Speaker 1: This is Bloomberg Business Week. I'm Carol Masser and I'm
Speaker 1: Bloomberg Quick Takes Tim Stanibek. We're here every day bringing
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Speaker 1: plus technology, politics, economics, all purtnising the power of Business
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Speaker 1: You can also listen to our radio show at two
Speaker 1: pm Eastern Time on Bloomberg Radio, or watch us on
Speaker 1: YouTube search Bloomberg Global News. Well. Earlier this year, our
Speaker 1: Bloomberg team reported on how college athletes were finally cashing
Speaker 1: in on their name, image and likeness, and our next
Speaker 1: guest has some thoughts on that. Yeah, let's bring in
Speaker 1: Richard Kent, legal counsel and marketing consultant at SUNIL. It
Speaker 1: stands for student Athlete, Name, Image and Likeness. He's also
Speaker 1: the author of Inside Women's Basketball and Inside of the
Speaker 1: U s Open. He's here with us on site at
Speaker 1: the US Open. Richard, How are you great to join
Speaker 1: you guys? Yeah, it's great to have you here. I
Speaker 1: want to get to Suneil in just a minute, but
Speaker 1: first I want to talk to some of the action
Speaker 1: that we're seeing so far here at the Open. Uh.
Speaker 1: Some big names are here, but some big names aren't here.
Speaker 1: Djokovic and Roger Federer. Roger Federer is my guy. He's
Speaker 1: my guy. Okay. He hasn't played in one Grand Slam
Speaker 1: this year. He has not. He's playing in the Labor
Speaker 1: Cup in two weeks, which is in London. He's gonna
Speaker 1: play at Basel, which is his hometown tournament, in October.
Speaker 1: He may play the World Finals this year. But I'm
Speaker 1: told I don't know how good the information is. All
Speaker 1: four majors next year, a pre limb teach major, like
Speaker 1: in the US Open. It would be Cincinnati, I would think,
Speaker 1: and the Labor Cup once again, which is gonna be
Speaker 1: in Vancouver, Vancouver, I believe, and then retire. I'm told
Speaker 1: that's possible in Bosl. So if you think that this one,
Speaker 1: I mean, this is obviously a big one for Serena,
Speaker 1: imagine this next year if it's Federer final. You know,
Speaker 1: I had that conversation with two people yesterday and and
Speaker 1: I keep going back and forth on the noise and
Speaker 1: all that stuff. I still think since she's an American,
Speaker 1: Serena will be a little louder, a little more boisterous.
Speaker 1: The Serena the crowd just you could see it and
Speaker 1: feel it, all right, yeah, I mean the federal crowd.
Speaker 1: Those are the two, you know, Serena Federer, Federer Serena.
Speaker 1: But those would be the two biggest retirements for sure.
Speaker 1: How do you think about though this kind of I
Speaker 1: hate to say older generation, because these individuals have been
Speaker 1: playing tennis for decades now at this point are not
Speaker 1: really that old, but they are for the game, right,
Speaker 1: we're thinking about the next generation. How do you see it?
Speaker 1: And how do you think about who's coming up and
Speaker 1: who are the players to watch? I think tennis is healthy.
Speaker 1: I think Nick Karrios is an unbelievable talent. He probably
Speaker 1: has a better served than to all the people we
Speaker 1: just mentioned. Um. I think he can do Wonders. I
Speaker 1: really like Madison Keys a lot. Wait hold on, but
Speaker 1: Kiros is not on the court. Is not what one
Speaker 1: would say is a good example for sportsmanship correctly correctly
Speaker 1: I mean, in fact, yesterday gotten a lot of trouble.
Speaker 1: He got in some trouble yesterday. I mean, everything is
Speaker 1: relative in terms of a lot of trouble. But he did.
Speaker 1: I watched the video. It wasn't pretty. It was not pretty,
Speaker 1: but that's probably Listen. What did he do for those
Speaker 1: who didn't excuse me? Spit towards uh, you know at
Speaker 1: one point and it was totally caught on camera and
Speaker 1: then a lot of f bombs, no other way to
Speaker 1: put it. I think that when he gets a major an,
Speaker 1: he will under his belt. I think you'll see a
Speaker 1: different demean maturation. I think so. I think that would
Speaker 1: be the maturation process. Yeah, Timmy used to swear a
Speaker 1: lot when you started out in journalism, or so I heard. Actually, intendant,
Speaker 1: I mean tennis, tennis just messes with your head. I
Speaker 1: was a college a tennis my whole life, college player,
Speaker 1: and it's really one of those sports that the intensity,
Speaker 1: you know, it really messes with your head. It's just
Speaker 1: you just you out there. So let's talk about what
Speaker 1: you do with the Neil Sure. We My partner and I,
Speaker 1: Jason Belzer, who's a lawyer in New Jersey, recognized about
Speaker 1: a year before the U. S. Supreme Court decided nine nothing,
Speaker 1: think about it. Nine nothing they couldn't decide that today's Thursday,
Speaker 1: nine nothing, but they decided nine nothing that student athletes
Speaker 1: are gonna have rights. They have the right to get paid.
Speaker 1: College coaches like Nick Saban make twelve million year. Coach
Speaker 1: k who has you know, retired at Duke, was making
Speaker 1: nine million a year, and Mark Emritt, who did next
Speaker 1: to nothing as the n C Double A president, was
Speaker 1: making three point five million. So Brett Kavanaugh, when he
Speaker 1: was skewing the n C Double A lawyer, I listened
Speaker 1: to the argument on c SPAN. As a matter of fact,
Speaker 1: he was just apoplectic about this. And he's a guy
Speaker 1: I actually kind of remembered, or maybe I'm making it
Speaker 1: up in my head, that played JB basketball at Yale.
Speaker 1: So he's got a sports background. So that makes it
Speaker 1: more sympathetic or sensitivity, if you will, to this issue.
Speaker 1: I mean, I don't disagree. I mean, these colleges and
Speaker 1: universities between the sports rights right for all the streaming
Speaker 1: services are broadcast, they're making tons of money off of
Speaker 1: all of this, and then you have the athletes who
Speaker 1: are actually the reason why they're all making money. Well,
Speaker 1: let's take Carol arch Manning. Okay, arch Manning steps on
Speaker 1: the University of Texas at Austin's campus in September, a
Speaker 1: year from now. The number that I'm hearing between ten
Speaker 1: and fifteen millions that he's gonna be paid, not not
Speaker 1: an alum sum check pay for players. Taboo. There's thirty
Speaker 1: eight states that have legislation. By the way, I'm working
Speaker 1: with Centator Mansion's office and tub not. I haven't worked
Speaker 1: at Tubberville, but he's co sponsoring yet on federal he
Speaker 1: was a coach at Arburn of course. Yeah. Uh, and
Speaker 1: and they want very much for there would be federal
Speaker 1: legislation for uniformity purposes, so that University of valid so
Speaker 1: that Alabama does not trump no, no pun intended. Let's
Speaker 1: say Michigan because they have a more Alabama is a
Speaker 1: very liberal and I l policy. We'll just think about
Speaker 1: the rich teams, right or whether it's baseball or whatever, right,
Speaker 1: that have had really deep pockets, right, And there's been
Speaker 1: kind of some rules to make sure that it's much
Speaker 1: more even in terms of the playing field, right, in
Speaker 1: terms of biding for for players, and you shouldn't be
Speaker 1: like that on the college level. Yeah, but there's never
Speaker 1: gonna be a salary cap with college athletics. There's been
Speaker 1: eight to ten lawsuits that have been brought since the
Speaker 1: Austin decision, and each time the court decided in favor
Speaker 1: of the student athletes. So there's no I don't see
Speaker 1: a cap coming. Okay, really quick, thirty seconds. What would
Speaker 1: you say to someone who says, Okay, I'm worried about
Speaker 1: the purity of college athletics. Now I'm worried about the
Speaker 1: purity of college athletics as well. What was under the
Speaker 1: table once is now on the table? And is it
Speaker 1: totally pure? No, we try to make it pure at Sunil,
Speaker 1: But listen, we we can't police everything that's going on
Speaker 1: at every school that we're doing business with. How do
Speaker 1: you police? At twenty seconds? Hopefully the n C double
Speaker 1: A will finally uh step in and do something, have
Speaker 1: an enforcement arm that's looking at this thing instead of
Speaker 1: completely abdicating, which is what it did. Yeah, I mean,
Speaker 1: does it feel like it's just a matter of time
Speaker 1: that there's going to be something that goes wrong? We're
Speaker 1: in the wild West right now. Those those are the
Speaker 1: words I use with everybody, So I don't Will there
Speaker 1: be a point in time? Yes, if we're sitting here.
Speaker 1: In three years, I think it'll be fully regulated. So
Speaker 1: glad you stop by. I'm glad you have me. Yeah,
Speaker 1: Richard Can't Legal council, marketing consultant at SNIL, author of
Speaker 1: Inside Women's Baseball Basketball, Yes, and Inside the US Open. Right,
Speaker 1: you're listening to Bloomberg Business Week with Carol Messer and
Speaker 1: Bloomberg Takes Tim Stinovic on Bloomberg Radio. Well, some headlines
Speaker 1: yesterday the U s f D A okay, the Omicron
Speaker 1: COVID nineteen booster vaccines from Maderna, and the Fizer BioNTech combination.
Speaker 1: So it made me think, Tim, Okay, do I now
Speaker 1: have to go get another shot? That's a really good
Speaker 1: question because you just had COVID, you know, a few
Speaker 1: months ago. So we have a perfect guest to help
Speaker 1: answer that question. Dr David Dowdy is infectious as he's
Speaker 1: epidemiologist at the Johns Hopkins Bloomberg School of Public Health,
Speaker 1: the Johns Hopkins Bloomberg School Public Health that is supported
Speaker 1: by Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies.
Speaker 1: Dr Dawdy joins us this afternoon on the phone from Baltimore,
Speaker 1: Dr Dowdy, How should we figure this out? I mean,
Speaker 1: I actually for people who have been listening all week,
Speaker 1: this is my first day back at the office. I
Speaker 1: did go to the office today, but the first day
Speaker 1: I was allowed out because I was quarantine for eleven days. UM,
Speaker 1: I'm probably still testing positive. I don't know. But do
Speaker 1: I go care as Carol moves away from me? Do
Speaker 1: I go and out and get this uh this booster
Speaker 1: now that it's available, or do I have to wait
Speaker 1: a few months? Yeah, yeah, so so great question, Thanks
Speaker 1: so much for having me UM. And the answer depends
Speaker 1: on on who you are and your you know, your
Speaker 1: immune system, UM, if if you have a weaker immune system, UM, older,
Speaker 1: et cetera, I would prioritize getting the booster. UM. Maybe
Speaker 1: not within a month of getting infected, but you know,
Speaker 1: after after GT two or something like that. UM, if
Speaker 1: you're if you're healthy, UM, you know, you can probably
Speaker 1: wait for a little bit. It's probably not a bad
Speaker 1: idea to wait for for two to three months until
Speaker 1: after UM, you know, after your body kind of recovers
Speaker 1: and resets and and it's ready for another, uh, you know,
Speaker 1: another dose. I guess, yeah, I think I'll have to
Speaker 1: wait a little bit. Hey, Dr Daddy, how should we
Speaker 1: be thinking about these boosters? Because if you were talking
Speaker 1: to me, you know, two years ago, the beginning of
Speaker 1: my own infectious disease epidemiology career on Twitter, uh, at
Speaker 1: the beginning of the pandemic, UM, I would say, Okay, well,
Speaker 1: the vaccine is supposed to prevent us from actually getting
Speaker 1: sick or getting infected by these things. But what we've
Speaker 1: learned over the last year and a half is that
Speaker 1: as different variants have emerged, the vaccine wasn't necessarily due
Speaker 1: what a lot of us thought it would do, right,
Speaker 1: prevent us from actually getting COVID and even getting sick.
Speaker 1: But I didn't go to the hospital. You go to
Speaker 1: the hospital, thank you, exactly right. We didn't go to the
Speaker 1: the hospital, and we weren't very sick. In the greater
Speaker 1: scheme of things, is this booster going to prevent us
Speaker 1: from getting infected or is it going to prevent us
Speaker 1: from getting very sick? Yeah? No, I well I think
Speaker 1: you've you've put it exactly right. Um. These these vaccines,
Speaker 1: even the initial vaccines, are very effective at preventing us
Speaker 1: from getting very sick. UM. But they're not effective at
Speaker 1: all against getting infected. I think that the idea is
Speaker 1: that this new shot will for a period of a
Speaker 1: few months at least um provide some protection against infection. UM.
Speaker 1: And so the idea is that if you get this
Speaker 1: booster now, it will give you at least a few
Speaker 1: months of protection against infection, and maybe that will be
Speaker 1: enough to get us through whatever winter surge may or
Speaker 1: may not be coming. I mean, do we need to
Speaker 1: be thinking about this, um Dr Dowdy as as the flu, Like,
Speaker 1: can we equate it with Okay, I'd like to get
Speaker 1: a flu shot, but I don't feel like I have
Speaker 1: to get a flu shot every year. I do it
Speaker 1: because I think I do get it. I do, but
Speaker 1: I'm just saying I'm always like, well, if I miss it,
Speaker 1: I'm just going to get the flu. Is that we're
Speaker 1: we're getting to with the COVID, the COVID with COVID
Speaker 1: and COVID variants. Yeah, So once again, I would kind
Speaker 1: of say, this depends a little bit on your your
Speaker 1: underlying immune system and those around you. Right, So, if
Speaker 1: you're again a generally young and healthy person, it's probably
Speaker 1: not not unreasonable to think of this kind of like
Speaker 1: a flu shot, but for people who are older, who
Speaker 1: have compromised immune systems, and their family members and people
Speaker 1: who come into contact with them. This is not just
Speaker 1: the flu um and I think you we have to
Speaker 1: to be a little bit more cautious still, but Dr
Speaker 1: Daddy Carroll brings up a really good point, and it's
Speaker 1: the idea of treating this akin to the flu. And
Speaker 1: you know, not everybody gets a flu shot. In fact,
Speaker 1: I believe the latest day they say that it's not
Speaker 1: even don't end up getting the flu shot. Uh, are
Speaker 1: you worried that people aren't gonna get this booster? They
Speaker 1: have kind of maybe fatigue. After all, not everybody got
Speaker 1: or even close to everybody got the most recent booster. Yeah. Well,
Speaker 1: I think I think it's a given that not everybody's
Speaker 1: gonna get this booster. I think this is really about, um,
Speaker 1: you know, trying to plug as many small holes as possible.
Speaker 1: Recognize that no one thing is going to be a
Speaker 1: silver bullet, right and so um you know, if we
Speaker 1: if we can get thirty forty of the population to
Speaker 1: get this booster and to have that protection for a
Speaker 1: few months against getting infected with most recent variants, then
Speaker 1: then that might be enough to to take the edge
Speaker 1: off of um whatever we're going to see this winner
Speaker 1: say Dr Daddy twenty seconds, Are you still thinking about COVID?
Speaker 1: Are you thinking about the next virus that really takes
Speaker 1: us down just very quickly? Uh? Still thinking about COVID.
Speaker 1: I think it's a little too early to think about
Speaker 1: the next virus. But um, but yeah, I think well,
Speaker 1: to see what's the future, hold fingers crossed. Dr David
Speaker 1: Dowdy over at Johns Hopkins Bloomberg School of Public Health
Speaker 1: and Infectious Disease epidemiologist. This is Bloomberg Business Week with
Speaker 1: Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Well.
Speaker 1: The new issue of Bloomberg Business Week it is out.
Speaker 1: This week's remarks in the magazine also happened to be
Speaker 1: the issue's cover story. It gets into President Biden's sweeping
Speaker 1: package of student debt relief, and as Bloomberg Opinion editor
Speaker 1: Ramash Ratnesssar writes, how the bailout doesn't address the fundamental
Speaker 1: problem of really what's going on? Let's get more from
Speaker 1: her mass joining us on the phone from our Washington
Speaker 1: d C Bureau he's a member of the editorial board
Speaker 1: covering National Security, education and immigration, a former State Department
Speaker 1: official and public diplomacy, and the author of Tear Down
Speaker 1: This Wall, a City of President, and the speech that
Speaker 1: ended the War. Much great to have you with us
Speaker 1: this afternoon. UM, I've been thinking a lot about this. Uh.
Speaker 1: You know, this decision came last week and it created
Speaker 1: a lot of tension, I think online there was a
Speaker 1: lot of debate about it. And one thing that I've
Speaker 1: been thinking about, and I'm so glad that you wrote
Speaker 1: about this, is the fact that it doesn't fix the
Speaker 1: problem at its core, which is that education in the
Speaker 1: US is so expensive. Yeah, that's exactly right. I mean,
Speaker 1: you know, I don't want to understate, UM, you know,
Speaker 1: the impact that loan forgiveness is going to have for
Speaker 1: you know, a lot of Americans. You know, particularly you
Speaker 1: know the people who um, you know, we're on pell grants,
Speaker 1: received pell grants. So these are low middle income UH
Speaker 1: students you know, who are in many cases going to
Speaker 1: see their their debts completely wiped out. That's life changing
Speaker 1: for a lot of them. But you know, the the
Speaker 1: underlying issue remains, which is, UM, we have a system
Speaker 1: in which you know, in order to have a good
Speaker 1: paying career. UM. You know, people feel they need to
Speaker 1: go to college, whether that's two years for four years, UM.
Speaker 1: And for an increasing number of those people full UM,
Speaker 1: the gains of going to college UM just don't match
Speaker 1: the costs of doing so. And that's what's putting them
Speaker 1: in a position where they are leaving with debt that
Speaker 1: they can't repay. UM and UM, you know that's what
Speaker 1: caused us bigger crisis. So forgiving debt, it's going to
Speaker 1: help some people, it doesn't really solve the problem. You're
Speaker 1: preaching to the choir. I gotta tell you, Tim and
Speaker 1: I talked about this all the time. He's got a
Speaker 1: little one, I've got a daughter who's just starting your
Speaker 1: sophomore year in college. I am blown away by what
Speaker 1: the cost of college is the range, and I look
Speaker 1: at some of the numbers in your story, UM, remission,
Speaker 1: I'm like, what schools are you talking about? Because most
Speaker 1: of the schools that we've looked at were starting it
Speaker 1: from sixty POL all the way up to UM and
Speaker 1: even so called one. But even public schools kind of
Speaker 1: your top tier, it's dollars easily. So how do we
Speaker 1: how did we get here? Because schools say, we'll wait
Speaker 1: a minute, We've got to attract teachers, we've got to
Speaker 1: attract facilities. I want my daughter to learn. I don't
Speaker 1: really care if it's the newest gym that she's playing in. Yeah. Well,
Speaker 1: you know, there are a lot of factors. UM. You
Speaker 1: know there is UM very certainly, there's been under investment
Speaker 1: in public institutions really beginning with the Great Recession. UM,
Speaker 1: and the bargain has flipped. Whereas government for a long
Speaker 1: time basically picked up most of the tab of the
Speaker 1: cost of college UM. Now that's been basically um uh
Speaker 1: flipped over to families. UM and UM. The student loan
Speaker 1: system exacerbates the problem because basically it provides a subsidy
Speaker 1: to institutions and removes any incentive for them to lower
Speaker 1: tuition so that people can afford it. Because you can
Speaker 1: just take out federal student loans at the federal government
Speaker 1: cover um and UM institutions. You know, colleges don't really
Speaker 1: have to have no skin in the game. UM. And
Speaker 1: what we have seen, yes, but in order to attract
Speaker 1: um uh students, UM, they have invested a lot of
Speaker 1: money and UM, you know, improving the student experience and
Speaker 1: amenities facilities, not necessarily instruction and research UM. And that's
Speaker 1: all UM contributed to driving up these costs to the
Speaker 1: levels that we're seeing. Yeah, the food at my college
Speaker 1: was really good, was it? Oh? Yeah? And like my
Speaker 1: parents were like, this is ridiculous, Like why why why
Speaker 1: is this food so good? Well, it wouldn't I will say,
Speaker 1: you know, taking my daughter back this week and they
Speaker 1: you know, built out a new facility and they're doing
Speaker 1: a lot of work. And part of me was like, oh,
Speaker 1: this is great that they're investing, you know, uh in
Speaker 1: the school. But I also just you know, what's the
Speaker 1: justification for tuition costs and college costs you know, outpacing
Speaker 1: inflation by a mile? Yeah, I mean basically, you know,
Speaker 1: out paying virtually every other service in our economy, you know.
Speaker 1: I think one thing that's important to point out is
Speaker 1: that for UM students who attend the most selective colleges UM.
Speaker 1: So these are colleges that that except less than fift
Speaker 1: of applicants UM. But it's a very small percentage of
Speaker 1: the overall student population. The return on investment over your
Speaker 1: lifetime is still pretty good. It's still probably gonna be
Speaker 1: worth your while if you get a degree from one
Speaker 1: of those institutions. The problem is they that's not where
Speaker 1: most people are going to school. And UM, what you
Speaker 1: have is the vast majority of Americans who are going
Speaker 1: to colleges in programs UM that just are not delivering
Speaker 1: that return. And even worse, a lot of a third
Speaker 1: of people who enroll in college never get their degree
Speaker 1: to begin with UM. And it's really that cohort that
Speaker 1: UM is sort of the at the heart of the
Speaker 1: crisis of of student loan that we'll re mestion. What
Speaker 1: I really like about your piece is that it ends
Speaker 1: on you know, I don't necessarily want to say optimistic,
Speaker 1: because there's a lot that has to get done for
Speaker 1: this to improve. But the word you use as aspirational.
Speaker 1: And let's say that members of Congress got along with
Speaker 1: one another and that everyone's on the same page when
Speaker 1: it came to higher education, and they had the ability.
Speaker 1: But I guess my my real question is, you know,
Speaker 1: if you could wave a magic wand and fix this,
Speaker 1: what would that look like. What's that aspirational element that
Speaker 1: you thought you write about. You know, I think the
Speaker 1: big thing that needs to happen if there needs me
Speaker 1: more innovation in the system. UM. Consumers need more choices.
Speaker 1: The old traditional UM model is just not working for
Speaker 1: enough students and so UM, you know, we are way
Speaker 1: behind other countries when it terms it comes to apprentice ships. UM.
Speaker 1: You know, work based training programs, UM, the kinds of
Speaker 1: things that give people an alternative to having to go
Speaker 1: to you know, four year universities try to get a
Speaker 1: bachelor's degree of unclear value. UM. We need more uh
Speaker 1: post secondary programs that are really geared towards giving people's
Speaker 1: skills that they can take to the marketplace right like
Speaker 1: they do in Europe. I always kid everybody Remesh when
Speaker 1: I'm on air, but I'm I'm like, I remember, uh
Speaker 1: my Plumber, I talked about this all the dip Plumber
Speaker 1: electrics and I can't remember. But I had so many,
Speaker 1: so many investments in real estate, like retired early was
Speaker 1: just making so much money. And as a society we
Speaker 1: don't value but why not, because um, they make good
Speaker 1: living and and they're highly skilled. Rights have gotten so
Speaker 1: much more expensive. It's remarkable, mesh, UM really thoughtful story.
Speaker 1: And I feel like one that we've got to figure
Speaker 1: out a better way in terms of what this cost
Speaker 1: from rotten Sorry, he's editor of Bloomberg Opinion and joining
Speaker 1: us on the phone from our bureau in the nation's capital.
Speaker 1: You're listening to Bloomberg Business Week Carol Master and Tim stinebec.
Speaker 1: We are live from Flushing Meadows, New York at US Open,
Speaker 1: and you're listening to Bloomberg Radio. It's gonna cost you
Speaker 1: three million dollars to send your kids to school. You're
Speaker 1: listening to Bloomberg Business Week with Carol Masser and Bloomberg
Speaker 1: Quick Takes Tim Stenovic on Bloomberg Radio. Alright, Yes, indeed,
Speaker 1: Bloomberg Business Week. We're live at the US Open, UH
Speaker 1: and the Billy Gy and King Nashville Tennis Center here
Speaker 1: in Queen's It's really a mecca for tennis fans, you know,
Speaker 1: that one that continues to evolve to support the player
Speaker 1: and fan experience, and tim that often means renovations and
Speaker 1: building and new in Our next guest understands that process
Speaker 1: really well. Yes, said David Off, his founding partner at
Speaker 1: david Off, Hutcher and Citron LLLP, also chair of their
Speaker 1: Government relations proud just having worked on major development projects
Speaker 1: in New York City, he was an administrative assistant to
Speaker 1: New York Mayor John Lindsay for seven years, said here
Speaker 1: with us on site at the US Open, said, how
Speaker 1: are you? I'm great, this is a fantastic day to
Speaker 1: be here. Do you come every year? I'm sorry? Do
Speaker 1: you come every year? Every year? I have a box
Speaker 1: I've handed for him. I guess thirty some ideas. Baby,
Speaker 1: how do we get a box? Okay, that's what I
Speaker 1: thought you were going. You don't know this year, Well,
Speaker 1: this year goes to Serena. You know, every every once
Speaker 1: in a while, something comes along like a Serena and
Speaker 1: it just blows at out of the water. Zon. Did
Speaker 1: you think thirty years ago, when you were negotiating the
Speaker 1: construction of Arthur Ash Stadium, that you would have an
Speaker 1: event that the US Open would be like this? That's
Speaker 1: someone I mean, look, Serena was she was playing them
Speaker 1: sheable years. Yeah, you know, it's it's interesting. I was
Speaker 1: sitting in my box and um, I saying, I want
Speaker 1: to represent this organization. That's it's going to be. This
Speaker 1: is the biggest things have happened in New York. UM
Speaker 1: And at that time Dame Hnklins was mayor UM and
Speaker 1: he wanted the stadium. That Dave was an incredible tennis
Speaker 1: enthusiast and really back young tennis players, particularly black young
Speaker 1: tennis players and uh and they will talk about leaving
Speaker 1: the city because they didn't have a big enough facility
Speaker 1: of the US Open, and um, I said, I gotta
Speaker 1: get involved, and I made a couple of goals. That
Speaker 1: was fortunate and they retained me in my firm and
Speaker 1: we spent the next three years getting the permissions because
Speaker 1: it's it's interesting, this is park land and anything that
Speaker 1: happens in park Land requires the community board involvement, this
Speaker 1: borough president, the city council, the legislature, and the governor.
Speaker 1: Because you're alienating an alienating park property, it has to
Speaker 1: go through the state legislature. None of this was here. Well, no,
Speaker 1: the the just the one, the really armstrong us there.
Speaker 1: But it was all about Author ash Um. There were
Speaker 1: a lot of the sixteen courts. Now you can't remember
Speaker 1: forty eight weeks out of the year, average people, juniors,
Speaker 1: scenes are using these best courts in the world. So
Speaker 1: it's a fantastic th but they needed more room. So
Speaker 1: it was it was a negotiation. It was three years.
Speaker 1: Part of it was what we're seeing here today. All
Speaker 1: these people out here were just have day passes. It
Speaker 1: was required that they would have a minimum day passes
Speaker 1: for people who can't afford the seats in the stadium.
Speaker 1: UM and UM, if I can, I'd love to tell
Speaker 1: you a story about Author Ash. So we had to
Speaker 1: go to the four community planning boards that UH circle
Speaker 1: and involved with the Flesher Metal Corona Park. UM and
Speaker 1: author as said, he wanted to come and convinced them
Speaker 1: that was the right thing to put this stadium here
Speaker 1: in this park. UH. And he told the story of
Speaker 1: him growing up in Richmond, Virginia, where he was playing
Speaker 1: in the public park and he was mentored he would
Speaker 1: never have been able to be who he was in tennis,
Speaker 1: UM had it not been for a public park. And
Speaker 1: when he won the US Open at the west Side
Speaker 1: Tennis Center in Forest Hills in sixty seven, he couldn't
Speaker 1: be a member that club. So he won the Open
Speaker 1: at a club that he couldn't be a member of it.
Speaker 1: And he would tell that story of this kid growing
Speaker 1: up and anybody who had any doubts that this facility
Speaker 1: belonged in this park at that ended it it was
Speaker 1: incredible and he's such a gentleman. And to be here
Speaker 1: in the stadium named after him, seeing Serena playing at
Speaker 1: last night, you know, I gotta tell you it's thrilled.
Speaker 1: And it is the best deal of any any arena
Speaker 1: in the country, the money that comes to the city
Speaker 1: with no expense of the city. I want to make
Speaker 1: sure I understand this. Arthur Ash died in Yes, so
Speaker 1: this was this, that's planning for this? Was that long ago? Yes,
Speaker 1: it was. No, he didn't die in any Yeah. David
Speaker 1: Dankles is man from toe and it was his like
Speaker 1: final act that this science and it was author was
Speaker 1: out there already suffering. But you couldn't tell um and um.
Speaker 1: It means in fact, he made me a lot of
Speaker 1: memories of being there. But so the question was that
Speaker 1: I ever think would be like this. I never doubted
Speaker 1: it would be incredible, that I think would be multi incredible.
Speaker 1: So you talk about three three years of negotiations three
Speaker 1: So was there What was the most difficult part of that?
Speaker 1: I can only imagine because major cities are very protective
Speaker 1: of their park land space, as they should be, right
Speaker 1: because that it is open to all communities and it's
Speaker 1: just important to have this open space. What was the
Speaker 1: toughest negotiating point the toughest, and it was the craziest
Speaker 1: because there was definitely a group on the board of
Speaker 1: the U s t A that didn't think that you
Speaker 1: New York audience was the forum for the US Open
Speaker 1: talking about Atlanta. Were talking about Chicago certainly not New
Speaker 1: York um. And you know, they didn't like who sat
Speaker 1: in the bleaches, whatever, whatever the whatever the reasons were,
Speaker 1: and they wanted to leave. There were any excuse to leave.
Speaker 1: So the issue then became the flyovers, the planes that
Speaker 1: land at the Gladia a stones throw from this a
Speaker 1: tennis stadium. Now, I happened to be a pilot too
Speaker 1: of my pilot's license, and I know a lot about flying,
Speaker 1: and I kept saying, we who nobody, this isn't a
Speaker 1: big issue, uh, But they said, this is a big issue.
Speaker 1: So at the time Al the Mottel was the United
Speaker 1: States Senator, he actually held up the appointment of the
Speaker 1: head of the f a A, which the Senate has
Speaker 1: the right to do, until they agreed that the planes
Speaker 1: would not fly over during the tournament. And the the
Speaker 1: interesting thing is that it was a Merril election Giuliani
Speaker 1: was running aided the stadium, aided Dinkins obviously, and said
Speaker 1: that this he said, just a lot of history that
Speaker 1: said that this, this would this would be a safety
Speaker 1: factor anybody who flies and was any about planes, when
Speaker 1: the guy in the tower tells you where to fly,
Speaker 1: you fly, and and and he and he said, this
Speaker 1: is going to cost the city money. And the deal
Speaker 1: was that if there were five uh and incidents in
Speaker 1: one hour where a plane would fly where it wasn't
Speaker 1: an emergency, where they not following the rules of the tower,
Speaker 1: that then there was a fine or an abatement of
Speaker 1: the rant that it couldn't happen. And I remember that
Speaker 1: was the biggest. The US Open brings in a ton
Speaker 1: of money in the city, doesn't it. The last assessments
Speaker 1: I heard was about seven hundred million dollars come in
Speaker 1: for the two weeks of UM the open. And the
Speaker 1: money said, pointing at the gate, the money that spent
Speaker 1: at the restaurants, the money that's spent in hotels, u ubi's, ams, etcetera. UM,
Speaker 1: this city gets a piece of everything. That was a
Speaker 1: negotiation and get a piece of the um tele is
Speaker 1: your money. The piece of the was that the negotiation
Speaker 1: from day one. Yeah, that was fond of the deal
Speaker 1: and that was one of the reasons that you know,
Speaker 1: that held up a little bit because it was a
Speaker 1: big money thing. But uh in you know, it was
Speaker 1: important to the U. S t A. Uh how much
Speaker 1: they gave away, but would a lot of money and
Speaker 1: it was certainly worth it. Uh. And today, looking and
Speaker 1: it's been sent by many, looking at any stadium in
Speaker 1: the country, this is the most profitable to any municipality
Speaker 1: without a hot any hard money being put in. That's
Speaker 1: remarkable because the tournament is two weeks a year exactly.
Speaker 1: So how did that so? It's so much better than
Speaker 1: football stadiums and other parts of the country. Yes, and
Speaker 1: if you look at what they paid, they have all
Speaker 1: their maintenance is taken off like um city field, Yankee
Speaker 1: dam whatever. Of course they take it off your rent.
Speaker 1: This is a net net least us TA runs it
Speaker 1: fifty two weeks a year. They closed it down for
Speaker 1: the four weeks a week after week after the tournament,
Speaker 1: a week before week after pay for everything all year round.
Speaker 1: City gets a piece of everything. Could you ever kind
Speaker 1: of replicate this just real quickly, just got about twenty
Speaker 1: seconds too much greed in the industry. This is one
Speaker 1: that's you mean, the swartz industry. Yeah, that's interesting. UM
Speaker 1: to hear that. UM said, thank you so much, really
Speaker 1: appreciate it. Uh, favorite player. Real quick, No, that was
Speaker 1: real quick, said David, founding partner of David Off, Hutcher
Speaker 1: and Citroen. Joining us here at the US Open. You're
Speaker 1: listening to Bloomberg Business Week with Carol Messer and Bloomberg
Speaker 1: Quick Takes Tim Stinovic on Bloomberg Radio. So, Tim, we're
Speaker 1: gonna just take a step back from the US Open
Speaker 1: for just a moment because I don't know if you remember,
Speaker 1: we used to talk about Dink's double income no kids,
Speaker 1: young couples didn't have kids, both were working, how much
Speaker 1: disposable income AD and so on and so on. Well,
Speaker 1: in two tight, we've got kind of a take on
Speaker 1: that perhaps, and it's a Bloomberg story about how US
Speaker 1: women who stay single and don't have kids getting richer. Yeah.
Speaker 1: Molly Smith is economics editor for Bloomberg New She's with
Speaker 1: US site right now at the US Open. She's actually
Speaker 1: a little secret taking the day off and just spending
Speaker 1: the day at the US Open. But we we saw her.
Speaker 1: We know that she wrote this story. It's a really
Speaker 1: good story. So we wanted to, you know, get her
Speaker 1: to take a break from her vacation day to come
Speaker 1: hang out with us because she loves tennis. Play tennis.
Speaker 1: Do before we get to your story, Malle, this is
Speaker 1: what your third day that you're taking off to be
Speaker 1: at the US Open, third in a row. I can
Speaker 1: sleep here. You should tell your boss that you're working
Speaker 1: today though, because you're on Bloomberg Radio talking about your economics. Okay,
Speaker 1: so you can hear me, alright, So so tell us
Speaker 1: about what's going on with women. So I was really
Speaker 1: inspired to write this story by many of my friends
Speaker 1: who lived this lifestyle. They're in their early forties. Uh,
Speaker 1: some of them are divorced, some never married and have
Speaker 1: just never really wanted children. That's never been part of
Speaker 1: their life's vision. And I wanted to just bring some
Speaker 1: real justice and service to that topic. I think a
Speaker 1: lot of women when they say they don't want to
Speaker 1: have kids, are kind of judged and looked to have
Speaker 1: like oh, weird, like why and it's very you know,
Speaker 1: it's almost thought of as like a shameful decision that's
Speaker 1: wrong with you. Right exactly. And they really take pride
Speaker 1: in this that this is that's just not the lights
Speaker 1: that they wanted. There's nothing wrong with it, and they
Speaker 1: have advanced in their careers. They own at least one
Speaker 1: or multiple homes, including including apartments in New York City,
Speaker 1: and they're doing amazing personally and professionally. Let's talk about
Speaker 1: a couple of those women that you profile in here.
Speaker 1: Ashley Marrero is one of them, and an Ad Dixon
Speaker 1: actually a woman I used to work with earlier in
Speaker 1: my career. I was surprised to see her picture in
Speaker 1: this story. Um, what did they tell you about their
Speaker 1: choices and how it's sort of given them this freedom
Speaker 1: to kind of drop everything and just go off to
Speaker 1: Alaska or something exactly. Yeah, and they have a group
Speaker 1: of like twenty five friends who are just like this.
Speaker 1: It's really incredible to see. And for Ashley, Um, she
Speaker 1: was married when she was in her early twenties, and
Speaker 1: I think she just felt very held back by it.
Speaker 1: There were so many things that she wanted to go
Speaker 1: out and do, but didn't feel like her marriage really
Speaker 1: gave her that freedom and opportunity to do it, like
Speaker 1: to get up and do do these trips or go
Speaker 1: by the beach house. Um. And with Anna, I think
Speaker 1: it was this sim idea that just kids were never
Speaker 1: part of her plan. Um, she's you know, like I
Speaker 1: had a partner for a lot of her life, but
Speaker 1: it's just not interested in raising children. And it's very
Speaker 1: happy and resolute in that decision. Well, it was it
Speaker 1: a case of yes, they thought they would get married,
Speaker 1: didn't have kids and do that whole thing and it
Speaker 1: just didn't work out. Or is it that it wasn't
Speaker 1: a driving force from the get go? I think they
Speaker 1: I think so they thought more about like marriage could
Speaker 1: be in the picture, but less so kids. And actually
Speaker 1: even says to this day that if she were to
Speaker 1: meet somebody and get pregnant tomorrow, that she would have
Speaker 1: the child. But it just hasn't been something that she's
Speaker 1: actively pursued on her own. And especially since she's not
Speaker 1: in a committed relationship right now to she has her
Speaker 1: eggs frozen, is she really going to act on that
Speaker 1: when there's you know, no one right now who's seriously
Speaker 1: in the pictures. That's just not part of her plan.
Speaker 1: You know. It's interesting because Tim and I talked about
Speaker 1: with a lot of our gas about equality between women
Speaker 1: and men, just basic equality in the workforce. And I'm
Speaker 1: always kind of like, as long as women have kids,
Speaker 1: they're never gonna have the equality because physically they're gonna
Speaker 1: be out of the workforce. They're going to be looked
Speaker 1: at differently, even if they go home for just a
Speaker 1: week and they go back to work. And I do
Speaker 1: wonder so financially, these women who have either made the
Speaker 1: choice or whatever, they really are financially wealthier than maybe
Speaker 1: if they had gone a different route with kids. I mean,
Speaker 1: it's hard to imagine how they like, how it wouldn't
Speaker 1: be right. I mean, Ashley, for her job, is on
Speaker 1: the road a lot. She's a sales rep for a
Speaker 1: medical device company, so she's in the o r. She's
Speaker 1: with patients, traveling around to meet doctors, and she owns
Speaker 1: a one bedroom in the West village. But if she
Speaker 1: had a child, she'd probably need a living help, Like
Speaker 1: I mean, like to do that on just her income
Speaker 1: would still definitely be challenging. The other part of the story, too,
Speaker 1: has to do with how expense of it is to
Speaker 1: raise kids. Look at the opportunities that these women have
Speaker 1: financially because they don't have to put money in a
Speaker 1: nine they're not paying for daycare. And it's just in
Speaker 1: the US, and you write about this, birthrates and are
Speaker 1: declining and people are having kids later in life. Is
Speaker 1: there a lesson in here for policymakers. I mean, it's
Speaker 1: it's so mind boggling to me about how this like
Speaker 1: it's just there aren't a systems in place in the
Speaker 1: US to really support parents. I mean, how much of
Speaker 1: I'm sure you guys have talked about it with all
Speaker 1: of the controversy around the overturning of the road decision,
Speaker 1: and that the US is like the only wealthy country
Speaker 1: that doesn't guarantee paid leave to new parents, that it's
Speaker 1: challenging and it's honestly like for so many people whose
Speaker 1: jobs don't afford that, it's it's un really unattainable. I
Speaker 1: love the kind of subline on this is foregoing marriage
Speaker 1: and parent and has a bigger payoff for American women
Speaker 1: and men. So even men who don't get married and
Speaker 1: have kids, women are finding a bigger payoff, that's right. Yeah.
Speaker 1: The St. Louis Fed research showed that single women without
Speaker 1: children had an average of sixty five thousand dollars in
Speaker 1: netsuits in net Worth while as single men with our kids.
Speaker 1: Tell us about the response that you've gotten after writing this.
Speaker 1: I mean, I saw Anna share this on LinkedIn and
Speaker 1: so many comments and likes. It's been overwhelming. I think
Speaker 1: what's I've really appreciated is the response that Ashley and
Speaker 1: Anna have gotten and how many women have reached out
Speaker 1: to them and said, Hi, I'm at this similar point
Speaker 1: in my life. I'm trying to come to terms with it.
Speaker 1: Can I talk to you? And that's really just a
Speaker 1: beautiful thing to hear. Well, it's incredible reporting and and
Speaker 1: again you know it's choice right and and being able
Speaker 1: to do it, but you look at the financial impact. Hey,
Speaker 1: we're gonna talk about the Serena effect, as in Serena
Speaker 1: Williams because man a huge audience student in on Monday
Speaker 1: night to watch what could have been the last singles
Speaker 1: match of her decorated career. We know it's not. And
Speaker 1: then we've got doubles with Serena and Venus tonight, and
Speaker 1: then Serena is going to keep on playing. Yeah, Friday
Speaker 1: night it's expected to be and did you see the
Speaker 1: tickets for that? Try to get one ticket. It's over
Speaker 1: four Bucks. I got a badge that gets me, and
Speaker 1: so I'm not worried about ticket prices. Over four isn't
Speaker 1: going to get you very good seats him, it's not.
Speaker 1: I think four thousand is gonna be a lot better.
Speaker 1: I also want to bring in Martin Paris, US consumer
Speaker 1: reporter at Bloomberg News, joining us on the phone from
Speaker 1: San Francisco. Molly, I want to start with you because
Speaker 1: you wrote about the cost associated with the US Open.
Speaker 1: Everything is more expensive, but there's this different effect happening
Speaker 1: this year, the Serena effect. Talk about ticket prices because
Speaker 1: they're off the charts. Yeah, it's really just reflected in
Speaker 1: the matches that, of course Serena might be playing in,
Speaker 1: which have been the so far Monday, Wednesday Night and
Speaker 1: now Friday night UM sessions at ASH, which are just
Speaker 1: I mean, I don't think there's an empty seat in
Speaker 1: that whole stadium. There's twenty five thousand seats in there.
Speaker 1: There's no way one is untaken. UM and uh and yeah,
Speaker 1: she's been playing tonight with her sister Vena's and the
Speaker 1: doubles remarkable. There's never been a doubles matches early on
Speaker 1: the tournament on ASH under the lights. All right, Martine,
Speaker 1: come on in on this. I'm thinking about getting a
Speaker 1: honeyed US as soon as we're done with this. What's
Speaker 1: it gonna set me back? Oh my god? Well, it's
Speaker 1: a kemp expense this year. Um it's costing a stiff
Speaker 1: twenty two dollars per drink. But I understand you get
Speaker 1: to keep the souvenir cups. Is that right, Molly? That's correct,
Speaker 1: And you can either get a regular drink on the
Speaker 1: rocks or a frozen one. Oh my god. So no
Speaker 1: refill though for less money definitely okay. But but Bartine,
Speaker 1: this is going up. I mean, we we're having some
Speaker 1: fun about the impact of Serena, and it's certainly impacting
Speaker 1: ticket sales and the cost of it and certain those matches,
Speaker 1: no doubt about it. But I mean, inflation is hitting
Speaker 1: the U s open just like it's hitting the rest
Speaker 1: of the world. Yeah, double goods in inflation, that's right. Yeah,
Speaker 1: it's pretty remarkable seeing this, Martine, because it's an expensive
Speaker 1: event to begin with. You know, food costs a lot here,
Speaker 1: um In, the hotels are more expensive around here. To
Speaker 1: talk a little bit about just you know, we talked
Speaker 1: to UMU siddhab Doff David Doff earlier about the economic
Speaker 1: of X hundreds of millions of dollars that come to
Speaker 1: New York City. Martine, what are some of the other
Speaker 1: costs that you found that have gone up in relation
Speaker 1: to the US Open. Yeah, well, we talked to the
Speaker 1: US Tennis Association and they told us that they were
Speaker 1: seeing an increase in fair food costs in the fifteen
Speaker 1: twenty percent range, but that they were trying not to
Speaker 1: increase prices to tend the s by more than ten
Speaker 1: percent wherever possible. UM. We had also inquired around about
Speaker 1: hotel costs in the area, and um, some were reporting
Speaker 1: rate hikes of five percent depending on the day and
Speaker 1: who's playing. Um. So, yeah, it took the US Open
Speaker 1: just like it's hit every other part of the economy.
Speaker 1: And what's the average ticket costing? Well, uh, it really
Speaker 1: depends on what round. Okay, I'm sorry, yeah, Martin, what
Speaker 1: did you hear? Hones? Sorry? I checked him the same
Speaker 1: time this morning and they were saying that. Um. Following
Speaker 1: Serena's when last night, the lowest price beefs on their
Speaker 1: resell or website went from three hundred and twenty one
Speaker 1: dollars to four hundred and thirty five dollars this morning.
Speaker 1: So him, you weren't far off about the getting in
Speaker 1: uh on a four hundred dollar ticket? You went on
Speaker 1: that one? Um, the most expensive piece went from about
Speaker 1: seven thousands, nine thousand dollars on game time. Okay, what
Speaker 1: about celebrities here, Molly, have you seen any walking around?
Speaker 1: I see a lot of them on TV when they're watching,
Speaker 1: and it seems like the Serena matches are the place
Speaker 1: to be seen, whether you're a former president or a
Speaker 1: very famous golfer. I mean, I personally have not seen them.
Speaker 1: I think their tickets are, um, you know, like a
Speaker 1: routine just described in a different bracket and mine are.
Speaker 1: They have a different entrance maybe, but you do have
Speaker 1: you do fund when you go in to watch a match?
Speaker 1: Where do you go? Ahead, come on in? Oh. I
Speaker 1: was just gonna tell you guys. I mean most of
Speaker 1: the celebrities are sitting in Serena's sas you know, they
Speaker 1: were there by invitation, like Tiger. But I just wrote
Speaker 1: an article overnight actually went live at one am because
Speaker 1: I was counting us all the celebrities UM at the
Speaker 1: game last night, and you know, So who was there, Sintiah,
Speaker 1: Jared Leto, Laverne Coft who was mistaken from Beyonce, Bella
Speaker 1: and Gigi Hadid the arm Warwick and a wind Tour,
Speaker 1: Hugh Jasmine, Queen Latifa Um and sich Lee among many others.
Speaker 1: So yeah, it's been a star studded occasion. The most
Speaker 1: fascinating I found was the fact that Bill Clinton showed
Speaker 1: up with Dr Ruth Westheimer. So don't don't you wish
Speaker 1: you were a fly on the wall next to the
Speaker 1: two of them, and just the conversation, Oh my god.
Speaker 1: And actually in the article I'd posted last night, Um,
Speaker 1: I have the video the two of them. You know,
Speaker 1: I was talking among themselves as things teered on Serena.
Speaker 1: So yeah, well you can feel the excitement, right Molly
Speaker 1: walking around. Oh, it's been thrilling in The celebrities to
Speaker 1: me are more of the tennis players have probably no
Speaker 1: one else knows who these people are. So I've been
Speaker 1: very entertained sitting with Molly. She's like with that's so
Speaker 1: and so player, that's so and so player. I want
Speaker 1: to picture Martin Paris, us consumer reporter at Bloomberg News,
Speaker 1: and of course Molly Smith she's our economics editor here
Speaker 1: at Bloomberg. Thank you. This is Bloomberg Business Week with
Speaker 1: Carol Messer and Bloomberg Quick Takes. Tim Stinovic on Bloomberg Radio,
Speaker 1: our next guest. We can only imagine how busy she's been,
Speaker 1: because I'm sure it's been NonStop. I want to bring
Speaker 1: her in, don't want to bring her in. Kirston Corio
Speaker 1: is us T Chief Commercial Officer. She's on site here
Speaker 1: at the US Open with us. It's good to have
Speaker 1: you with us. How are you It's great to be
Speaker 1: here with you, guys. How are you doing? Though? I mean,
Speaker 1: this is like, this is what you work toward all year.
Speaker 1: It is I mean, we work forty nine weeks of
Speaker 1: the year to produce these three weeks, and it's it's awesome.
Speaker 1: It's super gratifying to see it come together. But the
Speaker 1: most gratifying things just to see these thrilled fans. These
Speaker 1: fans are so thrilled. They're having the best time. They're
Speaker 1: having lots of honey deuce is. I have not yet,
Speaker 1: but I said, as soon as it's five o'clock, it's
Speaker 1: honey deuce time. Kirsten. I am floored at the crowd here.
Speaker 1: Having done this pre pandemic for several years, this is
Speaker 1: not the crowd I would normally see when we were
Speaker 1: doing this, and let's say it was always a big crowd.
Speaker 1: But it's early in right from the series. I am amazed.
Speaker 1: It is packed. It is jammed. I mean we I
Speaker 1: think you may have seen we set records for opening
Speaker 1: night attendance. We set another record I think it was
Speaker 1: last night's attendance, and we'll do that several times more
Speaker 1: through It's just we we don't have enough room at
Speaker 1: the end for everybody that wants to come. It's awesome.
Speaker 1: I know, it's remarkable. Tickets for Friday Night like the
Speaker 1: worst tickets that you can get four four hundred dollars.
Speaker 1: When I looked this morning, it was over and I
Speaker 1: don't set that price, to be clear, that's what I
Speaker 1: want to know. Those are people reselling there too, so
Speaker 1: it's sold out. So this is our all resellers. This
Speaker 1: is all well. Friday Night in particular has every session
Speaker 1: has been well sold for a while, even well before
Speaker 1: Serena announced that this may be her last ornament, in
Speaker 1: her last her last go so, but for Friday Night
Speaker 1: in particular, in every session that she wins, and people
Speaker 1: then speculate that she'll then play in the next one.
Speaker 1: Even before the schedule comes out, we see what we
Speaker 1: call that's the get in price. We see that double
Speaker 1: she wins the match last night, Friday night doubles, even
Speaker 1: though people don't know that she's playing Friday night. They
Speaker 1: don't yet know if she's going to play Friday day
Speaker 1: or night. They're just speculating, And once that schedule comes out,
Speaker 1: it's skyrockets even more. It's nuts. And if you looked
Speaker 1: at the courtside seats, if you try to buy a
Speaker 1: courtside seat, a resale seat, they're they're close to ten
Speaker 1: thousand dollars apiece. When are those what? What is the
Speaker 1: what is the actual price though before they're resold for
Speaker 1: a see it like that. Well, we dynamically invariably priced
Speaker 1: our tickets, so every session is priced differently in the
Speaker 1: same price code, and then given demand factors, we may
Speaker 1: change prices um multiple times in a in a given
Speaker 1: day um based on who's playing, demands what based on
Speaker 1: demand factors and what we're seeing What what sessions are
Speaker 1: really resonating with people? Which ones are they really willing
Speaker 1: to come out and pay more for and which ones
Speaker 1: might be softer and might need to be even a
Speaker 1: little bit lesser priced. So we do that for our
Speaker 1: primary tickets. The U s t A Does that for
Speaker 1: our own primary tickets. But at this point, what we're
Speaker 1: seeing in terms of getting price for both the cheapest
Speaker 1: ticket and then the best ticket or the best seat
Speaker 1: in the house, that's not our price. That is resellers prices.
Speaker 1: What happens with celebrities. And we know, like a lot
Speaker 1: of people were at I guess in Serena's boxes what
Speaker 1: we had heard and stuff, But how does it work
Speaker 1: for celebrities because we were kind of we we did
Speaker 1: a whole story at Bloomberg just about the celebrities who
Speaker 1: they're cheering her on. But it's kind of one of
Speaker 1: the fun things of I feel like watching Matches two
Speaker 1: is also just checking out who's in the crowd. It's crazy.
Speaker 1: How does that work? Can I ask, oh, there's a
Speaker 1: whole baseball or inside well baseball is a good way
Speaker 1: to put it, because we're right next door to to
Speaker 1: City Field, and and uh, you know, there are some
Speaker 1: Mets players that have really enjoyed coming out to watch
Speaker 1: and by the way that's reciprocal. We've had players players
Speaker 1: here that have loved going to see the Mets games
Speaker 1: earlier this week too. But for the celebrity, it's a
Speaker 1: whole process. Um, we get them from many different angles. Obviously,
Speaker 1: Serena has her own, uh, you know, her own list
Speaker 1: of celebrities that come out for her. You mentioned Tiger
Speaker 1: Woods was in the box last night. Um, And so
Speaker 1: she comes with her own list, and we do our
Speaker 1: best to satisfy the ticket demand from her camp and
Speaker 1: from the other players camp, for every player's camp every
Speaker 1: time they play, but her list happens to include many
Speaker 1: more celebrities than most do. And and for those that
Speaker 1: don't have to play in a long time, well, those
Speaker 1: that don't have their own personal relationship with Serena or
Speaker 1: her family, we get those through our you know, our
Speaker 1: pr team works it seems like around the clock to
Speaker 1: try to satisfy the demand that comes in and we
Speaker 1: place them as best we can, and sometimes, unfortunately we
Speaker 1: have to say no. Unfortunately we have to say sometimes
Speaker 1: there's no more room at the end to put you.
Speaker 1: That's what I wanted to ask for those of us
Speaker 1: who are just you know, normal people who we're we're
Speaker 1: told no, you're telling me that celebrities also get knows
Speaker 1: as well. It can happen. We do our best to
Speaker 1: ensure it doesn't happen, but sometimes we just physically run
Speaker 1: out of space. Who doesn't do you want to make? Who?
Speaker 1: Who has to tell the celebrities? Oh, thank belly, that
Speaker 1: is not in my in my job description, not yet. Hey, um,
Speaker 1: what happens next year if Serena's not playing, if this
Speaker 1: is indeed her last major? You know, I think we
Speaker 1: worried about this for for a long time, the changing
Speaker 1: of the guard. You know, what happens to the generation
Speaker 1: after the big four of the men are gone. Serena
Speaker 1: and Venus are no longer playing. And we got a
Speaker 1: little glimpse of that last year where we didn't have
Speaker 1: many marquee players that are really household names, and we
Speaker 1: ended up with this fairy tale story with this qualifier
Speaker 1: and Emiado Kanu from from the UK. She qualified for
Speaker 1: the tournament and became women's singles champion, and she was
Speaker 1: a sensation in New York and as was her opponent,
Speaker 1: the runner up, Layla Fernandez. So you know, I think
Speaker 1: people begin to know and love the next generation anyway,
Speaker 1: as they would with any other sport. And these young
Speaker 1: personalities captivate people in the way that the Big four did,
Speaker 1: but they just have to get to know them. Um,
Speaker 1: when did you start planning for this one? Is it? Really?
Speaker 1: Literally like when this is over, you start for the
Speaker 1: next year. We're all ready planning for and we have
Speaker 1: been for a while. Certain things you just can't accomplish
Speaker 1: in in the time span that we want, so we
Speaker 1: need longer, longer runway. But I think list is already
Speaker 1: quite long. But as we get in the tournament, we
Speaker 1: realize certain things that we want to change, added, tost
Speaker 1: added to the list. So it's more than a year.
Speaker 1: It's really more than a year that we're planning for
Speaker 1: the subsequent here's us open. I mean, take us into
Speaker 1: how the sausage is made, Like what how do you
Speaker 1: add it to the list for already this year? Uh?
Speaker 1: In some cases it's more staff, more staff to satisfy
Speaker 1: the demand and to to really client servicing across the board,
Speaker 1: whether those clients or ticket ticket holders or hospitality clients
Speaker 1: or broadcast partners rights holders that are on site. Um,
Speaker 1: in some cases it's really just you know, how do
Speaker 1: we satisfy the extraordinary premium demand with more premium products
Speaker 1: that enable people to come out and have like a
Speaker 1: bucket list kind of experience with their clients or or employees.
Speaker 1: Um So it runs a gamut depending on the department
Speaker 1: where in you said more staff labor. Has that been
Speaker 1: tough for you guys, just like everybody else terms of
Speaker 1: finding all the people that you want and need. You know,
Speaker 1: I don't think it's really that. I think it's more.
Speaker 1: We mentioned at the start how many people are here
Speaker 1: and how many people want to be here, and and
Speaker 1: that's true across the board. It's not just our fans,
Speaker 1: but it's also our rights holders are global rights holders
Speaker 1: from across the world. We've got more here than we've
Speaker 1: had in many, many years, and uh, you know, we
Speaker 1: we just want to ensure that we have more people,
Speaker 1: more bandwidth to help service the various stakeholders and clients. Players.
Speaker 1: We've got players that have come up with their friends
Speaker 1: and family and entourages and ways that they haven't in
Speaker 1: years because people couldn't travel, international travel was restricted, And
Speaker 1: how do we better service them and take care of
Speaker 1: their friends and families and in in ways that enable
Speaker 1: everyone to get access. Does it feel like the pandemics
Speaker 1: over which sure does as we were surrounded by people.
Speaker 1: Kirstin Courio Chi, Commercial Officer at U S t A
Speaker 1: is still with us on site at the open Um.
Speaker 1: You do a lot of stuff here and we've talked
Speaker 1: about in terms of ticketing, UM hospitality, but you've taken
Speaker 1: on a new role of chief commercial officer. So what
Speaker 1: does that mean and what does it mean to kind
Speaker 1: of market the U. S t O t A, which
Speaker 1: I feel like has such a well known brand um
Speaker 1: tell us top of mind for you. So it also
Speaker 1: includes our corporate partners UM you know, who are our
Speaker 1: true partners and ensuring that we have an opportunity to
Speaker 1: deliver this event in such a spectacular way for the fans.
Speaker 1: We can see it from where we sit here here
Speaker 1: right now, but there's spectacular activations across the grounds that
Speaker 1: our partners bring for the fans as well as events
Speaker 1: like UM you know, our fans are our partners are
Speaker 1: activating in different ways, whether it's the American Express Fan
Speaker 1: Experience that's a beautiful, awesome experience that I highly recommend
Speaker 1: that you should go through our partners a chase or
Speaker 1: have done the Chase sound check that they brought D
Speaker 1: n C. Joe Jonas's band that performed last Friday night
Speaker 1: to cap off the end of fan week, and that
Speaker 1: was free and open to the public, and so they
Speaker 1: really enhance the event and enable us to bring it
Speaker 1: to just such a higher level. Um, do you have
Speaker 1: a million corporate sponsors? You're like, we want to be
Speaker 1: part of this. We we have many that are interested.
Speaker 1: We are selective in in who we partner with, and
Speaker 1: and you know, you can you can look around and
Speaker 1: see who our partners are that really aligned really nicely
Speaker 1: with us. We are such we have such an attractive audience,
Speaker 1: both those that are physically on site and those that
Speaker 1: are global around the world to to any corporate sponsor.
Speaker 1: Really we're very gender neutral, We're very diverse. If you
Speaker 1: look around our our our crowd and you and you
Speaker 1: watch the tennis, it's a very diverse crowd. It's just
Speaker 1: a very attractive audience for partners to reach. And our
Speaker 1: broadcast rights holders were global. You know, we're in we're
Speaker 1: broadcasting over two hundred countries and territories around the world.
Speaker 1: And while we're here in the US and we're celebrating
Speaker 1: a US icon and in Serena williams um our. Our
Speaker 1: players come from all over the world, and our fans
Speaker 1: are are from all over the world, and and our
Speaker 1: global rights holder partners enable us to do that in
Speaker 1: the various territories and regions. So all that becomes part
Speaker 1: of the purview and part of the privilege to to
Speaker 1: work on those relationships and ensure that we deliver as
Speaker 1: best we can for them and for the fans around
Speaker 1: the world. I have to change this up to it
Speaker 1: a little bit because as you were talking, I look
Speaker 1: over your shoulder, Kirston, and I see some of the
Speaker 1: best tennis players in the world walking in and out
Speaker 1: of the media center, but also just walking amongst fans
Speaker 1: here being escorted to their play their games, you know,
Speaker 1: their matches with what they're going to play to their courts.
Speaker 1: And I think to myself, what other sporting event do
Speaker 1: you have access to let literally come here to watch
Speaker 1: and encounter the best people in that sport in the
Speaker 1: entire world. It's pretty extraordinary, and you're seeing that now
Speaker 1: in the middle of the first week of the main draw.
Speaker 1: Last week during the fan week, we're open and free
Speaker 1: to the public where there's the qualifying tournament. But there's
Speaker 1: also all the top pros are practicing freely across the courts,
Speaker 1: including an Arthur Ash Stadium. So we have something called
Speaker 1: the fan passs free to register for and and the
Speaker 1: Ash Experience where people could show that fan pass and
Speaker 1: come in and sit in the first row courtside in
Speaker 1: Arthur ash Stadium where they may never ever have a
Speaker 1: chance to sit there in their lifetime and see those
Speaker 1: players up close and personal. And people are actually applauding
Speaker 1: for points that they're playing in practice. And the players
Speaker 1: stay and they signed autographs, they signed the ball, as
Speaker 1: they signed the hats. They're really free and loose during
Speaker 1: that fan week, and it's it's just an extraordinary opportunity.
Speaker 1: And you're right, it's the the ability to get close
Speaker 1: to global superstars in a sport is not something that
Speaker 1: fans are offered every day, regardless of the sport. By
Speaker 1: the way, they're carrying their own tennis racket they do, yes,
Speaker 1: they're carrying their big bag. And Serena Williams carries her
Speaker 1: own tennis racket bag, which is wonderful to see. Well.
Speaker 1: And then speaking of fans, like as you look at
Speaker 1: the crowd first of all, I love that the US
Speaker 1: Open is an international crowd. I love that I see
Speaker 1: kids all over the space of all ages and stuff.
Speaker 1: So how do you think about that from a marketing
Speaker 1: perspective as well? Our mission is to grow and develop
Speaker 1: the game of tennis in the United States, and we
Speaker 1: want tennis to look like America. And it's so gratifying
Speaker 1: to see the fandom here really look like a microcosm,
Speaker 1: you know, a cross section of America, and um, you know,
Speaker 1: the kids tremend this amount of kids during fan week,
Speaker 1: also during the main draw of every age and and
Speaker 1: there's something here for all of them. Aside from the tennis.
Speaker 1: It's just a spectacular experience. It's a festival in the ground.
Speaker 1: Sometimes we say it's a food and wine festival with
Speaker 1: tennis on the side. Can we talk about the food
Speaker 1: and wine? Like, how do you I mean that is
Speaker 1: part of experience. I mean it's just so fun. Like
Speaker 1: I know, when we get done, like we go up
Speaker 1: and either have a drink or something. But it's just wonderful.
Speaker 1: It's like a lot of fun, and it's great food,
Speaker 1: great drinks, great food, great drinks. How do you think
Speaker 1: about that too? And and feeding and and and being
Speaker 1: here for the whole crowd that's here. I mean it's
Speaker 1: a lot of people. It's a ton of people. Well,
Speaker 1: Danny's auser and his team do a fabulous job of
Speaker 1: feeding everyone here and not just feeding them, but feeding
Speaker 1: them in a way that they are thrilled about it,
Speaker 1: and they talk about it's all their friends and family.
Speaker 1: But the Honeydeus is iconic. I think we will sell
Speaker 1: over a couple of hundred thousand of them Bucks of pop.
Speaker 1: But whence the last time you got a cocktail in
Speaker 1: New York City and paid twenty dollars and had a
Speaker 1: beautiful commemorative cup to take away with you. That's right,
Speaker 1: last time I was at the US Open that which actually,
Speaker 1: I mean that was years ago that I got that.
Speaker 1: So this has been happening for a long time. Okay,
Speaker 1: the next generation of American tennis players, perhaps we see
Speaker 1: Serena Williams play in her last major this time around.
Speaker 1: We don't know for sure, who are the youngest American
Speaker 1: tennis players that we need to have on our radar?
Speaker 1: Oh wow, I'm definitely not the player development pro here um,
Speaker 1: oh wow? Or maybe talk a little bit about the
Speaker 1: development pipeline because as we do get to a point
Speaker 1: where we've seen so what they've what the Williams sisters
Speaker 1: have done for their sport has been so much. Well,
Speaker 1: this is where you and I were talking before we
Speaker 1: got going about Chris Everett, because there was a piece
Speaker 1: on CBS and it was just what I love about
Speaker 1: the U s t A. And I know we've had
Speaker 1: an ongoing conversation over the last few years that you
Speaker 1: do think about kids who maybe don't have access to tennis,
Speaker 1: and UM, whether it's Chris Everett or someone else who's
Speaker 1: getting out to communities and making sure that kids who
Speaker 1: might not have the option to get a racket in
Speaker 1: their hands, they're making sure that they do have that.
Speaker 1: That's what's incredible about this organization. It is and and
Speaker 1: that's the mission, right, that's UM. That piece was amazing
Speaker 1: and it's and it's all for how do we get
Speaker 1: more kids to uh lead a healthier lifestyle and get
Speaker 1: access to not just tennis, but after school programs and
Speaker 1: underserved communities that they can be safe, they can be learning,
Speaker 1: they can do homework, they can play tennis and learn
Speaker 1: the game. And the n j t l S and
Speaker 1: National junior tennis and learning program is all about that,
Speaker 1: and I am definitely not the expert on that topic.
Speaker 1: I would be happy to to set you up with
Speaker 1: those that are. I'm sure. I mean, I'm sure that
Speaker 1: pipeline must be pretty robust and uh. But look at
Speaker 1: the same time, what the Williams sisters have done to
Speaker 1: their sport, They've inspired multiple generations. All right, So what
Speaker 1: do you hope that someone who comes to the US
Speaker 1: Open this year walks away with. I hope they walk
Speaker 1: away and say where can I play tennis? And when
Speaker 1: can I play? And who wants to play with me?
Speaker 1: I hope they're inspired to play tennis, because I know
Speaker 1: when I was a kid, every time I came here,
Speaker 1: that's the first thing I wanted to do. And I
Speaker 1: remember even one night going home and finding a court
Speaker 1: that had lights the same night playing uh. And I
Speaker 1: hope they tell all their friends that they had an
Speaker 1: absolutely fabulous time and that they have to come to
Speaker 1: the US Open. There are a lot of sporting events
Speaker 1: that I've been to that I don't always think is
Speaker 1: an event. This is an event, but it's just so
Speaker 1: it just feeds into so many different things between the
Speaker 1: tournaments that you see, the food, the wine, the experience. Uh,
Speaker 1: it's incredible. I am like blown away. It's great. It's great.
Speaker 1: Good luck, Thank you so much. Some rest somewhere we'll try,
Speaker 1: all right, Creston Courier. She's chief commercial officer of U S.
Speaker 1: T A. That's a wrap for us for our first day.
Speaker 1: We're gonna be back here tomorrow. That's pretty cool. Yeah,
Speaker 1: I know, it's quite cool. It's really makes some tennis.
Speaker 1: Drink some honey Jesus. Yeah, we're gonna get the Williams tonight.
Speaker 1: Williams sister's playing. Um, you are listening and watching Bloomberg Radio.
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