraint in inflation. The income
Speaker 4: numbers came in strong though. In terms of wages and salaries,
Speaker 4: they were up six tenths of a percent after a
Speaker 4: one tenth rise in June, so Americans had more money
Speaker 4: and they did spend.
Speaker 5: You can also.
Speaker 4: Parse that by saying a lot of that was on automobiles,
Speaker 4: as people try to buy cars ahead of the price increases.
Speaker 4: The automakers have promised for the new models coming out soon,
Speaker 4: so it doesn't really lead us anywhere. I haven't looked
Speaker 4: deep enough into the PCE inflation numbers though to see
Speaker 4: what the price of haircuts did.
Speaker 5: Maybe you can ask Carlos stat.
Speaker 7: I was gonna say that.
Speaker 3: I always brings it home.
Speaker 2: Mike McKee, Lieberg News International Economics and Policy correspondent. He
Speaker 2: is on top of it all, whether it's everything from
Speaker 2: the FED or what they are talking about here at
Speaker 2: the US Open, which yes, does include Carlos Alcaraz's new haircut,
Speaker 2: which way we learned earlier this week it was.
Speaker 3: Sort of a mistake.
Speaker 6: Yeah, I need to still like read up fully on this.
Speaker 6: It was something that like did his brother end up?
Speaker 2: I don't know who did it, but you know, he said,
Speaker 2: sometimes you just have to start fresh, and that's what
Speaker 2: he did here and Tiofo.
Speaker 3: Gave him a pretty hard Yeah.
Speaker 7: All good friends there. I mean the hilarious part.
Speaker 6: If you've seen anything in Carlos's matches, he kind of
Speaker 6: puts his hand through said it's like, oh wait, I
Speaker 6: don't know, it's kind of funny.
Speaker 3: Stay with us.
Speaker 2: More from Bloomberg Business Week Daily coming up after this.
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Speaker 2: This last trading day of September? Can you believe August August?
Speaker 3: Excuse me?
Speaker 2: Right, yeah, it feels like September with the decline that
Speaker 2: we're seeing today.
Speaker 7: Oh my god.
Speaker 6: Yeah. Rough, I mean we were just we just had
Speaker 6: a record yesterday. Fibes today not as good.
Speaker 3: Yeah, yeah, really getting hit.
Speaker 7: I mean you think it was the PC data?
Speaker 3: No, I don't.
Speaker 7: I mean, because it wasn't that. Yeah, it was in
Speaker 7: line with expectations. Just I don't know.
Speaker 6: Maybe I had to give up some gains after yesterday's rally.
Speaker 6: But I mean, our next guy's going to tell us
Speaker 6: all about is. We're going to bring her in right now.
Speaker 6: We have Jillian Wolf coming in to join us. She's
Speaker 6: global equity strategist with Bloomberg Intelligence in the Interactive broker studio.
Speaker 7: Hey, Jillian, thanks for joining us today.
Speaker 8: Thank you. I hope you guys are enjoying the time
Speaker 8: at the US Open today. I'm a bit jealous.
Speaker 6: Oh, we are having a lot of fun, but we
Speaker 6: had to come back to talk to you because we
Speaker 6: have the clothes coming up. Tell us about what the
Speaker 6: trade of all today and what we're looking into going
Speaker 6: into four o'clock.
Speaker 8: Sure, I mean we're officially at the end of the
Speaker 8: two Q earning season right now, with Nvidia having reported.
Speaker 8: I think what was a lot of providing a lot
Speaker 8: of fuel for this rally was that earnings expectations going
Speaker 8: into the second quarter were actually quite low, and it
Speaker 8: provided a really easy environment for companies to be because
Speaker 8: the brunt of the tariff impact was expected to start
Speaker 8: hitting now. But in reality, what we saw was that
Speaker 8: tariffs were not actually that influential on these two Q
Speaker 8: earnings reports. So what we saw were massive beats which
Speaker 8: really helped drive the equity rally. But I think now
Speaker 8: investors are starting to look forward to how tariffs might
Speaker 8: start to hurt those three Q and four Q earnings
Speaker 8: and we might not get as much fuel from those
Speaker 8: easy beats that we've been getting over the past few weeks.
Speaker 8: So a little bit of lowering momentum on that side.
Speaker 8: We've also just seen a lot of profit taking in
Speaker 8: the megacap stocks, like you said in video, down still
Speaker 8: quite a bit today. Tech broadly still looks strong for US.
Speaker 8: We posted a note last week that on median tech
Speaker 8: was holding up. But because the indices are so heavily
Speaker 8: concentrated in these large names, it distorts the picture a
Speaker 8: little bit. If you have a few names going down,
Speaker 8: particularly in Vidia being one of them, you're going to
Speaker 8: start to think, oh, tech must be collapsing everywhere because
Speaker 8: it's driving all of these indices so heavily.
Speaker 2: On the tariff side of things, Why is it taking,
Speaker 2: in your view, relatively and what I would consider a
Speaker 2: long time to hit earnings or to at least hit
Speaker 2: the stock prices of these companies. I thought the market
Speaker 2: looked forward and you know, there's nothing clear in ahead
Speaker 2: of us than having to pay tariffs.
Speaker 8: It's a great question, and I have a twofold answer.
Speaker 8: The first is that a lot of companies did stock
Speaker 8: up on inventories bracing for these tariffs, So there is
Speaker 8: a little bit of a stockpile now where they're not
Speaker 8: necessarily going to have to pay tariffs on imports that
Speaker 8: are going to hit. We did have this ninety day
Speaker 8: pause on what the worst of the tariffs were going
Speaker 8: to be. I think what we're seeing in the market
Speaker 8: is a little bit of relief that what was supposed
Speaker 8: to play out on a liberation Day doesn't appear to
Speaker 8: be happening. Even though the tariff situation were worse off
Speaker 8: right now than we were, let's say, in September, because
Speaker 8: we aren't as bad as analysts had it originally expected
Speaker 8: in April. They're ultimately seeing this as good news and
Speaker 8: positive upside the fact that company margins didn't just collapse
Speaker 8: in two Q, which is what some of the concerns
Speaker 8: going into this quarter were. But we definitely have to
Speaker 8: keep an eye out on three Q and four Q.
Speaker 8: There's definitely notes coming out on earnings calls, and companies
Speaker 8: are still not entirely sure. I just think we avoided
Speaker 8: the worst case scenario, so markets are breathing a little
Speaker 8: bit of a sigh of relief, but definitely on trepidacious
Speaker 8: terms right now.
Speaker 6: So, Julian, you're saying here, the tariffs haven't been that
Speaker 6: impactful to earning so far. Ninety nine percent of the
Speaker 6: year I write about the US economy, one percent I
Speaker 6: write about Tennis. But when we're trying about the economy,
Speaker 6: it hasn't really impacted inflation that much either. We got
Speaker 6: the PCEE data for July this morning. Goods prices were
Speaker 6: actually down in the month and services, kind of mirroring
Speaker 6: what we saw on the CPI earlier in August. That's
Speaker 6: where it seems like inflation is really pecking back up again.
Speaker 6: And if I were a stock investor, I feel like
Speaker 6: that has got to be.
Speaker 7: A much scarier omen for me.
Speaker 6: You know, this isn't the tariff driven goods inflation that
Speaker 6: we had the luxury of thinking that might look through.
Speaker 7: This is something that is perhaps more persistent.
Speaker 8: It's persistent, and it's supply side. We published a note
Speaker 8: and I had mentioned it last week that we were
Speaker 8: already seeing producer prices accelerate faster than consumer prices, and
Speaker 8: that's really a red flag for us because it means
Speaker 8: that companies are struggling to push these costs onto the consumer,
Speaker 8: and it also begs the question of how much rate
Speaker 8: cuts could actually help at this point. If the inflation
Speaker 8: is coming from the supply side of things, rate cuts
Speaker 8: can't really do as much. They can help release the
Speaker 8: burden on consumers, but if things just become more expensive
Speaker 8: for companies themselves to purchase, they're going to have to
Speaker 8: pass that on to the consumer ultimately. And they make
Speaker 8: it some relief from those cuts. They may pay less
Speaker 8: interest on their car payments or their credit card payments,
Speaker 8: which could allow them to pay more for goods. But
Speaker 8: the idea that we're not going to see inflation flow
Speaker 8: through eventually, I think is a little bit misguided. We're
Speaker 8: just starting to see companies start to pay more for
Speaker 8: these inputs, and it is going to take some time
Speaker 8: to gradually flow through. Remember, we were on a ninety
Speaker 8: day tear off pause that technically did restart just this month,
Speaker 8: so we're only going to start to see this data
Speaker 8: really hit the economy in the coming weeks and months. Now.
Speaker 2: Hey, Jillian, before we let you go, you and the
Speaker 2: team out with a note overnight about value having a
Speaker 2: banner year in Europe. What's the outlook in your view
Speaker 2: on value stocks over in Europe.
Speaker 8: It's interesting because we haven't seen that same thesis play
Speaker 8: out in the US. Value stocks in Europe are really
Speaker 8: beat up, but they've been beat up for a long time,
Speaker 8: and a lot of this is now just people buying
Speaker 8: what they think could be a solid deal because it's
Speaker 8: just so cheap in the US. Even the cheapest stocks
Speaker 8: aren't that cheap by comparison. They're may be cheaper compared
Speaker 8: to some of the highest mag seven stocks, but cheap
Speaker 8: in the US doesn't actually need cheap relative to the globe.
Speaker 8: So we're definitely seeing investors maybe moving a little bit
Speaker 8: more towards safety, trying to pick up on some of
Speaker 8: these beat up stocks in Europe, and we're seeing value
Speaker 8: do quite well as a result.
Speaker 2: Gillian Wolf on the Bloomberg Intelligence ATM Equity Strategist over there,
Speaker 2: have a great weekend, Have a great long weekend. Appreciate
Speaker 2: you joining us from the Bloomberg Interactive Brokers Studio.
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Speaker 7: Eleven thirty.
Speaker 2: We are at the US Open just outside of Arthur
Speaker 2: Ash Stadium in Flushing, New York. We're surrounded by about
Speaker 2: seventy thousand of our closest friends and also by somebody
Speaker 2: who joins us on site every year during our US
Speaker 2: Open broadcast. Kirsten Coreo is back with us. She's Chief
Speaker 2: Commercial Officer of the USTA, the owner and operator of
Speaker 2: the US Open. What does she do well, If it
Speaker 2: has to do with money and bringing it in, that's
Speaker 2: what she does. Think of course, ticket sales, hospital global metiaites, sponsorships,
Speaker 2: digital strategy, business intelligence and more. Kirsten, how are you
Speaker 2: good to see you? It's once a year we get
Speaker 2: to see you.
Speaker 7: It's great to see you.
Speaker 3: It's the busiest time of the year for you.
Speaker 7: It's the most wonderful time of the year.
Speaker 2: Well, it's the time truly where you guys all live
Speaker 2: in a hotel do right near here because you are
Speaker 2: here twenty four to seven actually not watching any tennis
Speaker 2: because you're working the whole time.
Speaker 7: That's right.
Speaker 3: So let's talk a little bit about how.
Speaker 2: The revenue generation is looking for the year. I mean,
Speaker 2: three years in a row of record breaking attendance. What
Speaker 2: can you tell us about just the business this year
Speaker 2: going into the US.
Speaker 9: Open, Well, I can tell you said, three years in
Speaker 9: a row of record breaking attendance, this should be a
Speaker 9: fourth year in a row of record breaking not just attendance,
Speaker 9: but over lots of different areas that we measure. So attendance, yes,
Speaker 9: viewership across through the first round, we're up thirty six
Speaker 9: percent on our domestic ESPN, ABC, ESPN two coverage, which
Speaker 9: is amazing. We actually had the second highest viewership and
Speaker 9: it's in Italy's of tennis through the first round, amazing,
Speaker 9: a lot of great Italian players. Merchandise is up double
Speaker 9: digit percentages, ticket sales up double digit percentages. And with
Speaker 9: the opening Sunday start to the men's and women's main
Speaker 9: draw singles play and men's and women's doubles main draw play,
Speaker 9: we're up double digit percentages and going to like break
Speaker 9: records and ticket sales and all the per caps related
Speaker 9: to that as well.
Speaker 2: So it sounds like things are obviously moving in the
Speaker 2: right direction on the attendance side of things. I'm curious
Speaker 2: about the balance between the criticisms last year about there
Speaker 2: were too many people here because everybody wanted to be here.
Speaker 2: How did you balance that this year with a different
Speaker 2: strategy when it came to ticket sales in terms of
Speaker 2: like tapping certain ticket sales at different times to make
Speaker 2: it so people could actually get around here.
Speaker 3: Yeah, it's interesting.
Speaker 9: I mean, we never want to restrict people that want
Speaker 9: to come from being able to come, But at the
Speaker 9: same time, we want to ensure that the people who
Speaker 9: are here on site and have you know, bought their
Speaker 9: tickets and paid good money and looked forward to planning
Speaker 9: to being here on site have a phenomenal fan experience.
Speaker 9: So we did make the hard decision to reduce the
Speaker 9: amount of tickets that we would sell over this very
Speaker 9: busy Labor Day weekend. So yesterday was the first day
Speaker 9: of that implementation. We did start to implement some changes
Speaker 9: to better manage crowds through the thoroughfares, better manage how
Speaker 9: we're spreading out competition and content across the different courts,
Speaker 9: practice courts and competition courts, so that people have more
Speaker 9: options around the site to experience the different content and
Speaker 9: enjoy it in a more free flowing way and not
Speaker 9: in a crushed way alongside seventy thousand of their friends.
Speaker 6: Well, just to recognize what you had said before, Kirsen
Speaker 6: about spreading out the tennis, and also to make sure
Speaker 6: that people are getting good value for their money because
Speaker 6: it is expensive to come here.
Speaker 7: Something I think that a lot of people.
Speaker 6: Who I've talked to have said is about having that
Speaker 6: Sunday start. Having the first round played now over three
Speaker 6: days instead of two, it is technically diluting the value
Speaker 6: of the ticket now.
Speaker 9: No, I don't know how much tennis you watch simultaneously,
Speaker 9: but it's not usually.
Speaker 7: More than one match.
Speaker 9: Actually spreading out the first round over three days has
Speaker 9: really helped spread the content out in a way that's
Speaker 9: actually offered more content to more people so that they
Speaker 9: can see more. It's been easier on the athletes in
Speaker 9: many ways. It's hard to spread out the main job
Speaker 9: singles in first round in two days. Three rounds sorry,
Speaker 9: three days is what you find in other Grand Slams
Speaker 9: as well.
Speaker 7: It's quite common.
Speaker 9: So in our case, it gave more content across the
Speaker 9: courts in a way that didn't crush the courts across
Speaker 9: two days. Now you can spread it across three days
Speaker 9: and seventy thousand more people can experience it.
Speaker 2: How should we think about the revenue breakdown of the
Speaker 2: US Open ticket sales versus concessions versus sponsorships. I mean
Speaker 2: on the sponsorship side, everybody's here and it's also all
Speaker 2: the familiar names that have been with the US Open
Speaker 2: for decades at this point, what's the revenue breakdown?
Speaker 9: So it's traditional in the way that every other live
Speaker 9: event property, whether it's sports or entertainment, is tickets, sales, hospitality, sponsorship.
Speaker 9: Media rights is a huge portion of how this event
Speaker 9: is fueled. So not every event gets to sell their
Speaker 9: media rights and is responsible for that. We are like
Speaker 9: the other Grand Slams.
Speaker 3: And you do the negotiations for it.
Speaker 9: We should know we do, and we work with our
Speaker 9: partners at IMG to help us worldwide.
Speaker 3: So what about it?
Speaker 2: Sorry, I just want to push on this a little
Speaker 2: bit with in terms of revenue, Like, if we think
Speaker 2: about it from the perspective of okay, ticket sales bring
Speaker 2: in this much revenue. Does is that the most in
Speaker 2: terms of overall revenue for the US Open? Or does
Speaker 2: sponsorships bring in.
Speaker 9: It is ticket sales, ticket sales and premium leads.
Speaker 2: Okay, so that's still the majority of where the revenue
Speaker 2: comes from.
Speaker 6: Okay, right, And keeping with it on the ticket sales,
Speaker 6: I mean, this is something that you know, as we've said,
Speaker 6: it is an expensive experience.
Speaker 7: It is a premium experience.
Speaker 6: You know you are getting certainly I would say a
Speaker 6: lot for what you pay for to come here. But
Speaker 6: it is something that people do talk about that they
Speaker 6: get frustrated with how much how quickly the sales go
Speaker 6: over to the resale market.
Speaker 7: Is that something that is in your control whatsoever?
Speaker 6: I mean, to be able to sell more tickets at
Speaker 6: face value before the resale market takes over and jocks
Speaker 6: them up to however many multiples of the face.
Speaker 7: Value per Well, there's two key factors at work here.
Speaker 9: One is the overwhelming demand that we experience for the event.
Speaker 9: Two is the fact that we are in New York
Speaker 9: State and resale cannot be restricted legally, so we are
Speaker 9: unable to restrict how many tickets are resold, at what
Speaker 9: price points they're resold, and how people choose to resale
Speaker 9: tickets that they've purchased. So on the demand side, we
Speaker 9: renew the equivalent of full season tickets at about ninety
Speaker 9: nine percent every year, and we did work hard to
Speaker 9: make more volume of tickets available, both through the Sunday
Speaker 9: start as well as for just ensuring that we had
Speaker 9: as much inventory as possible. For the American Express individual
Speaker 9: ticket presale, again sold out of that inventory within a
Speaker 9: couple of hours, and again in the public end sal
Speaker 9: same thing, sold out of the inventory within a couple
Speaker 9: of hours, and at which point in time people can
Speaker 9: choose to resell tickets if that's their if that's their desire.
Speaker 9: I think it's important to note that our individual ticket
Speaker 9: price average sales price point across all the events, all
Speaker 9: of the sessions, all of the venues, is one hundred
Speaker 9: and ninety dollars the average resale ticket price. It's over
Speaker 9: five hundred that it's sold for. So when people may
Speaker 9: may say, oh, it's an expensive ticket, unfortunately for us,
Speaker 9: we have to bear the brunt of that perception. But
Speaker 9: it's not the ticket price that we set.
Speaker 7: Yeah, we're just if you guys are just joining us here.
Speaker 7: We've got Carson Coreo with us.
Speaker 6: She's chief commercial officer at the USTA, talking all things
Speaker 6: about revenue ticket generation, all of that that's going on
Speaker 6: here at the US Open. So, Kison, you've brought up
Speaker 6: something interesting. I actually didn't know about this. That this
Speaker 6: has to do with maybe state rules about the resale
Speaker 6: market and what can can't be restricted.
Speaker 7: Is that something then that you guys, you.
Speaker 6: Know, obviously as a huge event spoor here in the
Speaker 6: state of New York. Is that something that you try
Speaker 6: to work with the state on to say, like, hey,
Speaker 6: you know, we want to you know, maybe change the
Speaker 6: rules in the state.
Speaker 7: Is there any way that we can work on this?
Speaker 9: Listen, We're happy to talk to any state body, legislative body,
Speaker 9: or representative at any point in time. Our intention is
Speaker 9: to ensure that fans have an opportunity to come here
Speaker 9: and experience the US Open and tennis are inspired to
Speaker 9: play tennis and have an opportunity to come many days
Speaker 9: if they wish to, to the extent that the state
Speaker 9: wants to work with us to offer more accessibility beyond
Speaker 9: the six days of the free open to the public
Speaker 9: fan week. We're always happy to have a conversation.
Speaker 2: But does it also tell you that you could be
Speaker 2: charging more for tickets? I know that's like not a
Speaker 2: popular thing. For me to say. But if you think
Speaker 2: about it, the delta between the average ticket price of
Speaker 2: a resale and the average ticket price where you're saying,
Speaker 2: there's a lot of money right from the table there,
Speaker 2: So it seems like the willingness to pay is a
Speaker 2: lot higher than you guys are marketing it for right now.
Speaker 9: It is, but it's a balance, you know, It's a
Speaker 9: balance between wanting to retain accessibility or for all types
Speaker 9: of fans and at the same time being an event
Speaker 9: that has an obligation to deliver net proceeds back to
Speaker 9: growing the game. So it is a balance. I don't
Speaker 9: think you'll ever see us go to the highest end
Speaker 9: of the market demand on a regular grounds pass, but
Speaker 9: in some cases we will sell that high end experience
Speaker 9: to the person who's willing to invest that much.
Speaker 6: Well, the high end experience isn't a lot of that.
Speaker 6: What's going to be part of this new renovation in ash, right,
Speaker 6: that's going to be bringing more luxury suites also just thousands.
Speaker 7: Of more tickets in general to the stadium.
Speaker 6: Can you tell us a little bit more about this
Speaker 6: renovation that's in progress in twenty twenty seven, right, That's
Speaker 6: what it's going to be ready.
Speaker 9: So Arthur ash Stadium amazing stadium, largest tennis stadium in
Speaker 9: the world, purpose built for nineteen ninety seven. We've come
Speaker 9: a long way since ninety seven, and fan expectations have
Speaker 9: evolved and changed, and we need to evolve and change
Speaker 9: to meet where they are and what they expect for
Speaker 9: the next generation.
Speaker 7: So the transformation will see the addition.
Speaker 9: Of two thousand new incremental court side seats. We have
Speaker 9: the smallest lower bowl in all of North America by proportion, perhaps,
Speaker 9: and we have more way more demand for those than
Speaker 9: we can satisfy. So we're looking to be able to
Speaker 9: offer more accessibility both for fans that want that court
Speaker 9: side seed as well as fans that have been longtime
Speaker 9: subscribers in the next level and the lowge level. That
Speaker 9: number one on their wish list is the ability to upgrade.
Speaker 9: As I mentioned with the ninety eight or ninety nine
Speaker 9: percent renewal rate, they don't have a lot of options,
Speaker 9: but we will have suites moving up by about twelve feet,
Speaker 9: same number of suites, but they will be larger with
Speaker 9: more square footage, more fixed seats for people to enjoy
Speaker 9: and entertain guests. And that's been long on the feedback
Speaker 9: lists from our suitet clients.
Speaker 2: How do you guys at the USDA talk about influencers
Speaker 2: and the way that they're part of the us OPEN now?
Speaker 2: I feel like the last few years it's just exploded
Speaker 2: in terms of social media.
Speaker 9: Yes, yes, influencers, content creators.
Speaker 3: Are they part of officially part of media here now?
Speaker 9: So there is something called non media credential that we've
Speaker 9: trialed this year for a elect group of individuals that
Speaker 9: may positively be able to report on and influence audiences
Speaker 9: to be interested in tennis. Our mission is all about
Speaker 9: growing the game and inspiring people to play more often
Speaker 9: so to the extent that there are influencers content creators
Speaker 9: that can help us leverage the us OPEN to do that,
Speaker 9: we're really interested in exploring it. That said, you know,
Speaker 9: it's the wild West out there. It's really challenging to
Speaker 9: try to harness that passion, I will say, in a
Speaker 9: way that's productive for the entire ecosystem and protects our
Speaker 9: partners who have been with us.
Speaker 3: For so long here.
Speaker 2: Well, I do feel like I even see them outside
Speaker 2: of the gates at this point. I mean, the popularity
Speaker 2: is just so huge. Kirsten Koreo. Always good. When you
Speaker 2: join us, it means we're at the US Open. We
Speaker 2: love being here and we love chatting with you. Kuston Coreo.
Speaker 2: She's chief Commercial Officer of the USTA and she might
Speaker 2: get to watch a little tennis. Look for her in
Speaker 2: the box next to the celebrities later in the tournament.
Speaker 3: This is Bloomberg Business Week Daily. Stay with us.
Speaker 2: More from Bloomberg Business Week Daily coming up after this.
Speaker 1: You're listening to the Bloomberg Business Week Daily Podcast. Catch
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Speaker 7: We're going to bring it now.
Speaker 6: Eric Bouderak, he is director of US Open Player Relations
Speaker 6: at the USTA, also a former professional player known for
Speaker 6: your doubles pro US.
Speaker 7: Thanks so much for joining us.
Speaker 10: Eric, great to be here. Thanks for having me.
Speaker 6: Right here outside of Arthur Ash. How's the tournament been
Speaker 6: for you so far? It's only probably the crazy three
Speaker 6: weeks of your life, it is.
Speaker 11: It's been busy, and with it with the fan week
Speaker 11: and all the events we have going on the front end,
Speaker 11: it feels like a full month. But again, what better
Speaker 11: place to be if you love tennis. This is the
Speaker 11: center of it all, So it couldn't be.
Speaker 2: Better explain to everybody what it means to be the
Speaker 2: director of player relations here.
Speaker 11: Yeah, so I joined this role about nine years ago,
Speaker 11: straight off the court, literally ended my career in Core
Speaker 11: ten right behind us and it was in the office,
Speaker 11: you know, a month later. Originally the direction was, you know,
Speaker 11: to improve the kind of relationship with players, understand all
Speaker 11: their needs and how can they have a better experience
Speaker 11: at the US Open. I think that has evolved over
Speaker 11: the last nine years to you know, building new events
Speaker 11: things like we were seen in Fan Week with Stars
Speaker 11: of the Open, the Mixed Devils tournament, but really just
Speaker 11: everything that the players touch, which is so many things,
Speaker 11: right from the transportation and the hotels to the prize
Speaker 11: money and all the everything that goes on with the
Speaker 11: biggest events they participate.
Speaker 2: So you want to make sure everything goes well so
Speaker 2: they can perform their best out there on the court
Speaker 2: and have a good experience. Can you give us the
Speaker 2: perspective from somebody who was on tour and kind of
Speaker 2: like what goes into it? I think a lot of
Speaker 2: people romanticize the idea of being a pro athlete, but
Speaker 2: then you really think about it, especially in tennis, and
Speaker 2: you think to yourself, wait a second, this means you're
Speaker 2: on the road all the time. You're never sleeping in
Speaker 2: your own bed. You're spending a lot of time on
Speaker 2: airplanes yep, and.
Speaker 7: Spending a lot of money on all the staff that
Speaker 7: travels with you.
Speaker 2: It's very expensive, and if you're not one of those
Speaker 2: household names, it's not easy to make ends meet.
Speaker 3: It is.
Speaker 10: So there's a lot to that equation.
Speaker 11: I mean, first the financial side, yes, right, you're you're
Speaker 11: traveling the world, and how you need to travel depends
Speaker 11: very much on kind of what level sport you're at, right,
Speaker 11: And I equate a lot of it to baseball, sort
Speaker 11: of single A, double A, triple A. The single A level,
Speaker 11: you know, everyone's just trying to survive, right, There's not
Speaker 11: a lot of money coming in, not a lot of
Speaker 11: things are being covered. As you get to the double
Speaker 11: A level or the Challenger tour, you start to get
Speaker 11: where there's free hotels, you start to get meals covered,
Speaker 11: and the checks start to improve a little bit.
Speaker 10: Once you get to the ATP tour, here.
Speaker 11: You know, life is good, right, and you know you
Speaker 11: see first round prize money one hundred and ten thousand dollars. Okay,
Speaker 11: now we can start to really bank on some real income. Yes,
Speaker 11: there's huge fluctuation within your checks week to week, but
Speaker 11: you know that, Look, if I'm going to perform a
Speaker 11: certain level over the course of the year, I'm going
Speaker 11: to have, you know, a good enough income to kind
Speaker 11: of cover my needs. Now, if you want to expand
Speaker 11: to a large team, then that can be substantially more.
Speaker 11: But you know, component one is the financial is you
Speaker 11: really have to manage that because you're an independent contractor.
Speaker 11: You know, I was with a spreadsheet, you know, trying
Speaker 11: to figure out how much I was spent each week
Speaker 11: or really a month, and trying to survive. But you
Speaker 11: also don't know your earnings, right. You could make one
Speaker 11: hundred thousand dollars one week, or you could be in
Speaker 11: the red if you had a small check and a
Speaker 11: team traveling with you.
Speaker 10: So those swings are real.
Speaker 11: But the lifestyle is probably as much the real part,
Speaker 11: which is I tell people all the time, it's the
Speaker 11: most unbelievable life. You know, my spring for ten years
Speaker 11: was you know, Monte Carlo, Barcelona, Rome, Madrid, Paris, London.
Speaker 11: I'm naming the best six cities in the world, and
Speaker 11: we did them, you know, over the course of two
Speaker 11: months in the spring.
Speaker 3: It's amazing.
Speaker 11: But you've got to be comfortable two hundred and fifty
Speaker 11: days a year in a hotel. You're living out of
Speaker 11: two to three suitcases, so it's it's a huge adjustment
Speaker 11: for a lot of people. If you like the comforts
Speaker 11: of your own home, you know, this may not be
Speaker 11: the best career for you, but it is a fascinating
Speaker 11: experience to see the world. You get backstage passes to
Speaker 11: see all the best stuff that these cities have to offer.
Speaker 10: So it's a pretty wonderful experience at all the.
Speaker 7: Same time, totally imagine.
Speaker 6: I mean, I'm thinking back to when you just said
Speaker 6: Monti Carlo. There, this might have been my peak tennis
Speaker 6: viewing experience when.
Speaker 7: I study abroad.
Speaker 6: Semester, I met up with my mixed doubles partner in
Speaker 6: Monte Carlo and we went to see the semifinals of
Speaker 6: the twenty fifteen tournament, Djokovic Nadal playing each other. Right there,
Speaker 6: I mean, this was just just.
Speaker 3: After you were tired, right that was year after your
Speaker 3: retired sixteen.
Speaker 6: Yeah, so you're talking about so much of this though
Speaker 6: from like the doubles perspective. I think that's what's so
Speaker 6: what a lot of people don't get to hear about
Speaker 6: because you see, you know, of course, how the sing
Speaker 6: A lot of the top singles players. I mean, these
Speaker 6: are people who have what ten tens of millions of
Speaker 6: dollars in contra and endorsements and money. How much of
Speaker 6: that equation is happening on the double side? You know,
Speaker 6: they is Nike and all these other sponsors. Are they
Speaker 6: paying doubles players that much to wear their kids?
Speaker 10: No?
Speaker 11: I would say that in the double side, if you
Speaker 11: know roughly seventy five percent of your earnings are coming
Speaker 11: from encore, right you might.
Speaker 6: That's got to be the total opposite of the single
Speaker 6: side of the equation.
Speaker 10: Yeah.
Speaker 11: I don't have the exact numbers, but sure, right, I
Speaker 11: think in the in the vicinity, absolutely so. I think
Speaker 11: prize money is the main driver for the majority of
Speaker 11: the tour as you get to the very top, you know,
Speaker 11: the sponsorships and the off court earnings we will trump that.
Speaker 10: But yeah, absolutely.
Speaker 6: So, coming back to that, because I heard somebody told
Speaker 6: me that you were the genius behind the mixed doubles
Speaker 6: tournament this year.
Speaker 7: I would think a lot of you then.
Speaker 6: Would want to have this you know, big prize pool,
Speaker 6: you know fivefold what it was in the previous year.
Speaker 7: Have the real doubles players get access to that?
Speaker 11: Yeah, No, was this was this was a tough one,
Speaker 11: right And I obviously received a lot of phone calls
Speaker 11: from from close friends on tour that again, this was,
Speaker 11: this was an event that given the way that we
Speaker 11: built it up, they weren't the majority of them weren't
Speaker 11: going to be able to play in it, and we
Speaker 11: had those discussions. I think the first up we wanted
Speaker 11: to do was make sure they were financially whole. So
Speaker 11: what we did with our increases this year, we took
Speaker 11: our regular scheduled increases in doubles, which were substantial. Then
Speaker 11: we took all of the money from mixed doubles from
Speaker 11: last year it was won by doubles players and put
Speaker 11: that in on top.
Speaker 10: Of the other increases.
Speaker 11: So I think a lot of the doubles rounds this
Speaker 11: year were up thirty percent from last year, so there's
Speaker 11: huge earnings for the double side. I think the other
Speaker 11: thing we wanted to do, which was hard for some
Speaker 11: of the double player to hear, but we want to
Speaker 11: shine a light on doubles like never before. And as
Speaker 11: the doubles mixed doubles are being played with doubles players,
Speaker 11: there wasn't a lot of people tuning in. ESPN wasn't
Speaker 11: really airing it, Fans weren't turning up for the matches
Speaker 11: and droves right. What we were able to do was
Speaker 11: to take mixed doubles something that no one talked about,
Speaker 11: no one was really watching, put it in Arthur Rash
Speaker 11: Stadium with twenty four thousand people. So I think that
Speaker 11: step has been incredible. We're super happy with it. You know,
Speaker 11: where we go forward now is to have a lot
Speaker 11: of conversations and say, okay, what's next, right, you know,
Speaker 11: how do we grow this to make this something bigger?
Speaker 11: Do we want to adjust the dates, we adjust the
Speaker 11: format to, we adjust the entry policies, and that'll be
Speaker 11: you know, the next couple of months of analysis. But
Speaker 11: for step one, I think it was it was a
Speaker 11: big success.
Speaker 2: We're speaking right now with Eric Buerak, he's heads up
Speaker 2: player relations here at the USTA where he is a
Speaker 2: director we're at the US Open. It is Tim's Kinnebeck
Speaker 2: and Molly Smith. She's Bloomberg News economics editor.
Speaker 3: Eric. I want to talk a.
Speaker 2: Little bit about what the youth program looks like right
Speaker 2: now in the US. You grew up playing in the US,
Speaker 2: You played college in the US. What do you hear
Speaker 2: from the about the difference is now in terms of
Speaker 2: interest among young American kids and access that they have
Speaker 2: to tennis, because that is the.
Speaker 3: Whole purpose of the USTA. Here can you quantify for
Speaker 3: that compared to when you were growing up?
Speaker 11: You know, I I don't work on that side of
Speaker 11: the business. I'm not going to rattle off the numbers
Speaker 11: off the edge of my tongue. I know we are
Speaker 11: in I think at least five years now consecutive growth
Speaker 11: with participation which was looking good, which is looking good,
Speaker 11: which is great. You know, there was sort of a
Speaker 11: COVID bump that we had because it was one of
Speaker 11: the first sports you could really come back and play.
Speaker 10: I think we were.
Speaker 11: Maybe concerned that that was only a COVID bump. But
Speaker 11: the growth has sustained, which is which is really encouraging.
Speaker 11: I think we're seeing lots of growth in you know,
Speaker 11: different economic diverse environments, which is great.
Speaker 10: Youth participation is up, which is good.
Speaker 11: I think the US Open, I mean, we look at
Speaker 11: this not only is the revenue from this event going
Speaker 11: into the USTA, which has the mission to grow the game,
Speaker 11: but we look at this as a three week festival
Speaker 11: to showcase the sport to our country, you know, motivate
Speaker 11: more people to go out and play the sport.
Speaker 10: And so everything we do is from a lens of Yeah,
Speaker 10: we want.
Speaker 11: To earn money so we can put the money into
Speaker 11: the sport, but let's also excite people about playing back
Speaker 11: to the mixed doubles people.
Speaker 7: Sorry, we'll be going to hear today.
Speaker 2: Sorry as the Bloomberg News following on Eric for those listening,
Speaker 2: he's still okay.
Speaker 3: I'm good.
Speaker 11: On the waiver Before you got here, We're all said,
Speaker 11: I'm all right. But we knew that people love playing
Speaker 11: mixed doubles. We wanted to We want everyone to see
Speaker 11: that so they go to their clubs and play mixed doubles,
Speaker 11: you know.
Speaker 10: So that was one of the reasons. So we're looking
Speaker 10: at it through that lens as well.
Speaker 7: Totally.
Speaker 6: I mean that's what I played in college. I played
Speaker 6: for the club team. It's Syracuse, but you played actually
Speaker 6: real college tennis, and I want to hear about what
Speaker 6: that transition is like to go from college to the
Speaker 6: pro circuit, because it's tennis is a bit unique in
Speaker 6: that way. It's not the way of a traditional feeder
Speaker 6: the way other sports are, you know, the NBA and
Speaker 6: playing in a professional football as well. That like college
Speaker 6: is such a huge driver of where your career is,
Speaker 6: it's not really the same in tennis. So can you
Speaker 6: talk about that transition and if more people are seeing
Speaker 6: college is maybe a gateway.
Speaker 7: To the pro tour?
Speaker 11: So I think, I mean, I played Division II college tennis,
Speaker 11: which is really not.
Speaker 10: The route to pro tennis.
Speaker 11: I don't think anyone really did it before me, and
Speaker 11: no one did it afterwards, so that I wouldn't I
Speaker 11: wouldn't recommend that route.
Speaker 10: I somehow found the loophole.
Speaker 3: I played D three and I never turned pro.
Speaker 10: See that gain.
Speaker 11: Yeah, A lot of people call me and asked me,
Speaker 11: and it's a kind of a crazy story I worked out.
Speaker 11: So anyway, But if we focus on the Division IE level,
Speaker 11: which is really you know, the reality of a pipeline
Speaker 11: into the pros, I think through a couple of things. One,
Speaker 11: the college life has become more and more appealing to
Speaker 11: players who need those years to train and get better.
Speaker 10: So those you know you can you.
Speaker 11: Can train from eighteen to twenty two, have all your
Speaker 11: expenses covered at a really high level, and especially in
Speaker 11: the men's side, where you develop a little bit later
Speaker 11: in life, right, it's more likely to kind of give
Speaker 11: you that time to really go off on the tour.
Speaker 10: Number Two, with.
Speaker 11: The nil you know, now these players can actually not
Speaker 11: only get a free education, but they can earn some money,
Speaker 11: build up a little bit of a net worth to
Speaker 11: go out on tour and have some savings to take
Speaker 11: that money on tour. I mean kem Nory playing Djokovic tonight,
Speaker 11: he's straight out of TCU. I mean not just on
Speaker 11: the men's sides, but we're seeing women Emmin Nvara play
Speaker 11: college tennis.
Speaker 10: Peyton Stearns played college tennis.
Speaker 11: So there's a lot of players coming off college tennis
Speaker 11: to play professionally in.
Speaker 2: These days, and like it was even twenty thirty years ago,
Speaker 2: a lot of players coming from outside of the US
Speaker 2: to the US to play D One. Do you think
Speaker 2: the nil thing is going to make it even more
Speaker 2: so that you know, the next Carlos Alparez skips going
Speaker 2: right pro and comes to the US and plays college.
Speaker 11: Maybe I don't think that Alcarez will skip, but the
Speaker 11: cam Norri's.
Speaker 10: Of the world will will continue to skip.
Speaker 11: If you're seventeen years old and you're winning, you know Internet,
Speaker 11: you know, with Grand Slam Junior Championships, and you know
Speaker 11: you're still going to the IMGs of the world are
Speaker 11: signing you and Nike wants you, you're going pro. There's
Speaker 11: there's too much opportunity for that group. The ones just
Speaker 11: below that who don't have huge contracts being offered to them,
Speaker 11: those are the ones that are going to go to college.
Speaker 11: They're going to take those nil deals and then they're
Speaker 11: going to hopefully go to the tour, use it as
Speaker 11: a kind of a training ground to get ready for
Speaker 11: the tour.
Speaker 6: Yeah, there's just so much to be played for, especially
Speaker 6: on the junior circuit.
Speaker 7: There.
Speaker 6: So, Eric Budurak, thanks so much for joining us here.
Speaker 6: This is Eric Mudak. He's the jacker of US Open
Speaker 6: Player Relations at the USCA.
Speaker 7: Thanks again for coming with us here.
Speaker 10: You guys from the set appreciate it.
Speaker 6: So we're still sitting here outside of Arthurs Stadium, Tim,
Speaker 6: you're gonna stay for.
Speaker 3: The night session tonight, you know, I'll stay for a
Speaker 3: little bit of it. Yeah.
Speaker 2: I don't think I'm in the state untill like one am.
Speaker 2: Like you and I did a couple of years ago, though. Yeah,
Speaker 2: that was that was till two am.
Speaker 3: That was crazy. Yeah, that was crazy. We'll see what happens.
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