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Speaker 1: Charlie. Thank you from the Bloomberg news Room by Mark Crumpton.

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Speaker 1: UK citizens are voting today in a referendum on the

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Speaker 1: country's membership in the European Union. UK law prevents us

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Speaker 1: from reporting on voting or discussion and analysis of referendum

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Speaker 1: issues while the polls are still open, but will be

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Speaker 1: following all the results as they come in. Special coverage

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Speaker 1: begins at five pm Wall Street Time right here on

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Speaker 1: Bloomberg Radio. A Supreme Court tie vote effectively kills President

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Speaker 1: Obama's plan to shield millions of immigrants in the US

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Speaker 1: illegally from deportation. What was unaffected by today's ruling or

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Speaker 1: lack of a ruling, uh, is the enforcement priorities that

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Speaker 1: we put in place. The High Court decision prevents the

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Speaker 1: administration from putting the program into effect during the rest

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Speaker 1: of Mr Obama's term. House Democrats today ended their twenty

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Speaker 1: five hours sitting on the chambers floor that they've been

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Speaker 1: staging to demand votes on gun control. How Speaker Paul Ryan,

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Speaker 1: we watched a publicity stunt, a fundraising stunt, descend an

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Speaker 1: institution that many of us carry a great deal about.

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Speaker 1: So yeah, I think it's at a very dangerous president.

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Speaker 1: One of the protest leaders, civil rights veteran and Georgia

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Speaker 1: lawmaker John Lewis, said, we are going to win this struggle.

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Speaker 1: There's a milestone in the Flint water crisis. EPA regulators

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Speaker 1: have given the all clear for everyone to drink filtered

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Speaker 1: tap water. A federal grand jury in Brooklyn has indicted

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Speaker 1: a Pennsylvania woman who helps run a nonprofit group for

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Speaker 1: people with developmental disabilities. Federal prosecutors say Yolande Vituli used

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Speaker 1: the nonprofits money for personal use. The group helps New

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Speaker 1: York City area residents. Global news twenty four hours a day,

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Speaker 1: powered by more than twenty undred journalists and analysts in

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Speaker 1: more than one hundred twenty countries. I'm Mark Crumpton. This

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Speaker 1: is Bloomberg, Charlie, and we thank you, but again. Recapping

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Speaker 1: a stock surge SMP five hundred index up twenty seven

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Speaker 1: points to a gain today of one point three percent.

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Speaker 1: I'm Charlie Pellett and that's a bloom Bred business flash.

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Speaker 1: This is taking stock with Gathleen Hayes and Pim Box

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Speaker 1: on Bloomberg Radio. The National Hockey League Las Vegas expansion

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Speaker 1: filling a craving for money Gary Bettman is the commissioner

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Speaker 1: of the NHL, and he brought the NHL and hockey

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Speaker 1: to the Sun Belt, now offering hockey in a city

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Speaker 1: at is best known for floor shows and gaming. Here

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Speaker 1: to tell us more is Dave Barry, sports economist at

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Speaker 1: Southern Utah University. Dave, thanks very much for being with us,

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Speaker 1: Thanks for having So what kind of money are we

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Speaker 1: talking about? Because attendance is not great. I was looking

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Speaker 1: at the attendance numbers for the Stanley Cup finalists. They

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Speaker 1: drew fewer than seventeen thousand fans per game last season. Yeah,

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Speaker 1: it's well when you when you look at Vegas as

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Speaker 1: a market, you can see why, you know, you can

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Speaker 1: see why the NHL did this, given you know, what

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Speaker 1: they're paying to join. But if you look at the

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Speaker 1: viability of the franchise, of the big issues that people

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Speaker 1: have raised and Bloomberg's own Kabatha Davidson racist actually years ago,

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Speaker 1: is that there's so many people in Vegas who are

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Speaker 1: not native to Vegas. Vegas has a huge population of

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Speaker 1: people who moved there. Uh, and so unlike a city

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Speaker 1: like Cleveland, where you have people who have lived there

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Speaker 1: for generations and they are immensely devoted to their sports teams,

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Speaker 1: even though they didn't win until this year. It's really

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Speaker 1: hard to see that that's going to happen in Vegas,

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Speaker 1: where you have people who moved there from someplace else.

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Speaker 1: So who is going to be the fan base for

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Speaker 1: this NHL team? And exactly why would somebody who really

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Speaker 1: like hockey moved to a place like Vegas, So that

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Speaker 1: that's it really is unclear why you why the NHL

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Speaker 1: would want to do this. Well, Dave, thank you for

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Speaker 1: saying that although there are like, you know, ice hockey

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Speaker 1: teams in some really hot parts of the country, but

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Speaker 1: I didn't have to do with tourism does have to

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Speaker 1: do Oh, I can go to Las Vegas. Uh. You know,

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Speaker 1: you can play blackjack, honey while I watched some hockey. Yeah,

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Speaker 1: I mean there's gonna mean there's gonna be tourists there

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Speaker 1: who can go see a hockey game. And that's true.

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Speaker 1: My sense of it is is, you know, around the

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Speaker 1: same time we're talking about this, you know, we have

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Speaker 1: Vegas is also really trying very hard to get an

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Speaker 1: NFL team to move to Vegas. Uh. And the NFL

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Speaker 1: is is certainly a much more popular sport than than

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Speaker 1: hockey is and by allowing you know, by having NHL

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Speaker 1: moving to Vegas, it makes Vegas appear to be a

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Speaker 1: major league city because now they're in one of the

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Speaker 1: major sports, and I think it's strengthens their bid to

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Speaker 1: get an NFL franchise, which is something that they also

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Speaker 1: would like to do. Dave, how about five hundred million

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Speaker 1: reasons to go to Vegas? Isn't that the five hundred

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Speaker 1: million dollars that's the expansion fee alone to enter the

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Speaker 1: league and maybe start in the season. Yeah, absolutely, I mean,

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Speaker 1: you know, yeah, it is. Actually, you know, it's clear

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Speaker 1: the NHL is making money on this. It's really it's

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Speaker 1: really not clear that this is a long run strategy

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Speaker 1: that you know, there's a lot of questions if there's

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Speaker 1: gonna be a fan base that's gonna be there supporting

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Speaker 1: his team ten years from now or twenty years from now.

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Speaker 1: So there's again there'll be some initial excitement that they

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Speaker 1: have a franchise, but that always wears off. And you know,

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Speaker 1: so you think about this, five years from now, ten

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Speaker 1: years from now, is there going to be a big

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Speaker 1: enough fan base in Vegas to support in an NHL

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Speaker 1: team down the road. Well, he's already said, for example,

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Speaker 1: I guess we want to talk about billionaire businessman Bill Foley, right,

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Speaker 1: because uh, he is the one who's going to be

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Speaker 1: pooning up the money. He's already taken deposits, he says,

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Speaker 1: for fourteen thousand, five hundred season ticket holders. Uh. And well,

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Speaker 1: I mean the franchise, as I said, four be five

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Speaker 1: hundred billion dollars, right, I mean the first expansion since

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Speaker 1: so what when the Minnesota Wild and the Columbus Blue

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Speaker 1: Jackets were admitted? Yes? Uh and and and that is

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Speaker 1: typically you know, what you're saying with those numbers is

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Speaker 1: typically what you see with an expansion team is that

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Speaker 1: initially there's a lot of excitement and again that it

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Speaker 1: does wear off. And you know, five years down the road,

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Speaker 1: ten years or down the road, are those same fans

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Speaker 1: going to keep renewing those season tickets? Especially if they

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Speaker 1: don't if they're not successful. Day, Barry, put on your

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Speaker 1: sports economist hat. That's why First Gotten started following your

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Speaker 1: work how many years ago, big up in the New

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Speaker 1: York Times about um, the NBA and productivity of players,

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Speaker 1: right and and and people have this bad idea that

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Speaker 1: if you shoot all the time and make and make

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Speaker 1: lots of baskets. Your productive your work has shown not necessarily,

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Speaker 1: you've got to do a lot of other things as well.

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Speaker 1: The NBA Draft is tonight Again in that context, why

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Speaker 1: is it's so important, Well, the NBA Draft is where

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Speaker 1: the losers of the NBA have a night where they

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Speaker 1: get to dream that they're going to be successful. And

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Speaker 1: so what you're gonna here tonight is a lot of

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Speaker 1: players will have their name called. And when they are called, uh,

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Speaker 1: you will hear analysts tell you that the person as

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Speaker 1: a future star. Uh. They are almost always wrong. They

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Speaker 1: are not future stars. All you have to do do is

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Speaker 1: look back at the history of every other draft they

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Speaker 1: were not future stars. Uh. And so what typically happens

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Speaker 1: is the players in the NBA in college who scored

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Speaker 1: the most and played for winning teams, Uh, they will

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Speaker 1: get drafted first. Uh. So studies have shown that that

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Speaker 1: is typically what happens. Studies also showed those things are

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Speaker 1: not related to future NBA productivity. So there will be

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Speaker 1: a collection of players drafted very early on, and the

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Speaker 1: fan bases are gonna be very excited about these players.

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Speaker 1: And then sometime probably next January or February, it will

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Speaker 1: occur to a lot of these fans that those players

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Speaker 1: were not quite as good as they were advertised. And

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Speaker 1: then as a question, Pim of how good your investment was? Yes.

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Speaker 1: Dave Berry, Sports Economists, Southern Utah University on the expansion

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Speaker 1: of the National Hockey League to Las Vegas. I wonder

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Speaker 1: what their team will be called. We've got one vote

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Speaker 1: for the game lurs. We'll see you're listening to Taking Stock.

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Speaker 1: I'm Pim Fox, my co host Kathleen Hayes, and this

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