WEBVTT - Danny Wirtz and Michael Reinsdorf Talk DNC Prep

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>We are joined now by Danny Wurtz, chairman and CEO

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<v Speaker 2>of the Chicago Blackhawks, alongside Michael Ryans. We're a president

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<v Speaker 2>and CEO of the Chicago Bulls. They are both here

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<v Speaker 2>with us on set in Chicago. Welcome to you both.

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<v Speaker 2>Thank you so much for being Yes, it is a

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<v Speaker 2>power table.

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<v Speaker 1>That's so sure about that?

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<v Speaker 2>I don't know indeed, Well, obviously it's a big week

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<v Speaker 2>for you guys. I'm sure one that has had probably

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<v Speaker 2>a year or so of preparation leading up to it. Michael,

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<v Speaker 2>if we could just start with you talk to us

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<v Speaker 2>about the decision to host this convention at the United

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<v Speaker 2>Center and what all has gone into it and whether

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<v Speaker 2>or not this is the most lucrative thing you could

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<v Speaker 2>have done with a building of itself.

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<v Speaker 3>Well, I mean, clearly, it's not the most lucrative thing

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<v Speaker 3>we could do, because we've shut down our buildings since

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<v Speaker 3>the end of our season, so we've had no we

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<v Speaker 3>haven't booked any events for the last couple of months.

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<v Speaker 3>But to us, this was kind of a no brainer

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<v Speaker 3>when Governor Pritzker and Mayor Lifefoot came to us. We're

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<v Speaker 3>on board from the very beginning we had the convention

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<v Speaker 3>kind of kicked off. I think that a lot of

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<v Speaker 3>the redevelopment on the West Side in ninety six, So

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<v Speaker 3>the United Centers opened up in nineteen ninety four. This's

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<v Speaker 3>our thirtieth year, and the ninety six convention was a

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<v Speaker 3>complete success. And now it's many years later and we

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<v Speaker 3>want to do our part of supporting the city of

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<v Speaker 3>Chicago that we love so much.

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<v Speaker 4>Fascinating, I'm really taken by the logistics behind something of

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<v Speaker 4>this scale. You can throw a concert, you can host

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<v Speaker 4>a game, but this is on a much larger level.

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<v Speaker 4>You have fifty thousand people attending, and I'm just curious

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<v Speaker 4>what goes into that type of a transformation.

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<v Speaker 1>Tremendous planning.

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<v Speaker 5>And the good thing is our team kind of at

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<v Speaker 5>the United Center are used to these, you know, one

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<v Speaker 5>hundred and fifty nights a year working games, concerts, et cetera,

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<v Speaker 5>big events like All Star Games. But this is another level,

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<v Speaker 5>and I know our team at the United Center kind

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<v Speaker 5>of liked the challenge of really rising to the occasion.

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<v Speaker 1>And then of course it's partnerships.

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<v Speaker 5>It's partnerships with all the city as sees and all

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<v Speaker 5>the people that have to make it all work, and

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<v Speaker 5>it's an impressive experience to go walk through and just

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<v Speaker 5>walking through last night and see all the pieces come

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<v Speaker 5>together to make the event.

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<v Speaker 6>Is it public service?

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<v Speaker 1>Though?

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<v Speaker 4>Also Kailee references the fact that you could be making

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<v Speaker 4>a lot more money doing something else.

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<v Speaker 5>Yeah, I think it's kind of in our DNA to

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<v Speaker 5>step up and to do the right thing for the city,

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<v Speaker 5>because when the city does well, we do well as

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<v Speaker 5>a business. And these conventions are big opportunities to put

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<v Speaker 5>the spotlight on our great city, to showcase what we

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<v Speaker 5>do so well, and to bring people and bring business

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<v Speaker 5>to Chicago.

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<v Speaker 2>Well, as we think about the work you're doing in Chicago,

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<v Speaker 2>obviously you announced a few weeks ago, as Tyler mentioned,

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<v Speaker 2>the nineteen oh one project, you're investing more than seven

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<v Speaker 2>billion dollars to reva basically the area where now the

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<v Speaker 2>area that surrounds the United Center. How do you fund that?

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<v Speaker 2>As we're having a conversation here about money.

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<v Speaker 1>Well, we're going to fund it privately.

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<v Speaker 3>You know, We're lucky because the United Center is kind

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<v Speaker 3>of the anchor tenant, so we have a chance to

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<v Speaker 3>redevelop the land, the parking lots, when we opened the building,

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<v Speaker 3>we had six thousand parking spaces available, and we.

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<v Speaker 1>Never we didn't want to make it a sea of parking.

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<v Speaker 3>But what happened with a lot of people bought parking,

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<v Speaker 3>you know, bacon lots and made additional parking, so we

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<v Speaker 3>actually became kind of a sea of parking. And now

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<v Speaker 3>we have this opportunity to reimagine this neighborhood.

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<v Speaker 1>It's not We're not Danny, I've talked.

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<v Speaker 3>This isn't It is not an entertainment district that you

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<v Speaker 3>see in a lot of other cities with their buildings,

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<v Speaker 3>their arenas and stadiums. This is an opportunity to do

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<v Speaker 3>something different for the West Side. So it will be

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<v Speaker 3>privately financed, and you know we're talking, we're talking a

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<v Speaker 3>lot of development, whether it's we're building a music hall,

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<v Speaker 3>we're building hotels, affordable housing, open park space. I mean,

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<v Speaker 3>it's it's kind of like Chicago's West Side. It's it's

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<v Speaker 3>their time, it's our time.

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<v Speaker 4>There's a big conversation about crime in this campaign that

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<v Speaker 4>you hear a lot about. I'm sure the former president

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<v Speaker 4>Donald Trump has been criticizing Chica of using crime statistics

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<v Speaker 4>in some of his speeches, and.

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<v Speaker 6>We have to acknowledge the reality of the matter.

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<v Speaker 4>But when you consider an investment of that scale and

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<v Speaker 4>you look at the geography, is it.

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<v Speaker 6>You build it and they will come.

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<v Speaker 4>The timing is what I'm curious about considering the backdrop

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<v Speaker 4>of your investment here when it comes to crime in Chicago.

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<v Speaker 3>Well, we have a long term view, Danny. How long

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<v Speaker 3>has your family been been.

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<v Speaker 5>Here for almost one hundred years and tell you, you know,

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<v Speaker 5>crime has always been something that we've had to contend

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<v Speaker 5>with and work with. But we also know that when

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<v Speaker 5>when we invest in the neighborhoods and when you invest

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<v Speaker 5>in economic development, that is one way to help create

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<v Speaker 5>opportunities that gets to sort of the root cause.

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<v Speaker 1>Of some of the crime issues you see today. So

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<v Speaker 1>I think.

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<v Speaker 5>Chicago has a history of really rolling up our sleeves

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<v Speaker 5>and trying to be part of the solution, try to partner,

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<v Speaker 5>you know, with the public sector to figure out how

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<v Speaker 5>do we how do we create those opportunities to help,

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<v Speaker 5>you know, stem some of those.

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<v Speaker 1>Problems from violence. Yeah, you have to understand one thing.

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<v Speaker 3>When the Unite Center opened, there was no one went

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<v Speaker 3>west of the business dissuest yes and units are open.

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<v Speaker 3>Ninety four, Mayor Daly wanted to bring the Convention to

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<v Speaker 3>make up for what happened in sixty eight. Ninety six

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<v Speaker 3>convention went off perfectly, and then all the developments started happening.

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<v Speaker 3>I don't think Fulton Market, which is just to the

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<v Speaker 3>east of US, I don't think that naturally happens without

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<v Speaker 3>the Uniteds that are kickstarting all this. So for us,

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<v Speaker 3>we're not worried about the timing.

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<v Speaker 1>We think the timing is right right now.

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<v Speaker 2>Well, the timing for having the public cooperation with investing

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<v Speaker 2>in things like stadiums, as we've seen evidence by say

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<v Speaker 2>the Chicago Bears for example, doesn't seem to be great.

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<v Speaker 2>There's been a lot of pushback in that. And I

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<v Speaker 2>know you just said that you're planning to finance this privately,

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<v Speaker 2>But what do you think about the dynamic surrounding the

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<v Speaker 2>financing mechanism of these investments into sports facilities of Frinkley

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<v Speaker 2>the facilities around them. If, as you say, this is

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<v Speaker 2>about helping to invest economically that could help with things.

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<v Speaker 5>Like crime, I think every situation is very different. Every

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<v Speaker 5>you know, wherever you're looking to do your development has

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<v Speaker 5>different opportunities, and I think it is that partnership, you know,

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<v Speaker 5>with the public to figure out where that benefit lies.

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<v Speaker 5>We know in our situation, you know, we own our land.

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<v Speaker 5>We've owned our land for a long time. We've been

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<v Speaker 5>part of this community for almost one hundred years. So

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<v Speaker 5>you have a good feel of what the neighborhood needs,

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<v Speaker 5>how to find those nice trade offs and those important

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<v Speaker 5>trade offs between our commerce and what we need from

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<v Speaker 5>the community, and then you build it together. I think

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<v Speaker 5>other developments are going to obviously are putting that more

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<v Speaker 5>at the forefront than ever before.

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<v Speaker 4>When you consider public private partnership and just the role

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<v Speaker 4>that you play in this city. You're no strangers to politics,

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<v Speaker 4>which is what we talk about every day here on

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<v Speaker 4>this program. Are politics making it more difficult to do

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<v Speaker 4>business or the conduit for your success?

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<v Speaker 3>I mean, for us, I think that there seems to

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<v Speaker 3>be a lot of interest in our development. When we

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<v Speaker 3>went to the Mayor's office, we talked to people you

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<v Speaker 3>know that surround him, all the men, Walter Burnett, everyone

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<v Speaker 3>seemed to be on board. Like to me, this was

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<v Speaker 3>almost like a no brainer. You have a group of

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<v Speaker 3>people that want to spend seven billion dollars.

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<v Speaker 4>They might want to take that meeting. Yea, his relationships

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<v Speaker 4>are long and important.

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<v Speaker 1>To you, of course. I mean we have.

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<v Speaker 3>You know, we have friendships going back many many years.

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<v Speaker 3>Now we have a new mayor here who just became

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<v Speaker 3>mayor of last year, and we're developing a relationship with him.

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<v Speaker 3>But like I said earlier, our families go back a

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<v Speaker 3>long long time. We're about Chicago, not about the politics.

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<v Speaker 1>It's what can we do to make Chicago a better place.

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<v Speaker 2>Well, a lot of the politics today, or at least

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<v Speaker 2>the political issues that seem to be dominating in there,

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<v Speaker 2>certainly we're seeing this week and in this election surround

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<v Speaker 2>the economy as well. We've seen such a change in

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<v Speaker 2>the economy over the last four years from the pandemic,

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<v Speaker 2>which obviously shut down facilities like the United Center for

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<v Speaker 2>an extended period of time, to this resurgence and demand

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<v Speaker 2>for that experience. People wanted to go to live events

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<v Speaker 2>like sports games and concerts. Now we're all asking this

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<v Speaker 2>question of whether or not the softening is finally upon

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<v Speaker 2>us in the labor market and potentially in consumption as

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<v Speaker 2>a result. Are you seeing any any signs of that

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<v Speaker 2>in a waning of demand ers, there's still demand to

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<v Speaker 2>go I think for two expensive things.

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<v Speaker 5>For sports entertainment, I think it seems like every year

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<v Speaker 5>is bigger than the last year. I think we had

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<v Speaker 5>a record year for other events outside of our two

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<v Speaker 5>teams last season. We obviously here across the board, Lollapalooza

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<v Speaker 5>had record attendance this year for live music and festivals.

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<v Speaker 5>So again, I think that desire to be connected, that

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<v Speaker 5>desire for experience and people willing to pay for it

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<v Speaker 5>is still there. So at least in that part of

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<v Speaker 5>the business, for sure, we see some nice tailwinds. Whereas

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<v Speaker 5>you know, other parts of the business, I definitely see

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<v Speaker 5>some of those.

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<v Speaker 3>I think it's helped that in the music industry changed

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<v Speaker 3>so much over the years that before putting out albums,

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<v Speaker 3>it was really made the money. Now it's touring, so

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<v Speaker 3>now you have all these acts, and so every year

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<v Speaker 3>it seems like we're getting more and more acts. And

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<v Speaker 3>how many different concerts did we do last year? I mean,

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<v Speaker 3>I think we're almost eighty different content. It's kind of crazy.

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<v Speaker 3>So now we're building this music hall, which is a

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<v Speaker 3>six thousand seat venue, and that's going to get some

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<v Speaker 3>of the smaller acts, and we don't see.

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<v Speaker 5>A softening right now, and especially in the markets like Chicago,

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<v Speaker 5>which seems to be able to absorb a tremendous amount

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<v Speaker 5>of live events and entertainment.

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<v Speaker 3>Sure, Chicago, Yah, Chicago loves the sports. So we feel

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<v Speaker 3>pretty good about where we're at here.

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<v Speaker 4>But it's an interesting take that you have just broadly

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<v Speaker 4>beyond even spending on events, sports and concerts, you don't

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<v Speaker 4>see a consumer prepared to slow down or more wary

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<v Speaker 4>about conditions.

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<v Speaker 1>I think.

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<v Speaker 3>I think what we see is that you better make

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<v Speaker 3>sure that you are delivering a special experience from the

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<v Speaker 3>time that someone gets into the car or takes the

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<v Speaker 3>train or takes the ride sharing to you know, get

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<v Speaker 3>parking the car, owing the building, getting their food, getting

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<v Speaker 3>their drinks. We better make sure that it is a

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<v Speaker 3>top quality experience. And that's some of the biggest challenges

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<v Speaker 3>we have because we don't control the traffic, we don't

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<v Speaker 3>control certain things. We don't control when it's a blizzard

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<v Speaker 3>in the middle of winter. Probably one of the great

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<v Speaker 3>things about this DNC is that it's in the summer

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<v Speaker 3>right about that, not here in the winter.

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<v Speaker 2>I have to say, the weather right now is certainly preferable.

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<v Speaker 1>We ordered up for you guys yeah, thank you.

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<v Speaker 2>I want to ask as well, because something we just

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<v Speaker 2>saw happen in Washington last year was the purchase of

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<v Speaker 2>a sports team for a pretty rich valuation in the Commanders.

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<v Speaker 2>We've seen the valuations seem to go up in general,

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<v Speaker 2>and I wonder if you think this is something that

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<v Speaker 2>is sustainable. How you're considering your own valuation for the

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<v Speaker 2>black Hawks at this time, if you've been having any

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<v Speaker 2>conversations with private equity about these kind of things, can

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<v Speaker 2>you just shed some light on.

0:10:51.800 --> 0:10:54.880
<v Speaker 5>That, Danny, I'm fourth generation owner of our family, I think,

0:10:54.960 --> 0:10:58.320
<v Speaker 5>one of the longest contiguous owners of a major sports

0:10:58.320 --> 0:11:00.800
<v Speaker 5>franchise in all sports, and enough for us, it's something

0:11:01.040 --> 0:11:03.600
<v Speaker 5>we just hold really dear to our family. So we're

0:11:03.640 --> 0:11:06.480
<v Speaker 5>sort of in a very unique situation from an ownership standpoint, which,

0:11:06.480 --> 0:11:10.680
<v Speaker 5>of course the interests in these very coveted licenses are

0:11:11.080 --> 0:11:14.640
<v Speaker 5>driving those values up. So we love the valuation, but

0:11:14.960 --> 0:11:18.040
<v Speaker 5>it doesn't necessarily change our strategy to continue to hold

0:11:18.040 --> 0:11:22.600
<v Speaker 5>and develop and grow our family asset for another few generations.

0:11:22.640 --> 0:11:24.640
<v Speaker 3>And what about for the Bulls, for the Bulls, I

0:11:24.679 --> 0:11:27.920
<v Speaker 3>mean for the Chicago Bulls, who why would we want

0:11:27.960 --> 0:11:30.400
<v Speaker 3>to get out of being part of the Chicago Bulls.

0:11:30.400 --> 0:11:33.240
<v Speaker 3>I mean we were the first, probably the first global

0:11:33.360 --> 0:11:36.600
<v Speaker 3>sports franchise in the world, thanks to Michael Jordan. So

0:11:37.480 --> 0:11:41.280
<v Speaker 3>for our family and for our investors, our partners, we're

0:11:41.320 --> 0:11:44.960
<v Speaker 3>not interested in being a seller. Is it nice that

0:11:45.000 --> 0:11:47.640
<v Speaker 3>the valuations of these teams are going up. Sure, but

0:11:47.840 --> 0:11:50.199
<v Speaker 3>at the same time we're not going to realize any

0:11:50.240 --> 0:11:52.920
<v Speaker 3>of that because it's the Bulls aren't going anywhere.

0:11:53.120 --> 0:11:56.480
<v Speaker 4>Well, we have another big sports deal in Washington, d C.

0:11:56.600 --> 0:11:59.200
<v Speaker 4>And that was Ted Leonsen's teams deciding to stay in

0:11:59.320 --> 0:12:02.440
<v Speaker 4>Washington and a massive deal to kind of.

0:12:02.400 --> 0:12:03.719
<v Speaker 6>Rebuild the neighborhood.

0:12:03.800 --> 0:12:08.840
<v Speaker 4>He talked to us about the challenges of moving buildings,

0:12:09.520 --> 0:12:12.480
<v Speaker 4>changing spaces that allow people to flow into a new

0:12:12.520 --> 0:12:15.559
<v Speaker 4>area that they might not be going to otherwise. You're

0:12:15.559 --> 0:12:17.760
<v Speaker 4>facing something similar here when you've got a river in

0:12:17.800 --> 0:12:19.200
<v Speaker 4>the way, You've got a couple of things. How do

0:12:19.240 --> 0:12:23.319
<v Speaker 4>you envision this project in western Chicago in a way

0:12:23.320 --> 0:12:24.400
<v Speaker 4>that will actually.

0:12:24.040 --> 0:12:25.800
<v Speaker 6>Bring the flow of people to Europe.

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<v Speaker 5>I actually think the hardest part was thirty years ago,

0:12:28.160 --> 0:12:30.640
<v Speaker 5>as Michael said, you know, crossing that threshold to come

0:12:30.679 --> 0:12:32.680
<v Speaker 5>to the West Side to see an event, and you

0:12:32.720 --> 0:12:34.160
<v Speaker 5>know over seventy years.

0:12:34.360 --> 0:12:36.240
<v Speaker 1>You know, people got used to coming to the Chicago.

0:12:35.960 --> 0:12:38.600
<v Speaker 5>Stadium, but it didn't offer a lot on the way

0:12:39.400 --> 0:12:42.160
<v Speaker 5>where we're at now. The growth happening on the west

0:12:42.200 --> 0:12:45.640
<v Speaker 5>side of Chicago is tremendous. Full Market is the most

0:12:45.720 --> 0:12:48.280
<v Speaker 5>explosive neighborhood in the city of Chicago. That's right at

0:12:48.320 --> 0:12:50.920
<v Speaker 5>our doorstep. The growth of the Illinois Medical District just

0:12:51.000 --> 0:12:54.520
<v Speaker 5>south of us. So there's momentum here and there's a

0:12:54.520 --> 0:12:57.319
<v Speaker 5>lot of other things happening around this development that I

0:12:57.360 --> 0:13:00.680
<v Speaker 5>think gave us the confidence that the energy is and

0:13:00.720 --> 0:13:03.360
<v Speaker 5>the energies here and the infrastructures in the infrastructure. Now,

0:13:03.480 --> 0:13:05.640
<v Speaker 5>that's an area where I think I think the city

0:13:05.679 --> 0:13:08.360
<v Speaker 5>is very interested in really understanding what the infrastructure needs

0:13:08.400 --> 0:13:10.360
<v Speaker 5>are to make sure we can continue to bring people

0:13:10.440 --> 0:13:13.080
<v Speaker 5>here through the various forms of transportation that we have

0:13:13.120 --> 0:13:16.160
<v Speaker 5>all the things we need for this to be continued

0:13:16.200 --> 0:13:17.040
<v Speaker 5>by our neighborhood.

0:13:17.160 --> 0:13:18.920
<v Speaker 4>What a treat to have this much time. Thank you

0:13:18.960 --> 0:13:21.240
<v Speaker 4>both for being so generous, A great conversation here. Yeah,

0:13:21.280 --> 0:13:24.480
<v Speaker 4>this is why we came to Chicago's Denny Words Michael Reinstorff.

0:13:24.520 --> 0:13:26.200
<v Speaker 4>Great to see both of you, and thank you for

0:13:26.280 --> 0:13:28.880
<v Speaker 4>being with US on balance of power, Bloomberg TV and Radio.

0:13:28.880 --> 0:13:31.440
<v Speaker 4>We are live from Chicago, day two of the Democratic

0:13:31.559 --> 0:13:32.319
<v Speaker 4>National Convention,