WEBVTT - Monumental CFO on Growth, Opportunity and Gambling

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

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<v Speaker 1>Bloomberg Quick Takes Tim Stenovic on Bloomberg Radio.

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<v Speaker 2>You've got the Washington Capitals, the Wizards, the Washington Mystics,

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<v Speaker 2>You've got Team Liquid, You've got the Capital One Arena,

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<v Speaker 2>You've got NBC Sports Washington and so much more.

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<v Speaker 3>Add it all up.

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<v Speaker 2>You get Montamen, Monumental Sports and Entertainment, a four billion

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<v Speaker 2>dollar sports empire headed by Ted Leonsis. He's a New Yorker,

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<v Speaker 2>he's a businessman and more. But with us right now

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<v Speaker 2>ahead of Tonight's episode of Chief Future Officer airing at

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<v Speaker 2>nine thirty pm Wall Street Time on Bloomberg Television is

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<v Speaker 2>Peter bsche He's the CFO of Monumental Sports and Entertainment.

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<v Speaker 2>He joins us on zoom from Washington, d C. Peter,

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<v Speaker 2>it is really great to have you here on Bloomberg

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<v Speaker 2>Business Week. First of all, you know, talk to us

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<v Speaker 2>about your life on a daily basis and what it's

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<v Speaker 2>like to be a CFO of monumental sports. And I

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<v Speaker 2>ask you on a day when we have been laser

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<v Speaker 2>focused on something like the FED, and I'm curious about

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<v Speaker 2>the macro We're going to get into what you guys

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<v Speaker 2>are doing and everything under the Monumental brand. But what

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<v Speaker 2>is it on a macro basis that you guys talk

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<v Speaker 2>about with you and your team.

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<v Speaker 1>So we talk about our consumers, our customers.

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<v Speaker 4>We talk about what's happening in the economy, obviously, and

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<v Speaker 4>whatever happens there in fact that impacts our customers. We're

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<v Speaker 4>in the media business. We're in the disposable income business.

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<v Speaker 4>People have different ways to spend their money, so we

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<v Speaker 4>are We think about that a lot. Jobs inflation, interest rates,

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<v Speaker 4>not so much impacting us directly, but impacting our customers.

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<v Speaker 1>That's something we talk a lot about.

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<v Speaker 3>What does disposable income look like right now? You know,

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<v Speaker 3>I often bring up the stats of excess savings left

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<v Speaker 3>in consumers accounts right now. We put it at about

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<v Speaker 3>one point two trillion dollars essentially left over from stimulus. Now,

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<v Speaker 3>a lot people strike back on Twitter. Let's say you're wrong.

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<v Speaker 3>You know, we don't have any money, and I get

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<v Speaker 3>that some people don't, But what do you what does

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<v Speaker 3>what does your client base have?

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<v Speaker 4>Yeah, you know, we're in an interesting business. We're in

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<v Speaker 4>the media business. If you really think about it, and

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<v Speaker 4>so again disposable income, but we are also so much

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<v Speaker 4>a part of the fabric of our community. People have

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<v Speaker 4>grown up in sports, whether it's.

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<v Speaker 2>On the.

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<v Speaker 4>Youth level, the high school, collegiate, professional level, so it's

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<v Speaker 4>really part of their life in a way that a

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<v Speaker 4>lot of businesses or products aren't so coming out of

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<v Speaker 4>For example COVID, where we were essentially shut down for

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<v Speaker 4>two years, the demand back was phenomenal. We came back

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<v Speaker 4>instantly again because I think people like sports, They like

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<v Speaker 4>it live, they of course like it on their screens,

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<v Speaker 4>where the vast majority of them to consume us. The

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<v Speaker 4>other part of our business, and you mentioned all our teams,

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<v Speaker 4>but we're really alive entertainment business, and that we have

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<v Speaker 4>a lot of events here at the arena and our

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<v Speaker 4>other facilities that aren't just our teams. Tonight we have

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<v Speaker 4>a major wrestling event. So that side of the business,

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<v Speaker 4>that side of the live entertainment business that occupies our

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<v Speaker 4>buildings came back very strong as well.

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<v Speaker 1>The concert business.

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<v Speaker 4>We all So what's happened certain very high profile acts

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<v Speaker 4>our businesses, I won't say with a recession proof what

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<v Speaker 4>impacts us more as our team performance. So if we

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<v Speaker 4>have a downcycle on the teams. That's much more impactful

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<v Speaker 4>than a downcycle into the economy.

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<v Speaker 2>Peter, we want to get more deeper into sports. But

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<v Speaker 2>when you look at the economic outlook, does it say

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<v Speaker 2>to you recession? Does it say now we're going to

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<v Speaker 2>skip it out?

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<v Speaker 4>You know? I think that's what you all and your

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<v Speaker 4>other guests down Bloomber get paid.

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<v Speaker 1>To a pine on that's not really my area.

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<v Speaker 4>If you want to ask who we should pick in

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<v Speaker 4>the next draft, which is coming up, I might have

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<v Speaker 4>a view on that.

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<v Speaker 3>I don't believe it. I don't believe Listen. We do

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<v Speaker 3>spend a lot of time talking about J. Powell, but

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<v Speaker 3>I guarantee that if J. Powell ran into you, he

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<v Speaker 3>would want to pick your brain to figure out what's

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<v Speaker 3>going on in the economy, because you're the kind of

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<v Speaker 3>people he wants to talk to.

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<v Speaker 1>Now, I think, as I said, we've done well.

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<v Speaker 4>We are concerned, like many people are, with cities commercial

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<v Speaker 4>real estate that impacts us here, particularly in a market

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<v Speaker 4>like Washington, so we pay close attention to that. We

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<v Speaker 4>have a lot of our corporate partners. Obviously we have

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<v Speaker 4>people buy tickets, but we have sponsors and their businesses

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<v Speaker 4>are impacted by what's going on in the economy. Again,

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<v Speaker 4>the commercial real estate world concerns us a little bit.

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<v Speaker 4>We're downtown. We need fans comfortable coming here, their fan experience,

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<v Speaker 4>fan safety, all those things are very important to us.

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<v Speaker 4>I don't know whether mister Powell would focus on that,

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<v Speaker 4>but that's what we focus on, our fan experience. We

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<v Speaker 4>think of it as driveway to driveway, when they leave

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<v Speaker 4>their driveway to come here, and then when they return,

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<v Speaker 4>we've got to make that a seamless and experience as possible. Obviously,

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<v Speaker 4>we control what happens in the building here, but silly

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<v Speaker 4>things like traffic and public transportation and all that that

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<v Speaker 4>really matters to us.

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<v Speaker 2>Well, we're just thinking he might. I don't know, is

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<v Speaker 2>the Grateful Dead playing at the Capitol Arena because he

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<v Speaker 2>might come to see it because he does like the Dead.

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<v Speaker 4>Well, the Dead no longer exists, But what do they

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<v Speaker 4>call themselves?

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<v Speaker 3>Dead and Company? I think they play the Coastal City

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<v Speaker 3>Music Theater.

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<v Speaker 1>I don't know whether they're on tour or not.

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<v Speaker 4>We're sort of the only game in town, so if

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<v Speaker 4>they play in Washington, they would be playing here.

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<v Speaker 3>They are on tour, they're playing City field on next

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<v Speaker 3>Wednesday and Thursday.

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<v Speaker 4>So people play indoor buildings, particularly older acts tend to

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<v Speaker 4>play indoor buildings like Hours they're an older act. But

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<v Speaker 4>in the summertime, obviously the football and baseball stadiums can

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<v Speaker 4>hold a lot more people than we can with twenty

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<v Speaker 4>thousand dollars here, But come a rainy night or a

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<v Speaker 4>cold November day, they'd be very happy to be inside

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<v Speaker 4>with us. Peter.

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<v Speaker 2>One thing that is certainly a great economic and market

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<v Speaker 2>indicator is when companies are willing to expand grow their business,

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<v Speaker 2>you know, take on debt to build out their business

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<v Speaker 2>or possibly you know, expand their franchises. And I'm just

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<v Speaker 2>wondering along those lines. The Washington Nationals are said to

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<v Speaker 2>be coming up for sale, reports that you guys might

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<v Speaker 2>be interested. Are you enthusiastic maybe about doing something like that?

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<v Speaker 2>Is that a possibility?

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<v Speaker 1>You know, there's been a lot of reports. It's out there.

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<v Speaker 4>The team was on the markets, it's no longer technically

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<v Speaker 4>on the market. We view ourselves here as having a platform.

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<v Speaker 4>You mentioned we have a couple of teams, we have

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<v Speaker 4>have a dozen venues. We now own our network. So

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<v Speaker 4>for us, we have this platform and if we can

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<v Speaker 4>add like businesses to it, it's tremendous. We have tremendous

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<v Speaker 4>operating leverage in the business. Makes a lot of sense

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<v Speaker 4>from a media point of view. We really are focused

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<v Speaker 4>on the region now. For us, the region runs all

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<v Speaker 4>the way up to Philadelphia and down into maybe even

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<v Speaker 4>North Carolina.

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<v Speaker 1>And west from here.

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<v Speaker 4>So adding to the platform, we're six hundred and fifty

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<v Speaker 4>million dollars in revenue news revenues now. Ted Chamer wants

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<v Speaker 4>to get to a billion. We'll do some of that organically,

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<v Speaker 4>just growing what we have. Some of it will also

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<v Speaker 4>be adding businesses to the platform. I'm not going to

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<v Speaker 4>name names that there's something.

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<v Speaker 3>No matter how hard you travel here make.

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<v Speaker 1>A lot of sense.

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<v Speaker 2>I tried to kind of weave it together and was hoping.

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<v Speaker 3>A little bit of a slip. You wanted a little

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<v Speaker 3>bit of a slip there from Pete.

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<v Speaker 2>No, no, I respect. I respect Peter. Having said that,

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<v Speaker 2>we did much of the teams. You know, you guys

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<v Speaker 2>have esports gaming. As you said, you're a media company.

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<v Speaker 2>Where's the growth. Where's the biggest amount of growth, you know.

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<v Speaker 4>I think it really is on the media side. We

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<v Speaker 4>can't really add seats here in the building. We can

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<v Speaker 4>raise prices, but it's about getting eyeballs. We really need eyeballs,

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<v Speaker 4>and as you all are very familiar with, with the

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<v Speaker 4>changing media's landscape and the regional sports network cord cutting,

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<v Speaker 4>we need to be getting to our fans however they

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<v Speaker 4>want to consume us, whether it's again on a traditional

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<v Speaker 4>TV with a.

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<v Speaker 1>Copper wire coming in, or it's on their hand held

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<v Speaker 1>or whatever.

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<v Speaker 4>So our growth is more eyeballs, but getting to them

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<v Speaker 4>in ways that we haven't gotten to them.

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<v Speaker 1>In the past.

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<v Speaker 4>One of the reasons we're in esports, particularly sports related

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<v Speaker 4>to basketball and hockey, is that's a way of connecting

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<v Speaker 4>with a younger fan, and we need to connect with

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<v Speaker 4>the younger fans.

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<v Speaker 1>So esports is that.

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<v Speaker 4>One of the reasons we're active and it's all over

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<v Speaker 4>the country, all over the world and sports gaming is

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<v Speaker 4>that's the way to connect with our fans.

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<v Speaker 1>We have fans who have an interest in doing that.

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<v Speaker 4>We need to have a product, whether it's a channel

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<v Speaker 4>or distribution to reach those fans, younger fans, fans who

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<v Speaker 4>have a very specific interest, whether it's gaming. That's where

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<v Speaker 4>our growth is going to be. It's going to be

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<v Speaker 4>more that's where our organic growth will be is in

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<v Speaker 4>more eyeballs.

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<v Speaker 2>Yeah, really fascinating.

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<v Speaker 1>Yeah, through more and more channels.

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<v Speaker 2>I'm sorry, no, no, no, no, no, no, no, forgive

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<v Speaker 2>me hang on for a second. We do have to

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<v Speaker 2>do a little bit of news and we're going to

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<v Speaker 2>actually stay in the nation's capital, but we're going to

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<v Speaker 2>come back and continue with Peter Biche. He's chief financial

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<v Speaker 2>officer at Monumental Sports and Entertainment. As we said, joining

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<v Speaker 2>us from Washington, d C. And you know, a lot

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<v Speaker 2>going on in the world. I got to say, Matt,

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<v Speaker 2>I do love when we talk business of sports. It

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<v Speaker 2>is a big business. I feel like when there's a

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<v Speaker 2>story that often crosses the Bloomberg and it's sports related,

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<v Speaker 2>you know, we're on it, and you think about in

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<v Speaker 2>the last week or so, right in terms of the

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<v Speaker 2>PGA Tour and live golf. I mean, this is what

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<v Speaker 2>a lot of the terminal users we're reading and interested

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<v Speaker 2>in because it's big money and it's big business.

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<v Speaker 3>I love it as well, not just for the sports,

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<v Speaker 3>but also for the betting side of the business, which

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<v Speaker 3>is just growing unbelievably quickly in the US.

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<v Speaker 2>We've got a great guest with us. So we want

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<v Speaker 2>to get right back to Peter bsche He's the CFO

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<v Speaker 2>of Monumental Sports and Entertainment. He is the star of

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<v Speaker 2>tonight's episode of Chief Future Officer, airing at nine thirty

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<v Speaker 2>pm Wall Street Time on Bloomberg Television.

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<v Speaker 1>Very cool.

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<v Speaker 3>Yeah, that's a great show.

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<v Speaker 2>You know, Peter, I gotta be on like you know this.

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<v Speaker 2>You've been there for I think what two decades. I mean,

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<v Speaker 2>coming off the financial crisis, we realized how important chief

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<v Speaker 2>financial officers are in keeping businesses growing. I think we

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<v Speaker 2>used to be for such a long time. It's the

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<v Speaker 2>earnings call. They pop on the earnings call, they do

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<v Speaker 2>the numbers, and then they go away. Being a CFO

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<v Speaker 2>is so key in terms of the strategy that's deployed

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<v Speaker 2>at companies today. And you talk get talked earlier about

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<v Speaker 2>you know, how you guys have really made a mark,

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<v Speaker 2>you know, in the DC area. But does that mean

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<v Speaker 2>that becoming even more national is not on the table

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<v Speaker 2>or could you when you talk about growth and expansion

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<v Speaker 2>and more eyeballs, you know, continue to think about building

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<v Speaker 2>out your brands nationally well.

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<v Speaker 4>Well, obviously our teams through the leagues have a national

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<v Speaker 4>presence right, the NBA, NHL.

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<v Speaker 2>Right, But you know what I mean, you know what

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<v Speaker 2>I supposed nationally.

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<v Speaker 4>I think we've got a lot of work to do

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<v Speaker 4>here at home, a lot of opportunity in our market,

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<v Speaker 4>and there's a lot of value from our point of view.

0:10:35.880 --> 0:10:39.160
<v Speaker 4>I've used this word already on the platform. You know,

0:10:39.400 --> 0:10:42.679
<v Speaker 4>can it expand perhaps, But we need to do what

0:10:42.720 --> 0:10:44.440
<v Speaker 4>we need to do to get to a billion dollars

0:10:44.480 --> 0:10:45.320
<v Speaker 4>and we think we can do it.

0:10:45.320 --> 0:10:49.200
<v Speaker 1>And oh, by the way, Washington's a great place to

0:10:49.240 --> 0:10:49.480
<v Speaker 1>do it.

0:10:49.520 --> 0:10:52.760
<v Speaker 4>And there is There are obviously other strong, important cities

0:10:52.760 --> 0:10:55.680
<v Speaker 4>in this country, but Washington is one of those, and

0:10:55.760 --> 0:10:56.920
<v Speaker 4>so we're excited to be here.

0:10:56.960 --> 0:10:59.160
<v Speaker 1>Not to knock other cities, but we think this is

0:10:59.200 --> 0:11:00.040
<v Speaker 1>a great place.

0:10:59.840 --> 0:11:03.760
<v Speaker 3>To you can knock other cities. Washington is an awesome

0:11:03.800 --> 0:11:06.080
<v Speaker 3>sports town. I gotta say. You know, people who live

0:11:06.160 --> 0:11:09.960
<v Speaker 3>down there really root for their teams. They really get

0:11:10.000 --> 0:11:12.520
<v Speaker 3>into it in a way that people in other cities

0:11:12.559 --> 0:11:14.160
<v Speaker 3>sidetracked by other stuff really don't.

0:11:14.240 --> 0:11:18.120
<v Speaker 4>But if you only had a baseball team, well, you know,

0:11:18.240 --> 0:11:19.440
<v Speaker 4>we've had some success.

0:11:19.520 --> 0:11:21.400
<v Speaker 1>We won the Stanley Cup a few years ago.

0:11:21.480 --> 0:11:25.000
<v Speaker 4>Our women's team won the WNBA Championship, the Nationals, who

0:11:25.000 --> 0:11:27.920
<v Speaker 4>you keep mentioning, won the World Series in twenty nineteen,

0:11:28.440 --> 0:11:30.000
<v Speaker 4>so it's been a few years, but we've had a

0:11:30.080 --> 0:11:33.640
<v Speaker 4>lot of recent success with our professional sports team.

0:11:33.800 --> 0:11:37.840
<v Speaker 3>So is the NWNBA starting to pick up? You know,

0:11:38.480 --> 0:11:41.200
<v Speaker 3>there's so much talk about pay parody, and to that

0:11:41.920 --> 0:11:44.559
<v Speaker 3>snarky men always say, well, if you want them to

0:11:44.600 --> 0:11:46.560
<v Speaker 3>get paid the same, go see the game. You know,

0:11:47.440 --> 0:11:50.000
<v Speaker 3>are people starting to fill up those seats?

0:11:51.120 --> 0:11:52.800
<v Speaker 4>Yes, And I don't think it's I think it's in

0:11:52.960 --> 0:11:56.280
<v Speaker 4>women's sports overall at the collegiate level, at the professional level,

0:11:56.360 --> 0:11:59.720
<v Speaker 4>not just in this country. In Europe for example as well,

0:11:59.720 --> 0:12:03.440
<v Speaker 4>when we seeing the growth of women's professional soccer teams,

0:12:03.480 --> 0:12:06.640
<v Speaker 4>often sistering with an EPL team or a lot of

0:12:06.679 --> 0:12:10.200
<v Speaker 4>legal team. So I think there's a rising tide raising

0:12:10.240 --> 0:12:13.280
<v Speaker 4>all those boats. I think the WNBA was at the

0:12:13.320 --> 0:12:16.000
<v Speaker 4>forefront of that twenty years ago when it first started.

0:12:16.559 --> 0:12:19.160
<v Speaker 4>They've done some great things in terms of raising growth

0:12:19.200 --> 0:12:22.040
<v Speaker 4>capital at the league level, which is a fairly unusual

0:12:22.080 --> 0:12:25.400
<v Speaker 4>thing for professional sports leagues to do. So I think

0:12:25.480 --> 0:12:28.920
<v Speaker 4>the future is very, very bright for women's sports, but

0:12:29.040 --> 0:12:33.640
<v Speaker 4>also for the WNBA in particularly and particularly in Washington. Obviously,

0:12:33.679 --> 0:12:38.600
<v Speaker 4>the mix of professionals here includes a lot of women

0:12:39.080 --> 0:12:43.320
<v Speaker 4>in very very significant roles, so we're excited about that

0:12:43.440 --> 0:12:43.880
<v Speaker 4>as well.

0:12:44.040 --> 0:12:45.839
<v Speaker 2>Hey, listen, I want to ask you about something very

0:12:45.840 --> 0:12:49.680
<v Speaker 2>serious if I may, because it certainly has been a

0:12:49.760 --> 0:12:54.319
<v Speaker 2>hot topic here at Bloomberg, certainly in the financial community.

0:12:54.360 --> 0:12:57.199
<v Speaker 2>When this story crossed, I think it was the most

0:12:57.240 --> 0:12:59.400
<v Speaker 2>read on the Bloomberg and stayed that way for the day.

0:13:00.160 --> 0:13:02.600
<v Speaker 2>Has to do with the PGA tour and live golf

0:13:03.000 --> 0:13:07.320
<v Speaker 2>and the increasingly growing role of Saudi Arabia and their

0:13:07.360 --> 0:13:10.800
<v Speaker 2>money when it comes to global sports, and I'm just

0:13:10.920 --> 0:13:15.040
<v Speaker 2>curious what you what your opinion of that is.

0:13:15.920 --> 0:13:18.600
<v Speaker 1>Yeah, I think is it good? Okay?

0:13:19.360 --> 0:13:22.160
<v Speaker 4>There there have been sort of startup leagues that have

0:13:22.240 --> 0:13:25.120
<v Speaker 4>grown in the past, whether it was the the old

0:13:25.200 --> 0:13:28.160
<v Speaker 4>AFL or the the.

0:13:27.640 --> 0:13:31.079
<v Speaker 1>You know, competing NBA, wh and hockey.

0:13:31.160 --> 0:13:34.400
<v Speaker 4>So that's been a common theme, perhaps not as much

0:13:34.480 --> 0:13:36.679
<v Speaker 4>reacently that people have tried with the XFL and others.

0:13:36.720 --> 0:13:40.719
<v Speaker 1>So alternative leagues I think are always going to come up.

0:13:40.880 --> 0:13:44.520
<v Speaker 4>Often they result in merging, as the AFL and NFL did,

0:13:44.520 --> 0:13:46.840
<v Speaker 4>and the A b A and the NBA, and so

0:13:47.120 --> 0:13:49.760
<v Speaker 4>I'm sort of not surprised that followed that path maybe

0:13:49.800 --> 0:13:53.640
<v Speaker 4>a little quicker than people might have expected. As to

0:13:53.720 --> 0:13:57.920
<v Speaker 4>the specific sources of funding, I'm reluctant to comment on that.

0:13:58.040 --> 0:14:01.600
<v Speaker 1>I think one thing I will say is sports teams.

0:14:01.640 --> 0:14:04.360
<v Speaker 4>The sports business has gotten so much bigger, teams so

0:14:04.480 --> 0:14:08.280
<v Speaker 4>much more valuable that opening up new pools of capital,

0:14:08.360 --> 0:14:10.800
<v Speaker 4>as the number of the leagues have done, to institutional

0:14:10.840 --> 0:14:13.679
<v Speaker 4>investors and the like, is just going to be critical

0:14:13.720 --> 0:14:19.400
<v Speaker 4>to grow the game. And we're international brands, particularly the NBA,

0:14:20.760 --> 0:14:24.120
<v Speaker 4>so international sources of money I think are going to

0:14:24.160 --> 0:14:26.360
<v Speaker 4>be required to get where we want to go.

0:14:26.720 --> 0:14:29.200
<v Speaker 3>I want to ask about speaking of international William Hill,

0:14:29.240 --> 0:14:34.240
<v Speaker 3>I think has spot in your arena there? What's the

0:14:34.680 --> 0:14:38.520
<v Speaker 3>arrangement and how has that growth been, Because you know,

0:14:38.800 --> 0:14:41.160
<v Speaker 3>I lived in London for a long time. British kids

0:14:41.240 --> 0:14:43.200
<v Speaker 3>learn spread betting when they're like five years old and

0:14:43.240 --> 0:14:44.720
<v Speaker 3>then they do it for the rest of their lives.

0:14:44.840 --> 0:14:47.520
<v Speaker 3>Here in the US, it's starting to pick up. It's

0:14:47.520 --> 0:14:50.440
<v Speaker 3>starting to really catch on as a form of entertainment.

0:14:50.720 --> 0:14:52.360
<v Speaker 3>So what's your experience been.

0:14:52.880 --> 0:14:54.600
<v Speaker 1>Yeah, so I got to just give a shout out.

0:14:54.640 --> 0:14:55.840
<v Speaker 1>It's actually Caesar's.

0:14:55.880 --> 0:14:59.640
<v Speaker 4>Now Caesar's acquired the US operations of William Hill and

0:14:59.640 --> 0:15:00.840
<v Speaker 4>they're iportant partners, so I.

0:15:00.760 --> 0:15:01.840
<v Speaker 1>Got to get their name out there.

0:15:02.320 --> 0:15:05.440
<v Speaker 4>No, I think it's always been out there, but it's

0:15:05.480 --> 0:15:09.160
<v Speaker 4>been in the dark, it's been offshore, it's been unregulated,

0:15:11.000 --> 0:15:15.760
<v Speaker 4>often not good people taking advantage of good people. So

0:15:16.000 --> 0:15:18.560
<v Speaker 4>having light on it, sunshine on it, I think that

0:15:18.680 --> 0:15:22.120
<v Speaker 4>we think is critical. I think it's critical. So we

0:15:22.200 --> 0:15:26.280
<v Speaker 4>have a partnership with Caesars. We have no interest direct

0:15:26.320 --> 0:15:28.960
<v Speaker 4>or indirect and the betting that happens there. There're a

0:15:29.040 --> 0:15:31.360
<v Speaker 4>tenant in the building. They rent the space where the

0:15:31.400 --> 0:15:34.480
<v Speaker 4>sports book is. They buy a lot of advertising, which

0:15:34.520 --> 0:15:37.800
<v Speaker 4>is why I gave Caesars the shout out. But no leagues,

0:15:37.840 --> 0:15:41.800
<v Speaker 4>no teams want to have any interest in the actual bettings.

0:15:42.240 --> 0:15:43.280
<v Speaker 1>Not good for.

0:15:43.160 --> 0:15:46.440
<v Speaker 4>Our integrity, it's not good for the fans thinking that

0:15:46.600 --> 0:15:49.960
<v Speaker 4>these games are on the up and up. But again,

0:15:50.000 --> 0:15:52.280
<v Speaker 4>I think we want to acknowledge that's out there and

0:15:52.640 --> 0:15:54.400
<v Speaker 4>bringing it into the light of day is a good thing.

0:15:54.520 --> 0:15:56.920
<v Speaker 4>As I said earlier, though, it's also whay if our

0:15:56.960 --> 0:15:59.200
<v Speaker 4>fans engage with the game, and we need to always

0:15:59.200 --> 0:16:01.640
<v Speaker 4>be figuring out new ways to engage with our fans

0:16:01.640 --> 0:16:05.520
<v Speaker 4>as they distracted by, you know, watching Yellowstone or whatever

0:16:05.600 --> 0:16:08.320
<v Speaker 4>else they're TikTok or wherever else is let to be doing.

0:16:08.400 --> 0:16:10.640
<v Speaker 1>So that's just another way of doing it. All right.

0:16:10.640 --> 0:16:11.960
<v Speaker 2>One thing we didn't ask you, are you going to

0:16:12.000 --> 0:16:13.160
<v Speaker 2>buy the Washington Nationals?

0:16:14.200 --> 0:16:15.960
<v Speaker 1>Well, I think you did ask me that a couple

0:16:16.000 --> 0:16:16.360
<v Speaker 1>of times.

0:16:16.440 --> 0:16:18.920
<v Speaker 2>All right, have any easier question, might you guys go public?

0:16:18.920 --> 0:16:20.720
<v Speaker 2>And just got about thirty seconds.

0:16:21.080 --> 0:16:24.320
<v Speaker 4>You know, pools of capital. We need pools of capital

0:16:24.560 --> 0:16:27.080
<v Speaker 4>at the right time. I think we need to be bigger, definitely,

0:16:27.080 --> 0:16:30.520
<v Speaker 4>it's something we think about. Market's got to be ready.

0:16:30.720 --> 0:16:33.640
<v Speaker 4>But there are advantages to having the liquidity, to having

0:16:33.640 --> 0:16:36.720
<v Speaker 4>a currency for acquisition. All the reasons other companies are

0:16:36.720 --> 0:16:42.600
<v Speaker 4>public would make sense for US. Liquidity, currency, that kind

0:16:42.600 --> 0:16:44.920
<v Speaker 4>of thing, and someday perhaps.

0:16:44.920 --> 0:16:48.120
<v Speaker 2>Well, Peter, you are and no pun intended. Truly a

0:16:48.160 --> 0:16:50.560
<v Speaker 2>good sport. We really enjoyed this and we're looking forward

0:16:50.600 --> 0:16:54.000
<v Speaker 2>to it be well. Have a good season seasons. Peter Bscha,

0:16:54.160 --> 0:16:57.880
<v Speaker 2>Chief Financial Officer, Monumental Sports and Entertainment on Zoom from Washington,

0:16:57.960 --> 0:17:00.720
<v Speaker 2>d C. He will be featured in tonight's episode of

0:17:00.800 --> 0:17:03.320
<v Speaker 2>Chief Future Officer, airing at nine p thirty pm Wall

0:17:03.360 --> 0:17:06.680
<v Speaker 2>Street Time on Bloomberg TV. I love talking sports.

0:17:07.000 --> 0:17:09.360
<v Speaker 3>Yeah, and a very cool show, Chief Future Officer. Tune

0:17:09.400 --> 0:17:09.720
<v Speaker 3>in for that.