0:00:01.419,0:00:06.649
welcome to the 37th annual Las Vegas

0:00:06.649,0:00:07.790
perspective

0:00:07.790,0:00:10.549
my name is Jonas Peterson I'm the CEO of

0:00:10.549,0:00:12.860
the Las Vegas global economic Alliance

0:00:12.860,0:00:16.040
and I am so excited I am honored to be

0:00:16.040,0:00:19.220
your host this morning truth is this is

0:00:19.220,0:00:23.090
my favorite event of the entire year

0:00:23.090,0:00:26.480
and thanks to your support thanks to

0:00:26.480,0:00:29.390
your overwhelming support this turned

0:00:29.390,0:00:31.070
out to be a really hot ticket this year

0:00:31.070,0:00:33.410
I don't know if you guys saw this but we

0:00:33.410,0:00:36.530
sold out not a week ahead of time not

0:00:36.530,0:00:40.570
two weeks but over a month in advance

0:00:40.570,0:00:45.650
right is that worth thank you thank you

0:00:45.650,0:00:48.170
not only that but I'm glad you guys are

0:00:48.170,0:00:49.610
here we had to turn away around a

0:00:49.610,0:00:51.980
hundred that wanted to be with us this

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morning so congratulations to you for

0:00:53.900,0:00:56.330
making the cut early thank you for

0:00:56.330,0:00:58.880
coming out but seriously this tells us

0:00:58.880,0:01:01.790
two things one we're probably going to

0:01:01.790,0:01:03.920
need to look at a bigger room next year

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and two more importantly that we're on

0:01:07.130,0:01:10.160
the right track to deliver on the brand

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promise for perspective that brand

0:01:12.410,0:01:13.970
promise is to be Southern Nevada's

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premier source for community and

0:01:16.520,0:01:19.360
economic information analysis and

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forecasting now for this morning we've

0:01:23.210,0:01:24.590
been working with our perspective

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Council to raise the bar once again and

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I am excited for what we have in store

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for you let me tell you a little bit

0:01:32.270,0:01:34.909
about what we have planned it starts

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with the prospective data book that you

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received when you came in this morning

0:01:39.020,0:01:41.600
in that book you will find a

0:01:41.600,0:01:43.909
comprehensive overview of the market as

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it exists today it's jam-packed with

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information and statistics that you need

0:01:50.000,0:01:52.840
to know to understand our community our

0:01:52.840,0:01:56.450
economy and where it's going that's just

0:01:56.450,0:01:59.570
the beginning this year we put in new

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content from dozens of community and

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business leaders so that you can hear in

0:02:03.890,0:02:07.490
their own words about major projects and

0:02:07.490,0:02:09.139
priorities that they expect for the next

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12 months these are the big

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organizations in our reach

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from higher education to our cities to

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our TC to the Water Authority and much

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more in addition in the book we've

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retooled our polling to do a deeper dive

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into the attitudes and opinions of the

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Southern Nevada workforce we want you to

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be able to understand what the business

0:02:30.489,0:02:32.950
community is thinking on key topics

0:02:32.950,0:02:35.560
sometimes controversial topics like

0:02:35.560,0:02:38.380
marijuana stadium development minimum

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wage and much more also in the book

0:02:43.239,0:02:45.790
you got forecast content where we pull

0:02:45.790,0:02:47.349
in subject matter experts

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dozens of subject matter experts and ask

0:02:49.690,0:02:51.790
them to give their prediction on what's

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going to happen in the economy over the

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next 12 months all that packed into the

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book and if we can advance all right so

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you starts with the book during the

0:03:01.420,0:03:03.400
event today we've got a powerhouse

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lineup for you of speakers that are

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going to do a deep dive into our economy

0:03:07.260,0:03:09.849
into advancing the business of health

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care and a look at the future of gaming

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you this is a powerhouse group of

0:03:15.700,0:03:18.819
speakers and it doesn't stop there

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as you know with perspective we want you

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to be equipped with the latest

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information and analysis throughout the

0:03:25.269,0:03:27.760
year so is our gift to you we're going

0:03:27.760,0:03:29.590
to be sending each of you that are here

0:03:29.590,0:03:32.500
this morning quarterly newsletters with

0:03:32.500,0:03:35.079
more data analysis on topics like

0:03:35.079,0:03:37.030
education infrastructure and

0:03:37.030,0:03:40.769
competitiveness throughout the year and

0:03:40.769,0:03:45.010
we're also extending your access to the

0:03:45.010,0:03:46.480
lvg a data portal

0:03:46.480,0:03:47.920
you probably remember last year we

0:03:47.920,0:03:50.019
showcased this new product this is an

0:03:50.019,0:03:53.519
online tool that has real-time data

0:03:53.519,0:03:55.900
thousands of indicators and data points

0:03:55.900,0:03:57.549
all updated in real time along with

0:03:57.549,0:04:00.220
community mapping and much more this is

0:04:00.220,0:04:01.959
our gift to you as well where if you're

0:04:01.959,0:04:03.370
here this morning we want you to be able

0:04:03.370,0:04:04.780
to have this so you will receive an

0:04:04.780,0:04:07.120
email with a one-year subscription to

0:04:07.120,0:04:11.790
the data portal and one last thing as

0:04:11.790,0:04:14.049
you leave this morning we have the

0:04:14.049,0:04:15.910
latest project from our research center

0:04:15.910,0:04:17.680
we're calling it the Southern Nevada

0:04:17.680,0:04:20.680
community map this is not an ordinary

0:04:20.680,0:04:23.320
map you'll grab it on your way out

0:04:23.320,0:04:26.290
I want to tell you how it was created

0:04:26.290,0:04:28.660
we approached our friends that applied

0:04:28.660,0:04:31.630
analysis and we asked them can you help

0:04:31.630,0:04:35.650
us make a map that tells the future we

0:04:35.650,0:04:38.560
expected them to say no because that's

0:04:38.560,0:04:41.710
that's a ridiculous request they said

0:04:41.710,0:04:44.500
yes they always do and the result is a

0:04:44.500,0:04:47.140
map that showcases the billions of

0:04:47.140,0:04:49.330
dollars of capital investment that we

0:04:49.330,0:04:51.820
expect to move forward along the strip

0:04:51.820,0:04:53.860
the billions more that's moving in our

0:04:53.860,0:04:55.810
economy through private businesses

0:04:55.810,0:04:57.550
around the region new school

0:04:57.550,0:05:00.550
construction key assets and so much more

0:05:00.550,0:05:02.650
take a take a close look at that map

0:05:02.650,0:05:04.300
when you receive it on the way out I

0:05:04.300,0:05:08.310
think you will agree that it is awesome

0:05:08.310,0:05:10.930
now we hope all this content it's

0:05:10.930,0:05:13.390
designed to add value to you so that

0:05:13.390,0:05:14.590
through the upcoming year you can make

0:05:14.590,0:05:17.980
better decisions at lvj we believe that

0:05:17.980,0:05:20.200
information is the currency of economic

0:05:20.200,0:05:22.000
development and when we can equip

0:05:22.000,0:05:24.640
leaders like you with better information

0:05:24.640,0:05:28.000
we as a team will make better decisions

0:05:28.000,0:05:30.340
have a stronger community and have a

0:05:30.340,0:05:34.060
stronger economy that's what perspective

0:05:34.060,0:05:38.140
is all about all right so again thank

0:05:38.140,0:05:40.300
you for coming this morning I want to

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recognize a very special group make sure

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I get this right so pull out the cards

0:05:46.330,0:05:48.760
for this this is our perspective Council

0:05:48.760,0:05:51.460
the perspective Council is responsible

0:05:51.460,0:05:53.950
for leading everything you see here the

0:05:53.950,0:05:58.090
event the speakers the content they're

0:05:58.090,0:05:59.680
not only sponsors but they're involved

0:05:59.680,0:06:01.930
in the process there's an exceptional

0:06:01.930,0:06:04.090
group and I want to recognize them and

0:06:04.090,0:06:05.560
then give them each a big round of

0:06:05.560,0:06:08.500
applause it starts with Cox

0:06:08.500,0:06:11.200
Communications Derek Hill and your team

0:06:11.200,0:06:12.760
could you guys stand up where you guys

0:06:12.760,0:06:15.419
at I just

0:06:18.330,0:06:21.400
so let me tell you just a little bit

0:06:21.400,0:06:26.409
Derek is our vice chairman at LV Gea Cox

0:06:26.409,0:06:29.250
is our pinnacle level investor and

0:06:29.250,0:06:32.319
they're all two on the prospective

0:06:32.319,0:06:34.750
Council an amazing group thank you so

0:06:34.750,0:06:37.030
much we appreciate you guys Derek you

0:06:37.030,0:06:39.639
are amazing thank you 8 News Now

0:06:39.639,0:06:41.620
Lisa how field and the team does stand

0:06:41.620,0:06:44.250
up for you there you are

0:06:44.250,0:06:49.449
stand up and take a look at the crowd

0:06:49.449,0:06:51.580
that Lisa brings with I believe this is

0:06:51.580,0:06:54.759
the largest group you know from 8 News

0:06:54.759,0:06:56.319
now that we have a perspective this

0:06:56.319,0:06:58.210
morning so thank you so much we

0:06:58.210,0:06:59.259
appreciate it

0:06:59.259,0:07:02.349
awesome at Nevada State Bank Shannon

0:07:02.349,0:07:05.740
Petersen and the team many times they're

0:07:05.740,0:07:11.080
there Shannon's one of our new board

0:07:11.080,0:07:12.879
members at L VGA

0:07:12.879,0:07:15.340
thank you so much for this court a

0:07:15.340,0:07:17.409
champion for our community at Wells

0:07:17.409,0:07:20.080
Fargo Curt Clawson and the team stand on

0:07:20.080,0:07:22.409
up guys

0:07:26.310,0:07:29.440
Kirkus on our executive committee at lv

0:07:29.440,0:07:32.380
GA a rock star for this community always

0:07:32.380,0:07:34.710
saying as Kirk you are amazing thank you

0:07:34.710,0:07:38.170
and last but not least the team at

0:07:38.170,0:07:41.320
applied analysis guys sent up Jeremy

0:07:41.320,0:07:42.520
Brian

0:07:42.520,0:07:49.930
Rachel Melanie the team this is our

0:07:49.930,0:07:53.070
go-to group this is the brains behind

0:07:53.070,0:07:55.420
perspective perspective I want you know

0:07:55.420,0:07:57.460
they always say yes they're always

0:07:57.460,0:07:59.200
striving to make this better and they

0:07:59.200,0:08:01.420
blow us away when we ask for crazy

0:08:01.420,0:08:03.280
research requests they find a way to

0:08:03.280,0:08:05.590
make it happen we love you guys thank

0:08:05.590,0:08:08.800
you so much all right so that is our

0:08:08.800,0:08:11.020
perspective Council we also got a group

0:08:11.020,0:08:12.670
of in-kind investors that stepped up

0:08:12.670,0:08:14.260
this year let me read them off we'll

0:08:14.260,0:08:15.790
give them a round of applause at the end

0:08:15.790,0:08:17.230
for helping us get the word out about

0:08:17.230,0:08:20.230
this event we got Kay NPR Lotus

0:08:20.230,0:08:23.260
Broadcasting elite media and Vegas PBS

0:08:23.260,0:08:24.730
let's give a round of applause for this

0:08:24.730,0:08:26.910
group

0:08:29.430,0:08:31.810
thank you there's a lot of elected

0:08:31.810,0:08:33.880
officials in the room I caught a few of

0:08:33.880,0:08:35.500
you as you're you're coming in so this

0:08:35.500,0:08:37.179
is probably an incomplete list but I'm

0:08:37.179,0:08:38.080
going to give it a shot

0:08:38.080,0:08:40.480
we've got mayor elect Deborah March from

0:08:40.480,0:08:43.960
Henderson here stand on up Councilman

0:08:43.960,0:08:46.180
John Mars I believe is with us this

0:08:46.180,0:08:48.480
morning councilman Dan Stewart

0:08:48.480,0:08:50.950
councilman Stavros - Anthony and

0:08:50.950,0:08:52.710
Commissioner Susan breaker

0:08:52.710,0:08:55.990
welcome elected officials stand on up if

0:08:55.990,0:09:02.560
I missed anybody all right now it's the

0:09:02.560,0:09:04.060
fun part we get to kick off the party

0:09:04.060,0:09:06.250
we're going to invite up our first panel

0:09:06.250,0:09:08.680
before I do that though I want to remind

0:09:08.680,0:09:11.410
you to join the conversation on Twitter

0:09:11.410,0:09:14.950
hashtag lb perspective if you do that I

0:09:14.950,0:09:16.540
think there's even on the the tent on

0:09:16.540,0:09:17.970
your table you can ask questions

0:09:17.970,0:09:20.230
following our panel you can be a part of

0:09:20.230,0:09:21.610
the discussion in fact I think we're

0:09:21.610,0:09:23.740
going to throw up a live Twitter wall in

0:09:23.740,0:09:25.480
just a little bit so you will see that

0:09:25.480,0:09:28.150
firsthand here's our first panel it's on

0:09:28.150,0:09:30.910
advancing the business of healthcare why

0:09:30.910,0:09:32.800
because there are amazing things

0:09:32.800,0:09:35.140
happening in this in this industry right

0:09:35.140,0:09:36.880
now in fact if you look at our economy

0:09:36.880,0:09:39.360
it's the fastest jobs reducing segment

0:09:39.360,0:09:41.950
there's major projects plan that you're

0:09:41.950,0:09:44.140
going to hear about and to tell you

0:09:44.140,0:09:45.880
about that we've got a rock star group

0:09:45.880,0:09:48.160
of panelists let's start it off

0:09:48.160,0:09:50.410
Betsy fretwell from the city of Las

0:09:50.410,0:09:52.960
Vegas city manager Betsy could you come

0:09:52.960,0:09:55.230
join us

0:09:56.660,0:10:00.560
from UNLV we got the founding dean of

0:10:00.560,0:10:02.590
the medical school dr. Barbara Atkinson

0:10:02.590,0:10:04.240
welcome come join us

0:10:04.240,0:10:09.730
[Applause]

0:10:09.730,0:10:13.250
from Toro University the one and only

0:10:13.250,0:10:26.540
Shelley Berkley yeah

0:10:26.540,0:10:29.300
and Doug geyser from Las Vegas heals man

0:10:29.300,0:10:30.890
who knows a lot about healthcare welcome

0:10:30.890,0:10:42.320
welcome all right all right good morning

0:10:42.320,0:10:46.790
how are we doing excellent so that's big

0:10:46.790,0:10:49.310
if we could I would like to kick it off

0:10:49.310,0:10:51.620
with you have them start us off and

0:10:51.620,0:10:53.600
here's the question could you give us

0:10:53.600,0:10:54.830
the big the big picture why is

0:10:54.830,0:10:56.810
healthcare important to growing our

0:10:56.810,0:11:00.020
economy and also what is the city of Las

0:11:00.020,0:11:02.840
Vegas doing in particular to grow this

0:11:02.840,0:11:06.370
industry thank you good morning everyone

0:11:06.370,0:11:09.050
it's a real pleasure to be here

0:11:09.050,0:11:11.120
healthcare is a critical industry for us

0:11:11.120,0:11:12.890
one we're underweighted in it and

0:11:12.890,0:11:15.020
everyone knows that when we do our

0:11:15.020,0:11:17.600
surveys at the city of Las Vegas that

0:11:17.600,0:11:19.640
there is always a concern about access

0:11:19.640,0:11:23.750
and quality and so we know that we have

0:11:23.750,0:11:26.450
incredible quality here in town but we

0:11:26.450,0:11:28.970
do have an access issue and many of the

0:11:28.970,0:11:30.530
panelists who are here with me today are

0:11:30.530,0:11:33.050
working to improve that access by

0:11:33.050,0:11:34.850
creating new doctors and new medical

0:11:34.850,0:11:36.550
professionals that will help us

0:11:36.550,0:11:40.220
it also helps bolster our economy these

0:11:40.220,0:11:42.110
are good-paying jobs people who are well

0:11:42.110,0:11:45.230
educated and they help us grow and

0:11:45.230,0:11:47.630
diversify and that's been a critical

0:11:47.630,0:11:50.870
component for the city of Las Vegas most

0:11:50.870,0:11:53.180
recently we put together a medical

0:11:53.180,0:11:56.120
district advisory board about three or

0:11:56.120,0:11:57.740
four years ago at the request of

0:11:57.740,0:11:59.840
councilman Tarkanian and mayor Carolyn

0:11:59.840,0:12:02.840
Goodman we did that because we have one

0:12:02.840,0:12:05.060
of the single largest footprints of

0:12:05.060,0:12:07.250
medical care and service delivery in the

0:12:07.250,0:12:10.490
middle of the city of Las Vegas so of

0:12:10.490,0:12:13.390
the distribution of healthcare providing

0:12:13.390,0:12:17.000
providers in this community we represent

0:12:17.000,0:12:19.910
64% of them right in the medical

0:12:19.910,0:12:21.680
district in the heart of the city of Las

0:12:21.680,0:12:23.600
Vegas and if you're trying to figure out

0:12:23.600,0:12:25.370
where that medical district is it's

0:12:25.370,0:12:28.310
right by UMC so if you can picture that

0:12:28.310,0:12:31.880
right along Charleston near Rancho near

0:12:31.880,0:12:35.029
i-15 and also the council embarked upon

0:12:35.029,0:12:37.940
a plan to expand that district and we've

0:12:37.940,0:12:41.330
added over 400 acres to that 200 acres

0:12:41.330,0:12:43.010
so that we have plenty of room for

0:12:43.010,0:12:46.570
expansion the council also adopted an

0:12:46.570,0:12:49.610
incredible master plan for that area in

0:12:49.610,0:12:52.010
partnership with all the institutional

0:12:52.010,0:12:55.430
providers in that 200 original acres and

0:12:55.430,0:12:58.220
the expanded area that will bring us

0:12:58.220,0:13:00.770
over 600 acres of medical district

0:13:00.770,0:13:03.350
development this is critically important

0:13:03.350,0:13:05.390
because if the city is investing wisely

0:13:05.390,0:13:08.589
in infrastructure and all of the

0:13:08.589,0:13:11.240
providers in the area are partnering on

0:13:11.240,0:13:13.130
things that have a common good to them

0:13:13.130,0:13:16.310
so not programmatic decisions not

0:13:16.310,0:13:19.160
whether or not dr. Atkinson has 60 or 80

0:13:19.160,0:13:22.130
students per class but really how are we

0:13:22.130,0:13:24.890
providing Street networks and a variety

0:13:24.890,0:13:26.630
of other infrastructure that helps drive

0:13:26.630,0:13:27.500
the cost down

0:13:27.500,0:13:29.240
to providing quality and affordable

0:13:29.240,0:13:31.970
healthcare to our community it can

0:13:31.970,0:13:34.010
happen in the health district in the

0:13:34.010,0:13:36.170
medical district through our healthcare

0:13:36.170,0:13:38.720
providers we really feel like this is an

0:13:38.720,0:13:40.760
important play for the city's economic

0:13:40.760,0:13:42.770
development plan and that's what we have

0:13:42.770,0:13:44.630
been focusing on to make a huge

0:13:44.630,0:13:46.970
difference for our entire community and

0:13:46.970,0:13:49.250
we believe that we can be the hub this

0:13:49.250,0:13:50.570
doesn't replace what needs to be

0:13:50.570,0:13:52.310
happening throughout the community this

0:13:52.310,0:13:54.470
accentuates what needs to be happening

0:13:54.470,0:13:56.540
throughout the community and creates a

0:13:56.540,0:13:58.490
hub in the middle of the city where

0:13:58.490,0:14:00.860
everybody can get to it for those things

0:14:00.860,0:14:02.570
that we can only have one up for

0:14:02.570,0:14:04.459
instance and those are the kinds of

0:14:04.459,0:14:05.810
things that we've been pursuing at the

0:14:05.810,0:14:08.839
city we have great hopes for the medical

0:14:08.839,0:14:10.250
school and what it brings to that

0:14:10.250,0:14:12.020
district we're thrilled that the Medical

0:14:12.020,0:14:13.490
Education building is going to be there

0:14:13.490,0:14:15.470
and we have high hopes for additional

0:14:15.470,0:14:17.390
expansion in that area as the medical

0:14:17.390,0:14:19.400
school grows those are the things we're

0:14:19.400,0:14:21.130
focusing in on at the city of Las Vegas

0:14:21.130,0:14:23.600
beautiful dr. axe has been your

0:14:23.600,0:14:27.170
up next we know that the our first class

0:14:27.170,0:14:28.730
at the School of Medicine is coming

0:14:28.730,0:14:30.829
online this summer could you give us a

0:14:30.829,0:14:33.259
taste of the kind of what's next what

0:14:33.259,0:14:34.759
are the major steps what are you excited

0:14:34.759,0:14:37.579
about well I'm excited about it all or

0:14:37.579,0:14:40.370
what I'm excited about the class first I

0:14:40.370,0:14:43.310
just have to tell you quickly it's sixty

0:14:43.310,0:14:45.740
students they're starting on July 17th

0:14:45.740,0:14:48.529
they're starting with EMT training but

0:14:48.529,0:14:50.630
of those 60 students they are all from

0:14:50.630,0:14:53.000
Nevada or they have very strong ties to

0:14:53.000,0:14:55.430
Nevada we just interviewed Nevada

0:14:55.430,0:14:57.800
students we had over 900 applicants and

0:14:57.800,0:15:00.410
300 of them were from Nevada so we

0:15:00.410,0:15:02.420
didn't even have to go beyond that and

0:15:02.420,0:15:05.839
that's exciting in itself so they're

0:15:05.839,0:15:08.000
getting ready to start what we're really

0:15:08.000,0:15:11.389
working on this summer too is setting up

0:15:11.389,0:15:14.269
the clinical Enterprise so on July 1st

0:15:14.269,0:15:17.329
the people who were the faculty at UNR

0:15:17.329,0:15:19.790
School of Medicine which who are

0:15:19.790,0:15:21.889
practicing in Las Vegas are all moving

0:15:21.889,0:15:24.920
over to be UNLV faculty so that's about

0:15:24.920,0:15:26.839
a hundred and twenty-five physicians and

0:15:26.839,0:15:31.100
another 25 or so administrators and so

0:15:31.100,0:15:33.290
they practice in the medical district

0:15:33.290,0:15:34.819
mostly although they have a few other

0:15:34.819,0:15:37.130
sites as well they'll be practicing

0:15:37.130,0:15:39.920
under UNLV medicine starting then and so

0:15:39.920,0:15:41.959
we have to convert those practices into

0:15:41.959,0:15:46.160
a whole different level of care a level

0:15:46.160,0:15:47.990
of care that really is one that you

0:15:47.990,0:15:50.389
would be proud to come to so that's a

0:15:50.389,0:15:53.000
major effort that's going on right now

0:15:53.000,0:15:55.160
re contracting everything everything

0:15:55.160,0:15:58.040
from getting telephones am Lars patient

0:15:58.040,0:16:00.529
records ready to move over it's a big

0:16:00.529,0:16:02.720
deal to move that many people besides

0:16:02.720,0:16:05.329
them moving over they have 300 practice

0:16:05.329,0:16:07.399
plan employees that front desk the

0:16:07.399,0:16:09.290
billing people everybody else that goes

0:16:09.290,0:16:11.029
with the practice they're coming over

0:16:11.029,0:16:13.819
and 300 residents are moving over to

0:16:13.819,0:16:17.149
become you know UNLV residents so we're

0:16:17.149,0:16:19.970
going from having about 80 faculty and

0:16:19.970,0:16:22.069
staff in the School of Medicine to over

0:16:22.069,0:16:25.759
800 on July 1st so that's a pretty big

0:16:25.759,0:16:29.000
deal that's about a quarter of what UNLV

0:16:29.000,0:16:31.399
is altogether so adding that many new

0:16:31.399,0:16:34.880
people is is really exciting but the

0:16:34.880,0:16:36.800
practice is going to be very exciting

0:16:36.800,0:16:38.390
but it'll take us a little while to get

0:16:38.390,0:16:40.430
it to where it needs to be beside that

0:16:40.430,0:16:42.830
we're working on starting that medical

0:16:42.830,0:16:44.570
education building and I have to say the

0:16:44.570,0:16:46.820
city has been an incredible partner with

0:16:46.820,0:16:49.160
us on this and the county has as well

0:16:49.160,0:16:52.130
but County gave us 9 acres of land in

0:16:52.130,0:16:54.350
the medical district we've already moved

0:16:54.350,0:16:56.450
all our current faculty to the medical

0:16:56.450,0:16:58.519
district so we are clearly in the

0:16:58.519,0:17:01.010
medical district now we are in the

0:17:01.010,0:17:03.050
second phase of design of the building

0:17:03.050,0:17:05.240
whereas you've probably read in the

0:17:05.240,0:17:07.040
papers looking for our hundred million

0:17:07.040,0:17:08.780
dollar donor we hope we'll be able to

0:17:08.780,0:17:10.910
say we have that we hope we'll be able

0:17:10.910,0:17:12.980
to actually break ground on the building

0:17:12.980,0:17:17.089
I hope in the fall we'll see so that's

0:17:17.089,0:17:19.640
going on and I think those are probably

0:17:19.640,0:17:22.309
the major efforts we do have a research

0:17:22.309,0:17:23.809
effort going on and that's one that's

0:17:23.809,0:17:25.939
really important for the community it's

0:17:25.939,0:17:28.300
sort of trailing to a certain degree

0:17:28.300,0:17:31.070
everything else because we did education

0:17:31.070,0:17:33.890
first clinical second and research third

0:17:33.890,0:17:37.450
but it's coming we just celebrated a big

0:17:37.450,0:17:41.750
mountain West conglomeration of people

0:17:41.750,0:17:43.550
who are all part of a research team that

0:17:43.550,0:17:44.900
works together to build research

0:17:44.900,0:17:46.790
infrastructure and that's what's really

0:17:46.790,0:17:49.130
going to drive the economic piece of the

0:17:49.130,0:17:51.530
healthcare district and I'll just say

0:17:51.530,0:17:54.380
that the projection of a Medical School

0:17:54.380,0:17:58.760
in a help in a medical district with

0:17:58.760,0:18:00.710
everything it brings is something like a

0:18:00.710,0:18:03.530
three point six billion dollar a year a

0:18:03.530,0:18:06.440
year economic benefit to the community

0:18:06.440,0:18:08.570
and should have something like

0:18:08.570,0:18:11.240
twenty-two thousand new jobs within the

0:18:11.240,0:18:13.790
next 15 years so that's what we're up to

0:18:13.790,0:18:16.669
awesome all right Shelley I'm coming

0:18:16.669,0:18:18.890
your way actually for the next one so

0:18:18.890,0:18:20.720
Shelly you have a unique perspective

0:18:20.720,0:18:22.429
right you've been involved in the

0:18:22.429,0:18:24.770
highest levels of government and in

0:18:24.770,0:18:27.530
medical education I want to ask for your

0:18:27.530,0:18:29.540
thoughts on one of those topics that's

0:18:29.540,0:18:31.580
critical involves both those Graduate

0:18:31.580,0:18:33.559
Medical Education I know our state

0:18:33.559,0:18:35.360
legislature in particulars taking a look

0:18:35.360,0:18:38.000
at this what is it why do we need more

0:18:38.000,0:18:39.679
of it could you give us your thoughts on

0:18:39.679,0:18:41.929
that yeah thank you very much and thanks

0:18:41.929,0:18:44.559
for having me good morning everybody

0:18:44.559,0:18:47.750
GME is a very important issue and very

0:18:47.750,0:18:50.420
critical to the state of Nevada

0:18:50.420,0:18:53.900
we are going to attract doctors and keep

0:18:53.900,0:18:57.800
them here when you graduate medical

0:18:57.800,0:18:59.840
schools you still cannot practice

0:18:59.840,0:19:01.910
medicine you have a minimum of three

0:19:01.910,0:19:04.130
more years of training which is your

0:19:04.130,0:19:07.580
residency graduates medical education

0:19:07.580,0:19:11.570
now years ago its graduate medical

0:19:11.570,0:19:14.840
education dollars how do we pay for GME

0:19:14.840,0:19:17.450
comes out of Medicare funding from the

0:19:17.450,0:19:21.320
feds years ago it was capped which means

0:19:21.320,0:19:24.050
if you're an East Coast state that has

0:19:24.050,0:19:27.050
lots of GME you continued getting

0:19:27.050,0:19:29.660
funding for a growth state like Nevada

0:19:29.660,0:19:32.360
where we've had a huge population

0:19:32.360,0:19:35.480
explosion it's been devastating to us

0:19:35.480,0:19:38.510
because the GME is cap there's no

0:19:38.510,0:19:41.180
funding from the feds so are very

0:19:41.180,0:19:44.020
limited funding from the feds so

0:19:44.020,0:19:46.460
understanding that you need three more

0:19:46.460,0:19:48.950
years of training before you can

0:19:48.950,0:19:51.860
practice medicine it is essential that

0:19:51.860,0:19:55.880
the state of Nevada create its own GME

0:19:55.880,0:19:59.210
and so the governor and I am very high

0:19:59.210,0:20:01.610
on governor Sandoval for a whole host of

0:20:01.610,0:20:05.810
reasons but he understood that we needed

0:20:05.810,0:20:08.900
to create and spend some money on the

0:20:08.900,0:20:13.250
state level in order to create GME so

0:20:13.250,0:20:17.030
last legislative session he ensured in

0:20:17.030,0:20:19.690
his budget was a 10 million dollar

0:20:19.690,0:20:23.000
appropriation to create primary care

0:20:23.000,0:20:26.180
GME's why is that important because the

0:20:26.180,0:20:28.520
greatest shortage of doctors although we

0:20:28.520,0:20:31.160
have shortages across the board greatest

0:20:31.160,0:20:34.210
shortage of doctors is primary care

0:20:34.210,0:20:38.810
physicians as consequently we were able

0:20:38.810,0:20:41.930
to utilize that ten million dollars five

0:20:41.930,0:20:44.300
million each year of the biennium to

0:20:44.300,0:20:47.810
create Graduate Medical Education now in

0:20:47.810,0:20:52.670
this legislative session he again in his

0:20:52.670,0:20:55.010
budget was another ten million dollars

0:20:55.010,0:20:57.560
I've been tracking it in the legislature

0:20:57.560,0:21:00.580
and the legislature I believe when their

0:21:00.580,0:21:02.970
budget is put to bed the

0:21:02.970,0:21:05.580
ten million dollars will survive and we

0:21:05.580,0:21:08.220
will be able to use it for GME it is

0:21:08.220,0:21:11.220
very important that it stays in primary

0:21:11.220,0:21:13.919
care because that is the greatest need

0:21:13.919,0:21:15.510
in the state of Nevada

0:21:15.510,0:21:18.419
let me quickly end with this and it's

0:21:18.419,0:21:21.480
easy to understand why is GME here and

0:21:21.480,0:21:25.289
Nevada important because 70% of doctors

0:21:25.289,0:21:27.990
end up practicing where they do their

0:21:27.990,0:21:31.200
GME their Graduate Medical Education if

0:21:31.200,0:21:33.750
we don't have enough Graduate Medical

0:21:33.750,0:21:36.480
Education in the state of Nevada these

0:21:36.480,0:21:39.780
young men and women these future doctors

0:21:39.780,0:21:42.929
end up going away and unless they have a

0:21:42.929,0:21:44.909
tie with the state of Nevada they're not

0:21:44.909,0:21:47.100
coming back and it makes sense they're

0:21:47.100,0:21:48.929
making contacts in the medical community

0:21:48.929,0:21:50.429
they're getting married they're

0:21:50.429,0:21:52.919
establishing ties in the community that

0:21:52.919,0:21:54.840
they're getting having their residency

0:21:54.840,0:21:58.980
and a simple way to understand this Toro

0:21:58.980,0:22:01.650
University graduates a hundred and

0:22:01.650,0:22:04.650
thirty-five future doctors every year

0:22:04.650,0:22:07.950
we're very proud of that we had 3700

0:22:07.950,0:22:09.929
applications for a hundred and

0:22:09.929,0:22:12.330
thirty-five slots this year we can

0:22:12.330,0:22:15.240
afford to be very selective of who we

0:22:15.240,0:22:17.970
admit into our program if we admit you

0:22:17.970,0:22:20.130
we expect you to graduate and we're

0:22:20.130,0:22:22.049
going to do everything we can to help

0:22:22.049,0:22:26.850
you we have 30 residences will 90 but 30

0:22:26.850,0:22:30.510
30 30 because it's 30 a year with valid

0:22:30.510,0:22:33.419
with the valley health system that means

0:22:33.419,0:22:36.630
that if we feel every residency with the

0:22:36.630,0:22:40.049
Toro students a hundred and five of my

0:22:40.049,0:22:43.080
graduates of future doctors have to

0:22:43.080,0:22:46.049
leave the state of Nevada in order to

0:22:46.049,0:22:49.049
get their training that is insane and

0:22:49.049,0:22:51.030
Barbara and I have talked about this a

0:22:51.030,0:22:53.549
lot you could have a new medical school

0:22:53.549,0:22:55.470
you could have 20 new medical schools

0:22:55.470,0:22:57.840
we're all still competing for the same

0:22:57.840,0:23:01.679
small number of residences until this

0:23:01.679,0:23:04.650
stage gets more residences we are not

0:23:04.650,0:23:09.059
not going to be able to keep doctors

0:23:09.059,0:23:11.880
here and it's simple math and it doesn't

0:23:11.880,0:23:14.220
take a genius to figure this out so if

0:23:14.220,0:23:16.090
you ask and maybe doing something to ask

0:23:16.090,0:23:19.330
later what can I do call your legislator

0:23:19.330,0:23:21.610
we know them that's the beauty of Nevada

0:23:21.610,0:23:24.309
tell them to make sure that GME money

0:23:24.309,0:23:27.669
primary care physicians is in the budget

0:23:27.669,0:23:30.090
this year so we can start more

0:23:30.090,0:23:33.640
residences in the following few years so

0:23:33.640,0:23:36.010
important so important audience so there

0:23:36.010,0:23:45.549
thank you all right Doug you're up next

0:23:45.549,0:23:47.380
want to hop into your world for a little

0:23:47.380,0:23:49.690
bit the audience when they leave today

0:23:49.690,0:23:50.830
they're going to look at that community

0:23:50.830,0:23:52.690
map and they're going to see hospitals

0:23:52.690,0:23:56.080
clinics springing up all over the valley

0:23:56.080,0:23:58.720
could you tell us a little bit striving

0:23:58.720,0:24:00.250
this trend maybe share a few examples

0:24:00.250,0:24:03.490
sure so it's a lot of things during the

0:24:03.490,0:24:05.799
Great Recession we went into that under

0:24:05.799,0:24:08.380
bedded as a community we just flat out

0:24:08.380,0:24:10.750
did not have a bed enough beds to serve

0:24:10.750,0:24:13.390
the community the tear during that

0:24:13.390,0:24:16.630
recession our unemployment rates went up

0:24:16.630,0:24:19.840
therefore our uninsured what not so a

0:24:19.840,0:24:21.580
lot of folks just didn't have access to

0:24:21.580,0:24:25.750
care because of that we were the first

0:24:25.750,0:24:28.179
state or the first republican governor

0:24:28.179,0:24:30.070
that approved the expansion of Medicaid

0:24:30.070,0:24:32.740
through the Affordable Care Act that

0:24:32.740,0:24:35.679
brought in 300,000 new additionally

0:24:35.679,0:24:39.340
insured so these 300,000 needed a place

0:24:39.340,0:24:42.490
to access care and what that's it is it

0:24:42.490,0:24:44.350
also provided a patient that would

0:24:44.350,0:24:45.970
present themselves at the hospitals that

0:24:45.970,0:24:49.600
now had a payer source not quite at the

0:24:49.600,0:24:51.760
level that they need to to be profitable

0:24:51.760,0:24:53.620
but they had a payer source attached to

0:24:53.620,0:24:56.049
them so everybody started growing again

0:24:56.049,0:24:57.490
at the same time some other things

0:24:57.490,0:24:59.590
happen where they started they corrected

0:24:59.590,0:25:01.149
the reimbursement rate for inpatient

0:25:01.149,0:25:03.210
behavioral health so you saw some

0:25:03.210,0:25:05.919
readjustment around the community so now

0:25:05.919,0:25:08.140
you're watching all of these facilities

0:25:08.140,0:25:10.659
and all these systems grow I think a lot

0:25:10.659,0:25:11.710
of the growth that's going on in the

0:25:11.710,0:25:13.870
medical district and with the the UNLV

0:25:13.870,0:25:16.029
School of Medicine is going to continue

0:25:16.029,0:25:19.720
and we're building out now to embrace

0:25:19.720,0:25:22.330
and be prepared for a major

0:25:22.330,0:25:25.179
transformation into academic medicine so

0:25:25.179,0:25:27.100
as that happens and more residents are

0:25:27.100,0:25:28.720
coming through and 70% of those are

0:25:28.720,0:25:29.530
staying here

0:25:29.530,0:25:31.440
they're going to be opening up practices

0:25:31.440,0:25:33.670
then we'll start developing specialty

0:25:33.670,0:25:35.320
and subspecialty programs and fellowship

0:25:35.320,0:25:38.920
programs to bring on the the access to

0:25:38.920,0:25:40.840
care that we desperately need you're

0:25:40.840,0:25:43.690
seeing other systems such as yesterday

0:25:43.690,0:25:45.130
there's a great presentation from the

0:25:45.130,0:25:47.500
folks from Union Village in Henderson

0:25:47.500,0:25:48.790
Hospital that was a hospital that was

0:25:48.790,0:25:50.200
opened up just a year ago and they're

0:25:50.200,0:25:52.840
already expanding they're already at

0:25:52.840,0:25:55.600
that capacity every single Hospital in

0:25:55.600,0:25:57.580
this town is growing at some rate

0:25:57.580,0:25:58.980
whether it's Centennial Spring Valley

0:25:58.980,0:26:01.630
Mountain View sunrise is building a new

0:26:01.630,0:26:04.270
tower you're seeing the introduction of

0:26:04.270,0:26:06.430
stand-alone ers you're seeing the

0:26:06.430,0:26:09.400
introduction of community hospitals or

0:26:09.400,0:26:11.560
micro hospitals and this is all

0:26:11.560,0:26:14.440
improving access to care because we all

0:26:14.440,0:26:17.260
want to access care whereas closest to

0:26:17.260,0:26:19.510
where we live and you're going to see a

0:26:19.510,0:26:21.430
huge transformation that's for years to

0:26:21.430,0:26:22.090
come

0:26:22.090,0:26:24.130
so I think it's an exciting time for

0:26:24.130,0:26:26.290
medicine in Las Vegas I think the great

0:26:26.290,0:26:27.730
work that's being done by our governor

0:26:27.730,0:26:28.960
with the expansion of Graduate Medical

0:26:28.960,0:26:31.180
Education what's happening with you and

0:26:31.180,0:26:32.770
I'll be medicine what's going on at the

0:26:32.770,0:26:35.770
medical district health care is now top

0:26:35.770,0:26:38.740
of mind and tip of tongue it's happening

0:26:38.740,0:26:40.240
it's growing and it's driving this

0:26:40.240,0:26:42.120
community and it's going to require

0:26:42.120,0:26:44.890
strengthening that healthcare pillar for

0:26:44.890,0:26:46.810
true economic diversification to happen

0:26:46.810,0:26:48.970
because as we're trying to recruit

0:26:48.970,0:26:51.280
attract and expand companies to come

0:26:51.280,0:26:54.840
here those executives want to offer

0:26:54.840,0:26:57.640
their family their executives families

0:26:57.640,0:26:59.260
and all of their employees and their

0:26:59.260,0:27:00.880
families good health care and good

0:27:00.880,0:27:03.220
education and so I think the healthcare

0:27:03.220,0:27:04.570
community has really come together to

0:27:04.570,0:27:06.990
help provide that part of the equation

0:27:06.990,0:27:09.280
beautiful beautiful all right panel I'm

0:27:09.280,0:27:10.750
going to open up the next question

0:27:10.750,0:27:12.580
everybody this is a little bit of a hot

0:27:12.580,0:27:16.600
button issue reimbursement rates could

0:27:16.600,0:27:18.520
you guys could you tell us about what's

0:27:18.520,0:27:20.230
going on with reimbursement rates how do

0:27:20.230,0:27:22.990
we stack up to other markets why is it

0:27:22.990,0:27:25.380
important what what can we do about it

0:27:25.380,0:27:28.150
so I'll jump in there sorry to hog the

0:27:28.150,0:27:30.790
microphone a little bit and a little bit

0:27:30.790,0:27:35.320
of a selfish plug so Las Vegas heals has

0:27:35.320,0:27:37.180
a reimbursement survey out on the street

0:27:37.180,0:27:39.010
we partnered up with the LV Gea on this

0:27:39.010,0:27:40.920
so

0:27:40.920,0:27:43.470
let me explain why reimbursements is so

0:27:43.470,0:27:46.260
important economic development really is

0:27:46.260,0:27:48.570
job creation okay and workforce

0:27:48.570,0:27:49.950
development it's what it comes down to

0:27:49.950,0:27:52.740
in workforce development you've got two

0:27:52.740,0:27:55.050
parts of that equation recruitment of a

0:27:55.050,0:27:57.620
workforce and retention of a workforce

0:27:57.620,0:28:00.690
we have worked extremely hard over the

0:28:00.690,0:28:02.640
course of the last four years to expand

0:28:02.640,0:28:06.360
our physician pipeline so the expansion

0:28:06.360,0:28:07.830
of Graduate Medical Education to put

0:28:07.830,0:28:09.690
some perspective to that we're going

0:28:09.690,0:28:11.760
from programs existing in three

0:28:11.760,0:28:13.260
hospitals by the end of this year we

0:28:13.260,0:28:14.730
should probably have programs and 12

0:28:14.730,0:28:19.140
hospitals which is gigantic and so we've

0:28:19.140,0:28:21.660
spent all this time developing this

0:28:21.660,0:28:23.040
pipeline of physicians with the new

0:28:23.040,0:28:24.600
Medical School with the expansion of

0:28:24.600,0:28:26.970
Toro and everything that's going on we

0:28:26.970,0:28:28.710
now need to focus our attention to the

0:28:28.710,0:28:30.350
retention part of the equation and

0:28:30.350,0:28:33.750
that's keeping them here and the

0:28:33.750,0:28:36.450
residency programs get them here what

0:28:36.450,0:28:39.020
keeps doctors here is their pay and

0:28:39.020,0:28:41.790
their pay is directly tied to

0:28:41.790,0:28:44.520
reimbursement rates so if we are not

0:28:44.520,0:28:47.490
reimbursing them adequately all of this

0:28:47.490,0:28:49.200
infrastructure that we've been building

0:28:49.200,0:28:51.410
over the last five years is for naught

0:28:51.410,0:28:54.030
so we have to get this part of the

0:28:54.030,0:28:57.270
equation right Nevada as a whole is one

0:28:57.270,0:28:59.490
of the worst reimburse markets in the

0:28:59.490,0:29:03.000
entire country so physicians have the

0:29:03.000,0:29:05.120
choice because they're in demand

0:29:05.120,0:29:08.250
everywhere the physician shortage is not

0:29:08.250,0:29:10.530
just in Nevada it is in every single

0:29:10.530,0:29:14.100
state and so doctors have choices where

0:29:14.100,0:29:15.960
they could live and when they could go

0:29:15.960,0:29:18.000
to a neighboring states and they could

0:29:18.000,0:29:20.820
earn 40 percent more and see less

0:29:20.820,0:29:22.890
patients and do what they truly care

0:29:22.890,0:29:24.060
about and is delivering exceptional

0:29:24.060,0:29:26.970
patient care spending time with the

0:29:26.970,0:29:28.980
patient's they could choose where

0:29:28.980,0:29:31.020
they're going to go so in order for

0:29:31.020,0:29:32.520
Nevada to have a competitive advantage

0:29:32.520,0:29:35.640
we must address reimbursement rates if

0:29:35.640,0:29:37.890
we don't get that right we're going to

0:29:37.890,0:29:44.780
have serious serious challenges well

0:29:45.610,0:29:48.910
my my husband is a nephrologist they

0:29:48.910,0:29:50.920
when I first started dating him I

0:29:50.920,0:29:52.510
thought that was sex with dead people

0:29:52.510,0:29:59.560
it's not it's he's a gay doctor thank

0:29:59.560,0:30:02.890
God a kid and Ragnar and my stepdaughter

0:30:02.890,0:30:06.130
is a primary care physician so we do

0:30:06.130,0:30:08.440
health care in our family it's a very

0:30:08.440,0:30:10.510
simple thing and just get on it

0:30:10.510,0:30:12.520
reimbursement is important because

0:30:12.520,0:30:15.040
doctors like to eat and support their

0:30:15.040,0:30:17.560
families and if the reimbursement rates

0:30:17.560,0:30:19.780
are low they are going to go elsewhere

0:30:19.780,0:30:22.660
but it also has a lot to do with the

0:30:22.660,0:30:25.030
insurance companies who are negotiating

0:30:25.030,0:30:28.840
the rates with the doctors and because

0:30:28.840,0:30:34.300
there is very few choices of private

0:30:34.300,0:30:38.050
health insurers the insurance companies

0:30:38.050,0:30:40.870
can pretty well determine what they are

0:30:40.870,0:30:43.420
going to pay for the services if the

0:30:43.420,0:30:45.640
doctor wants to be in their network and

0:30:45.640,0:30:48.820
so my husband is a managing doctor of

0:30:48.820,0:30:51.790
his group there's 33 doctors 700

0:30:51.790,0:30:53.740
employees in his group it's a big

0:30:53.740,0:30:56.560
practice but when he is dealing with the

0:30:56.560,0:30:58.990
insurance companies they are offering to

0:30:58.990,0:31:01.480
reimburse them 50 percent of Medicare

0:31:01.480,0:31:04.540
which is pathetic anyway Medicare is one

0:31:04.540,0:31:07.390
of his high pace not one of his low pays

0:31:07.390,0:31:09.310
and you know they could look you know

0:31:09.310,0:31:12.310
we're we just going to deal with your

0:31:12.310,0:31:16.510
competitor and we're giving them 50 50

0:31:16.510,0:31:18.790
percent of Medicare you want it or you

0:31:18.790,0:31:21.160
don't want it now Larry's groups going

0:31:21.160,0:31:22.870
to want to be part of that Network too

0:31:22.870,0:31:25.650
so those primary care physicians can

0:31:25.650,0:31:29.380
refer their patient to to whoever

0:31:29.380,0:31:31.810
whatever doctors in that network so it

0:31:31.810,0:31:35.230
has a lot to do with lack of competition

0:31:35.230,0:31:38.170
with insurance companies offering this

0:31:38.170,0:31:41.980
type of insurance medical insurance to

0:31:41.980,0:31:45.580
our so I guess our fellow citizens

0:31:45.580,0:31:47.110
that's huge

0:31:47.110,0:31:49.470
another thing that is going to be

0:31:49.470,0:31:53.560
devastating for this state if President

0:31:53.560,0:31:56.800
Trump's proposal to cut eight hundred

0:31:56.800,0:31:58.600
billion dollars out of men

0:31:58.600,0:32:01.120
the cave goes through I sincerely doubt

0:32:01.120,0:32:04.270
it will it is going to be devastating

0:32:04.270,0:32:06.610
for the state of Nevada because that's

0:32:06.610,0:32:09.730
how poor people get their services and

0:32:09.730,0:32:11.380
it's important to know this in

0:32:11.380,0:32:14.440
conclusion just because you don't have

0:32:14.440,0:32:16.870
health insurance doesn't mean you don't

0:32:16.870,0:32:20.049
get sick you wait until you get really

0:32:20.049,0:32:21.910
sick and you end up in the emergency

0:32:21.910,0:32:24.910
rooms of the hospital what is the most

0:32:24.910,0:32:28.660
expensive type of treatment emergency

0:32:28.660,0:32:30.789
room treatment and there is a reason

0:32:30.789,0:32:34.390
that UMC is no longer having 70 million

0:32:34.390,0:32:36.880
dollar yearly deficits they're not in

0:32:36.880,0:32:39.690
the red anymore and that's because

0:32:39.690,0:32:43.539
Obamacare expanded Medicaid Governor

0:32:43.539,0:32:46.960
Sandoval agreed that they should that

0:32:46.960,0:32:49.030
the state of Nevada should expand its

0:32:49.030,0:32:51.280
Medicaid program and as the

0:32:51.280,0:32:54.159
reimbursement from the feds gets lower

0:32:54.159,0:32:57.130
and lower the cost to the taxpayers of

0:32:57.130,0:32:59.620
the state of Nevada is going to rise and

0:32:59.620,0:33:03.070
rise and rise it could be a big budget

0:33:03.070,0:33:07.059
buster and for somebody like Barbara who

0:33:07.059,0:33:09.820
needs those state dollar of course Itoro

0:33:09.820,0:33:12.210
doesn't take any state or federal money

0:33:12.210,0:33:18.880
however for yes for a medical school

0:33:18.880,0:33:22.330
that's dependent on state funding the

0:33:22.330,0:33:24.640
fact that Medicaid is going to be cut is

0:33:24.640,0:33:27.039
really going to hurt that they're going

0:33:27.039,0:33:29.110
to have to make up the shortfall and

0:33:29.110,0:33:32.169
things like UNLV medical school and so

0:33:32.169,0:33:34.419
many other programs that we as citizens

0:33:34.419,0:33:37.210
expect from our government aren't going

0:33:37.210,0:33:39.039
to are going to be cut because this is a

0:33:39.039,0:33:41.679
low tax state and our fellow citizens

0:33:41.679,0:33:45.549
don't want their taxes increased alright

0:33:45.549,0:33:48.610
thank you thank you we've got so many

0:33:48.610,0:33:50.350
more questions that I want to ask but

0:33:50.350,0:33:52.090
it's important that we open it up to you

0:33:52.090,0:33:55.059
guys so this is a segment where let's

0:33:55.059,0:33:56.470
see if we can't fit in some questions

0:33:56.470,0:33:58.780
from Twitter and then we're going to

0:33:58.780,0:34:02.520
have a roving microphone as well

0:34:02.640,0:34:06.809
Twitter's not working okay

0:34:06.900,0:34:09.340
our feed is not working all right what's

0:34:09.340,0:34:13.929
the visit this is good to know so from

0:34:13.929,0:34:16.418
the audience do we have a question for

0:34:16.418,0:34:21.010
this panel anybody will come get you

0:34:21.010,0:34:23.739
with microphone while you're waiting can

0:34:23.739,0:34:26.649
I make it yeah all right rebuttal a

0:34:26.649,0:34:31.179
little carrot I I just don't want to

0:34:31.179,0:34:33.159
leave the audience with something that I

0:34:33.159,0:34:35.020
think is a misconception I agree with

0:34:35.020,0:34:37.360
Shelley on almost everything and for

0:34:37.360,0:34:40.119
sure on the GME we absolutely need it

0:34:40.119,0:34:42.310
and it is in the governor's budget so

0:34:42.310,0:34:44.290
and it does look like it's going through

0:34:44.290,0:34:46.989
what I disagree with is that primary

0:34:46.989,0:34:49.480
care is all we need we need specialty

0:34:49.480,0:34:52.000
care in this city as well you do one

0:34:52.000,0:34:53.739
first and then the other and you're

0:34:53.739,0:34:56.020
right we need to both make money from

0:34:56.020,0:34:58.210
primary care and you don't get the

0:34:58.210,0:35:00.610
pipeline that refers let me just tell

0:35:00.610,0:35:02.730
you why we need specialties now too

0:35:02.730,0:35:05.740
because almost half of the students that

0:35:05.740,0:35:09.150
that went to Reno University of

0:35:09.150,0:35:12.460
nevada-reno School of Medicine left the

0:35:12.460,0:35:14.320
state because the specialty training

0:35:14.320,0:35:16.869
they wanted isn't given in the state so

0:35:16.869,0:35:19.540
to actually fix the students leaving the

0:35:19.540,0:35:21.190
state they have to have specialty

0:35:21.190,0:35:23.500
residents and if you look at the medical

0:35:23.500,0:35:25.119
care that's missing it's the highest

0:35:25.119,0:35:27.340
level of medical care that doesn't exist

0:35:27.340,0:35:30.010
at all things like liver transplants

0:35:30.010,0:35:32.260
bone marrow transplants pancreas

0:35:32.260,0:35:34.990
transplants a heart failure program was

0:35:34.990,0:35:37.510
an external pump those are all programs

0:35:37.510,0:35:39.880
that need to be here in Las Vegas and

0:35:39.880,0:35:41.140
you shouldn't have to leave even

0:35:41.140,0:35:43.450
insurance companies have to pay to send

0:35:43.450,0:35:45.280
people out of state for those kinds of

0:35:45.280,0:35:48.070
things so we really need the other

0:35:48.070,0:35:49.930
residences and just to tell you what

0:35:49.930,0:35:51.760
residences are missing in this state

0:35:51.760,0:35:54.010
some very basic things like in

0:35:54.010,0:35:56.500
nephrology fellowship for one is missing

0:35:56.500,0:35:58.869
but things like dermatology

0:35:58.869,0:36:01.750
ophthalmology neurosurgery cardiac

0:36:01.750,0:36:05.830
surgery orthopedics just started so we

0:36:05.830,0:36:09.540
now have that all of the radiology

0:36:09.540,0:36:12.760
anesthesia pathology radiation oncology

0:36:12.760,0:36:15.130
I could probably name a lot more and

0:36:15.130,0:36:16.810
there's not a single pediatric

0:36:16.810,0:36:17.960
fellowship

0:36:17.960,0:36:20.599
only three medicine fellowship so if you

0:36:20.599,0:36:23.450
want to there's no oncology cancer

0:36:23.450,0:36:25.730
fellowships so all of those need to be

0:36:25.730,0:36:28.700
built in this city and as fast as they

0:36:28.700,0:36:30.710
can be built and I will say that

0:36:30.710,0:36:32.540
depending on what charts you look at if

0:36:32.540,0:36:34.580
you look at a national average of

0:36:34.580,0:36:38.240
specialty versus primary care were more

0:36:38.240,0:36:41.180
scarce in in specialties if you look at

0:36:41.180,0:36:43.070
the Mountain West which includes things

0:36:43.070,0:36:45.859
like Idaho Wyoming in Montana

0:36:45.859,0:36:48.890
primary care is more comparing us to

0:36:48.890,0:36:51.560
them is really more in demand but it

0:36:51.560,0:36:53.450
just goes to show that their region as a

0:36:53.450,0:36:55.369
whole needs more specialty care so

0:36:55.369,0:36:57.109
couldn't leave it without that super

0:36:57.109,0:36:59.089
important and in four years when you

0:36:59.089,0:37:01.640
graduate your first class Barbara I

0:37:01.640,0:37:03.800
think we should start those specialties

0:37:03.800,0:37:05.930
right now let's get the primary care

0:37:05.930,0:37:08.540
physicians what let's be real we need

0:37:08.540,0:37:11.030
all of them and we need them all now so

0:37:11.030,0:37:12.950
please talk to the governor talk to your

0:37:12.950,0:37:15.109
legislators let's get the GME funded

0:37:15.109,0:37:16.880
let's get the Medical School funded and

0:37:16.880,0:37:19.040
let's just get this done so people quit

0:37:19.040,0:37:20.869
getting on the airplane to go get their

0:37:20.869,0:37:23.750
care that should not be OK for us in

0:37:23.750,0:37:26.420
this city anymore and all of these

0:37:26.420,0:37:28.040
people are completely dedicated to

0:37:28.040,0:37:30.920
turning that ship around but it takes

0:37:30.920,0:37:36.050
every citizen to care and act that is

0:37:36.050,0:37:38.570
the perfect summary a transition to you

0:37:38.570,0:37:41.119
guys we do have a question from the

0:37:41.119,0:37:42.070
audience

0:37:42.070,0:37:44.930
team yet there we go all right fire away

0:37:44.930,0:37:47.000
Rachel's all Mesquite Regional Business

0:37:47.000,0:37:49.880
we're about an hour east of here and we

0:37:49.880,0:37:51.830
feel the same way except people get in

0:37:51.830,0:37:53.780
their car and come here for medical care

0:37:53.780,0:37:56.480
so is there going to be an effort to

0:37:56.480,0:37:58.220
reach out to rural Clark County

0:37:58.220,0:38:00.680
communities can we have some residences

0:38:00.680,0:38:03.650
in Mesquite in Boulder City and Laughlin

0:38:03.650,0:38:08.089
and some of our other partners I can

0:38:08.089,0:38:09.920
start out saying that I think the big

0:38:09.920,0:38:11.990
the biggest thing that could help rural

0:38:11.990,0:38:14.270
Clark County and rural Nevada is

0:38:14.270,0:38:16.190
telemedicine and I think that's really

0:38:16.190,0:38:17.990
the thing of the future and that's

0:38:17.990,0:38:20.990
something that's really good for urban

0:38:20.990,0:38:24.020
areas too for follow-up you need to be

0:38:24.020,0:38:26.690
see a doctor in person the first time

0:38:26.690,0:38:29.000
but often for follow-up especially with

0:38:29.000,0:38:31.190
chronic diseases it could happen in your

0:38:31.190,0:38:31.430
home

0:38:31.430,0:38:34.579
and save you the drive and save you save

0:38:34.579,0:38:36.740
you the parking and so on

0:38:36.740,0:38:39.800
let the echo what Barbara is saying Kuro

0:38:39.800,0:38:42.500
is very aggressively moving into

0:38:42.500,0:38:44.960
telemedicine I think it is very

0:38:44.960,0:38:47.990
important if there are not enough health

0:38:47.990,0:38:50.359
care providers and there are not in the

0:38:50.359,0:38:54.500
state of Nevada see a very good way it's

0:38:54.500,0:38:57.530
not the ideal perfect way but a very

0:38:57.530,0:39:00.290
good way to access healthcare and to

0:39:00.290,0:39:02.540
speak to a health care provider is

0:39:02.540,0:39:05.059
through telemedicine so we are also

0:39:05.059,0:39:07.220
moving in that direction very very

0:39:07.220,0:39:11.960
rapidly and very aggressively excellent

0:39:11.960,0:39:14.839
I know we're running short on time so

0:39:14.839,0:39:16.670
we're going to cut cut this segment

0:39:16.670,0:39:18.829
short and give this group a huge round

0:39:18.829,0:39:25.220
of applause can you join me thank you so

0:39:25.220,0:39:36.619
much all right I hope you can see how

0:39:36.619,0:39:38.930
critical healthcare is to our economy

0:39:38.930,0:39:41.420
and to really to our community and

0:39:41.420,0:39:43.490
getting to that next level I hope you

0:39:43.490,0:39:45.799
learn something there we're going to

0:39:45.799,0:39:49.849
move on to our first keynote and I want

0:39:49.849,0:39:52.700
to introduce this by saying a friend

0:39:52.700,0:39:54.650
once told me you'll know when you

0:39:54.650,0:39:58.809
arrived in Las Vegas when Jeremy agüero

0:39:58.809,0:40:03.470
considers you a friend right I believe

0:40:03.470,0:40:06.170
that that's kind of true and I'm proud

0:40:06.170,0:40:08.960
to say Jeremy I consider you a friend

0:40:08.960,0:40:11.650
you're one of the smartest people I know

0:40:11.650,0:40:14.240
this is the presentation that I know you

0:40:14.240,0:40:16.579
guys really keep coming back for year

0:40:16.579,0:40:18.890
after year that makes perspective great

0:40:18.890,0:40:21.380
let's give a warm welcome to Jeremy

0:40:21.380,0:40:24.609
agüero with a plot analysis

0:40:27.380,0:40:30.510
[Music]

0:40:31.180,0:40:33.770
good morning I appreciate everybody

0:40:33.770,0:40:37.370
being here today as Jonas my very good

0:40:37.370,0:40:41.630
friend indicated my job is to come up

0:40:41.630,0:40:43.250
here and provide you somewhat of an

0:40:43.250,0:40:44.570
overview in terms of where we are as an

0:40:44.570,0:40:46.010
economy and where we think that were

0:40:46.010,0:40:47.240
ultimately heading before I do that

0:40:47.240,0:40:49.310
Jonas was so nice to say thank you to

0:40:49.310,0:40:50.870
our firm and the other sponsors that we

0:40:50.870,0:40:52.790
have and everyone being here but he

0:40:52.790,0:40:55.610
would never be so presumptive is to say

0:40:55.610,0:40:58.010
to mention the LV Gea and all the

0:40:58.010,0:40:59.570
wonderful things that they do and their

0:40:59.570,0:41:01.490
entire staff does to put on this event

0:41:01.490,0:41:09.260
please give them a round in developing

0:41:09.260,0:41:11.120
my presentation today the title of my

0:41:11.120,0:41:13.280
presentation is coming full circle it

0:41:13.280,0:41:15.080
occurs to me that our community is going

0:41:15.080,0:41:17.000
through some unique brand approach

0:41:17.000,0:41:20.890
traumatic stress excuse me yeah me too

0:41:20.890,0:41:23.840
post-traumatic stress disorder in terms

0:41:23.840,0:41:25.520
of this ability to start to

0:41:25.520,0:41:27.170
conceptualize the fact that our economy

0:41:27.170,0:41:28.760
is no longer in recession that we're

0:41:28.760,0:41:30.200
starting to move forward and the

0:41:30.200,0:41:31.400
questions that I get are relatively

0:41:31.400,0:41:33.950
similar hey look what's going to happen

0:41:33.950,0:41:35.450
next when are we going to fall off this

0:41:35.450,0:41:37.760
cliff are we growing too fast this mean

0:41:37.760,0:41:39.350
we're getting out over our skis are we

0:41:39.350,0:41:40.790
just setting ourselves up to happen

0:41:40.790,0:41:42.620
again should I invest all of those type

0:41:42.620,0:41:45.020
of things seem to be this recurring set

0:41:45.020,0:41:46.520
of questions and so I'd like to take

0:41:46.520,0:41:48.260
some time to put some of those arrests

0:41:48.260,0:41:50.390
and I understand why we got to this

0:41:50.390,0:41:52.940
point let's not forget about all of the

0:41:52.940,0:41:54.740
articles that came out for the better

0:41:54.740,0:41:57.290
part of a five-year period right

0:41:57.290,0:41:59.390
crowds returned but we're no one's going

0:41:59.390,0:42:01.640
to gamble the housing market continues

0:42:01.640,0:42:04.640
to slide Las Vegas economy absolutely in

0:42:04.640,0:42:07.340
freefall my personal favorite Las Vegas

0:42:07.340,0:42:10.300
economy among the worst in the world

0:42:10.300,0:42:14.030
report says now I can think of lots of

0:42:14.030,0:42:17.330
places on planet Earth many of them end

0:42:17.330,0:42:20.510
with something like Stan Tajikistan you

0:42:20.510,0:42:22.910
know whatever that I don't even ever

0:42:22.910,0:42:25.370
believe that we are the worst on planet

0:42:25.370,0:42:27.590
earth and then the other one that was

0:42:27.590,0:42:29.900
out there was of course Las Vegas from

0:42:29.900,0:42:32.000
Time magazine where Joel Stein called

0:42:32.000,0:42:35.630
Las Vegas the world's greatest ghost

0:42:35.630,0:42:36.360
town

0:42:36.360,0:42:39.180
in waiting right this is why we continue

0:42:39.180,0:42:42.300
to have this type of concern and I get

0:42:42.300,0:42:44.700
it I get that the economic downturn was

0:42:44.700,0:42:47.130
significant I get that it created a lot

0:42:47.130,0:42:49.410
of stress for us in here but the fact

0:42:49.410,0:42:51.540
that this room is filled with so many

0:42:51.540,0:42:54.390
familiar faces among people who found a

0:42:54.390,0:42:56.100
way to make it work I think is something

0:42:56.100,0:42:58.020
we should be very proud of and I think

0:42:58.020,0:43:00.270
being realistic about where we are is

0:43:00.270,0:43:02.790
important because this community will

0:43:02.790,0:43:05.910
not be judged based on our ability to

0:43:05.910,0:43:09.150
survive a recession our community will

0:43:09.150,0:43:12.150
be judged on the ability to sustain our

0:43:12.150,0:43:14.400
prosperity that is what you heard today

0:43:14.400,0:43:16.860
and that is what we need to do as a

0:43:16.860,0:43:18.840
community I'm going to start with

0:43:18.840,0:43:20.880
population growth because our community

0:43:20.880,0:43:23.610
is geared for exactly that we are

0:43:23.610,0:43:26.160
designed to grow we have been among the

0:43:26.160,0:43:28.620
nation's fastest growing for decades and

0:43:28.620,0:43:30.150
decades and decades and here we are

0:43:30.150,0:43:32.640
still again what I'd like to do is just

0:43:32.640,0:43:34.590
show you the population growth during

0:43:34.590,0:43:36.930
sort of a boom period and then you see

0:43:36.930,0:43:38.250
that it sort of flattens out a little

0:43:38.250,0:43:40.830
bit and here we are again and today we

0:43:40.830,0:43:44.910
are a community of 2.2 million people

0:43:44.910,0:43:47.760
overall 2.2 million people call this

0:43:47.760,0:43:48.510
place home

0:43:48.510,0:43:50.130
now it's the same 500 people that you

0:43:50.130,0:43:52.530
see everywhere you go I get that okay

0:43:52.530,0:43:55.710
but there really are 2.2 million people

0:43:55.710,0:43:57.870
have physically live in this community

0:43:57.870,0:44:00.300
now I went relatively fast to this and

0:44:00.300,0:44:02.070
if I was to go back through it you'd see

0:44:02.070,0:44:03.420
that the demographics and I'll go

0:44:03.420,0:44:05.190
backward because my guys were so nice to

0:44:05.190,0:44:07.170
create this if you look on the right

0:44:07.170,0:44:09.060
side of my chart that's the shares in

0:44:09.060,0:44:10.760
terms of races in terms of our

0:44:10.760,0:44:13.140
demographics if you will and we look at

0:44:13.140,0:44:15.480
2000 and then we look at 2006 and then

0:44:15.480,0:44:17.370
we look at 2012 and then where we are

0:44:17.370,0:44:19.380
today we are becoming increasingly

0:44:19.380,0:44:22.050
diverse we are minority majority all of

0:44:22.050,0:44:24.270
those type of things this diversity is

0:44:24.270,0:44:27.060
what makes our community great it is

0:44:27.060,0:44:29.220
part of who we are it is the fabric of

0:44:29.220,0:44:31.200
our society and there is nothing wrong

0:44:31.200,0:44:32.670
with it as a matter of fact we only

0:44:32.670,0:44:34.740
today are starting to embrace that and

0:44:34.740,0:44:37.290
carry it forward these are the 35

0:44:37.290,0:44:39.720
largest metropolitan areas in the United

0:44:39.720,0:44:41.760
States we are the third fastest growing

0:44:41.760,0:44:44.310
of all of them not a bad place to be

0:44:44.310,0:44:46.590
where are newcomers coming from there's

0:44:46.590,0:44:48.570
no surprise here who want to think about

0:44:48.570,0:44:49.480
it in terms of full

0:44:49.480,0:44:51.640
circle yes people did not move to

0:44:51.640,0:44:53.530
Southern Nevada when the economy was

0:44:53.530,0:44:55.180
going down why did they not move because

0:44:55.180,0:44:57.130
they weren't moving anywhere because

0:44:57.130,0:44:59.140
their house was underwater that's why

0:44:59.140,0:45:01.240
people weren't moving and now they're

0:45:01.240,0:45:02.560
moving again and guess where they're

0:45:02.560,0:45:05.080
coming for from excuse me California

0:45:05.080,0:45:07.150
because it's the seventh largest economy

0:45:07.150,0:45:09.310
on planet Earth and people can't get out

0:45:09.310,0:45:10.930
of there fast enough all of which is

0:45:10.930,0:45:13.420
fine right but it's benefiting us but

0:45:13.420,0:45:15.340
more important than this idea of full

0:45:15.340,0:45:17.500
circle is how we've changed in that

0:45:17.500,0:45:19.210
let's just take a look at what those

0:45:19.210,0:45:21.460
newcomer trends look like throughout the

0:45:21.460,0:45:24.100
years in 2000 look at what the income

0:45:24.100,0:45:26.050
level was look at the age of people

0:45:26.050,0:45:28.060
moving in what we know is that today

0:45:28.060,0:45:30.940
people are moving into our community to

0:45:30.940,0:45:33.250
find jobs that are at a higher level and

0:45:33.250,0:45:35.170
they're bringing more income with them

0:45:35.170,0:45:37.060
they're also bringing more home equity

0:45:37.060,0:45:39.160
with them and surprisingly enough there

0:45:39.160,0:45:40.810
up actually appears to be some

0:45:40.810,0:45:42.850
Millennials that are moving out of their

0:45:42.850,0:45:44.859
parents house because they appear to be

0:45:44.859,0:45:47.680
moving here right if you look at the far

0:45:47.680,0:45:50.440
right at 2016 the age at which people

0:45:50.440,0:45:52.630
are moving in is dropping for every

0:45:52.630,0:45:54.670
reason and the LBG a has been absolutely

0:45:54.670,0:45:57.220
a leader on this is the reality that we

0:45:57.220,0:45:59.920
cannot create as many professionals as

0:45:59.920,0:46:01.630
we need in this community

0:46:01.630,0:46:03.490
things like GME and others are

0:46:03.490,0:46:05.380
essentially a roadblock until we are

0:46:05.380,0:46:07.030
going to have to attract talent

0:46:07.030,0:46:08.800
particularly from around the western

0:46:08.800,0:46:10.600
United States and they're coming here

0:46:10.600,0:46:13.000
and they're coming here because we offer

0:46:13.000,0:46:16.660
a better way of life overall if we

0:46:16.660,0:46:19.150
transition from this idea of population

0:46:19.150,0:46:21.640
to this concept of employment right the

0:46:21.640,0:46:23.500
number one motivation for people moving

0:46:23.500,0:46:25.510
into our community as it has been for

0:46:25.510,0:46:28.390
most of the past 37 years has been this

0:46:28.390,0:46:31.390
idea of finding a job probably much

0:46:31.390,0:46:33.609
longer than that but it is this idea of

0:46:33.609,0:46:36.640
finding a job and if we look at how we

0:46:36.640,0:46:38.470
are creating jobs and where we've been

0:46:38.470,0:46:40.840
this idea of sort of coming all the way

0:46:40.840,0:46:42.940
back around this is what job growth

0:46:42.940,0:46:45.340
looked in 2007 most of the folks here

0:46:45.340,0:46:47.980
remember what 2007 was like jobs were

0:46:47.980,0:46:49.869
plentiful the unemployment rate was

0:46:49.869,0:46:52.720
approaching 4% everybody that wanted a

0:46:52.720,0:46:55.330
job could find a job except perhaps for

0:46:55.330,0:46:57.670
my brother-in-law and and and it was

0:46:57.670,0:47:00.070
fine right it was good right we were

0:47:00.070,0:47:01.780
growing at four point three percent we

0:47:01.780,0:47:02.329
were the

0:47:02.329,0:47:03.589
we were the fifth fastest growing

0:47:03.589,0:47:05.539
metropolitan area excuse-me states in

0:47:05.539,0:47:08.089
the nation and here we look at a 2011

0:47:08.089,0:47:10.339
when the world is kind of coming apart

0:47:10.339,0:47:13.670
and only North Dakota has positive

0:47:13.670,0:47:15.920
growth right you know yeah there's a lot

0:47:15.920,0:47:17.420
of jokes there we'll just leave it leave

0:47:17.420,0:47:19.869
it there and then you look at 2017 and

0:47:19.869,0:47:23.209
here we are again here we are again at

0:47:23.209,0:47:25.939
the now the third fastest growing state

0:47:25.939,0:47:28.309
in the entire United States and that's

0:47:28.309,0:47:30.799
great and that full circle is what is

0:47:30.799,0:47:33.109
important to us but the nature of it

0:47:33.109,0:47:35.299
what is underlying it is the reason that

0:47:35.299,0:47:37.579
we can at least exhale a little bit and

0:47:37.579,0:47:39.890
say we are learning to do it better as

0:47:39.890,0:47:41.959
we go forward let's just talk about that

0:47:41.959,0:47:44.059
for a moment now here's the

0:47:44.059,0:47:46.699
pre-recession growth in employment for

0:47:46.699,0:47:48.439
the top 35 MSA

0:47:48.439,0:47:50.719
I guess I should show this in advance of

0:47:50.719,0:47:52.849
showing how we're changing to make sure

0:47:52.849,0:47:54.140
that I'm showing sort of an apples to

0:47:54.140,0:47:56.209
apples comparison so we were just

0:47:56.209,0:47:57.679
looking at states we're now looking at

0:47:57.679,0:47:59.779
MSA is you can see there's only one

0:47:59.779,0:48:02.900
large MSA now to the right of us in 2007

0:48:02.900,0:48:06.229
we're dead last in the among large MSA

0:48:06.229,0:48:09.199
and in 2011 and here we are today at

0:48:09.199,0:48:12.529
about three a little over 3% employment

0:48:12.529,0:48:14.269
growth which I'm sure my good friends at

0:48:14.269,0:48:15.559
the Nevada Department of Employment

0:48:15.559,0:48:17.059
training and rehabilitation that are

0:48:17.059,0:48:19.219
here today will tell you that is pretty

0:48:19.219,0:48:22.130
darn good growth overall and we like it

0:48:22.130,0:48:24.650
so we look at where we are in terms of

0:48:24.650,0:48:27.650
having created all of those jobs right

0:48:27.650,0:48:29.989
here's our last peak there it is in May

0:48:29.989,0:48:32.929
of 2007 when we had about let's call it

0:48:32.929,0:48:34.489
nine hundred and forty thousand today

0:48:34.489,0:48:36.229
where let's call it nine hundred and

0:48:36.229,0:48:38.809
eighty thousand we have forty thousand

0:48:38.809,0:48:41.779
more jobs today in our community than we

0:48:41.779,0:48:44.239
did then on the far right hand side of

0:48:44.239,0:48:46.549
my chart of course is what sectors are

0:48:46.549,0:48:48.259
showing the greatest growth and I think

0:48:48.259,0:48:50.299
this is part of the angst that we have

0:48:50.299,0:48:52.759
the number one growth sector we had over

0:48:52.759,0:48:54.589
the past 12 months has been construction

0:48:54.589,0:48:56.929
we added 8,500 jobs and I am here to

0:48:56.929,0:48:58.640
tell you that as we're going through

0:48:58.640,0:49:01.069
this exercise by the time we get to the

0:49:01.069,0:49:03.349
end of this year our community is going

0:49:03.349,0:49:05.779
to be 10,000 construction workers short

0:49:05.779,0:49:07.819
of the number we're going to need to

0:49:07.819,0:49:09.769
keep pace with all the projects we have

0:49:09.769,0:49:11.089
and if there's some construction folks

0:49:11.089,0:49:12.799
in the room they're probably going to

0:49:12.799,0:49:14.749
tell you that I'm light on that number

0:49:14.749,0:49:15.550
and we're all

0:49:15.550,0:49:18.070
10,000 construction workers short of

0:49:18.070,0:49:19.750
hitting that number look at the other

0:49:19.750,0:49:21.400
areas that we're growing professional

0:49:21.400,0:49:23.020
and business services leisure and

0:49:23.020,0:49:25.590
hospitality education in health care all

0:49:25.590,0:49:27.820
expanding let's take a look at the

0:49:27.820,0:49:30.100
unemployment rate right our unemployment

0:49:30.100,0:49:32.340
rate of course was always approaching

0:49:32.340,0:49:35.740
15% at the peak of the market the green

0:49:35.740,0:49:37.300
area at the bottom shows the

0:49:37.300,0:49:39.160
differential between our unemployment

0:49:39.160,0:49:41.320
rate and the United States unemployment

0:49:41.320,0:49:43.420
rate which I will argue would be almost

0:49:43.420,0:49:45.340
more important than anything else that's

0:49:45.340,0:49:47.620
on this chart why because that led to an

0:49:47.620,0:49:49.690
out migration of folks and was part of

0:49:49.690,0:49:52.210
the reason that we lost 1 out of every 8

0:49:52.210,0:49:54.880
private sector jobs in its southern

0:49:54.880,0:49:57.190
nevada during the peak of the recession

0:49:57.190,0:50:00.490
today we've gotten almost all of it back

0:50:00.490,0:50:03.670
we are doing well we are at near full

0:50:03.670,0:50:05.860
employment if not at full employment and

0:50:05.860,0:50:09.100
that is extremely positive overall under

0:50:09.100,0:50:10.660
where we were where we're headed

0:50:10.660,0:50:11.740
all those types of things now I

0:50:11.740,0:50:15.010
understand that this chart is is there's

0:50:15.010,0:50:17.170
a lot of colors and a lot of numbers all

0:50:17.170,0:50:18.970
type of things I'd like to talk about it

0:50:18.970,0:50:21.580
just for a moment that those sort of big

0:50:21.580,0:50:23.080
green blocks that's leisure and

0:50:23.080,0:50:25.420
hospitality right this shows us how many

0:50:25.420,0:50:27.640
employees we have and every sector of

0:50:27.640,0:50:29.650
the economy you can see the big green

0:50:29.650,0:50:33.550
block is still the big green block you

0:50:33.550,0:50:36.010
will also see that if we look at 2007

0:50:36.010,0:50:38.860
versus 2017 that the yellow area which

0:50:38.860,0:50:41.380
is education and health services which

0:50:41.380,0:50:43.120
of course you just heard a great deal

0:50:43.120,0:50:45.940
about is getting larger we still have

0:50:45.940,0:50:47.830
only 70 percent of the healthcare

0:50:47.830,0:50:50.380
economy we should for an area of our

0:50:50.380,0:50:51.970
size and that is hugely problematic

0:50:51.970,0:50:54.310
although you will notice that the yellow

0:50:54.310,0:50:57.700
area has gotten increasingly bigger I'm

0:50:57.700,0:51:00.520
really glad that Shelley clarified in

0:51:00.520,0:51:02.110
terms of what nephrology is because

0:51:02.110,0:51:03.340
there's been growth there and I was

0:51:03.340,0:51:04.510
really wondering what the hell was going

0:51:04.510,0:51:09.730
on right so I'm glad I now have all of

0:51:09.730,0:51:12.280
that straight but at the end of the day

0:51:12.280,0:51:13.690
is the one that we probably care about

0:51:13.690,0:51:15.460
the most is this one which is why we

0:51:15.460,0:51:16.960
created the chart in the first place and

0:51:16.960,0:51:19.180
that's the idea of construction so if

0:51:19.180,0:51:21.130
construction is now at the top of our

0:51:21.130,0:51:23.830
list are we getting out over our skis do

0:51:23.830,0:51:27.700
we have this huge problem in 2007 you

0:51:27.700,0:51:29.260
can see that 11.2%

0:51:29.260,0:51:31.330
of our employment was in construction at

0:51:31.330,0:51:33.610
the bottom of the market it was 4.8%

0:51:33.610,0:51:36.010
today we're 6.3 and on the right-hand

0:51:36.010,0:51:38.260
side of my chart I think is what is

0:51:38.260,0:51:40.420
critically important I just told you we

0:51:40.420,0:51:44.350
have 40,000 more employees than we did

0:51:44.350,0:51:48.370
at the prior peak of our economy we did

0:51:48.370,0:51:51.280
that with 40 thousand fewer construction

0:51:51.280,0:51:53.650
workers in our economy at its peak that

0:51:53.650,0:51:55.240
was a hundred and five thousand today

0:51:55.240,0:51:58.450
it's 61 thousand not a bad place for us

0:51:58.450,0:52:00.250
to be and I would argue significantly

0:52:00.250,0:52:02.410
more healthy than where we were going in

0:52:02.410,0:52:04.690
to the economic downturn now let's let's

0:52:04.690,0:52:06.910
take a look at what the u.s. averages

0:52:06.910,0:52:09.040
are for each one of those five point six

0:52:09.040,0:52:10.690
percent three point nine percent and

0:52:10.690,0:52:13.270
four point six percent okay we'll take

0:52:13.270,0:52:15.520
it that number starts that six point

0:52:15.520,0:52:16.960
three percent on that one on the right

0:52:16.960,0:52:19.750
starts to approach 8 percent we need to

0:52:19.750,0:52:21.580
start having a conversation about it in

0:52:21.580,0:52:23.440
our community that is the level of

0:52:23.440,0:52:24.760
growth that will start to be

0:52:24.760,0:52:26.290
unsustainable and something we'll need

0:52:26.290,0:52:28.660
to keep an eye on if we look at it in

0:52:28.660,0:52:31.540
terms of the demand for space right is

0:52:31.540,0:52:33.850
this creation of jobs and what we're

0:52:33.850,0:52:36.010
developing leading to this demand for

0:52:36.010,0:52:37.720
space this chart has all kinds of

0:52:37.720,0:52:39.430
information on it the vacancy rate and

0:52:39.430,0:52:42.010
how many employees are office using and

0:52:42.010,0:52:43.570
how many square feet they use and all

0:52:43.570,0:52:44.770
those types of things all of which is

0:52:44.770,0:52:46.450
important and I appreciate my guys

0:52:46.450,0:52:47.980
putting it on here but what is

0:52:47.980,0:52:50.470
critically important about this slide is

0:52:50.470,0:52:52.570
that the little green line is above the

0:52:52.570,0:52:54.490
little purple line which means that we

0:52:54.490,0:52:56.560
are demanding more office space than we

0:52:56.560,0:52:58.870
are bringing on concurrent with this

0:52:58.870,0:53:01.240
fact that we are growing more rapidly we

0:53:01.240,0:53:04.390
are also finding ways to utilize the

0:53:04.390,0:53:06.160
existing space that we have and we are

0:53:06.160,0:53:08.200
being pragmatic in terms of how much

0:53:08.200,0:53:10.600
we're bringing on this chart shows the

0:53:10.600,0:53:12.790
number of the amount of occupied space

0:53:12.790,0:53:15.550
for every office using employee at the

0:53:15.550,0:53:18.010
peak of the market sort of back sort of

0:53:18.010,0:53:20.110
looking far to the right and then we go

0:53:20.110,0:53:22.000
up into the recession and that number

0:53:22.000,0:53:25.390
gets to 130 square feet for every office

0:53:25.390,0:53:28.000
using employee why does it get to that

0:53:28.000,0:53:29.830
level because when you start laying

0:53:29.830,0:53:31.690
people off you've got a lot of office

0:53:31.690,0:53:34.180
space out there right and so if we look

0:53:34.180,0:53:36.880
today we're now at about 110 which means

0:53:36.880,0:53:39.700
we are utilizing our office space in a

0:53:39.700,0:53:41.920
way that's almost equally effective to a

0:53:41.920,0:53:42.940
period when the

0:53:42.940,0:53:45.250
vacancy rate was you know let's call it

0:53:45.250,0:53:49.089
sub 6% in our community what we have is

0:53:49.089,0:53:51.040
a disconnect between functional space

0:53:51.040,0:53:53.260
and well located space and non

0:53:53.260,0:53:54.609
functional space and stuff that's just

0:53:54.609,0:53:56.319
not that well located and that's what

0:53:56.319,0:53:58.180
we're seeing today and so what's working

0:53:58.180,0:54:00.849
out okay and in addition to that what we

0:54:00.849,0:54:02.589
are building in our community our

0:54:02.589,0:54:05.020
corporate headquarters build two suits

0:54:05.020,0:54:07.270
right some of the most phenomenal office

0:54:07.270,0:54:09.010
developments in the entire western

0:54:09.010,0:54:10.960
United States are happening right in our

0:54:10.960,0:54:12.310
backyard not the least of which is

0:54:12.310,0:54:14.800
something the UFC and aristocrat

0:54:14.800,0:54:16.710
facilities that are recently constructed

0:54:16.710,0:54:19.270
now the housing market seems to me to be

0:54:19.270,0:54:21.339
something that's worthy of some extended

0:54:21.339,0:54:23.500
discussion along the same lines

0:54:23.500,0:54:26.290
why because housing was given all of the

0:54:26.290,0:54:27.910
blame in terms of the economic downturn

0:54:27.910,0:54:30.190
and seems to be getting zero of the

0:54:30.190,0:54:32.290
credit in terms of coming back we've

0:54:32.290,0:54:34.839
seen subdivisions have started to pop up

0:54:34.839,0:54:36.339
and those types of things which is

0:54:36.339,0:54:38.589
creating some concern in terms of over

0:54:38.589,0:54:40.630
building within our market or price is

0:54:40.630,0:54:42.730
getting out of line are we building too

0:54:42.730,0:54:45.190
many houses should I buy a house is my

0:54:45.190,0:54:46.900
house going to drop in value as a result

0:54:46.900,0:54:49.300
I hear this question at least three

0:54:49.300,0:54:51.670
times a week and so let me try and

0:54:51.670,0:54:53.910
answer at the 500 people at one time on

0:54:53.910,0:54:56.890
the critical way of looking at it is

0:54:56.890,0:54:59.290
something we refer to as the ep ratio or

0:54:59.290,0:55:01.540
the number of employees versus the

0:55:01.540,0:55:02.680
number of permits that you're

0:55:02.680,0:55:04.480
constructing and forgive me for getting

0:55:04.480,0:55:07.060
overly technical but there are generally

0:55:07.060,0:55:11.170
about 1.3 5 employees in every household

0:55:11.170,0:55:13.630
it's just the way it averages out and so

0:55:13.630,0:55:16.000
if that number gets out of whack if you

0:55:16.000,0:55:17.829
start to permit more than that it

0:55:17.829,0:55:19.390
becomes problematic if you permit less

0:55:19.390,0:55:21.220
than that it becomes problematic from an

0:55:21.220,0:55:24.430
over/under supply standpoint today the

0:55:24.430,0:55:26.560
little purple line is what Las Vegas is

0:55:26.560,0:55:28.839
doing in terms of the EP ratio which

0:55:28.839,0:55:30.670
means that there are two point four

0:55:30.670,0:55:33.220
employees for every home that we are

0:55:33.220,0:55:35.530
constructing today with everything that

0:55:35.530,0:55:37.780
we're seeing we're not building enough

0:55:37.780,0:55:40.720
homes for all of the employees that we

0:55:40.720,0:55:42.970
are generating and the matter of fact if

0:55:42.970,0:55:44.920
we look at the Green Line which

0:55:44.920,0:55:46.450
represents the United States as a whole

0:55:46.450,0:55:50.170
the u.s. is building about 1.7 for 1.75

0:55:50.170,0:55:53.079
houses for excuse me employees generate

0:55:53.079,0:55:56.320
one additional housing unit we are under

0:55:56.320,0:55:58.750
building our residential today which

0:55:58.750,0:56:00.670
leaves us with some degree of comfort

0:56:00.670,0:56:02.800
overall in terms of housing

0:56:02.800,0:56:04.330
affordability is it getting out of whack

0:56:04.330,0:56:06.850
the answers really no you can see places

0:56:06.850,0:56:08.890
like the bigger numbers are actually

0:56:08.890,0:56:11.410
better here so don't we excuse me don't

0:56:11.410,0:56:13.630
read this in any way incorrectly UC San

0:56:13.630,0:56:15.910
Francisco Los Angeles and San Jose or at

0:56:15.910,0:56:17.500
the bottom in terms of housing

0:56:17.500,0:56:19.390
opportunity can people actually afford a

0:56:19.390,0:56:21.160
house no they cannot in those markets

0:56:21.160,0:56:23.470
can they in our market yes they can if

0:56:23.470,0:56:25.390
we look at the housing price index

0:56:25.390,0:56:27.310
we're not even back to where we were

0:56:27.310,0:56:30.640
overall now if we think about it in

0:56:30.640,0:56:32.500
terms of this coming full circle let's

0:56:32.500,0:56:34.330
make sure that we are clear here in

0:56:34.330,0:56:36.730
terms of how it all played out this is

0:56:36.730,0:56:37.870
2004

0:56:37.870,0:56:40.990
excuse me 2003 to 2004 arguably the peak

0:56:40.990,0:56:43.180
of the housing market the prior peak of

0:56:43.180,0:56:45.430
the housing market Nevada was number one

0:56:45.430,0:56:47.050
in the United States with annual

0:56:47.050,0:56:50.980
appreciation of 37.2% if anyone believes

0:56:50.980,0:56:53.740
that appreciation of 37.2%

0:56:53.740,0:56:56.020
is in any way sustainable we can have a

0:56:56.020,0:56:58.560
conversation after this meeting okay

0:56:58.560,0:57:01.840
it's just not right so now let's

0:57:01.840,0:57:03.370
fast-forward to the bottom of the market

0:57:03.370,0:57:05.500
we go from number one in the United

0:57:05.500,0:57:07.540
States we go all the way down to number

0:57:07.540,0:57:10.180
50 in the United States we drop by

0:57:10.180,0:57:12.280
twenty five point seven percent of

0:57:12.280,0:57:13.990
course that's dramatic everyone's

0:57:13.990,0:57:16.810
concerned so where are we today the most

0:57:16.810,0:57:18.820
recent numbers place us in the top five

0:57:18.820,0:57:21.250
yes I would prefer to be in the top 10

0:57:21.250,0:57:23.860
in the top five but that number is 8

0:57:23.860,0:57:27.460
percent right much more sustainable than

0:57:27.460,0:57:29.350
something that's measured with a you

0:57:29.350,0:57:31.630
know then thirty eight percent or twenty

0:57:31.630,0:57:34.090
eight percent or even 18 percent we'll

0:57:34.090,0:57:36.340
take it right we understand where it is

0:57:36.340,0:57:38.350
and it's certainly not as nearly as out

0:57:38.350,0:57:40.900
of whack as some have suggested now

0:57:40.900,0:57:43.210
arguably most important here is this

0:57:43.210,0:57:45.160
idea that people see building permits

0:57:45.160,0:57:47.020
are going up and they're rising by

0:57:47.020,0:57:48.940
double-digit rates and we're seeing all

0:57:48.940,0:57:50.560
these subdivision comes out and we're

0:57:50.560,0:57:51.760
hearing about all of these new

0:57:51.760,0:57:54.190
communities that are out here these are

0:57:54.190,0:57:58.060
new home market closings right

0:57:58.060,0:58:00.010
how many housing units we are building

0:58:00.010,0:58:02.680
and are being sold in the market on the

0:58:02.680,0:58:05.560
left-hand side of the chart is what it

0:58:05.560,0:58:08.080
looked like when we were going up right

0:58:08.080,0:58:09.320
over

0:58:09.320,0:58:11.340
40,000 housing units were being

0:58:11.340,0:58:13.920
constructed the past 12 months that

0:58:13.920,0:58:17.300
number is 8300 in our community today

0:58:17.300,0:58:20.490
again the idea that we are getting out

0:58:20.490,0:58:22.380
over our skis that it's becoming

0:58:22.380,0:58:24.600
increasingly problematic yes we have

0:58:24.600,0:58:26.610
things to be concerned about but I think

0:58:26.610,0:58:28.470
we should take a deep breath and not be

0:58:28.470,0:58:30.930
scared by our prosperity again

0:58:30.930,0:58:33.360
we will be defined by our ability to

0:58:33.360,0:58:36.870
sustain that prosperity over time on the

0:58:36.870,0:58:38.310
far right hand side of my chart is the

0:58:38.310,0:58:41.160
median price for newly constructed homes

0:58:41.160,0:58:42.630
you can see that we're almost back to

0:58:42.630,0:58:44.340
peak of course you also have 10 years

0:58:44.340,0:58:46.230
worth of inflation in there and the

0:58:46.230,0:58:48.030
reality is that home builders are just

0:58:48.030,0:58:50.280
simply building bigger homes today than

0:58:50.280,0:58:52.950
they did a decade ago so again we're not

0:58:52.950,0:58:54.930
even very concerned about that number

0:58:54.930,0:58:56.790
and for most of us sitting in the room

0:58:56.790,0:58:58.530
we're much more concerned about existing

0:58:58.530,0:59:00.300
homes than we are new construction

0:59:00.300,0:59:02.220
because that affects each one of us or

0:59:02.220,0:59:04.380
many of us I'm sure if you look at the

0:59:04.380,0:59:05.670
number on the right excuse me the

0:59:05.670,0:59:07.470
numbers on the left that reflects how

0:59:07.470,0:59:09.090
many closings are out there very

0:59:09.090,0:59:10.800
consistent with what we'd expect and on

0:59:10.800,0:59:12.690
the right hand side is what we call the

0:59:12.690,0:59:15.690
rollercoaster of doom ok and what the

0:59:15.690,0:59:17.850
rollercoaster of doom means is that if

0:59:17.850,0:59:19.950
you look on the far left-hand side of

0:59:19.950,0:59:22.050
that chart this is what median closing

0:59:22.050,0:59:24.360
prices were all the way back in oh three

0:59:24.360,0:59:27.120
and if you little red line represents a

0:59:27.120,0:59:29.010
three percent growth rate which is

0:59:29.010,0:59:31.440
pretty much exactly our housing prices

0:59:31.440,0:59:34.320
have appreciated over time for the past

0:59:34.320,0:59:36.810
50 years now we have a period with a

0:59:36.810,0:59:38.850
huge boom we have a spirit with a huge

0:59:38.850,0:59:41.460
bust you wipe all of that out over about

0:59:41.460,0:59:43.350
a 12 year period thirteen year period

0:59:43.350,0:59:46.050
and what happens we're exactly back to

0:59:46.050,0:59:47.700
the three percent growth rate that we

0:59:47.700,0:59:50.010
should have been at the outset it's just

0:59:50.010,0:59:52.320
markets doing what they do and if we

0:59:52.320,0:59:54.000
look at new homes as a percentage of

0:59:54.000,0:59:56.610
existing homes are we getting out over

0:59:56.610,0:59:58.980
our skis in terms of the amount of

0:59:58.980,1:00:00.900
construction versus existing inventory

1:00:00.900,1:00:03.600
it is 14 and a half percent nowhere near

1:00:03.600,1:00:05.340
what it was at the peak of the market

1:00:05.340,1:00:08.430
when it approached 60% of existing

1:00:08.430,1:00:11.610
inventory land land availability becomes

1:00:11.610,1:00:13.110
this big concern I've heard rumblings

1:00:13.110,1:00:15.360
about the fact that we have to go to the

1:00:15.360,1:00:17.010
federal government and get them to

1:00:17.010,1:00:20.520
release more land to drive down prices

1:00:20.520,1:00:22.619
because those prices are coming up this

1:00:22.619,1:00:24.839
the price of land that you see here we

1:00:24.839,1:00:26.789
have excluded residential excuse me

1:00:26.789,1:00:28.980
resort casino development that's in

1:00:28.980,1:00:31.230
there so you get the idea you see that

1:00:31.230,1:00:33.829
in 2007 the average price of land was

1:00:33.829,1:00:36.180
$800,000 nation we all remember the land

1:00:36.180,1:00:38.160
auctions and the like and now I'm going

1:00:38.160,1:00:40.499
to lay over the top of that median new

1:00:40.499,1:00:42.269
home price and median existing home

1:00:42.269,1:00:44.549
price we'll look at the expansion we'll

1:00:44.549,1:00:46.140
look at the peak we'll look at the

1:00:46.140,1:00:48.240
contraction we'll look at the trough and

1:00:48.240,1:00:51.630
where we are today that is with a very

1:00:51.630,1:00:54.150
normal cycle and that frankly on the

1:00:54.150,1:00:56.640
right hand side of my chart the distance

1:00:56.640,1:00:58.890
between the price of land and the price

1:00:58.890,1:01:01.109
of housing is where we would like it to

1:01:01.109,1:01:02.849
be on this chart now I'm not going to

1:01:02.849,1:01:04.829
say that I'm not somewhat concerned

1:01:04.829,1:01:06.359
about the fact that land prices are

1:01:06.359,1:01:08.759
escalating but nonetheless you get the

1:01:08.759,1:01:11.579
idea of where we are versus where we

1:01:11.579,1:01:13.920
were when things were overheated now if

1:01:13.920,1:01:15.690
we start to see a trend that looks like

1:01:15.690,1:01:17.819
what we saw in five six and seven it's

1:01:17.819,1:01:19.890
time to bring the fire trucks up to the

1:01:19.890,1:01:20.339
front

1:01:20.339,1:01:23.640
we cannot fear our prosperity as a

1:01:23.640,1:01:26.549
community there are today seventy one

1:01:26.549,1:01:28.710
thousand five hundred developable acres

1:01:28.710,1:01:31.890
in Southern Nevada we're developing

1:01:31.890,1:01:34.230
about five thousand of those every year

1:01:34.230,1:01:36.329
that's what these charts show and so we

1:01:36.329,1:01:38.249
have about fourteen years worth of

1:01:38.249,1:01:40.619
affected inventory left if we average

1:01:40.619,1:01:43.349
everything out not bad and where we want

1:01:43.349,1:01:45.960
to be if we look at this idea well we

1:01:45.960,1:01:49.140
hear all the time that incomes are not

1:01:49.140,1:01:50.609
keeping pace that housing prices are

1:01:50.609,1:01:52.380
going up but all of our incomes are

1:01:52.380,1:01:54.989
remaining they're remaining flat I read

1:01:54.989,1:01:56.730
yesterday that incomes haven't gone up

1:01:56.730,1:01:58.589
since 2000 or something along those

1:01:58.589,1:02:00.630
lines number one that's not right number

1:02:00.630,1:02:02.009
two let's just take a look at it

1:02:02.009,1:02:04.079
here's household income versus home

1:02:04.079,1:02:07.769
price this is what it was prior to 2004

1:02:07.769,1:02:11.160
this is when incomes outstripped housing

1:02:11.160,1:02:12.710
prices of course this is during the boom

1:02:12.710,1:02:14.819
period since when home prices

1:02:14.819,1:02:16.980
outstripped incomes when the world is

1:02:16.980,1:02:18.989
coming apart and here's where we are

1:02:18.989,1:02:21.599
today that Green Zone is what we would

1:02:21.599,1:02:23.670
refer to as the safe zone and you will

1:02:23.670,1:02:25.559
also notice that those numbers are going

1:02:25.559,1:02:28.049
down not going up which is something

1:02:28.049,1:02:30.779
that you know we we certainly want to

1:02:30.779,1:02:33.089
keep an eye on but we're not outside of

1:02:33.089,1:02:35.640
where we should be the number of homes

1:02:35.640,1:02:36.210
available

1:02:36.210,1:02:39.720
for sale is 1.64 in terms of available

1:02:39.720,1:02:42.420
inventory I bifurcated that into the two

1:02:42.420,1:02:44.849
component parts lower priced homes under

1:02:44.849,1:02:48.059
300,000 on the right hand side on higher

1:02:48.059,1:02:50.460
priced homes are on the excuse me above

1:02:50.460,1:02:52.740
higher priced homes are beneath there

1:02:52.740,1:02:54.240
and you can see that there are greater

1:02:54.240,1:02:56.270
inventory of higher priced homes

1:02:56.270,1:02:58.859
shockingly there are fewer buyers for

1:02:58.859,1:03:00.960
million-dollar homes and therefore the

1:03:00.960,1:03:02.400
inventory tends to stay a little higher

1:03:02.400,1:03:04.020
Oh

1:03:04.020,1:03:07.020
right now the homeowner equity right

1:03:07.020,1:03:08.940
here's where we were in two thousand

1:03:08.940,1:03:12.660
nine ten eleven twelve right and just to

1:03:12.660,1:03:14.819
be clear we want positive we don't want

1:03:14.819,1:03:16.859
negative the green can get as big as it

1:03:16.859,1:03:18.690
wants to get right here we are in

1:03:18.690,1:03:21.420
thirteen fourteen fifteen and sixteen

1:03:21.420,1:03:24.390
again we've made huge strides in terms

1:03:24.390,1:03:27.119
of reversing this trend this is the mix

1:03:27.119,1:03:29.010
of property sold green is good

1:03:29.010,1:03:31.950
everything else really bad we want green

1:03:31.950,1:03:33.869
to be big we want everything else to be

1:03:33.869,1:03:36.510
small you can see where we are if we

1:03:36.510,1:03:38.490
look at it instead of looking at some of

1:03:38.490,1:03:40.109
these markets and we start going to the

1:03:40.109,1:03:43.500
basics what are consumers doing overall

1:03:43.500,1:03:45.809
this is Clark County's taxable retail

1:03:45.809,1:03:48.510
sales overall right and we are four

1:03:48.510,1:03:50.970
billion dollars that's four billion

1:03:50.970,1:03:53.490
dollars among the higher than we have

1:03:53.490,1:03:54.480
ever been before

1:03:54.480,1:03:56.549
eating and drinking places Auto Sales

1:03:56.549,1:03:59.160
general merchandise are all up clothing

1:03:59.160,1:04:01.380
and accessories are dropping not because

1:04:01.380,1:04:03.089
people aren't buying them I assure you

1:04:03.089,1:04:04.920
they are my wife and daughter

1:04:04.920,1:04:06.420
single-handedly trying to keep the

1:04:06.420,1:04:08.130
economy afloat right

1:04:08.130,1:04:10.559
they're just doing it online okay we get

1:04:10.559,1:04:13.049
it autos are slowing a little bit nation

1:04:13.049,1:04:15.000
nationally thumb here that's to be

1:04:15.000,1:04:17.640
expected after seven record years that's

1:04:17.640,1:04:20.069
okay so we should be doing but if we're

1:04:20.069,1:04:21.359
going to look at it in terms of this

1:04:21.359,1:04:24.059
full circle concept where are we

1:04:24.059,1:04:26.609
relative this this is inflation adjusted

1:04:26.609,1:04:29.670
per capita taxable spending so we're we

1:04:29.670,1:04:32.130
getting out ahead of ourselves or not so

1:04:32.130,1:04:34.020
let's just draw the average over the

1:04:34.020,1:04:36.930
30-year period we remain below the

1:04:36.930,1:04:39.119
average today which means that spending

1:04:39.119,1:04:41.400
could escalate some and we would still

1:04:41.400,1:04:43.650
be in the healthy zone that area with

1:04:43.650,1:04:46.799
the peaks up there Oh 405 and oh six or

1:04:46.799,1:04:49.380
we get anywhere near that it's time to

1:04:49.380,1:04:49.920
have

1:04:49.920,1:04:52.500
conversation overall and we know that

1:04:52.500,1:04:54.960
taxable retail sales are changing we get

1:04:54.960,1:04:58.349
it the red area is non store retailers

1:04:58.349,1:05:00.180
you will refer to them as places like

1:05:00.180,1:05:02.460
Amazon and things like that right you

1:05:02.460,1:05:04.680
get this idea they're growing these

1:05:04.680,1:05:06.210
other ones they're not growing quite as

1:05:06.210,1:05:08.730
quickly okay that's just things are

1:05:08.730,1:05:10.799
changing and we know that we're sort of

1:05:10.799,1:05:12.690
trading this bricks and mortar retail

1:05:12.690,1:05:15.569
for more distribution space so let's

1:05:15.569,1:05:17.910
take a look at whether our economy is

1:05:17.910,1:05:20.520
adapting to this new reality on the

1:05:20.520,1:05:22.260
left-hand side is retail on the

1:05:22.260,1:05:25.049
right-hand side is industrial yes the

1:05:25.049,1:05:27.270
retail rate is elevated but dropping the

1:05:27.270,1:05:29.940
industrial area where retailers are now

1:05:29.940,1:05:32.099
actually doing their retailing

1:05:32.099,1:05:34.500
essentially fulfillment centers if you

1:05:34.500,1:05:37.040
will are down to six point nine percent

1:05:37.040,1:05:40.470
overall if we look at completions versus

1:05:40.470,1:05:42.780
absorption the green line and the purple

1:05:42.780,1:05:44.880
line aligned with one another like we

1:05:44.880,1:05:47.040
talked about with the office market yes

1:05:47.040,1:05:49.770
they are if we look at planned and under

1:05:49.770,1:05:51.780
construction no we're not building

1:05:51.780,1:05:54.540
retail because we shouldn't right and on

1:05:54.540,1:05:56.400
the other side we're building industrial

1:05:56.400,1:05:58.559
because that's where everybody is going

1:05:58.559,1:06:01.530
and yes it is at peak levels currently

1:06:01.530,1:06:04.200
under construction space is sourced 100%

1:06:04.200,1:06:07.410
to distribution centers exactly how it

1:06:07.410,1:06:09.869
should be overall and if we're asking

1:06:09.869,1:06:11.760
the question about whether we're getting

1:06:11.760,1:06:13.770
out over our skis whether we're building

1:06:13.770,1:06:16.799
too much let's look at whether the

1:06:16.799,1:06:18.960
future development as a share of planned

1:06:18.960,1:06:21.930
inventory for retail in the peak period

1:06:21.930,1:06:23.760
we were we essentially had under

1:06:23.760,1:06:26.400
construction 36 percent of our market

1:06:26.400,1:06:30.240
today at 7.3 for industrial we had 14

1:06:30.240,1:06:32.579
percent today we're at 11 again well

1:06:32.579,1:06:35.160
within the range of normalcy we look at

1:06:35.160,1:06:37.440
large store closings and this makes us

1:06:37.440,1:06:39.569
nervous and we tend to ignore that the

1:06:39.569,1:06:42.210
guys on the right are building on

1:06:42.210,1:06:44.460
occupying or occupying and maybe not

1:06:44.460,1:06:47.430
building 2 million square feet in the

1:06:47.430,1:06:49.859
last year alone this is simply a

1:06:49.859,1:06:52.319
transitional step relative to our

1:06:52.319,1:06:53.430
economy overall

1:06:53.430,1:06:56.069
now wrap all that up is of the big green

1:06:56.069,1:06:58.170
area that I showed you on my chart has

1:06:58.170,1:07:00.089
to do with tourism and tourism related

1:07:00.089,1:07:02.410
activity our growth and visitor

1:07:02.410,1:07:04.480
volume is significant and it continues

1:07:04.480,1:07:05.920
to be incredibly important to us in I'd

1:07:05.920,1:07:09.520
like talking about that is critical one

1:07:09.520,1:07:11.710
in six people one in six people that

1:07:11.710,1:07:13.809
puts a head in a bed on any given night

1:07:13.809,1:07:16.630
is not a resident of Southern Nevada

1:07:16.630,1:07:18.880
that's how big our visitor economy is

1:07:18.880,1:07:20.740
and that is bigger than almost anywhere

1:07:20.740,1:07:22.660
else in the entire United States where

1:07:22.660,1:07:25.119
are they coming from Western United

1:07:25.119,1:07:26.530
States we want to get that international

1:07:26.530,1:07:28.750
all the way up to thirty we're working

1:07:28.750,1:07:31.270
on it but we're setting records relative

1:07:31.270,1:07:33.280
to visitation overall and in particular

1:07:33.280,1:07:35.799
convention visitors who spend more

1:07:35.799,1:07:37.599
generate more stay longer all those

1:07:37.599,1:07:39.069
things than their traditional these

1:07:39.069,1:07:41.410
leisure counterparts McCarran

1:07:41.410,1:07:43.000
International Airport is today the

1:07:43.000,1:07:45.099
eighth busiest airport in the entire

1:07:45.099,1:07:47.220
United States it's the second largest

1:07:47.220,1:07:49.359
destination and origination I should say

1:07:49.359,1:07:50.740
that differently origination and

1:07:50.740,1:07:52.809
destination Airport in the United States

1:07:52.809,1:07:54.760
someone is going to have to explain to

1:07:54.760,1:07:58.150
me why we care about someone flying into

1:07:58.150,1:08:00.460
an airport staying on a plane and flying

1:08:00.460,1:08:03.280
somewhere else right makes no sense to

1:08:03.280,1:08:05.170
me whatsoever but we count it anyway

1:08:05.170,1:08:07.029
this is when we take all of that out

1:08:07.029,1:08:09.490
we'll take the people that stay someone

1:08:09.490,1:08:11.170
else because Atlanta can have all the

1:08:11.170,1:08:12.430
people who just want to go through

1:08:12.430,1:08:16.420
whatever right the LDC VA is absolutely

1:08:16.420,1:08:19.029
should be commended for being able to

1:08:19.029,1:08:22.359
expand our international reach with all

1:08:22.359,1:08:24.429
of these new flights including one to

1:08:24.429,1:08:26.140
Beijing China which would be critically

1:08:26.140,1:08:28.448
important overall and again thinking

1:08:28.448,1:08:30.399
about it in terms of coming full circle

1:08:30.399,1:08:32.439
on the left-hand side of my chart is the

1:08:32.439,1:08:34.569
occupancy rate on the right hand side is

1:08:34.569,1:08:36.910
the average daily room rate these are

1:08:36.910,1:08:39.130
the two factors that will become they

1:08:39.130,1:08:40.719
will become critical in determining

1:08:40.719,1:08:43.509
whether we make reinvestment here we are

1:08:43.509,1:08:45.790
approaching 90 percent not quite where

1:08:45.790,1:08:47.979
we were but approaching 90 percent and

1:08:47.979,1:08:51.100
on the right hand side ADR is 128

1:08:51.100,1:08:53.319
dollars per night almost back to the

1:08:53.319,1:08:55.299
peak but something we didn't have in

1:08:55.299,1:08:58.899
2007 and 2008 is the resort fee which is

1:08:58.899,1:09:01.779
also added on which means we are at peak

1:09:01.779,1:09:04.689
ADR today all of that having been said

1:09:04.689,1:09:06.488
let's wrap it all up and put a bow on it

1:09:06.488,1:09:07.929
because everyone wants to focus at least

1:09:07.929,1:09:10.330
the national media does on this concept

1:09:10.330,1:09:13.420
that gaming revenue is below where it

1:09:13.420,1:09:16.198
should be or has not grown ignoring

1:09:16.198,1:09:18.179
fact that Las Vegas trip total revenue

1:09:18.179,1:09:20.939
is up to eleven point two billion not

1:09:20.939,1:09:22.349
only the highest level that it's ever

1:09:22.349,1:09:25.439
been but blowing the previous piece out

1:09:25.439,1:09:28.439
of the water if we look at the amount of

1:09:28.439,1:09:30.448
development and I will tell you Jonas's

1:09:30.448,1:09:32.519
map is much more extensive than this and

1:09:32.519,1:09:33.479
you should really take a look at it

1:09:33.479,1:09:35.189
because I think it's super cool but if

1:09:35.189,1:09:36.839
we look at it in terms of development

1:09:36.839,1:09:38.309
that has recently happened on the strip

1:09:38.309,1:09:40.349
whereas occurring there seven point

1:09:40.349,1:09:42.569
eight billion dollars and I've talked a

1:09:42.569,1:09:44.399
lot about the amount of development

1:09:44.399,1:09:46.049
that's happening in our community

1:09:46.049,1:09:48.059
because I think it's great but if we're

1:09:48.059,1:09:49.469
going to ask the question is are we

1:09:49.469,1:09:51.899
building too much here's what those

1:09:51.899,1:09:54.749
numbers look like in 2007 when we had

1:09:54.749,1:09:57.869
forty five point eight billion dollars

1:09:57.869,1:10:00.510
worth of project on the books forty five

1:10:00.510,1:10:02.219
point eight billion how much do we have

1:10:02.219,1:10:02.719
today

1:10:02.719,1:10:05.969
fourteen point 1 billion dollars on the

1:10:05.969,1:10:07.769
books there are communities all over the

1:10:07.769,1:10:08.969
United States that would give their

1:10:08.969,1:10:11.489
eyeteeth to have 14 point 1 billion

1:10:11.489,1:10:13.440
dollars worth of projects on the books

1:10:13.440,1:10:16.079
but before we freaked out about the fact

1:10:16.079,1:10:17.340
that we're all building too much and

1:10:17.340,1:10:18.690
there's not going to be enough glass and

1:10:18.690,1:10:20.369
not enough concrete and we just can't

1:10:20.369,1:10:22.170
handle this much growth I think we

1:10:22.170,1:10:23.729
should put it all in a little bit of

1:10:23.729,1:10:26.550
perspective and what we are building is

1:10:26.550,1:10:28.590
based on bringing people here for

1:10:28.590,1:10:30.539
special events stadiums convention

1:10:30.539,1:10:32.249
centers all those things because we have

1:10:32.249,1:10:35.999
assets that we can leverage 150,000

1:10:35.999,1:10:37.709
hotel rooms the second busiest airport

1:10:37.709,1:10:40.530
in the United States restaurants dining

1:10:40.530,1:10:43.289
all those types of things but Las Vegas

1:10:43.289,1:10:45.239
is just as important for those events as

1:10:45.239,1:10:48.179
as we are to them as they are to us it's

1:10:48.179,1:10:51.179
a symbiotic relationship I hear it all

1:10:51.179,1:10:52.650
the time because of the work we do on

1:10:52.650,1:10:54.869
the stadium and other things on the

1:10:54.869,1:10:56.070
left-hand side it's the pac-12

1:10:56.070,1:10:58.139
tournament these are the attendance

1:10:58.139,1:11:00.599
numbers when it was in Los Angeles the

1:11:00.599,1:11:02.249
numbers on the right hand side are the

1:11:02.249,1:11:03.780
attendance numbers when it came to Las

1:11:03.780,1:11:05.429
Vegas what about the Mountain West

1:11:05.429,1:11:09.059
tournament Las Vegas mm oh three they

1:11:09.059,1:11:10.979
moved to Denver surprise surprise they

1:11:10.979,1:11:12.920
move it back this is why it works

1:11:12.920,1:11:15.209
Terrence is telling me that I have to

1:11:15.209,1:11:16.650
wrap it up so I'm going to go a little

1:11:16.650,1:11:17.940
bit quickly and you forgive me he's

1:11:17.940,1:11:21.179
great and I need to get it done the

1:11:21.179,1:11:23.789
other side of this is that when we think

1:11:23.789,1:11:26.489
about it overall the economic

1:11:26.489,1:11:28.170
implications of those special events are

1:11:28.170,1:11:29.110
massive

1:11:29.110,1:11:34.150
right Super Bowl Houston Texas 138,000

1:11:34.150,1:11:36.489
Super Bowl visitors and 350 million

1:11:36.489,1:11:38.230
dollars of impact that's why I was so

1:11:38.230,1:11:39.790
great to see the article in the

1:11:39.790,1:11:41.350
newspaper today that they're talking

1:11:41.350,1:11:43.330
about potentially getting us a Super

1:11:43.330,1:11:47.679
Bowl in two thousand 2023 or 2024

1:11:47.679,1:11:50.139
hopefully it happens but we cannot

1:11:50.139,1:11:52.300
forget about the fact that while Houston

1:11:52.300,1:11:54.100
was hosting the Super Bowl with a

1:11:54.100,1:11:55.480
hundred and thirty eight thousand people

1:11:55.480,1:11:57.730
we had three hundred thousand people

1:11:57.730,1:11:59.800
that showed up for Super Bowl weekend

1:11:59.800,1:12:04.929
right while we were here almost on our

1:12:04.929,1:12:07.750
phone convention centers are phenomenal

1:12:07.750,1:12:09.520
we have among the best in the entire

1:12:09.520,1:12:12.159
country we have been atop the list for

1:12:12.159,1:12:14.920
the past 22 years and the business tax

1:12:14.920,1:12:16.929
climate has benefited from this amount

1:12:16.929,1:12:19.389
we reach the tourists generate two

1:12:19.389,1:12:22.150
billion dollars in taxes for us every

1:12:22.150,1:12:23.980
single year I'm not going to spend a

1:12:23.980,1:12:25.690
whole lot of time here other than saying

1:12:25.690,1:12:27.790
those are all of the states that have an

1:12:27.790,1:12:30.130
individual income tax and we're not one

1:12:30.130,1:12:32.170
of them because 43 million people

1:12:32.170,1:12:34.330
decided to get in a car or get in a

1:12:34.330,1:12:36.280
plane and come here and spend money and

1:12:36.280,1:12:37.840
if you don't believe me this is what

1:12:37.840,1:12:39.880
your sales tax raise property tax rates

1:12:39.880,1:12:42.969
and personal income tax rate would be if

1:12:42.969,1:12:45.760
they didn't exist today we need to

1:12:45.760,1:12:48.340
preserve that sector of our economy at

1:12:48.340,1:12:54.369
all cost those are huge numbers these

1:12:54.369,1:12:55.920
are the companies we're bringing in

1:12:55.920,1:12:58.150
northern nevada is also getting them we

1:12:58.150,1:13:00.190
are innovating over all these are

1:13:00.190,1:13:02.080
companies we all know them they're

1:13:02.080,1:13:04.210
making great steps and great progress

1:13:04.210,1:13:06.760
but I do not want to minimize small

1:13:06.760,1:13:09.880
business development in our community we

1:13:09.880,1:13:11.530
have more businesses here than we have

1:13:11.530,1:13:13.659
ever had before we've created ninety two

1:13:13.659,1:13:17.949
hundred businesses since 2010 thank you

1:13:17.949,1:13:19.869
to the LV Gea because they have been

1:13:19.869,1:13:22.030
critical as well as each one of you in

1:13:22.030,1:13:23.320
making that happen

1:13:23.320,1:13:26.170
overall my friends at Nevada state bank

1:13:26.170,1:13:28.630
asked for this idea of power small

1:13:28.630,1:13:30.369
business folks thinking about all of

1:13:30.369,1:13:32.080
this we asked them are you optimistic

1:13:32.080,1:13:34.000
about the economy they are more

1:13:34.000,1:13:36.070
optimistic than they have been at any

1:13:36.070,1:13:38.530
point in the past five years do you plan

1:13:38.530,1:13:40.510
to expand over the next 12 months do you

1:13:40.510,1:13:41.570
think things are going to get

1:13:41.570,1:13:43.820
over the 12 next 12 months yes they do

1:13:43.820,1:13:48.500
in closing yes things are okay we're

1:13:48.500,1:13:50.660
doing better where we're finding our

1:13:50.660,1:13:53.210
footing but I'm always reminded of the

1:13:53.210,1:13:55.430
salient words those who cannot remember

1:13:55.430,1:13:57.800
the past are condemned to repeat it we

1:13:57.800,1:14:01.310
cannot ignore where we were when all of

1:14:01.310,1:14:02.690
development we couldn't handle so we

1:14:02.690,1:14:05.660
were spilling over into Arizona Las

1:14:05.660,1:14:08.990
Vegas Waze billion-dollar reliever

1:14:08.990,1:14:11.030
Airport right we don't have enough room

1:14:11.030,1:14:13.970
it can so we're going to build Ivanpah

1:14:13.970,1:14:15.980
right least affordable real estate

1:14:15.980,1:14:17.960
market in the United States these are

1:14:17.960,1:14:19.970
the type of articles that were coming

1:14:19.970,1:14:24.020
out when we were at our absolute peak we

1:14:24.020,1:14:26.810
cannot let this happen again Las Vegas

1:14:26.810,1:14:28.610
closing on another full house I love

1:14:28.610,1:14:29.750
that they have to come up with some type

1:14:29.750,1:14:31.670
of gambling analogy no matter what they

1:14:31.670,1:14:33.350
write anyway that's my own personal

1:14:33.350,1:14:35.360
problem condo mania in the West and as

1:14:35.360,1:14:37.850
we all remember the Manhattan ization of

1:14:37.850,1:14:40.700
Las Vegas right this is a map we

1:14:40.700,1:14:42.140
actually been doing this presentation

1:14:42.140,1:14:44.720
since 2007 this is my 10th year doing it

1:14:44.720,1:14:46.310
I'm very thankful for that

1:14:46.310,1:14:48.200
this is a map we used in the very first

1:14:48.200,1:14:50.240
one of all the plans proposed or under

1:14:50.240,1:14:52.730
construction condos that were in

1:14:52.730,1:14:55.070
Southern Nevada almost none of them were

1:14:55.070,1:14:57.080
actually built right this is where we

1:14:57.080,1:14:58.880
can't go because we've got to come full

1:14:58.880,1:15:01.520
circle so let's just fix let's talk just

1:15:01.520,1:15:03.350
for one minute and I promise I'll get

1:15:03.350,1:15:05.270
down from where we are downtown

1:15:05.270,1:15:06.920
Summerlin stall during the economic

1:15:06.920,1:15:08.990
downturn this is what it looks like

1:15:08.990,1:15:11.510
today we can be proud of that

1:15:11.510,1:15:13.220
the folks at Summerlin should be

1:15:13.220,1:15:18.370
incredibly proud of that yeah thank you

1:15:19.989,1:15:22.610
anyway they know the statistics only see

1:15:22.610,1:15:24.530
Manhattan West all during the economic

1:15:24.530,1:15:26.120
downturn this is what it looks like

1:15:26.120,1:15:28.580
today here's the Kyle Canyon master plan

1:15:28.580,1:15:31.190
1,700 acres was foreclosed on here's

1:15:31.190,1:15:32.840
what it looks like today the folks the

1:15:32.840,1:15:34.969
city of Las Vegas think Stavros was here

1:15:34.969,1:15:36.770
congratulations on what you guys have

1:15:36.770,1:15:38.900
been able to do a salon stalled during

1:15:38.900,1:15:40.700
economic downturn recently announced

1:15:40.700,1:15:41.840
they're getting that project going

1:15:41.840,1:15:43.430
forward and it'll be happening pretty

1:15:43.430,1:15:45.950
soon interstate 11 of course has that

1:15:45.950,1:15:48.530
met any number of delays and now is

1:15:48.530,1:15:51.200
actually going to happen City Center if

1:15:51.200,1:15:52.670
anyone's ever heard Jim Murr and talked

1:15:52.670,1:15:54.410
about how close it was to closing down

1:15:54.410,1:15:56.270
it didn't and not only have they

1:15:56.270,1:15:57.650
finished that project that they double

1:15:57.650,1:15:59.360
down with building the t-mobile Arena

1:15:59.360,1:16:00.770
which will probably be among the most

1:16:00.770,1:16:03.230
productive arenas in the entire United

1:16:03.230,1:16:05.330
States when everything's added up for

1:16:05.330,1:16:07.250
its first year of operation and the very

1:16:07.250,1:16:10.160
last one south strip right this property

1:16:10.160,1:16:12.680
was foreclosed on 62 acres there off the

1:16:12.680,1:16:14.960
freeway it's going to be the home of the

1:16:14.960,1:16:16.760
new Las Vegas Stadium thank you very

1:16:16.760,1:16:18.969
much

1:16:23.199,1:16:29.499
sigh landing was that powerful did you

1:16:29.499,1:16:31.030
enjoy that can we get another round of

1:16:31.030,1:16:37.959
applause awesome awesome for our next

1:16:37.959,1:16:40.269
segment you guys are in for a treat we

1:16:40.269,1:16:42.969
wanted to show you a look at the future

1:16:42.969,1:16:47.949
of gaming we have the best expert in the

1:16:47.949,1:16:49.929
entire country to talk to you about that

1:16:49.929,1:16:51.130
particular project

1:16:51.130,1:16:52.959
Jeff Freeman is the CEO of the American

1:16:52.959,1:16:55.719
Gaming Association he is a global leader

1:16:55.719,1:16:58.090
he is responsible for positioning

1:16:58.090,1:17:00.729
commercial and tribal gaming for success

1:17:00.729,1:17:03.249
and he's also a powerhouse speaker

1:17:03.249,1:17:05.380
please help me welcome to the stage

1:17:05.380,1:17:15.699
Jeff Freeman so I'm thinking of starting

1:17:15.699,1:17:17.920
every speech with that sex with a dead

1:17:17.920,1:17:22.709
person joke it's bound to get - laughs

1:17:22.709,1:17:24.820
congresswoman Buerkle had to leave so

1:17:24.820,1:17:26.229
it's even better I'd say this in her

1:17:26.229,1:17:28.449
absence I've been in Washington 20 years

1:17:28.449,1:17:30.610
I've met with a lot of members of

1:17:30.610,1:17:33.249
Congress I have never met someone who

1:17:33.249,1:17:35.199
was a greater champion for an industry

1:17:35.199,1:17:37.599
for a city for a state than

1:17:37.599,1:17:39.550
congresswoman Buerkle was she was a

1:17:39.550,1:17:41.920
tremendous champion for this area and

1:17:41.920,1:17:43.420
it's something for which all of you

1:17:43.420,1:17:46.119
should be quite proud we have today

1:17:46.119,1:17:48.099
great champions from Nevada we

1:17:48.099,1:17:50.019
appreciate the support from Nevada but

1:17:50.019,1:17:51.579
not for one second should we forget what

1:17:51.579,1:17:53.409
congresswoman Buerkle did it's also

1:17:53.409,1:17:55.179
great to follow geremy what great energy

1:17:55.179,1:17:58.059
we'll great - enthusiasm and passion for

1:17:58.059,1:18:00.190
this area and the message that I heard

1:18:00.190,1:18:02.679
there was fantastic about embrace the

1:18:02.679,1:18:05.469
prosperity embrace what this area this

1:18:05.469,1:18:08.409
region has accomplished figure out how

1:18:08.409,1:18:10.179
we sustain that figure out how we

1:18:10.179,1:18:12.190
capitalize on it you know that same

1:18:12.190,1:18:14.110
message actually applies to the gaming

1:18:14.110,1:18:15.550
industry and I'm excited to talk a

1:18:15.550,1:18:17.739
little bit about that today before I get

1:18:17.739,1:18:19.599
started I want to thank Jonas I want to

1:18:19.599,1:18:21.729
thank the LB Gea I really appreciate the

1:18:21.729,1:18:23.499
invitation here and what congratulate

1:18:23.499,1:18:24.789
you for everything you've done in this

1:18:24.789,1:18:26.920
area supporting the economy here in

1:18:26.920,1:18:27.309
Nevada

1:18:27.309,1:18:29.440
I represent a national industry I'm

1:18:29.440,1:18:31.539
based in Washington a national

1:18:31.539,1:18:33.639
organization but I believe everything

1:18:33.639,1:18:35.380
we're doing whether we're doing it in

1:18:35.380,1:18:35.840
Nevada

1:18:35.840,1:18:37.429
New Jersey where I'll be tonight in

1:18:37.429,1:18:39.560
Atlantic City or whether we're doing in

1:18:39.560,1:18:41.210
Missouri or any other state that is

1:18:41.210,1:18:43.699
gaming it all comes back to helping Las

1:18:43.699,1:18:45.409
Vegas it all comes back to helping

1:18:45.409,1:18:47.449
Nevada so let me talk a little bit about

1:18:47.449,1:18:49.940
who this industry is right now where

1:18:49.940,1:18:51.830
we're going and the great opportunities

1:18:51.830,1:18:53.510
we have ahead because this is an

1:18:53.510,1:18:55.639
exciting time in the gaming industry not

1:18:55.639,1:18:56.840
just because we've got great new

1:18:56.840,1:18:58.429
properties opening we've got new markets

1:18:58.429,1:19:01.699
emerging we've got a former casino owner

1:19:01.699,1:19:06.010
as president of the United States and

1:19:06.010,1:19:09.409
whatever you might think of President

1:19:09.409,1:19:13.610
Trump for this industry that only says

1:19:13.610,1:19:17.389
opportunity that only says we've got an

1:19:17.389,1:19:19.280
opportunity to do something great that

1:19:19.280,1:19:21.949
we haven't had before so let's talk

1:19:21.949,1:19:23.989
about why we have that opportunity

1:19:23.989,1:19:24.949
because I think it's important that we

1:19:24.949,1:19:26.659
embrace that and then let's talk about

1:19:26.659,1:19:29.239
how we capitalize on this industry today

1:19:29.239,1:19:31.070
this industry that just started right

1:19:31.070,1:19:34.790
here in Nevada is today a 240 billion

1:19:34.790,1:19:37.790
dollar industry across 40 states in the

1:19:37.790,1:19:42.320
US 1.7 million jobs supported nearly 40

1:19:42.320,1:19:45.080
billion dollars in tax revenue this

1:19:45.080,1:19:48.889
industry is a major economic force and

1:19:48.889,1:19:52.310
it's only growing in the latest year for

1:19:52.310,1:19:54.199
which we have data available commercial

1:19:54.199,1:19:57.260
gaming did 39 billion dollars in revenue

1:19:57.260,1:20:00.530
tribal gaming 30 billion dollars in

1:20:00.530,1:20:02.900
revenue nearly seventy billion dollars

1:20:02.900,1:20:05.389
in revenue between these these two

1:20:05.389,1:20:07.969
entities commercial and tribal this is a

1:20:07.969,1:20:10.699
massive economic force in communities

1:20:10.699,1:20:13.219
across the country and that economic

1:20:13.219,1:20:16.219
footprint now speaks to the increasing

1:20:16.219,1:20:18.800
mainstream nature of our industry you

1:20:18.800,1:20:20.090
know when you look at the critics of

1:20:20.090,1:20:22.489
gaming the critics of gaming only exist

1:20:22.489,1:20:24.500
in the communities in which we don't do

1:20:24.500,1:20:26.750
business and the communities in which

1:20:26.750,1:20:29.540
casinos operate were strong community

1:20:29.540,1:20:32.210
partners and we are incredible economic

1:20:32.210,1:20:34.639
generators and that's a big part of the

1:20:34.639,1:20:37.070
opportunity we have ahead the second

1:20:37.070,1:20:38.750
part of the opportunity we have ahead

1:20:38.750,1:20:41.750
and more to that mainstream nature of

1:20:41.750,1:20:43.820
this industry is the improving

1:20:43.820,1:20:46.639
perception of this industry as all of

1:20:46.639,1:20:49.489
you know this October the Vegas golden

1:20:49.489,1:20:49.760
eye

1:20:49.760,1:20:51.670
we'll kick off their inaugural season

1:20:51.670,1:20:54.590
the Raiders will arrive in one two three

1:20:54.590,1:20:57.280
years of stadium not too far after that

1:20:57.280,1:21:00.140
we had a presidential debate last year

1:21:00.140,1:21:02.780
here in Las Vegas and as I said we have

1:21:02.780,1:21:04.730
a president who's a former casino owner

1:21:04.730,1:21:07.070
and one of the most amazing aspects

1:21:07.070,1:21:08.870
about that and there are a lot of

1:21:08.870,1:21:10.820
amazing aspects about that one of the

1:21:10.820,1:21:13.430
most amazing aspects about that the act

1:21:13.430,1:21:16.340
of owning casinos never came up during

1:21:16.340,1:21:19.520
the campaign the act of managing and the

1:21:19.520,1:21:21.020
ability to manage it came up a couple

1:21:21.020,1:21:23.210
times but the act of owning casinos

1:21:23.210,1:21:25.910
never came up so just as Jeremy was

1:21:25.910,1:21:27.770
talking about the prosperity here in in

1:21:27.770,1:21:30.020
Las Vegas and in this area think about

1:21:30.020,1:21:31.970
the prosperity of 2016

1:21:31.970,1:21:33.920
think of all the things that happen in

1:21:33.920,1:21:36.260
that year and ask yourself would that

1:21:36.260,1:21:38.180
have happened 10 years ago would have

1:21:38.180,1:21:40.790
happened five years ago in your wildest

1:21:40.790,1:21:42.350
dreams did you think all of these things

1:21:42.350,1:21:44.810
would happen just last year this

1:21:44.810,1:21:47.930
industry has come incredibly far in

1:21:47.930,1:21:51.050
terms of being a mainstream player in

1:21:51.050,1:21:53.510
the American economy in terms of being

1:21:53.510,1:21:55.850
accepted coast-to-coast eighty-five

1:21:55.850,1:21:57.500
percent of the American public now

1:21:57.500,1:21:58.910
saying that they're perfectly

1:21:58.910,1:22:01.130
comfortable with casinos for themselves

1:22:01.130,1:22:03.110
their friends their family were

1:22:03.110,1:22:05.060
mainstream how do we take advantage of

1:22:05.060,1:22:07.010
it these are the external factors that

1:22:07.010,1:22:09.290
are helping us as an industry there are

1:22:09.290,1:22:11.390
also several I think internal and excuse

1:22:11.390,1:22:13.010
me internal factors inter industry

1:22:13.010,1:22:15.820
factors that are changing who we are

1:22:15.820,1:22:17.600
increasingly I want to talk about these

1:22:17.600,1:22:20.540
three increasingly or a unified industry

1:22:20.540,1:22:22.310
for those of you that have been in Las

1:22:22.310,1:22:24.020
Vegas for some time for those of you

1:22:24.020,1:22:25.130
that have been close to the gaming

1:22:25.130,1:22:27.700
industry you know that unity

1:22:27.700,1:22:30.650
collaboration these are not hallmarks of

1:22:30.650,1:22:33.620
the casino gaming industry but they are

1:22:33.620,1:22:37.370
critical to our future success I often

1:22:37.370,1:22:39.080
talk about my own team asked me not to

1:22:39.080,1:22:40.730
talk about it but we're much better at

1:22:40.730,1:22:42.380
having a circular firing squad in this

1:22:42.380,1:22:44.360
industry than we are about getting in a

1:22:44.360,1:22:46.250
straight line and focusing on a common

1:22:46.250,1:22:48.260
target increasingly we're identifying

1:22:48.260,1:22:51.860
who when what that common target is the

1:22:51.860,1:22:53.690
American Gaming Association of today my

1:22:53.690,1:22:55.790
organization was created it was modeled

1:22:55.790,1:22:57.590
after the Motion Picture Association if

1:22:57.590,1:22:58.730
you know anything about that

1:22:58.730,1:23:01.100
organization Jack Valenti created it

1:23:01.100,1:23:02.929
years ago it was the Six Day

1:23:02.929,1:23:05.479
studio heads in Los Angeles and they

1:23:05.479,1:23:06.889
created this organization in Washington

1:23:06.889,1:23:09.079
and they sent him one of two messages

1:23:09.079,1:23:11.090
either do what we tell you to do or

1:23:11.090,1:23:11.959
leave us the hell alone

1:23:11.959,1:23:14.269
that was the MPAA message AG a

1:23:14.269,1:23:17.059
simplified that it created the big you

1:23:17.059,1:23:18.320
know the big six from here on the Las

1:23:18.320,1:23:20.150
Vegas Strip it had one simple message

1:23:20.150,1:23:21.860
for Washington leave us the hell alone

1:23:21.860,1:23:25.130
and that was the exclusive club that the

1:23:25.130,1:23:28.340
HEA was today we're different today we

1:23:28.340,1:23:30.050
represent that unified industry that

1:23:30.050,1:23:32.329
gaming is becoming we represent ninety

1:23:32.329,1:23:34.039
percent of all the revenue and

1:23:34.039,1:23:36.409
commercial gaming ninety five percent of

1:23:36.409,1:23:38.869
all the supplier revenue that's critical

1:23:38.869,1:23:41.570
to this industry we represent with just

1:23:41.570,1:23:44.420
ten prominent tribes in our organization

1:23:44.420,1:23:47.539
a third of all tribal gaming revenue the

1:23:47.539,1:23:49.729
industry is increasingly on the same

1:23:49.729,1:23:51.829
page and getting in that straight line

1:23:51.829,1:23:54.349
to focus its sights on issues of common

1:23:54.349,1:23:57.380
cause I'm gonna go back there the second

1:23:57.380,1:23:59.209
aspect of that that we're doing as an

1:23:59.209,1:24:01.010
industry is we're beginning to gain

1:24:01.010,1:24:03.559
confidence or beginning to gain a sense

1:24:03.559,1:24:07.249
that we can go get stuff done in 2016

1:24:07.249,1:24:09.679
alone this industry saved off three

1:24:09.679,1:24:12.860
critical attacks from Washington one an

1:24:12.860,1:24:14.239
effort to suggest that our industry

1:24:14.239,1:24:15.920
didn't take its anti-money laundering

1:24:15.920,1:24:19.099
compliance efforts seriously a sense

1:24:19.099,1:24:21.709
that this industry was not committed to

1:24:21.709,1:24:24.079
strict regulation and a threat of

1:24:24.079,1:24:26.300
hundreds of millions of dollars in fines

1:24:26.300,1:24:28.760
from the federal government when the

1:24:28.760,1:24:31.099
head of the agency in Washington left

1:24:31.099,1:24:33.110
her role after getting to know this

1:24:33.110,1:24:34.550
industry and getting exposed to the

1:24:34.550,1:24:36.159
people in this industry her message was

1:24:36.159,1:24:38.900
your industry actually has a good story

1:24:38.900,1:24:41.449
to tell our industry the gaming industry

1:24:41.449,1:24:43.909
is that a model for others in financial

1:24:43.909,1:24:46.519
services as to how to do anti-money

1:24:46.519,1:24:49.789
laundering compliance right when the IRS

1:24:49.789,1:24:51.439
said we want to lower slop tax

1:24:51.439,1:24:54.650
thresholds from $1,200 to $600 and we

1:24:54.650,1:24:56.059
want to use all those loyalty marketing

1:24:56.059,1:24:58.130
cards that many of you probably play

1:24:58.130,1:25:01.010
with we want to use those to track what

1:25:01.010,1:25:02.840
people are doing in the casinos that was

1:25:02.840,1:25:05.449
the proposal from the IRS this industry

1:25:05.449,1:25:06.860
stood up it worked in a collaborative

1:25:06.860,1:25:09.309
fashion it prevented that from happening

1:25:09.309,1:25:11.630
also last year when the federal

1:25:11.630,1:25:13.909
government set out to eliminate those

1:25:13.909,1:25:16.290
resort fees that Jeremy mentioned

1:25:16.290,1:25:17.850
resort fees that not everyone likes but

1:25:17.850,1:25:20.310
are worth a half a billion dollars on

1:25:20.310,1:25:23.220
the Las Vegas Strip alone this industry

1:25:23.220,1:25:24.480
worked together to prevent that from

1:25:24.480,1:25:27.510
happening three critical successes there

1:25:27.510,1:25:29.250
were only made possible because of the

1:25:29.250,1:25:31.620
unity of the industry and three critical

1:25:31.620,1:25:33.210
successes that give the industry

1:25:33.210,1:25:36.000
confidence next we can do a lot more we

1:25:36.000,1:25:37.650
can make other great things happen

1:25:37.650,1:25:39.450
the other great thing that make

1:25:39.450,1:25:41.640
positions us for future success is we're

1:25:41.640,1:25:43.830
not putting our head in the sand we see

1:25:43.830,1:25:45.810
what's coming down the pike we see what

1:25:45.810,1:25:48.090
the new issues are that are emerging we

1:25:48.090,1:25:49.410
see the development of daily fantasy

1:25:49.410,1:25:51.450
sports and east boards of skill-based

1:25:51.450,1:25:54.420
games outside Nevada the the development

1:25:54.420,1:25:56.190
of what's called convenience gaming

1:25:56.190,1:25:57.570
retail gaming distributed gaming

1:25:57.570,1:25:58.500
whatever you want to call it

1:25:58.500,1:26:00.810
machines and bars and taverns around the

1:26:00.810,1:26:03.660
country we realize these challenges are

1:26:03.660,1:26:05.280
out there and we're confronting them

1:26:05.280,1:26:05.720
head-on

1:26:05.720,1:26:08.730
we're asking ourselves and for a 240

1:26:08.730,1:26:10.680
billion dollar industry today how do we

1:26:10.680,1:26:12.420
become a 300 billion dollar industry

1:26:12.420,1:26:15.240
tomorrow and how do we work with these

1:26:15.240,1:26:17.070
newfound challenges that are out there

1:26:17.070,1:26:19.560
it's that type of bold thinking and

1:26:19.560,1:26:21.630
leadership that I think sets this

1:26:21.630,1:26:23.880
industry with these other factors sets

1:26:23.880,1:26:26.310
this industry up for tremendous success

1:26:26.310,1:26:29.550
in the future I think we are paid to do

1:26:29.550,1:26:32.430
position to do great things in the years

1:26:32.430,1:26:34.290
ahead and to areas I want to highlight

1:26:34.290,1:26:35.640
for you and you might be picking

1:26:35.640,1:26:37.380
yourself well we have these things in

1:26:37.380,1:26:39.420
Nevada so why does that matter to me I'm

1:26:39.420,1:26:41.040
going to close by coming back why these

1:26:41.040,1:26:42.000
things that are going to happen

1:26:42.000,1:26:43.860
elsewhere in the United States matter

1:26:43.860,1:26:45.870
and matter in a very good way right here

1:26:45.870,1:26:47.940
in Nevada the first tremendous

1:26:47.940,1:26:49.650
opportunity in front of this industry is

1:26:49.650,1:26:52.710
to take what Nevada has today a legal

1:26:52.710,1:26:54.720
regulated sports betting market and

1:26:54.720,1:26:57.390
permit every state in the country to opt

1:26:57.390,1:26:59.280
into this if they so choose you know

1:26:59.280,1:27:00.900
there was a long time where Nevada felt

1:27:00.900,1:27:02.550
hey we've got a monopoly on sports

1:27:02.550,1:27:03.990
betting why would we want to share this

1:27:03.990,1:27:05.640
with anybody else we get all those

1:27:05.640,1:27:07.260
people coming here for the Super Bowl we

1:27:07.260,1:27:08.730
get people coming here for March Madness

1:27:08.730,1:27:10.710
maybe we won't have people coming here

1:27:10.710,1:27:14.030
if sports betting is permitted elsewhere

1:27:14.030,1:27:16.350
well here's the dirty truth there's no

1:27:16.350,1:27:19.920
monopoly here in Nevada last year 4.7

1:27:19.920,1:27:22.140
billion dollars was wagered on the Super

1:27:22.140,1:27:24.540
Bowl three percent of that was wagered

1:27:24.540,1:27:28.380
legally here in Nevada 160 billion

1:27:28.380,1:27:29.380
dollars was

1:27:29.380,1:27:31.510
spent on sports betting across the

1:27:31.510,1:27:33.969
United States 3% of that was done

1:27:33.969,1:27:36.460
illegally here in Nevada Americans are

1:27:36.460,1:27:38.469
finding a way to wager on sports there

1:27:38.469,1:27:41.469
is incredible demand to be involved in

1:27:41.469,1:27:43.449
these games daily fantasy sports which

1:27:43.449,1:27:45.880
got all the attention is the tip of the

1:27:45.880,1:27:47.920
iceberg when it comes to how people want

1:27:47.920,1:27:50.500
to be engaged in games today and the

1:27:50.500,1:27:52.300
question becomes how do we open up these

1:27:52.300,1:27:54.610
other markets around the country to

1:27:54.610,1:27:57.070
enjoy this same product to regulate this

1:27:57.070,1:27:59.020
product to prove that they can regulate

1:27:59.020,1:28:00.909
effectively sports the same way they

1:28:00.909,1:28:03.070
regulate every other form of gaming I

1:28:03.070,1:28:04.929
think we're on the cusp of doing that

1:28:04.929,1:28:07.030
you've got League leaders coming out and

1:28:07.030,1:28:09.070
saying it's time for regulation Adam

1:28:09.070,1:28:10.810
silver of the NBA leading the way and

1:28:10.810,1:28:12.820
others following you've got law

1:28:12.820,1:28:14.469
enforcement increasingly coming to the

1:28:14.469,1:28:16.449
table to say that our resources are best

1:28:16.449,1:28:19.360
spent not trying to track down illegal

1:28:19.360,1:28:21.699
sports bettors but to focus on other

1:28:21.699,1:28:23.889
more serious crimes you've got states

1:28:23.889,1:28:25.719
and municipalities the US Conference of

1:28:25.719,1:28:27.280
Mayors the National Conference of State

1:28:27.280,1:28:29.590
Legislators and many others saying it's

1:28:29.590,1:28:32.409
time to regulate in this area I think

1:28:32.409,1:28:34.210
and I have said publicly in the first

1:28:34.210,1:28:37.030
term of the Trump administration sports

1:28:37.030,1:28:39.070
betting will be legalized or at least

1:28:39.070,1:28:41.020
Washington will get out of the way to

1:28:41.020,1:28:42.580
empower other states they have sports

1:28:42.580,1:28:44.560
betting now a disclaimer when I said

1:28:44.560,1:28:45.760
that I didn't realize this first term

1:28:45.760,1:28:51.670
might be shorter than usual I think we

1:28:51.670,1:28:52.389
will get this done

1:28:52.389,1:28:54.159
I'm confident we will get this done it

1:28:54.159,1:28:56.260
is a multi-billion dollar growth

1:28:56.260,1:28:58.300
opportunity for the industry around the

1:28:58.300,1:29:00.280
country and it's a growth opportunity

1:29:00.280,1:29:02.409
right here in Nevada the other thing we

1:29:02.409,1:29:04.750
have to do as an industry absolutely

1:29:04.750,1:29:06.400
have to do and this is where in many

1:29:06.400,1:29:09.580
senses Nevada is a model we have to

1:29:09.580,1:29:12.670
improve reform the regulation that

1:29:12.670,1:29:14.679
guides this industry in the other 40

1:29:14.679,1:29:16.150
states in which we're doing business you

1:29:16.150,1:29:18.400
know when casino gaming expanded beyond

1:29:18.400,1:29:21.070
Nevada and New Jersey and it went into

1:29:21.070,1:29:22.870
these other states these other states

1:29:22.870,1:29:24.040
thought they were bringing in a great

1:29:24.040,1:29:26.050
evil a great sin and they wanted to do

1:29:26.050,1:29:27.820
everything they could to get the revenue

1:29:27.820,1:29:29.320
from it but paralyzed every other

1:29:29.320,1:29:31.960
activity there with it the speed to

1:29:31.960,1:29:34.000
market of new machines the ability to

1:29:34.000,1:29:35.350
innovate with new products in these

1:29:35.350,1:29:37.389
other markets it's quite difficult the

1:29:37.389,1:29:39.370
ability to reinvest in your product when

1:29:39.370,1:29:41.739
you have 50 60 % tax rates in these

1:29:41.739,1:29:42.880
other states it's quite

1:29:42.880,1:29:45.400
physical our future success as an

1:29:45.400,1:29:48.700
industry demands that we've modernized

1:29:48.700,1:29:50.770
these regulations in every other state

1:29:50.770,1:29:52.900
in which we're doing business now the

1:29:52.900,1:29:54.280
obvious question on all these

1:29:54.280,1:29:56.200
modernizing regulations and sports

1:29:56.200,1:29:59.380
betting why is that good for Nevada two

1:29:59.380,1:30:03.100
reasons one as we've seen the gaming

1:30:03.100,1:30:05.170
industry thrive and other communities

1:30:05.170,1:30:06.300
around this country

1:30:06.300,1:30:08.890
Nevada's success has only increased

1:30:08.890,1:30:11.950
upwards of 50 million visitors now to

1:30:11.950,1:30:14.110
Las Vegas there was a fear when tribal

1:30:14.110,1:30:16.900
gaming came on in California that we see

1:30:16.900,1:30:18.760
a decline in visitation to Las Vegas

1:30:18.760,1:30:20.290
don't think anyone's making that

1:30:20.290,1:30:22.690
argument today as gaming thrives and

1:30:22.690,1:30:25.770
other markets gaming goes mainstream

1:30:25.770,1:30:29.410
Nevada's success only increases it is in

1:30:29.410,1:30:31.900
Nevada's interest to see sports betting

1:30:31.900,1:30:34.090
legalized elsewhere we don't want to be

1:30:34.090,1:30:35.980
the anomaly we don't want to be this

1:30:35.980,1:30:37.450
thing that's okay here but illegal

1:30:37.450,1:30:39.790
everywhere else we want what we do here

1:30:39.790,1:30:42.010
to become and practice a mainstream

1:30:42.010,1:30:43.900
industry the second reason this is

1:30:43.900,1:30:46.960
critical as so long as we have all these

1:30:46.960,1:30:48.460
different policies and antiquated

1:30:48.460,1:30:50.200
approaches to gaming everywhere outside

1:30:50.200,1:30:53.080
Nevada the ability to innovate in Nevada

1:30:53.080,1:30:56.350
remains difficult the cost to do this

1:30:56.350,1:30:59.440
research and development the cost to to

1:30:59.440,1:31:01.540
build these new products and really give

1:31:01.540,1:31:03.280
tomorrow's customer what it is that

1:31:03.280,1:31:05.320
they're looking for is extraordinarily

1:31:05.320,1:31:07.720
difficult with the inefficiencies that

1:31:07.720,1:31:10.120
we have across the country the more we

1:31:10.120,1:31:12.040
can streamline that the more we can get

1:31:12.040,1:31:13.960
a level playing field around the country

1:31:13.960,1:31:16.960
Nevada which is the home to so much of

1:31:16.960,1:31:18.940
this innovation the homes that some of

1:31:18.940,1:31:21.100
the biggest suppliers in this industry

1:31:21.100,1:31:24.010
stands to benefit and that's why what is

1:31:24.010,1:31:26.170
good for gaming outside of Nevada is

1:31:26.170,1:31:28.930
good for Nevada and it's our focus at

1:31:28.930,1:31:31.420
the aga it's our focus every day to

1:31:31.420,1:31:33.700
strengthen this industry I'm confident

1:31:33.700,1:31:35.560
that the future for the gaming industry

1:31:35.560,1:31:37.930
has never been brighter and the future

1:31:37.930,1:31:39.700
right here in Nevada has never been

1:31:39.700,1:31:42.280
brighter the aga is committed every day

1:31:42.280,1:31:44.200
to working on behalf of the gaming

1:31:44.200,1:31:46.480
industry many of you in this room to

1:31:46.480,1:31:48.310
build an environment where the casino

1:31:48.310,1:31:51.520
gaming industry can thrive my ask of

1:31:51.520,1:31:53.620
each of you in this room is to be our

1:31:53.620,1:31:55.300
partner in doing that to help us

1:31:55.300,1:31:56.350
understand

1:31:56.350,1:31:57.820
there are the challenges where are the

1:31:57.820,1:31:59.410
roadblocks where are the issues that

1:31:59.410,1:32:01.300
need to be addressed because the

1:32:01.300,1:32:03.640
industry has never been more capable to

1:32:03.640,1:32:05.320
get in those roadblocks those challenges

1:32:05.320,1:32:07.410
out of the way right now it's about

1:32:07.410,1:32:09.700
capitalizing on the opportunity we have

1:32:09.700,1:32:11.560
building on the success we've enjoyed

1:32:11.560,1:32:13.540
and building the strongest industry that

1:32:13.540,1:32:15.370
we can have in the years ahead I'm

1:32:15.370,1:32:16.480
confident that we're well on our way

1:32:16.480,1:32:18.310
there thank you for the opportunity I

1:32:18.310,1:32:19.750
don't we want to take any questions I

1:32:19.750,1:32:28.780
really appreciate the opportunity yes

1:32:28.780,1:32:31.600
sir excellent we do have time for just a

1:32:31.600,1:32:33.520
couple questions from the audience we've

1:32:33.520,1:32:35.650
got a roving mic out there Jeff is a

1:32:35.650,1:32:37.690
graciously agreed to stay on for a

1:32:37.690,1:32:40.300
couple minutes from the audience that

1:32:40.300,1:32:41.920
was a powerhouse presentation first can

1:32:41.920,1:32:45.150
we give him another round of applause

1:32:47.970,1:32:50.320
if no-one has any questions I see a

1:32:50.320,1:32:51.760
couple faces I recognize including

1:32:51.760,1:32:53.410
Marcus over there a couple others so

1:32:53.410,1:32:56.730
I'll just call on you ask questions

1:32:57.450,1:33:02.610
anybody going going once going twice

1:33:02.610,1:33:05.800
alright thank thank you very much again

1:33:05.800,1:33:10.780
thank you Jeff I'm not closed with this

1:33:10.780,1:33:12.820
I hope you had fun this morning I know I

1:33:12.820,1:33:15.430
did and it is our sincere hope that the

1:33:15.430,1:33:17.350
perspectives you hope that you heard

1:33:17.350,1:33:20.080
today will be of assistance as you make

1:33:20.080,1:33:22.060
your critical decisions throughout the

1:33:22.060,1:33:23.770
upcoming year again thank you for coming

1:33:23.770,1:33:26.820
have a good day

1:33:27.739,1:33:29.800
you