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Welcome to the 37th annual Las Vegas

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Perspective.

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My name is Jonas Peterson. I'm the CEO of

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the Las Vegas Global Economic Alliance,

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and I am so excited. I am honored to be

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your host this morning. Truth is, this is

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my favorite event of the entire year

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And thanks to your support, thanks to

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your overwhelming support this turned

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out to be a really hot ticket this year

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I don't know if you guys saw this but we

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sold out not a week ahead of time, not

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two weeks, but over a month in advance,

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right? is that worth thank you thank you

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not only that but I'm glad you guys are

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here we had to turn away around a

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hundred that wanted to be with us this

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morning so congratulations to you for

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making the cut early thank you for

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coming out but seriously this tells us

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two things one we're probably going to

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need to look at a bigger room next year

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and two more importantly that we're on

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the right track to deliver on the brand

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promise for perspective that brand

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promise is to be Southern Nevada's

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premier source for community and

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economic information analysis and

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forecasting now for this morning we've

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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

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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.

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In that book, you will find a

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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

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to know to understand our community, our

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economy and where it's going. That's just

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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

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their own words about major projects and

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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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fFom 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

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community is thinking on key topics,

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sometimes controversial topics like

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marijuana, stadium development, minimum

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wage and much more. Also in the book,

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you got forecast content where we pull

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in subject matter experts

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dozens of subject matter experts and ask

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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

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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

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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

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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

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year so is our gift to you we're going

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to be sending each of you that are here

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this morning quarterly newsletters with

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more data analysis on topics like

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education infrastructure and

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competitiveness throughout the year and

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we're also extending your access to the

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lvg a data portal

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you probably remember last year we

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showcased this new product this is an

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online tool that has real-time data

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thousands of indicators and data points

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all updated in real time along with

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community mapping and much more this is

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our gift to you as well where if you're

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here this morning we want you to be able

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to have this so you will receive an

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email with a one-year subscription to

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the data portal and one last thing as

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you leave this morning we have the

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latest project from our research center

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we're calling it the Southern Nevada

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community map this is not an ordinary

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map you'll grab it on your way out

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I want to tell you how it was created

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we approached our friends that applied

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analysis and we asked them can you help

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us make a map that tells the future we

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expected them to say no because that's

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that's a ridiculous request they said

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yes they always do and the result is a

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map that showcases the billions of

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dollars of capital investment that we

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expect to move forward along the strip

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the billions more that's moving in our

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economy through private businesses

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around the region new school

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construction key assets and so much more

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take a take a close look at that map

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when you receive it on the way out I

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think you will agree that it is awesome

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now we hope all this content it's

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designed to add value to you so that

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through the upcoming year you can make

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better decisions at lvj we believe that

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information is the currency of economic

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development and when we can equip

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leaders like you with better information

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we as a team will make better decisions

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have a stronger community and have a

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stronger economy that's what perspective

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is all about all right so again thank

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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

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for this this is our perspective Council

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the perspective Council is responsible

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for leading everything you see here the

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event the speakers the content they're

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not only sponsors but they're involved

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in the process there's an exceptional

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group and I want to recognize them and

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then give them each a big round of

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applause it starts with Cox

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Communications Derek Hill and your team

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could you guys stand up where you guys

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at I just

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so let me tell you just a little bit

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Derek is our vice chairman at LV Gea Cox

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is our pinnacle level investor and

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they're all two on the prospective

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Council an amazing group thank you so

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much we appreciate you guys Derek you

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are amazing thank you 8 News Now

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Lisa how field and the team does stand

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up for you there you are

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stand up and take a look at the crowd

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that Lisa brings with I believe this is

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the largest group you know from 8 News

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now that we have a perspective this

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morning so thank you so much we

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appreciate it

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awesome at Nevada State Bank Shannon

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Petersen and the team many times they're

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there Shannon's one of our new board

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members at L VGA

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thank you so much for this court a

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champion for our community at Wells

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Fargo Curt Clawson and the team stand on

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up guys

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Kirkus on our executive committee at lv

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GA a rock star for this community always

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saying as Kirk you are amazing thank you

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and last but not least the team at

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applied analysis guys sent up Jeremy

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Brian

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Rachel Melanie the team this is our

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go-to group this is the brains behind

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perspective perspective I want you know

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they always say yes they're always

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striving to make this better and they

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blow us away when we ask for crazy

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research requests they find a way to

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make it happen we love you guys thank

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you so much all right so that is our

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perspective Council we also got a group

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of in-kind investors that stepped up

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this year let me read them off we'll

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give them a round of applause at the end

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for helping us get the word out about

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this event we got Kay NPR Lotus

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Broadcasting elite media and Vegas PBS

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let's give a round of applause for this

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group

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thank you there's a lot of elected

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officials in the room I caught a few of

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you as you're you're coming in so this

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is probably an incomplete list but I'm

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going to give it a shot

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we've got mayor elect Deborah March from

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Henderson here stand on up Councilman

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John Mars I believe is with us this

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morning councilman Dan Stewart

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councilman Stavros - Anthony and

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Commissioner Susan breaker

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welcome elected officials stand on up if

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I missed anybody all right now it's the

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fun part we get to kick off the party

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we're going to invite up our first panel

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before I do that though I want to remind

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you to join the conversation on Twitter

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hashtag lb perspective if you do that I

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think there's even on the the tent on

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your table you can ask questions

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following our panel you can be a part of

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the discussion in fact I think we're

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going to throw up a live Twitter wall in

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just a little bit so you will see that

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firsthand here's our first panel it's on

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advancing the business of healthcare why

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because there are amazing things

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happening in this in this industry right

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now in fact if you look at our economy

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it's the fastest jobs reducing segment

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there's major projects plan that you're

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going to hear about and to tell you

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about that we've got a rock star group

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of panelists let's start it off

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Betsy fretwell from the city of Las

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Vegas city manager Betsy could you come

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join us

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from UNLV we got the founding dean of

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the medical school dr. Barbara Atkinson

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welcome come join us

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[Applause]

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from Toro University the one and only

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Shelley Berkley yeah

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and Doug geyser from Las Vegas heals man

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who knows a lot about healthcare welcome

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welcome all right all right good morning

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how are we doing excellent so that's big

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if we could I would like to kick it off

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with you have them start us off and

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here's the question could you give us

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the big the big picture why is

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healthcare important to growing our

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economy and also what is the city of Las

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Vegas doing in particular to grow this

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industry thank you good morning everyone

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it's a real pleasure to be here

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healthcare is a critical industry for us

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one we're underweighted in it and

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everyone knows that when we do our

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surveys at the city of Las Vegas that

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there is always a concern about access

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and quality and so we know that we have

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incredible quality here in town but we

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do have an access issue and many of the

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panelists who are here with me today are

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working to improve that access by

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creating new doctors and new medical

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professionals that will help us

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it also helps bolster our economy these

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are good-paying jobs people who are well

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educated and they help us grow and

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diversify and that's been a critical

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component for the city of Las Vegas most

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recently we put together a medical

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district advisory board about three or

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four years ago at the request of

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councilman Tarkanian and mayor Carolyn

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Goodman we did that because we have one

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of the single largest footprints of

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medical care and service delivery in the

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middle of the city of Las Vegas so of

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the distribution of healthcare providing

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providers in this community we represent

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00:12:17,000 --> 00:12:19,910
64% of them right in the medical

277
00:12:19,910 --> 00:12:21,680
district in the heart of the city of Las

278
00:12:21,680 --> 00:12:23,600
Vegas and if you're trying to figure out

279
00:12:23,600 --> 00:12:25,370
where that medical district is it's

280
00:12:25,370 --> 00:12:28,310
right by UMC so if you can picture that

281
00:12:28,310 --> 00:12:31,880
right along Charleston near Rancho near

282
00:12:31,880 --> 00:12:35,029
i-15 and also the council embarked upon

283
00:12:35,029 --> 00:12:37,940
a plan to expand that district and we've

284
00:12:37,940 --> 00:12:41,330
added over 400 acres to that 200 acres

285
00:12:41,330 --> 00:12:43,010
so that we have plenty of room for

286
00:12:43,010 --> 00:12:46,570
expansion the council also adopted an

287
00:12:46,570 --> 00:12:49,610
incredible master plan for that area in

288
00:12:49,610 --> 00:12:52,010
partnership with all the institutional

289
00:12:52,010 --> 00:12:55,430
providers in that 200 original acres and

290
00:12:55,430 --> 00:12:58,220
the expanded area that will bring us

291
00:12:58,220 --> 00:13:00,770
over 600 acres of medical district

292
00:13:00,770 --> 00:13:03,350
development this is critically important

293
00:13:03,350 --> 00:13:05,390
because if the city is investing wisely

294
00:13:05,390 --> 00:13:08,589
in infrastructure and all of the

295
00:13:08,589 --> 00:13:11,240
providers in the area are partnering on

296
00:13:11,240 --> 00:13:13,130
things that have a common good to them

297
00:13:13,130 --> 00:13:16,310
so not programmatic decisions not

298
00:13:16,310 --> 00:13:19,160
whether or not dr. Atkinson has 60 or 80

299
00:13:19,160 --> 00:13:22,130
students per class but really how are we

300
00:13:22,130 --> 00:13:24,890
providing Street networks and a variety

301
00:13:24,890 --> 00:13:26,630
of other infrastructure that helps drive

302
00:13:26,630 --> 00:13:27,500
the cost down

303
00:13:27,500 --> 00:13:29,240
to providing quality and affordable

304
00:13:29,240 --> 00:13:31,970
healthcare to our community it can

305
00:13:31,970 --> 00:13:34,010
happen in the health district in the

306
00:13:34,010 --> 00:13:36,170
medical district through our healthcare

307
00:13:36,170 --> 00:13:38,720
providers we really feel like this is an

308
00:13:38,720 --> 00:13:40,760
important play for the city's economic

309
00:13:40,760 --> 00:13:42,770
development plan and that's what we have

310
00:13:42,770 --> 00:13:44,630
been focusing on to make a huge

311
00:13:44,630 --> 00:13:46,970
difference for our entire community and

312
00:13:46,970 --> 00:13:49,250
we believe that we can be the hub this

313
00:13:49,250 --> 00:13:50,570
doesn't replace what needs to be

314
00:13:50,570 --> 00:13:52,310
happening throughout the community this

315
00:13:52,310 --> 00:13:54,470
accentuates what needs to be happening

316
00:13:54,470 --> 00:13:56,540
throughout the community and creates a

317
00:13:56,540 --> 00:13:58,490
hub in the middle of the city where

318
00:13:58,490 --> 00:14:00,860
everybody can get to it for those things

319
00:14:00,860 --> 00:14:02,570
that we can only have one up for

320
00:14:02,570 --> 00:14:04,459
instance and those are the kinds of

321
00:14:04,459 --> 00:14:05,810
things that we've been pursuing at the

322
00:14:05,810 --> 00:14:08,839
city we have great hopes for the medical

323
00:14:08,839 --> 00:14:10,250
school and what it brings to that

324
00:14:10,250 --> 00:14:12,020
district we're thrilled that the Medical

325
00:14:12,020 --> 00:14:13,490
Education building is going to be there

326
00:14:13,490 --> 00:14:15,470
and we have high hopes for additional

327
00:14:15,470 --> 00:14:17,390
expansion in that area as the medical

328
00:14:17,390 --> 00:14:19,400
school grows those are the things we're

329
00:14:19,400 --> 00:14:21,130
focusing in on at the city of Las Vegas

330
00:14:21,130 --> 00:14:23,600
beautiful dr. axe has been your

331
00:14:23,600 --> 00:14:27,170
up next we know that the our first class

332
00:14:27,170 --> 00:14:28,730
at the School of Medicine is coming

333
00:14:28,730 --> 00:14:30,829
online this summer could you give us a

334
00:14:30,829 --> 00:14:33,259
taste of the kind of what's next what

335
00:14:33,259 --> 00:14:34,759
are the major steps what are you excited

336
00:14:34,759 --> 00:14:37,579
about well I'm excited about it all or

337
00:14:37,579 --> 00:14:40,370
what I'm excited about the class first I

338
00:14:40,370 --> 00:14:43,310
just have to tell you quickly it's sixty

339
00:14:43,310 --> 00:14:45,740
students they're starting on July 17th

340
00:14:45,740 --> 00:14:48,529
they're starting with EMT training but

341
00:14:48,529 --> 00:14:50,630
of those 60 students they are all from

342
00:14:50,630 --> 00:14:53,000
Nevada or they have very strong ties to

343
00:14:53,000 --> 00:14:55,430
Nevada we just interviewed Nevada

344
00:14:55,430 --> 00:14:57,800
students we had over 900 applicants and

345
00:14:57,800 --> 00:15:00,410
300 of them were from Nevada so we

346
00:15:00,410 --> 00:15:02,420
didn't even have to go beyond that and

347
00:15:02,420 --> 00:15:05,839
that's exciting in itself so they're

348
00:15:05,839 --> 00:15:08,000
getting ready to start what we're really

349
00:15:08,000 --> 00:15:11,389
working on this summer too is setting up

350
00:15:11,389 --> 00:15:14,269
the clinical Enterprise so on July 1st

351
00:15:14,269 --> 00:15:17,329
the people who were the faculty at UNR

352
00:15:17,329 --> 00:15:19,790
School of Medicine which who are

353
00:15:19,790 --> 00:15:21,889
practicing in Las Vegas are all moving

354
00:15:21,889 --> 00:15:24,920
over to be UNLV faculty so that's about

355
00:15:24,920 --> 00:15:26,839
a hundred and twenty-five physicians and

356
00:15:26,839 --> 00:15:31,100
another 25 or so administrators and so

357
00:15:31,100 --> 00:15:33,290
they practice in the medical district

358
00:15:33,290 --> 00:15:34,819
mostly although they have a few other

359
00:15:34,819 --> 00:15:37,130
sites as well they'll be practicing

360
00:15:37,130 --> 00:15:39,920
under UNLV medicine starting then and so

361
00:15:39,920 --> 00:15:41,959
we have to convert those practices into

362
00:15:41,959 --> 00:15:46,160
a whole different level of care a level

363
00:15:46,160 --> 00:15:47,990
of care that really is one that you

364
00:15:47,990 --> 00:15:50,389
would be proud to come to so that's a

365
00:15:50,389 --> 00:15:53,000
major effort that's going on right now

366
00:15:53,000 --> 00:15:55,160
re contracting everything everything

367
00:15:55,160 --> 00:15:58,040
from getting telephones am Lars patient

368
00:15:58,040 --> 00:16:00,529
records ready to move over it's a big

369
00:16:00,529 --> 00:16:02,720
deal to move that many people besides

370
00:16:02,720 --> 00:16:05,329
them moving over they have 300 practice

371
00:16:05,329 --> 00:16:07,399
plan employees that front desk the

372
00:16:07,399 --> 00:16:09,290
billing people everybody else that goes

373
00:16:09,290 --> 00:16:11,029
with the practice they're coming over

374
00:16:11,029 --> 00:16:13,819
and 300 residents are moving over to

375
00:16:13,819 --> 00:16:17,149
become you know UNLV residents so we're

376
00:16:17,149 --> 00:16:19,970
going from having about 80 faculty and

377
00:16:19,970 --> 00:16:22,069
staff in the School of Medicine to over

378
00:16:22,069 --> 00:16:25,759
800 on July 1st so that's a pretty big

379
00:16:25,759 --> 00:16:29,000
deal that's about a quarter of what UNLV

380
00:16:29,000 --> 00:16:31,399
is altogether so adding that many new

381
00:16:31,399 --> 00:16:34,880
people is is really exciting but the

382
00:16:34,880 --> 00:16:36,800
practice is going to be very exciting

383
00:16:36,800 --> 00:16:38,390
but it'll take us a little while to get

384
00:16:38,390 --> 00:16:40,430
it to where it needs to be beside that

385
00:16:40,430 --> 00:16:42,830
we're working on starting that medical

386
00:16:42,830 --> 00:16:44,570
education building and I have to say the

387
00:16:44,570 --> 00:16:46,820
city has been an incredible partner with

388
00:16:46,820 --> 00:16:49,160
us on this and the county has as well

389
00:16:49,160 --> 00:16:52,130
but County gave us 9 acres of land in

390
00:16:52,130 --> 00:16:54,350
the medical district we've already moved

391
00:16:54,350 --> 00:16:56,450
all our current faculty to the medical

392
00:16:56,450 --> 00:16:58,519
district so we are clearly in the

393
00:16:58,519 --> 00:17:01,010
medical district now we are in the

394
00:17:01,010 --> 00:17:03,050
second phase of design of the building

395
00:17:03,050 --> 00:17:05,240
whereas you've probably read in the

396
00:17:05,240 --> 00:17:07,040
papers looking for our hundred million

397
00:17:07,040 --> 00:17:08,780
dollar donor we hope we'll be able to

398
00:17:08,780 --> 00:17:10,910
say we have that we hope we'll be able

399
00:17:10,910 --> 00:17:12,980
to actually break ground on the building

400
00:17:12,980 --> 00:17:17,089
I hope in the fall we'll see so that's

401
00:17:17,089 --> 00:17:19,640
going on and I think those are probably

402
00:17:19,640 --> 00:17:22,309
the major efforts we do have a research

403
00:17:22,309 --> 00:17:23,809
effort going on and that's one that's

404
00:17:23,809 --> 00:17:25,939
really important for the community it's

405
00:17:25,939 --> 00:17:28,300
sort of trailing to a certain degree

406
00:17:28,300 --> 00:17:31,070
everything else because we did education

407
00:17:31,070 --> 00:17:33,890
first clinical second and research third

408
00:17:33,890 --> 00:17:37,450
but it's coming we just celebrated a big

409
00:17:37,450 --> 00:17:41,750
mountain West conglomeration of people

410
00:17:41,750 --> 00:17:43,550
who are all part of a research team that

411
00:17:43,550 --> 00:17:44,900
works together to build research

412
00:17:44,900 --> 00:17:46,790
infrastructure and that's what's really

413
00:17:46,790 --> 00:17:49,130
going to drive the economic piece of the

414
00:17:49,130 --> 00:17:51,530
healthcare district and I'll just say

415
00:17:51,530 --> 00:17:54,380
that the projection of a Medical School

416
00:17:54,380 --> 00:17:58,760
in a help in a medical district with

417
00:17:58,760 --> 00:18:00,710
everything it brings is something like a

418
00:18:00,710 --> 00:18:03,530
three point six billion dollar a year a

419
00:18:03,530 --> 00:18:06,440
year economic benefit to the community

420
00:18:06,440 --> 00:18:08,570
and should have something like

421
00:18:08,570 --> 00:18:11,240
twenty-two thousand new jobs within the

422
00:18:11,240 --> 00:18:13,790
next 15 years so that's what we're up to

423
00:18:13,790 --> 00:18:16,669
awesome all right Shelley I'm coming

424
00:18:16,669 --> 00:18:18,890
your way actually for the next one so

425
00:18:18,890 --> 00:18:20,720
Shelly you have a unique perspective

426
00:18:20,720 --> 00:18:22,429
right you've been involved in the

427
00:18:22,429 --> 00:18:24,770
highest levels of government and in

428
00:18:24,770 --> 00:18:27,530
medical education I want to ask for your

429
00:18:27,530 --> 00:18:29,540
thoughts on one of those topics that's

430
00:18:29,540 --> 00:18:31,580
critical involves both those Graduate

431
00:18:31,580 --> 00:18:33,559
Medical Education I know our state

432
00:18:33,559 --> 00:18:35,360
legislature in particulars taking a look

433
00:18:35,360 --> 00:18:38,000
at this what is it why do we need more

434
00:18:38,000 --> 00:18:39,679
of it could you give us your thoughts on

435
00:18:39,679 --> 00:18:41,929
that yeah thank you very much and thanks

436
00:18:41,929 --> 00:18:44,559
for having me good morning everybody

437
00:18:44,559 --> 00:18:47,750
GME is a very important issue and very

438
00:18:47,750 --> 00:18:50,420
critical to the state of Nevada

439
00:18:50,420 --> 00:18:53,900
we are going to attract doctors and keep

440
00:18:53,900 --> 00:18:57,800
them here when you graduate medical

441
00:18:57,800 --> 00:18:59,840
schools you still cannot practice

442
00:18:59,840 --> 00:19:01,910
medicine you have a minimum of three

443
00:19:01,910 --> 00:19:04,130
more years of training which is your

444
00:19:04,130 --> 00:19:07,580
residency graduates medical education

445
00:19:07,580 --> 00:19:11,570
now years ago its graduate medical

446
00:19:11,570 --> 00:19:14,840
education dollars how do we pay for GME

447
00:19:14,840 --> 00:19:17,450
comes out of Medicare funding from the

448
00:19:17,450 --> 00:19:21,320
feds years ago it was capped which means

449
00:19:21,320 --> 00:19:24,050
if you're an East Coast state that has

450
00:19:24,050 --> 00:19:27,050
lots of GME you continued getting

451
00:19:27,050 --> 00:19:29,660
funding for a growth state like Nevada

452
00:19:29,660 --> 00:19:32,360
where we've had a huge population

453
00:19:32,360 --> 00:19:35,480
explosion it's been devastating to us

454
00:19:35,480 --> 00:19:38,510
because the GME is cap there's no

455
00:19:38,510 --> 00:19:41,180
funding from the feds so are very

456
00:19:41,180 --> 00:19:44,020
limited funding from the feds so

457
00:19:44,020 --> 00:19:46,460
understanding that you need three more

458
00:19:46,460 --> 00:19:48,950
years of training before you can

459
00:19:48,950 --> 00:19:51,860
practice medicine it is essential that

460
00:19:51,860 --> 00:19:55,880
the state of Nevada create its own GME

461
00:19:55,880 --> 00:19:59,210
and so the governor and I am very high

462
00:19:59,210 --> 00:20:01,610
on governor Sandoval for a whole host of

463
00:20:01,610 --> 00:20:05,810
reasons but he understood that we needed

464
00:20:05,810 --> 00:20:08,900
to create and spend some money on the

465
00:20:08,900 --> 00:20:13,250
state level in order to create GME so

466
00:20:13,250 --> 00:20:17,030
last legislative session he ensured in

467
00:20:17,030 --> 00:20:19,690
his budget was a 10 million dollar

468
00:20:19,690 --> 00:20:23,000
appropriation to create primary care

469
00:20:23,000 --> 00:20:26,180
GME's why is that important because the

470
00:20:26,180 --> 00:20:28,520
greatest shortage of doctors although we

471
00:20:28,520 --> 00:20:31,160
have shortages across the board greatest

472
00:20:31,160 --> 00:20:34,210
shortage of doctors is primary care

473
00:20:34,210 --> 00:20:38,810
physicians as consequently we were able

474
00:20:38,810 --> 00:20:41,930
to utilize that ten million dollars five

475
00:20:41,930 --> 00:20:44,300
million each year of the biennium to

476
00:20:44,300 --> 00:20:47,810
create Graduate Medical Education now in

477
00:20:47,810 --> 00:20:52,670
this legislative session he again in his

478
00:20:52,670 --> 00:20:55,010
budget was another ten million dollars

479
00:20:55,010 --> 00:20:57,560
I've been tracking it in the legislature

480
00:20:57,560 --> 00:21:00,580
and the legislature I believe when their

481
00:21:00,580 --> 00:21:02,970
budget is put to bed the

482
00:21:02,970 --> 00:21:05,580
ten million dollars will survive and we

483
00:21:05,580 --> 00:21:08,220
will be able to use it for GME it is

484
00:21:08,220 --> 00:21:11,220
very important that it stays in primary

485
00:21:11,220 --> 00:21:13,919
care because that is the greatest need

486
00:21:13,919 --> 00:21:15,510
in the state of Nevada

487
00:21:15,510 --> 00:21:18,419
let me quickly end with this and it's

488
00:21:18,419 --> 00:21:21,480
easy to understand why is GME here and

489
00:21:21,480 --> 00:21:25,289
Nevada important because 70% of doctors

490
00:21:25,289 --> 00:21:27,990
end up practicing where they do their

491
00:21:27,990 --> 00:21:31,200
GME their Graduate Medical Education if

492
00:21:31,200 --> 00:21:33,750
we don't have enough Graduate Medical

493
00:21:33,750 --> 00:21:36,480
Education in the state of Nevada these

494
00:21:36,480 --> 00:21:39,780
young men and women these future doctors

495
00:21:39,780 --> 00:21:42,929
end up going away and unless they have a

496
00:21:42,929 --> 00:21:44,909
tie with the state of Nevada they're not

497
00:21:44,909 --> 00:21:47,100
coming back and it makes sense they're

498
00:21:47,100 --> 00:21:48,929
making contacts in the medical community

499
00:21:48,929 --> 00:21:50,429
they're getting married they're

500
00:21:50,429 --> 00:21:52,919
establishing ties in the community that

501
00:21:52,919 --> 00:21:54,840
they're getting having their residency

502
00:21:54,840 --> 00:21:58,980
and a simple way to understand this Toro

503
00:21:58,980 --> 00:22:01,650
University graduates a hundred and

504
00:22:01,650 --> 00:22:04,650
thirty-five future doctors every year

505
00:22:04,650 --> 00:22:07,950
we're very proud of that we had 3700

506
00:22:07,950 --> 00:22:09,929
applications for a hundred and

507
00:22:09,929 --> 00:22:12,330
thirty-five slots this year we can

508
00:22:12,330 --> 00:22:15,240
afford to be very selective of who we

509
00:22:15,240 --> 00:22:17,970
admit into our program if we admit you

510
00:22:17,970 --> 00:22:20,130
we expect you to graduate and we're

511
00:22:20,130 --> 00:22:22,049
going to do everything we can to help

512
00:22:22,049 --> 00:22:26,850
you we have 30 residences will 90 but 30

513
00:22:26,850 --> 00:22:30,510
30 30 because it's 30 a year with valid

514
00:22:30,510 --> 00:22:33,419
with the valley health system that means

515
00:22:33,419 --> 00:22:36,630
that if we feel every residency with the

516
00:22:36,630 --> 00:22:40,049
Toro students a hundred and five of my

517
00:22:40,049 --> 00:22:43,080
graduates of future doctors have to

518
00:22:43,080 --> 00:22:46,049
leave the state of Nevada in order to

519
00:22:46,049 --> 00:22:49,049
get their training that is insane and

520
00:22:49,049 --> 00:22:51,030
Barbara and I have talked about this a

521
00:22:51,030 --> 00:22:53,549
lot you could have a new medical school

522
00:22:53,549 --> 00:22:55,470
you could have 20 new medical schools

523
00:22:55,470 --> 00:22:57,840
we're all still competing for the same

524
00:22:57,840 --> 00:23:01,679
small number of residences until this

525
00:23:01,679 --> 00:23:04,650
stage gets more residences we are not

526
00:23:04,650 --> 00:23:09,059
not going to be able to keep doctors

527
00:23:09,059 --> 00:23:11,880
here and it's simple math and it doesn't

528
00:23:11,880 --> 00:23:14,220
take a genius to figure this out so if

529
00:23:14,220 --> 00:23:16,090
you ask and maybe doing something to ask

530
00:23:16,090 --> 00:23:19,330
later what can I do call your legislator

531
00:23:19,330 --> 00:23:21,610
we know them that's the beauty of Nevada

532
00:23:21,610 --> 00:23:24,309
tell them to make sure that GME money

533
00:23:24,309 --> 00:23:27,669
primary care physicians is in the budget

534
00:23:27,669 --> 00:23:30,090
this year so we can start more

535
00:23:30,090 --> 00:23:33,640
residences in the following few years so

536
00:23:33,640 --> 00:23:36,010
important so important audience so there

537
00:23:36,010 --> 00:23:45,549
thank you all right Doug you're up next

538
00:23:45,549 --> 00:23:47,380
want to hop into your world for a little

539
00:23:47,380 --> 00:23:49,690
bit the audience when they leave today

540
00:23:49,690 --> 00:23:50,830
they're going to look at that community

541
00:23:50,830 --> 00:23:52,690
map and they're going to see hospitals

542
00:23:52,690 --> 00:23:56,080
clinics springing up all over the valley

543
00:23:56,080 --> 00:23:58,720
could you tell us a little bit striving

544
00:23:58,720 --> 00:24:00,250
this trend maybe share a few examples

545
00:24:00,250 --> 00:24:03,490
sure so it's a lot of things during the

546
00:24:03,490 --> 00:24:05,799
Great Recession we went into that under

547
00:24:05,799 --> 00:24:08,380
bedded as a community we just flat out

548
00:24:08,380 --> 00:24:10,750
did not have a bed enough beds to serve

549
00:24:10,750 --> 00:24:13,390
the community the tear during that

550
00:24:13,390 --> 00:24:16,630
recession our unemployment rates went up

551
00:24:16,630 --> 00:24:19,840
therefore our uninsured what not so a

552
00:24:19,840 --> 00:24:21,580
lot of folks just didn't have access to

553
00:24:21,580 --> 00:24:25,750
care because of that we were the first

554
00:24:25,750 --> 00:24:28,179
state or the first republican governor

555
00:24:28,179 --> 00:24:30,070
that approved the expansion of Medicaid

556
00:24:30,070 --> 00:24:32,740
through the Affordable Care Act that

557
00:24:32,740 --> 00:24:35,679
brought in 300,000 new additionally

558
00:24:35,679 --> 00:24:39,340
insured so these 300,000 needed a place

559
00:24:39,340 --> 00:24:42,490
to access care and what that's it is it

560
00:24:42,490 --> 00:24:44,350
also provided a patient that would

561
00:24:44,350 --> 00:24:45,970
present themselves at the hospitals that

562
00:24:45,970 --> 00:24:49,600
now had a payer source not quite at the

563
00:24:49,600 --> 00:24:51,760
level that they need to to be profitable

564
00:24:51,760 --> 00:24:53,620
but they had a payer source attached to

565
00:24:53,620 --> 00:24:56,049
them so everybody started growing again

566
00:24:56,049 --> 00:24:57,490
at the same time some other things

567
00:24:57,490 --> 00:24:59,590
happen where they started they corrected

568
00:24:59,590 --> 00:25:01,149
the reimbursement rate for inpatient

569
00:25:01,149 --> 00:25:03,210
behavioral health so you saw some

570
00:25:03,210 --> 00:25:05,919
readjustment around the community so now

571
00:25:05,919 --> 00:25:08,140
you're watching all of these facilities

572
00:25:08,140 --> 00:25:10,659
and all these systems grow I think a lot

573
00:25:10,659 --> 00:25:11,710
of the growth that's going on in the

574
00:25:11,710 --> 00:25:13,870
medical district and with the the UNLV

575
00:25:13,870 --> 00:25:16,029
School of Medicine is going to continue

576
00:25:16,029 --> 00:25:19,720
and we're building out now to embrace

577
00:25:19,720 --> 00:25:22,330
and be prepared for a major

578
00:25:22,330 --> 00:25:25,179
transformation into academic medicine so

579
00:25:25,179 --> 00:25:27,100
as that happens and more residents are

580
00:25:27,100 --> 00:25:28,720
coming through and 70% of those are

581
00:25:28,720 --> 00:25:29,530
staying here

582
00:25:29,530 --> 00:25:31,440
they're going to be opening up practices

583
00:25:31,440 --> 00:25:33,670
then we'll start developing specialty

584
00:25:33,670 --> 00:25:35,320
and subspecialty programs and fellowship

585
00:25:35,320 --> 00:25:38,920
programs to bring on the the access to

586
00:25:38,920 --> 00:25:40,840
care that we desperately need you're

587
00:25:40,840 --> 00:25:43,690
seeing other systems such as yesterday

588
00:25:43,690 --> 00:25:45,130
there's a great presentation from the

589
00:25:45,130 --> 00:25:47,500
folks from Union Village in Henderson

590
00:25:47,500 --> 00:25:48,790
Hospital that was a hospital that was

591
00:25:48,790 --> 00:25:50,200
opened up just a year ago and they're

592
00:25:50,200 --> 00:25:52,840
already expanding they're already at

593
00:25:52,840 --> 00:25:55,600
that capacity every single Hospital in

594
00:25:55,600 --> 00:25:57,580
this town is growing at some rate

595
00:25:57,580 --> 00:25:58,980
whether it's Centennial Spring Valley

596
00:25:58,980 --> 00:26:01,630
Mountain View sunrise is building a new

597
00:26:01,630 --> 00:26:04,270
tower you're seeing the introduction of

598
00:26:04,270 --> 00:26:06,430
stand-alone ers you're seeing the

599
00:26:06,430 --> 00:26:09,400
introduction of community hospitals or

600
00:26:09,400 --> 00:26:11,560
micro hospitals and this is all

601
00:26:11,560 --> 00:26:14,440
improving access to care because we all

602
00:26:14,440 --> 00:26:17,260
want to access care whereas closest to

603
00:26:17,260 --> 00:26:19,510
where we live and you're going to see a

604
00:26:19,510 --> 00:26:21,430
huge transformation that's for years to

605
00:26:21,430 --> 00:26:22,090
come

606
00:26:22,090 --> 00:26:24,130
so I think it's an exciting time for

607
00:26:24,130 --> 00:26:26,290
medicine in Las Vegas I think the great

608
00:26:26,290 --> 00:26:27,730
work that's being done by our governor

609
00:26:27,730 --> 00:26:28,960
with the expansion of Graduate Medical

610
00:26:28,960 --> 00:26:31,180
Education what's happening with you and

611
00:26:31,180 --> 00:26:32,770
I'll be medicine what's going on at the

612
00:26:32,770 --> 00:26:35,770
medical district health care is now top

613
00:26:35,770 --> 00:26:38,740
of mind and tip of tongue it's happening

614
00:26:38,740 --> 00:26:40,240
it's growing and it's driving this

615
00:26:40,240 --> 00:26:42,120
community and it's going to require

616
00:26:42,120 --> 00:26:44,890
strengthening that healthcare pillar for

617
00:26:44,890 --> 00:26:46,810
true economic diversification to happen

618
00:26:46,810 --> 00:26:48,970
because as we're trying to recruit

619
00:26:48,970 --> 00:26:51,280
attract and expand companies to come

620
00:26:51,280 --> 00:26:54,840
here those executives want to offer

621
00:26:54,840 --> 00:26:57,640
their family their executives families

622
00:26:57,640 --> 00:26:59,260
and all of their employees and their

623
00:26:59,260 --> 00:27:00,880
families good health care and good

624
00:27:00,880 --> 00:27:03,220
education and so I think the healthcare

625
00:27:03,220 --> 00:27:04,570
community has really come together to

626
00:27:04,570 --> 00:27:06,990
help provide that part of the equation

627
00:27:06,990 --> 00:27:09,280
beautiful beautiful all right panel I'm

628
00:27:09,280 --> 00:27:10,750
going to open up the next question

629
00:27:10,750 --> 00:27:12,580
everybody this is a little bit of a hot

630
00:27:12,580 --> 00:27:16,600
button issue reimbursement rates could

631
00:27:16,600 --> 00:27:18,520
you guys could you tell us about what's

632
00:27:18,520 --> 00:27:20,230
going on with reimbursement rates how do

633
00:27:20,230 --> 00:27:22,990
we stack up to other markets why is it

634
00:27:22,990 --> 00:27:25,380
important what what can we do about it

635
00:27:25,380 --> 00:27:28,150
so I'll jump in there sorry to hog the

636
00:27:28,150 --> 00:27:30,790
microphone a little bit and a little bit

637
00:27:30,790 --> 00:27:35,320
of a selfish plug so Las Vegas heals has

638
00:27:35,320 --> 00:27:37,180
a reimbursement survey out on the street

639
00:27:37,180 --> 00:27:39,010
we partnered up with the LV Gea on this

640
00:27:39,010 --> 00:27:40,920
so

641
00:27:40,920 --> 00:27:43,470
let me explain why reimbursements is so

642
00:27:43,470 --> 00:27:46,260
important economic development really is

643
00:27:46,260 --> 00:27:48,570
job creation okay and workforce

644
00:27:48,570 --> 00:27:49,950
development it's what it comes down to

645
00:27:49,950 --> 00:27:52,740
in workforce development you've got two

646
00:27:52,740 --> 00:27:55,050
parts of that equation recruitment of a

647
00:27:55,050 --> 00:27:57,620
workforce and retention of a workforce

648
00:27:57,620 --> 00:28:00,690
we have worked extremely hard over the

649
00:28:00,690 --> 00:28:02,640
course of the last four years to expand

650
00:28:02,640 --> 00:28:06,360
our physician pipeline so the expansion

651
00:28:06,360 --> 00:28:07,830
of Graduate Medical Education to put

652
00:28:07,830 --> 00:28:09,690
some perspective to that we're going

653
00:28:09,690 --> 00:28:11,760
from programs existing in three

654
00:28:11,760 --> 00:28:13,260
hospitals by the end of this year we

655
00:28:13,260 --> 00:28:14,730
should probably have programs and 12

656
00:28:14,730 --> 00:28:19,140
hospitals which is gigantic and so we've

657
00:28:19,140 --> 00:28:21,660
spent all this time developing this

658
00:28:21,660 --> 00:28:23,040
pipeline of physicians with the new

659
00:28:23,040 --> 00:28:24,600
Medical School with the expansion of

660
00:28:24,600 --> 00:28:26,970
Toro and everything that's going on we

661
00:28:26,970 --> 00:28:28,710
now need to focus our attention to the

662
00:28:28,710 --> 00:28:30,350
retention part of the equation and

663
00:28:30,350 --> 00:28:33,750
that's keeping them here and the

664
00:28:33,750 --> 00:28:36,450
residency programs get them here what

665
00:28:36,450 --> 00:28:39,020
keeps doctors here is their pay and

666
00:28:39,020 --> 00:28:41,790
their pay is directly tied to

667
00:28:41,790 --> 00:28:44,520
reimbursement rates so if we are not

668
00:28:44,520 --> 00:28:47,490
reimbursing them adequately all of this

669
00:28:47,490 --> 00:28:49,200
infrastructure that we've been building

670
00:28:49,200 --> 00:28:51,410
over the last five years is for naught

671
00:28:51,410 --> 00:28:54,030
so we have to get this part of the

672
00:28:54,030 --> 00:28:57,270
equation right Nevada as a whole is one

673
00:28:57,270 --> 00:28:59,490
of the worst reimburse markets in the

674
00:28:59,490 --> 00:29:03,000
entire country so physicians have the

675
00:29:03,000 --> 00:29:05,120
choice because they're in demand

676
00:29:05,120 --> 00:29:08,250
everywhere the physician shortage is not

677
00:29:08,250 --> 00:29:10,530
just in Nevada it is in every single

678
00:29:10,530 --> 00:29:14,100
state and so doctors have choices where

679
00:29:14,100 --> 00:29:15,960
they could live and when they could go

680
00:29:15,960 --> 00:29:18,000
to a neighboring states and they could

681
00:29:18,000 --> 00:29:20,820
earn 40 percent more and see less

682
00:29:20,820 --> 00:29:22,890
patients and do what they truly care

683
00:29:22,890 --> 00:29:24,060
about and is delivering exceptional

684
00:29:24,060 --> 00:29:26,970
patient care spending time with the

685
00:29:26,970 --> 00:29:28,980
patient's they could choose where

686
00:29:28,980 --> 00:29:31,020
they're going to go so in order for

687
00:29:31,020 --> 00:29:32,520
Nevada to have a competitive advantage

688
00:29:32,520 --> 00:29:35,640
we must address reimbursement rates if

689
00:29:35,640 --> 00:29:37,890
we don't get that right we're going to

690
00:29:37,890 --> 00:29:44,780
have serious serious challenges well

691
00:29:45,610 --> 00:29:48,910
my my husband is a nephrologist they

692
00:29:48,910 --> 00:29:50,920
when I first started dating him I

693
00:29:50,920 --> 00:29:52,510
thought that was sex with dead people

694
00:29:52,510 --> 00:29:59,560
it's not it's he's a gay doctor thank

695
00:29:59,560 --> 00:30:02,890
God a kid and Ragnar and my stepdaughter

696
00:30:02,890 --> 00:30:06,130
is a primary care physician so we do

697
00:30:06,130 --> 00:30:08,440
health care in our family it's a very

698
00:30:08,440 --> 00:30:10,510
simple thing and just get on it

699
00:30:10,510 --> 00:30:12,520
reimbursement is important because

700
00:30:12,520 --> 00:30:15,040
doctors like to eat and support their

701
00:30:15,040 --> 00:30:17,560
families and if the reimbursement rates

702
00:30:17,560 --> 00:30:19,780
are low they are going to go elsewhere

703
00:30:19,780 --> 00:30:22,660
but it also has a lot to do with the

704
00:30:22,660 --> 00:30:25,030
insurance companies who are negotiating

705
00:30:25,030 --> 00:30:28,840
the rates with the doctors and because

706
00:30:28,840 --> 00:30:34,300
there is very few choices of private

707
00:30:34,300 --> 00:30:38,050
health insurers the insurance companies

708
00:30:38,050 --> 00:30:40,870
can pretty well determine what they are

709
00:30:40,870 --> 00:30:43,420
going to pay for the services if the

710
00:30:43,420 --> 00:30:45,640
doctor wants to be in their network and

711
00:30:45,640 --> 00:30:48,820
so my husband is a managing doctor of

712
00:30:48,820 --> 00:30:51,790
his group there's 33 doctors 700

713
00:30:51,790 --> 00:30:53,740
employees in his group it's a big

714
00:30:53,740 --> 00:30:56,560
practice but when he is dealing with the

715
00:30:56,560 --> 00:30:58,990
insurance companies they are offering to

716
00:30:58,990 --> 00:31:01,480
reimburse them 50 percent of Medicare

717
00:31:01,480 --> 00:31:04,540
which is pathetic anyway Medicare is one

718
00:31:04,540 --> 00:31:07,390
of his high pace not one of his low pays

719
00:31:07,390 --> 00:31:09,310
and you know they could look you know

720
00:31:09,310 --> 00:31:12,310
we're we just going to deal with your

721
00:31:12,310 --> 00:31:16,510
competitor and we're giving them 50 50

722
00:31:16,510 --> 00:31:18,790
percent of Medicare you want it or you

723
00:31:18,790 --> 00:31:21,160
don't want it now Larry's groups going

724
00:31:21,160 --> 00:31:22,870
to want to be part of that Network too

725
00:31:22,870 --> 00:31:25,650
so those primary care physicians can

726
00:31:25,650 --> 00:31:29,380
refer their patient to to whoever

727
00:31:29,380 --> 00:31:31,810
whatever doctors in that network so it

728
00:31:31,810 --> 00:31:35,230
has a lot to do with lack of competition

729
00:31:35,230 --> 00:31:38,170
with insurance companies offering this

730
00:31:38,170 --> 00:31:41,980
type of insurance medical insurance to

731
00:31:41,980 --> 00:31:45,580
our so I guess our fellow citizens

732
00:31:45,580 --> 00:31:47,110
that's huge

733
00:31:47,110 --> 00:31:49,470
another thing that is going to be

734
00:31:49,470 --> 00:31:53,560
devastating for this state if President

735
00:31:53,560 --> 00:31:56,800
Trump's proposal to cut eight hundred

736
00:31:56,800 --> 00:31:58,600
billion dollars out of men

737
00:31:58,600 --> 00:32:01,120
the cave goes through I sincerely doubt

738
00:32:01,120 --> 00:32:04,270
it will it is going to be devastating

739
00:32:04,270 --> 00:32:06,610
for the state of Nevada because that's

740
00:32:06,610 --> 00:32:09,730
how poor people get their services and

741
00:32:09,730 --> 00:32:11,380
it's important to know this in

742
00:32:11,380 --> 00:32:14,440
conclusion just because you don't have

743
00:32:14,440 --> 00:32:16,870
health insurance doesn't mean you don't

744
00:32:16,870 --> 00:32:20,049
get sick you wait until you get really

745
00:32:20,049 --> 00:32:21,910
sick and you end up in the emergency

746
00:32:21,910 --> 00:32:24,910
rooms of the hospital what is the most

747
00:32:24,910 --> 00:32:28,660
expensive type of treatment emergency

748
00:32:28,660 --> 00:32:30,789
room treatment and there is a reason

749
00:32:30,789 --> 00:32:34,390
that UMC is no longer having 70 million

750
00:32:34,390 --> 00:32:36,880
dollar yearly deficits they're not in

751
00:32:36,880 --> 00:32:39,690
the red anymore and that's because

752
00:32:39,690 --> 00:32:43,539
Obamacare expanded Medicaid Governor

753
00:32:43,539 --> 00:32:46,960
Sandoval agreed that they should that

754
00:32:46,960 --> 00:32:49,030
the state of Nevada should expand its

755
00:32:49,030 --> 00:32:51,280
Medicaid program and as the

756
00:32:51,280 --> 00:32:54,159
reimbursement from the feds gets lower

757
00:32:54,159 --> 00:32:57,130
and lower the cost to the taxpayers of

758
00:32:57,130 --> 00:32:59,620
the state of Nevada is going to rise and

759
00:32:59,620 --> 00:33:03,070
rise and rise it could be a big budget

760
00:33:03,070 --> 00:33:07,059
buster and for somebody like Barbara who

761
00:33:07,059 --> 00:33:09,820
needs those state dollar of course Itoro

762
00:33:09,820 --> 00:33:12,210
doesn't take any state or federal money

763
00:33:12,210 --> 00:33:18,880
however for yes for a medical school

764
00:33:18,880 --> 00:33:22,330
that's dependent on state funding the

765
00:33:22,330 --> 00:33:24,640
fact that Medicaid is going to be cut is

766
00:33:24,640 --> 00:33:27,039
really going to hurt that they're going

767
00:33:27,039 --> 00:33:29,110
to have to make up the shortfall and

768
00:33:29,110 --> 00:33:32,169
things like UNLV medical school and so

769
00:33:32,169 --> 00:33:34,419
many other programs that we as citizens

770
00:33:34,419 --> 00:33:37,210
expect from our government aren't going

771
00:33:37,210 --> 00:33:39,039
to are going to be cut because this is a

772
00:33:39,039 --> 00:33:41,679
low tax state and our fellow citizens

773
00:33:41,679 --> 00:33:45,549
don't want their taxes increased alright

774
00:33:45,549 --> 00:33:48,610
thank you thank you we've got so many

775
00:33:48,610 --> 00:33:50,350
more questions that I want to ask but

776
00:33:50,350 --> 00:33:52,090
it's important that we open it up to you

777
00:33:52,090 --> 00:33:55,059
guys so this is a segment where let's

778
00:33:55,059 --> 00:33:56,470
see if we can't fit in some questions

779
00:33:56,470 --> 00:33:58,780
from Twitter and then we're going to

780
00:33:58,780 --> 00:34:02,520
have a roving microphone as well

781
00:34:02,640 --> 00:34:06,809
Twitter's not working okay

782
00:34:06,900 --> 00:34:09,340
our feed is not working all right what's

783
00:34:09,340 --> 00:34:13,929
the visit this is good to know so from

784
00:34:13,929 --> 00:34:16,418
the audience do we have a question for

785
00:34:16,418 --> 00:34:21,010
this panel anybody will come get you

786
00:34:21,010 --> 00:34:23,739
with microphone while you're waiting can

787
00:34:23,739 --> 00:34:26,649
I make it yeah all right rebuttal a

788
00:34:26,649 --> 00:34:31,179
little carrot I I just don't want to

789
00:34:31,179 --> 00:34:33,159
leave the audience with something that I

790
00:34:33,159 --> 00:34:35,020
think is a misconception I agree with

791
00:34:35,020 --> 00:34:37,360
Shelley on almost everything and for

792
00:34:37,360 --> 00:34:40,119
sure on the GME we absolutely need it

793
00:34:40,119 --> 00:34:42,310
and it is in the governor's budget so

794
00:34:42,310 --> 00:34:44,290
and it does look like it's going through

795
00:34:44,290 --> 00:34:46,989
what I disagree with is that primary

796
00:34:46,989 --> 00:34:49,480
care is all we need we need specialty

797
00:34:49,480 --> 00:34:52,000
care in this city as well you do one

798
00:34:52,000 --> 00:34:53,739
first and then the other and you're

799
00:34:53,739 --> 00:34:56,020
right we need to both make money from

800
00:34:56,020 --> 00:34:58,210
primary care and you don't get the

801
00:34:58,210 --> 00:35:00,610
pipeline that refers let me just tell

802
00:35:00,610 --> 00:35:02,730
you why we need specialties now too

803
00:35:02,730 --> 00:35:05,740
because almost half of the students that

804
00:35:05,740 --> 00:35:09,150
that went to Reno University of

805
00:35:09,150 --> 00:35:12,460
nevada-reno School of Medicine left the

806
00:35:12,460 --> 00:35:14,320
state because the specialty training

807
00:35:14,320 --> 00:35:16,869
they wanted isn't given in the state so

808
00:35:16,869 --> 00:35:19,540
to actually fix the students leaving the

809
00:35:19,540 --> 00:35:21,190
state they have to have specialty

810
00:35:21,190 --> 00:35:23,500
residents and if you look at the medical

811
00:35:23,500 --> 00:35:25,119
care that's missing it's the highest

812
00:35:25,119 --> 00:35:27,340
level of medical care that doesn't exist

813
00:35:27,340 --> 00:35:30,010
at all things like liver transplants

814
00:35:30,010 --> 00:35:32,260
bone marrow transplants pancreas

815
00:35:32,260 --> 00:35:34,990
transplants a heart failure program was

816
00:35:34,990 --> 00:35:37,510
an external pump those are all programs

817
00:35:37,510 --> 00:35:39,880
that need to be here in Las Vegas and

818
00:35:39,880 --> 00:35:41,140
you shouldn't have to leave even

819
00:35:41,140 --> 00:35:43,450
insurance companies have to pay to send

820
00:35:43,450 --> 00:35:45,280
people out of state for those kinds of

821
00:35:45,280 --> 00:35:48,070
things so we really need the other

822
00:35:48,070 --> 00:35:49,930
residences and just to tell you what

823
00:35:49,930 --> 00:35:51,760
residences are missing in this state

824
00:35:51,760 --> 00:35:54,010
some very basic things like in

825
00:35:54,010 --> 00:35:56,500
nephrology fellowship for one is missing

826
00:35:56,500 --> 00:35:58,869
but things like dermatology

827
00:35:58,869 --> 00:36:01,750
ophthalmology neurosurgery cardiac

828
00:36:01,750 --> 00:36:05,830
surgery orthopedics just started so we

829
00:36:05,830 --> 00:36:09,540
now have that all of the radiology

830
00:36:09,540 --> 00:36:12,760
anesthesia pathology radiation oncology

831
00:36:12,760 --> 00:36:15,130
I could probably name a lot more and

832
00:36:15,130 --> 00:36:16,810
there's not a single pediatric

833
00:36:16,810 --> 00:36:17,960
fellowship

834
00:36:17,960 --> 00:36:20,599
only three medicine fellowship so if you

835
00:36:20,599 --> 00:36:23,450
want to there's no oncology cancer

836
00:36:23,450 --> 00:36:25,730
fellowships so all of those need to be

837
00:36:25,730 --> 00:36:28,700
built in this city and as fast as they

838
00:36:28,700 --> 00:36:30,710
can be built and I will say that

839
00:36:30,710 --> 00:36:32,540
depending on what charts you look at if

840
00:36:32,540 --> 00:36:34,580
you look at a national average of

841
00:36:34,580 --> 00:36:38,240
specialty versus primary care were more

842
00:36:38,240 --> 00:36:41,180
scarce in in specialties if you look at

843
00:36:41,180 --> 00:36:43,070
the Mountain West which includes things

844
00:36:43,070 --> 00:36:45,859
like Idaho Wyoming in Montana

845
00:36:45,859 --> 00:36:48,890
primary care is more comparing us to

846
00:36:48,890 --> 00:36:51,560
them is really more in demand but it

847
00:36:51,560 --> 00:36:53,450
just goes to show that their region as a

848
00:36:53,450 --> 00:36:55,369
whole needs more specialty care so

849
00:36:55,369 --> 00:36:57,109
couldn't leave it without that super

850
00:36:57,109 --> 00:36:59,089
important and in four years when you

851
00:36:59,089 --> 00:37:01,640
graduate your first class Barbara I

852
00:37:01,640 --> 00:37:03,800
think we should start those specialties

853
00:37:03,800 --> 00:37:05,930
right now let's get the primary care

854
00:37:05,930 --> 00:37:08,540
physicians what let's be real we need

855
00:37:08,540 --> 00:37:11,030
all of them and we need them all now so

856
00:37:11,030 --> 00:37:12,950
please talk to the governor talk to your

857
00:37:12,950 --> 00:37:15,109
legislators let's get the GME funded

858
00:37:15,109 --> 00:37:16,880
let's get the Medical School funded and

859
00:37:16,880 --> 00:37:19,040
let's just get this done so people quit

860
00:37:19,040 --> 00:37:20,869
getting on the airplane to go get their

861
00:37:20,869 --> 00:37:23,750
care that should not be OK for us in

862
00:37:23,750 --> 00:37:26,420
this city anymore and all of these

863
00:37:26,420 --> 00:37:28,040
people are completely dedicated to

864
00:37:28,040 --> 00:37:30,920
turning that ship around but it takes

865
00:37:30,920 --> 00:37:36,050
every citizen to care and act that is

866
00:37:36,050 --> 00:37:38,570
the perfect summary a transition to you

867
00:37:38,570 --> 00:37:41,119
guys we do have a question from the

868
00:37:41,119 --> 00:37:42,070
audience

869
00:37:42,070 --> 00:37:44,930
team yet there we go all right fire away

870
00:37:44,930 --> 00:37:47,000
Rachel's all Mesquite Regional Business

871
00:37:47,000 --> 00:37:49,880
we're about an hour east of here and we

872
00:37:49,880 --> 00:37:51,830
feel the same way except people get in

873
00:37:51,830 --> 00:37:53,780
their car and come here for medical care

874
00:37:53,780 --> 00:37:56,480
so is there going to be an effort to

875
00:37:56,480 --> 00:37:58,220
reach out to rural Clark County

876
00:37:58,220 --> 00:38:00,680
communities can we have some residences

877
00:38:00,680 --> 00:38:03,650
in Mesquite in Boulder City and Laughlin

878
00:38:03,650 --> 00:38:08,089
and some of our other partners I can

879
00:38:08,089 --> 00:38:09,920
start out saying that I think the big

880
00:38:09,920 --> 00:38:11,990
the biggest thing that could help rural

881
00:38:11,990 --> 00:38:14,270
Clark County and rural Nevada is

882
00:38:14,270 --> 00:38:16,190
telemedicine and I think that's really

883
00:38:16,190 --> 00:38:17,990
the thing of the future and that's

884
00:38:17,990 --> 00:38:20,990
something that's really good for urban

885
00:38:20,990 --> 00:38:24,020
areas too for follow-up you need to be

886
00:38:24,020 --> 00:38:26,690
see a doctor in person the first time

887
00:38:26,690 --> 00:38:29,000
but often for follow-up especially with

888
00:38:29,000 --> 00:38:31,190
chronic diseases it could happen in your

889
00:38:31,190 --> 00:38:31,430
home

890
00:38:31,430 --> 00:38:34,579
and save you the drive and save you save

891
00:38:34,579 --> 00:38:36,740
you the parking and so on

892
00:38:36,740 --> 00:38:39,800
let the echo what Barbara is saying Kuro

893
00:38:39,800 --> 00:38:42,500
is very aggressively moving into

894
00:38:42,500 --> 00:38:44,960
telemedicine I think it is very

895
00:38:44,960 --> 00:38:47,990
important if there are not enough health

896
00:38:47,990 --> 00:38:50,359
care providers and there are not in the

897
00:38:50,359 --> 00:38:54,500
state of Nevada see a very good way it's

898
00:38:54,500 --> 00:38:57,530
not the ideal perfect way but a very

899
00:38:57,530 --> 00:39:00,290
good way to access healthcare and to

900
00:39:00,290 --> 00:39:02,540
speak to a health care provider is

901
00:39:02,540 --> 00:39:05,059
through telemedicine so we are also

902
00:39:05,059 --> 00:39:07,220
moving in that direction very very

903
00:39:07,220 --> 00:39:11,960
rapidly and very aggressively excellent

904
00:39:11,960 --> 00:39:14,839
I know we're running short on time so

905
00:39:14,839 --> 00:39:16,670
we're going to cut cut this segment

906
00:39:16,670 --> 00:39:18,829
short and give this group a huge round

907
00:39:18,829 --> 00:39:25,220
of applause can you join me thank you so

908
00:39:25,220 --> 00:39:36,619
much all right I hope you can see how

909
00:39:36,619 --> 00:39:38,930
critical healthcare is to our economy

910
00:39:38,930 --> 00:39:41,420
and to really to our community and

911
00:39:41,420 --> 00:39:43,490
getting to that next level I hope you

912
00:39:43,490 --> 00:39:45,799
learn something there we're going to

913
00:39:45,799 --> 00:39:49,849
move on to our first keynote and I want

914
00:39:49,849 --> 00:39:52,700
to introduce this by saying a friend

915
00:39:52,700 --> 00:39:54,650
once told me you'll know when you

916
00:39:54,650 --> 00:39:58,809
arrived in Las Vegas when Jeremy agüero

917
00:39:58,809 --> 00:40:03,470
considers you a friend right I believe

918
00:40:03,470 --> 00:40:06,170
that that's kind of true and I'm proud

919
00:40:06,170 --> 00:40:08,960
to say Jeremy I consider you a friend

920
00:40:08,960 --> 00:40:11,650
you're one of the smartest people I know

921
00:40:11,650 --> 00:40:14,240
this is the presentation that I know you

922
00:40:14,240 --> 00:40:16,579
guys really keep coming back for year

923
00:40:16,579 --> 00:40:18,890
after year that makes perspective great

924
00:40:18,890 --> 00:40:21,380
let's give a warm welcome to Jeremy

925
00:40:21,380 --> 00:40:24,609
agüero with a plot analysis

926
00:40:27,380 --> 00:40:30,510
[Music]

927
00:40:31,180 --> 00:40:33,770
good morning I appreciate everybody

928
00:40:33,770 --> 00:40:37,370
being here today as Jonas my very good

929
00:40:37,370 --> 00:40:41,630
friend indicated my job is to come up

930
00:40:41,630 --> 00:40:43,250
here and provide you somewhat of an

931
00:40:43,250 --> 00:40:44,570
overview in terms of where we are as an

932
00:40:44,570 --> 00:40:46,010
economy and where we think that were

933
00:40:46,010 --> 00:40:47,240
ultimately heading before I do that

934
00:40:47,240 --> 00:40:49,310
Jonas was so nice to say thank you to

935
00:40:49,310 --> 00:40:50,870
our firm and the other sponsors that we

936
00:40:50,870 --> 00:40:52,790
have and everyone being here but he

937
00:40:52,790 --> 00:40:55,610
would never be so presumptive is to say

938
00:40:55,610 --> 00:40:58,010
to mention the LV Gea and all the

939
00:40:58,010 --> 00:40:59,570
wonderful things that they do and their

940
00:40:59,570 --> 00:41:01,490
entire staff does to put on this event

941
00:41:01,490 --> 00:41:09,260
please give them a round in developing

942
00:41:09,260 --> 00:41:11,120
my presentation today the title of my

943
00:41:11,120 --> 00:41:13,280
presentation is coming full circle it

944
00:41:13,280 --> 00:41:15,080
occurs to me that our community is going

945
00:41:15,080 --> 00:41:17,000
through some unique brand approach

946
00:41:17,000 --> 00:41:20,890
traumatic stress excuse me yeah me too

947
00:41:20,890 --> 00:41:23,840
post-traumatic stress disorder in terms

948
00:41:23,840 --> 00:41:25,520
of this ability to start to

949
00:41:25,520 --> 00:41:27,170
conceptualize the fact that our economy

950
00:41:27,170 --> 00:41:28,760
is no longer in recession that we're

951
00:41:28,760 --> 00:41:30,200
starting to move forward and the

952
00:41:30,200 --> 00:41:31,400
questions that I get are relatively

953
00:41:31,400 --> 00:41:33,950
similar hey look what's going to happen

954
00:41:33,950 --> 00:41:35,450
next when are we going to fall off this

955
00:41:35,450 --> 00:41:37,760
cliff are we growing too fast this mean

956
00:41:37,760 --> 00:41:39,350
we're getting out over our skis are we

957
00:41:39,350 --> 00:41:40,790
just setting ourselves up to happen

958
00:41:40,790 --> 00:41:42,620
again should I invest all of those type

959
00:41:42,620 --> 00:41:45,020
of things seem to be this recurring set

960
00:41:45,020 --> 00:41:46,520
of questions and so I'd like to take

961
00:41:46,520 --> 00:41:48,260
some time to put some of those arrests

962
00:41:48,260 --> 00:41:50,390
and I understand why we got to this

963
00:41:50,390 --> 00:41:52,940
point let's not forget about all of the

964
00:41:52,940 --> 00:41:54,740
articles that came out for the better

965
00:41:54,740 --> 00:41:57,290
part of a five-year period right

966
00:41:57,290 --> 00:41:59,390
crowds returned but we're no one's going

967
00:41:59,390 --> 00:42:01,640
to gamble the housing market continues

968
00:42:01,640 --> 00:42:04,640
to slide Las Vegas economy absolutely in

969
00:42:04,640 --> 00:42:07,340
freefall my personal favorite Las Vegas

970
00:42:07,340 --> 00:42:10,300
economy among the worst in the world

971
00:42:10,300 --> 00:42:14,030
report says now I can think of lots of

972
00:42:14,030 --> 00:42:17,330
places on planet Earth many of them end

973
00:42:17,330 --> 00:42:20,510
with something like Stan Tajikistan you

974
00:42:20,510 --> 00:42:22,910
know whatever that I don't even ever

975
00:42:22,910 --> 00:42:25,370
believe that we are the worst on planet

976
00:42:25,370 --> 00:42:27,590
earth and then the other one that was

977
00:42:27,590 --> 00:42:29,900
out there was of course Las Vegas from

978
00:42:29,900 --> 00:42:32,000
Time magazine where Joel Stein called

979
00:42:32,000 --> 00:42:35,630
Las Vegas the world's greatest ghost

980
00:42:35,630 --> 00:42:36,360
town

981
00:42:36,360 --> 00:42:39,180
in waiting right this is why we continue

982
00:42:39,180 --> 00:42:42,300
to have this type of concern and I get

983
00:42:42,300 --> 00:42:44,700
it I get that the economic downturn was

984
00:42:44,700 --> 00:42:47,130
significant I get that it created a lot

985
00:42:47,130 --> 00:42:49,410
of stress for us in here but the fact

986
00:42:49,410 --> 00:42:51,540
that this room is filled with so many

987
00:42:51,540 --> 00:42:54,390
familiar faces among people who found a

988
00:42:54,390 --> 00:42:56,100
way to make it work I think is something

989
00:42:56,100 --> 00:42:58,020
we should be very proud of and I think

990
00:42:58,020 --> 00:43:00,270
being realistic about where we are is

991
00:43:00,270 --> 00:43:02,790
important because this community will

992
00:43:02,790 --> 00:43:05,910
not be judged based on our ability to

993
00:43:05,910 --> 00:43:09,150
survive a recession our community will

994
00:43:09,150 --> 00:43:12,150
be judged on the ability to sustain our

995
00:43:12,150 --> 00:43:14,400
prosperity that is what you heard today

996
00:43:14,400 --> 00:43:16,860
and that is what we need to do as a

997
00:43:16,860 --> 00:43:18,840
community I'm going to start with

998
00:43:18,840 --> 00:43:20,880
population growth because our community

999
00:43:20,880 --> 00:43:23,610
is geared for exactly that we are

1000
00:43:23,610 --> 00:43:26,160
designed to grow we have been among the

1001
00:43:26,160 --> 00:43:28,620
nation's fastest growing for decades and

1002
00:43:28,620 --> 00:43:30,150
decades and decades and here we are

1003
00:43:30,150 --> 00:43:32,640
still again what I'd like to do is just

1004
00:43:32,640 --> 00:43:34,590
show you the population growth during

1005
00:43:34,590 --> 00:43:36,930
sort of a boom period and then you see

1006
00:43:36,930 --> 00:43:38,250
that it sort of flattens out a little

1007
00:43:38,250 --> 00:43:40,830
bit and here we are again and today we

1008
00:43:40,830 --> 00:43:44,910
are a community of 2.2 million people

1009
00:43:44,910 --> 00:43:47,760
overall 2.2 million people call this

1010
00:43:47,760 --> 00:43:48,510
place home

1011
00:43:48,510 --> 00:43:50,130
now it's the same 500 people that you

1012
00:43:50,130 --> 00:43:52,530
see everywhere you go I get that okay

1013
00:43:52,530 --> 00:43:55,710
but there really are 2.2 million people

1014
00:43:55,710 --> 00:43:57,870
have physically live in this community

1015
00:43:57,870 --> 00:44:00,300
now I went relatively fast to this and

1016
00:44:00,300 --> 00:44:02,070
if I was to go back through it you'd see

1017
00:44:02,070 --> 00:44:03,420
that the demographics and I'll go

1018
00:44:03,420 --> 00:44:05,190
backward because my guys were so nice to

1019
00:44:05,190 --> 00:44:07,170
create this if you look on the right

1020
00:44:07,170 --> 00:44:09,060
side of my chart that's the shares in

1021
00:44:09,060 --> 00:44:10,760
terms of races in terms of our

1022
00:44:10,760 --> 00:44:13,140
demographics if you will and we look at

1023
00:44:13,140 --> 00:44:15,480
2000 and then we look at 2006 and then

1024
00:44:15,480 --> 00:44:17,370
we look at 2012 and then where we are

1025
00:44:17,370 --> 00:44:19,380
today we are becoming increasingly

1026
00:44:19,380 --> 00:44:22,050
diverse we are minority majority all of

1027
00:44:22,050 --> 00:44:24,270
those type of things this diversity is

1028
00:44:24,270 --> 00:44:27,060
what makes our community great it is

1029
00:44:27,060 --> 00:44:29,220
part of who we are it is the fabric of

1030
00:44:29,220 --> 00:44:31,200
our society and there is nothing wrong

1031
00:44:31,200 --> 00:44:32,670
with it as a matter of fact we only

1032
00:44:32,670 --> 00:44:34,740
today are starting to embrace that and

1033
00:44:34,740 --> 00:44:37,290
carry it forward these are the 35

1034
00:44:37,290 --> 00:44:39,720
largest metropolitan areas in the United

1035
00:44:39,720 --> 00:44:41,760
States we are the third fastest growing

1036
00:44:41,760 --> 00:44:44,310
of all of them not a bad place to be

1037
00:44:44,310 --> 00:44:46,590
where are newcomers coming from there's

1038
00:44:46,590 --> 00:44:48,570
no surprise here who want to think about

1039
00:44:48,570 --> 00:44:49,480
it in terms of full

1040
00:44:49,480 --> 00:44:51,640
circle yes people did not move to

1041
00:44:51,640 --> 00:44:53,530
Southern Nevada when the economy was

1042
00:44:53,530 --> 00:44:55,180
going down why did they not move because

1043
00:44:55,180 --> 00:44:57,130
they weren't moving anywhere because

1044
00:44:57,130 --> 00:44:59,140
their house was underwater that's why

1045
00:44:59,140 --> 00:45:01,240
people weren't moving and now they're

1046
00:45:01,240 --> 00:45:02,560
moving again and guess where they're

1047
00:45:02,560 --> 00:45:05,080
coming for from excuse me California

1048
00:45:05,080 --> 00:45:07,150
because it's the seventh largest economy

1049
00:45:07,150 --> 00:45:09,310
on planet Earth and people can't get out

1050
00:45:09,310 --> 00:45:10,930
of there fast enough all of which is

1051
00:45:10,930 --> 00:45:13,420
fine right but it's benefiting us but

1052
00:45:13,420 --> 00:45:15,340
more important than this idea of full

1053
00:45:15,340 --> 00:45:17,500
circle is how we've changed in that

1054
00:45:17,500 --> 00:45:19,210
let's just take a look at what those

1055
00:45:19,210 --> 00:45:21,460
newcomer trends look like throughout the

1056
00:45:21,460 --> 00:45:24,100
years in 2000 look at what the income

1057
00:45:24,100 --> 00:45:26,050
level was look at the age of people

1058
00:45:26,050 --> 00:45:28,060
moving in what we know is that today

1059
00:45:28,060 --> 00:45:30,940
people are moving into our community to

1060
00:45:30,940 --> 00:45:33,250
find jobs that are at a higher level and

1061
00:45:33,250 --> 00:45:35,170
they're bringing more income with them

1062
00:45:35,170 --> 00:45:37,060
they're also bringing more home equity

1063
00:45:37,060 --> 00:45:39,160
with them and surprisingly enough there

1064
00:45:39,160 --> 00:45:40,810
up actually appears to be some

1065
00:45:40,810 --> 00:45:42,850
Millennials that are moving out of their

1066
00:45:42,850 --> 00:45:44,859
parents house because they appear to be

1067
00:45:44,859 --> 00:45:47,680
moving here right if you look at the far

1068
00:45:47,680 --> 00:45:50,440
right at 2016 the age at which people

1069
00:45:50,440 --> 00:45:52,630
are moving in is dropping for every

1070
00:45:52,630 --> 00:45:54,670
reason and the LBG a has been absolutely

1071
00:45:54,670 --> 00:45:57,220
a leader on this is the reality that we

1072
00:45:57,220 --> 00:45:59,920
cannot create as many professionals as

1073
00:45:59,920 --> 00:46:01,630
we need in this community

1074
00:46:01,630 --> 00:46:03,490
things like GME and others are

1075
00:46:03,490 --> 00:46:05,380
essentially a roadblock until we are

1076
00:46:05,380 --> 00:46:07,030
going to have to attract talent

1077
00:46:07,030 --> 00:46:08,800
particularly from around the western

1078
00:46:08,800 --> 00:46:10,600
United States and they're coming here

1079
00:46:10,600 --> 00:46:13,000
and they're coming here because we offer

1080
00:46:13,000 --> 00:46:16,660
a better way of life overall if we

1081
00:46:16,660 --> 00:46:19,150
transition from this idea of population

1082
00:46:19,150 --> 00:46:21,640
to this concept of employment right the

1083
00:46:21,640 --> 00:46:23,500
number one motivation for people moving

1084
00:46:23,500 --> 00:46:25,510
into our community as it has been for

1085
00:46:25,510 --> 00:46:28,390
most of the past 37 years has been this

1086
00:46:28,390 --> 00:46:31,390
idea of finding a job probably much

1087
00:46:31,390 --> 00:46:33,609
longer than that but it is this idea of

1088
00:46:33,609 --> 00:46:36,640
finding a job and if we look at how we

1089
00:46:36,640 --> 00:46:38,470
are creating jobs and where we've been

1090
00:46:38,470 --> 00:46:40,840
this idea of sort of coming all the way

1091
00:46:40,840 --> 00:46:42,940
back around this is what job growth

1092
00:46:42,940 --> 00:46:45,340
looked in 2007 most of the folks here

1093
00:46:45,340 --> 00:46:47,980
remember what 2007 was like jobs were

1094
00:46:47,980 --> 00:46:49,869
plentiful the unemployment rate was

1095
00:46:49,869 --> 00:46:52,720
approaching 4% everybody that wanted a

1096
00:46:52,720 --> 00:46:55,330
job could find a job except perhaps for

1097
00:46:55,330 --> 00:46:57,670
my brother-in-law and and and it was

1098
00:46:57,670 --> 00:47:00,070
fine right it was good right we were

1099
00:47:00,070 --> 00:47:01,780
growing at four point three percent we

1100
00:47:01,780 --> 00:47:02,329
were the

1101
00:47:02,329 --> 00:47:03,589
we were the fifth fastest growing

1102
00:47:03,589 --> 00:47:05,539
metropolitan area excuse-me states in

1103
00:47:05,539 --> 00:47:08,089
the nation and here we look at a 2011

1104
00:47:08,089 --> 00:47:10,339
when the world is kind of coming apart

1105
00:47:10,339 --> 00:47:13,670
and only North Dakota has positive

1106
00:47:13,670 --> 00:47:15,920
growth right you know yeah there's a lot

1107
00:47:15,920 --> 00:47:17,420
of jokes there we'll just leave it leave

1108
00:47:17,420 --> 00:47:19,869
it there and then you look at 2017 and

1109
00:47:19,869 --> 00:47:23,209
here we are again here we are again at

1110
00:47:23,209 --> 00:47:25,939
the now the third fastest growing state

1111
00:47:25,939 --> 00:47:28,309
in the entire United States and that's

1112
00:47:28,309 --> 00:47:30,799
great and that full circle is what is

1113
00:47:30,799 --> 00:47:33,109
important to us but the nature of it

1114
00:47:33,109 --> 00:47:35,299
what is underlying it is the reason that

1115
00:47:35,299 --> 00:47:37,579
we can at least exhale a little bit and

1116
00:47:37,579 --> 00:47:39,890
say we are learning to do it better as

1117
00:47:39,890 --> 00:47:41,959
we go forward let's just talk about that

1118
00:47:41,959 --> 00:47:44,059
for a moment now here's the

1119
00:47:44,059 --> 00:47:46,699
pre-recession growth in employment for

1120
00:47:46,699 --> 00:47:48,439
the top 35 MSA

1121
00:47:48,439 --> 00:47:50,719
I guess I should show this in advance of

1122
00:47:50,719 --> 00:47:52,849
showing how we're changing to make sure

1123
00:47:52,849 --> 00:47:54,140
that I'm showing sort of an apples to

1124
00:47:54,140 --> 00:47:56,209
apples comparison so we were just

1125
00:47:56,209 --> 00:47:57,679
looking at states we're now looking at

1126
00:47:57,679 --> 00:47:59,779
MSA is you can see there's only one

1127
00:47:59,779 --> 00:48:02,900
large MSA now to the right of us in 2007

1128
00:48:02,900 --> 00:48:06,229
we're dead last in the among large MSA

1129
00:48:06,229 --> 00:48:09,199
and in 2011 and here we are today at

1130
00:48:09,199 --> 00:48:12,529
about three a little over 3% employment

1131
00:48:12,529 --> 00:48:14,269
growth which I'm sure my good friends at

1132
00:48:14,269 --> 00:48:15,559
the Nevada Department of Employment

1133
00:48:15,559 --> 00:48:17,059
training and rehabilitation that are

1134
00:48:17,059 --> 00:48:19,219
here today will tell you that is pretty

1135
00:48:19,219 --> 00:48:22,130
darn good growth overall and we like it

1136
00:48:22,130 --> 00:48:24,650
so we look at where we are in terms of

1137
00:48:24,650 --> 00:48:27,650
having created all of those jobs right

1138
00:48:27,650 --> 00:48:29,989
here's our last peak there it is in May

1139
00:48:29,989 --> 00:48:32,929
of 2007 when we had about let's call it

1140
00:48:32,929 --> 00:48:34,489
nine hundred and forty thousand today

1141
00:48:34,489 --> 00:48:36,229
where let's call it nine hundred and

1142
00:48:36,229 --> 00:48:38,809
eighty thousand we have forty thousand

1143
00:48:38,809 --> 00:48:41,779
more jobs today in our community than we

1144
00:48:41,779 --> 00:48:44,239
did then on the far right hand side of

1145
00:48:44,239 --> 00:48:46,549
my chart of course is what sectors are

1146
00:48:46,549 --> 00:48:48,259
showing the greatest growth and I think

1147
00:48:48,259 --> 00:48:50,299
this is part of the angst that we have

1148
00:48:50,299 --> 00:48:52,759
the number one growth sector we had over

1149
00:48:52,759 --> 00:48:54,589
the past 12 months has been construction

1150
00:48:54,589 --> 00:48:56,929
we added 8,500 jobs and I am here to

1151
00:48:56,929 --> 00:48:58,640
tell you that as we're going through

1152
00:48:58,640 --> 00:49:01,069
this exercise by the time we get to the

1153
00:49:01,069 --> 00:49:03,349
end of this year our community is going

1154
00:49:03,349 --> 00:49:05,779
to be 10,000 construction workers short

1155
00:49:05,779 --> 00:49:07,819
of the number we're going to need to

1156
00:49:07,819 --> 00:49:09,769
keep pace with all the projects we have

1157
00:49:09,769 --> 00:49:11,089
and if there's some construction folks

1158
00:49:11,089 --> 00:49:12,799
in the room they're probably going to

1159
00:49:12,799 --> 00:49:14,749
tell you that I'm light on that number

1160
00:49:14,749 --> 00:49:15,550
and we're all

1161
00:49:15,550 --> 00:49:18,070
10,000 construction workers short of

1162
00:49:18,070 --> 00:49:19,750
hitting that number look at the other

1163
00:49:19,750 --> 00:49:21,400
areas that we're growing professional

1164
00:49:21,400 --> 00:49:23,020
and business services leisure and

1165
00:49:23,020 --> 00:49:25,590
hospitality education in health care all

1166
00:49:25,590 --> 00:49:27,820
expanding let's take a look at the

1167
00:49:27,820 --> 00:49:30,100
unemployment rate right our unemployment

1168
00:49:30,100 --> 00:49:32,340
rate of course was always approaching

1169
00:49:32,340 --> 00:49:35,740
15% at the peak of the market the green

1170
00:49:35,740 --> 00:49:37,300
area at the bottom shows the

1171
00:49:37,300 --> 00:49:39,160
differential between our unemployment

1172
00:49:39,160 --> 00:49:41,320
rate and the United States unemployment

1173
00:49:41,320 --> 00:49:43,420
rate which I will argue would be almost

1174
00:49:43,420 --> 00:49:45,340
more important than anything else that's

1175
00:49:45,340 --> 00:49:47,620
on this chart why because that led to an

1176
00:49:47,620 --> 00:49:49,690
out migration of folks and was part of

1177
00:49:49,690 --> 00:49:52,210
the reason that we lost 1 out of every 8

1178
00:49:52,210 --> 00:49:54,880
private sector jobs in its southern

1179
00:49:54,880 --> 00:49:57,190
nevada during the peak of the recession

1180
00:49:57,190 --> 00:50:00,490
today we've gotten almost all of it back

1181
00:50:00,490 --> 00:50:03,670
we are doing well we are at near full

1182
00:50:03,670 --> 00:50:05,860
employment if not at full employment and

1183
00:50:05,860 --> 00:50:09,100
that is extremely positive overall under

1184
00:50:09,100 --> 00:50:10,660
where we were where we're headed

1185
00:50:10,660 --> 00:50:11,740
all those types of things now I

1186
00:50:11,740 --> 00:50:15,010
understand that this chart is is there's

1187
00:50:15,010 --> 00:50:17,170
a lot of colors and a lot of numbers all

1188
00:50:17,170 --> 00:50:18,970
type of things I'd like to talk about it

1189
00:50:18,970 --> 00:50:21,580
just for a moment that those sort of big

1190
00:50:21,580 --> 00:50:23,080
green blocks that's leisure and

1191
00:50:23,080 --> 00:50:25,420
hospitality right this shows us how many

1192
00:50:25,420 --> 00:50:27,640
employees we have and every sector of

1193
00:50:27,640 --> 00:50:29,650
the economy you can see the big green

1194
00:50:29,650 --> 00:50:33,550
block is still the big green block you

1195
00:50:33,550 --> 00:50:36,010
will also see that if we look at 2007

1196
00:50:36,010 --> 00:50:38,860
versus 2017 that the yellow area which

1197
00:50:38,860 --> 00:50:41,380
is education and health services which

1198
00:50:41,380 --> 00:50:43,120
of course you just heard a great deal

1199
00:50:43,120 --> 00:50:45,940
about is getting larger we still have

1200
00:50:45,940 --> 00:50:47,830
only 70 percent of the healthcare

1201
00:50:47,830 --> 00:50:50,380
economy we should for an area of our

1202
00:50:50,380 --> 00:50:51,970
size and that is hugely problematic

1203
00:50:51,970 --> 00:50:54,310
although you will notice that the yellow

1204
00:50:54,310 --> 00:50:57,700
area has gotten increasingly bigger I'm

1205
00:50:57,700 --> 00:51:00,520
really glad that Shelley clarified in

1206
00:51:00,520 --> 00:51:02,110
terms of what nephrology is because

1207
00:51:02,110 --> 00:51:03,340
there's been growth there and I was

1208
00:51:03,340 --> 00:51:04,510
really wondering what the hell was going

1209
00:51:04,510 --> 00:51:09,730
on right so I'm glad I now have all of

1210
00:51:09,730 --> 00:51:12,280
that straight but at the end of the day

1211
00:51:12,280 --> 00:51:13,690
is the one that we probably care about

1212
00:51:13,690 --> 00:51:15,460
the most is this one which is why we

1213
00:51:15,460 --> 00:51:16,960
created the chart in the first place and

1214
00:51:16,960 --> 00:51:19,180
that's the idea of construction so if

1215
00:51:19,180 --> 00:51:21,130
construction is now at the top of our

1216
00:51:21,130 --> 00:51:23,830
list are we getting out over our skis do

1217
00:51:23,830 --> 00:51:27,700
we have this huge problem in 2007 you

1218
00:51:27,700 --> 00:51:29,260
can see that 11.2%

1219
00:51:29,260 --> 00:51:31,330
of our employment was in construction at

1220
00:51:31,330 --> 00:51:33,610
the bottom of the market it was 4.8%

1221
00:51:33,610 --> 00:51:36,010
today we're 6.3 and on the right-hand

1222
00:51:36,010 --> 00:51:38,260
side of my chart I think is what is

1223
00:51:38,260 --> 00:51:40,420
critically important I just told you we

1224
00:51:40,420 --> 00:51:44,350
have 40,000 more employees than we did

1225
00:51:44,350 --> 00:51:48,370
at the prior peak of our economy we did

1226
00:51:48,370 --> 00:51:51,280
that with 40 thousand fewer construction

1227
00:51:51,280 --> 00:51:53,650
workers in our economy at its peak that

1228
00:51:53,650 --> 00:51:55,240
was a hundred and five thousand today

1229
00:51:55,240 --> 00:51:58,450
it's 61 thousand not a bad place for us

1230
00:51:58,450 --> 00:52:00,250
to be and I would argue significantly

1231
00:52:00,250 --> 00:52:02,410
more healthy than where we were going in

1232
00:52:02,410 --> 00:52:04,690
to the economic downturn now let's let's

1233
00:52:04,690 --> 00:52:06,910
take a look at what the u.s. averages

1234
00:52:06,910 --> 00:52:09,040
are for each one of those five point six

1235
00:52:09,040 --> 00:52:10,690
percent three point nine percent and

1236
00:52:10,690 --> 00:52:13,270
four point six percent okay we'll take

1237
00:52:13,270 --> 00:52:15,520
it that number starts that six point

1238
00:52:15,520 --> 00:52:16,960
three percent on that one on the right

1239
00:52:16,960 --> 00:52:19,750
starts to approach 8 percent we need to

1240
00:52:19,750 --> 00:52:21,580
start having a conversation about it in

1241
00:52:21,580 --> 00:52:23,440
our community that is the level of

1242
00:52:23,440 --> 00:52:24,760
growth that will start to be

1243
00:52:24,760 --> 00:52:26,290
unsustainable and something we'll need

1244
00:52:26,290 --> 00:52:28,660
to keep an eye on if we look at it in

1245
00:52:28,660 --> 00:52:31,540
terms of the demand for space right is

1246
00:52:31,540 --> 00:52:33,850
this creation of jobs and what we're

1247
00:52:33,850 --> 00:52:36,010
developing leading to this demand for

1248
00:52:36,010 --> 00:52:37,720
space this chart has all kinds of

1249
00:52:37,720 --> 00:52:39,430
information on it the vacancy rate and

1250
00:52:39,430 --> 00:52:42,010
how many employees are office using and

1251
00:52:42,010 --> 00:52:43,570
how many square feet they use and all

1252
00:52:43,570 --> 00:52:44,770
those types of things all of which is

1253
00:52:44,770 --> 00:52:46,450
important and I appreciate my guys

1254
00:52:46,450 --> 00:52:47,980
putting it on here but what is

1255
00:52:47,980 --> 00:52:50,470
critically important about this slide is

1256
00:52:50,470 --> 00:52:52,570
that the little green line is above the

1257
00:52:52,570 --> 00:52:54,490
little purple line which means that we

1258
00:52:54,490 --> 00:52:56,560
are demanding more office space than we

1259
00:52:56,560 --> 00:52:58,870
are bringing on concurrent with this

1260
00:52:58,870 --> 00:53:01,240
fact that we are growing more rapidly we

1261
00:53:01,240 --> 00:53:04,390
are also finding ways to utilize the

1262
00:53:04,390 --> 00:53:06,160
existing space that we have and we are

1263
00:53:06,160 --> 00:53:08,200
being pragmatic in terms of how much

1264
00:53:08,200 --> 00:53:10,600
we're bringing on this chart shows the

1265
00:53:10,600 --> 00:53:12,790
number of the amount of occupied space

1266
00:53:12,790 --> 00:53:15,550
for every office using employee at the

1267
00:53:15,550 --> 00:53:18,010
peak of the market sort of back sort of

1268
00:53:18,010 --> 00:53:20,110
looking far to the right and then we go

1269
00:53:20,110 --> 00:53:22,000
up into the recession and that number

1270
00:53:22,000 --> 00:53:25,390
gets to 130 square feet for every office

1271
00:53:25,390 --> 00:53:28,000
using employee why does it get to that

1272
00:53:28,000 --> 00:53:29,830
level because when you start laying

1273
00:53:29,830 --> 00:53:31,690
people off you've got a lot of office

1274
00:53:31,690 --> 00:53:34,180
space out there right and so if we look

1275
00:53:34,180 --> 00:53:36,880
today we're now at about 110 which means

1276
00:53:36,880 --> 00:53:39,700
we are utilizing our office space in a

1277
00:53:39,700 --> 00:53:41,920
way that's almost equally effective to a

1278
00:53:41,920 --> 00:53:42,940
period when the

1279
00:53:42,940 --> 00:53:45,250
vacancy rate was you know let's call it

1280
00:53:45,250 --> 00:53:49,089
sub 6% in our community what we have is

1281
00:53:49,089 --> 00:53:51,040
a disconnect between functional space

1282
00:53:51,040 --> 00:53:53,260
and well located space and non

1283
00:53:53,260 --> 00:53:54,609
functional space and stuff that's just

1284
00:53:54,609 --> 00:53:56,319
not that well located and that's what

1285
00:53:56,319 --> 00:53:58,180
we're seeing today and so what's working

1286
00:53:58,180 --> 00:54:00,849
out okay and in addition to that what we

1287
00:54:00,849 --> 00:54:02,589
are building in our community our

1288
00:54:02,589 --> 00:54:05,020
corporate headquarters build two suits

1289
00:54:05,020 --> 00:54:07,270
right some of the most phenomenal office

1290
00:54:07,270 --> 00:54:09,010
developments in the entire western

1291
00:54:09,010 --> 00:54:10,960
United States are happening right in our

1292
00:54:10,960 --> 00:54:12,310
backyard not the least of which is

1293
00:54:12,310 --> 00:54:14,800
something the UFC and aristocrat

1294
00:54:14,800 --> 00:54:16,710
facilities that are recently constructed

1295
00:54:16,710 --> 00:54:19,270
now the housing market seems to me to be

1296
00:54:19,270 --> 00:54:21,339
something that's worthy of some extended

1297
00:54:21,339 --> 00:54:23,500
discussion along the same lines

1298
00:54:23,500 --> 00:54:26,290
why because housing was given all of the

1299
00:54:26,290 --> 00:54:27,910
blame in terms of the economic downturn

1300
00:54:27,910 --> 00:54:30,190
and seems to be getting zero of the

1301
00:54:30,190 --> 00:54:32,290
credit in terms of coming back we've

1302
00:54:32,290 --> 00:54:34,839
seen subdivisions have started to pop up

1303
00:54:34,839 --> 00:54:36,339
and those types of things which is

1304
00:54:36,339 --> 00:54:38,589
creating some concern in terms of over

1305
00:54:38,589 --> 00:54:40,630
building within our market or price is

1306
00:54:40,630 --> 00:54:42,730
getting out of line are we building too

1307
00:54:42,730 --> 00:54:45,190
many houses should I buy a house is my

1308
00:54:45,190 --> 00:54:46,900
house going to drop in value as a result

1309
00:54:46,900 --> 00:54:49,300
I hear this question at least three

1310
00:54:49,300 --> 00:54:51,670
times a week and so let me try and

1311
00:54:51,670 --> 00:54:53,910
answer at the 500 people at one time on

1312
00:54:53,910 --> 00:54:56,890
the critical way of looking at it is

1313
00:54:56,890 --> 00:54:59,290
something we refer to as the ep ratio or

1314
00:54:59,290 --> 00:55:01,540
the number of employees versus the

1315
00:55:01,540 --> 00:55:02,680
number of permits that you're

1316
00:55:02,680 --> 00:55:04,480
constructing and forgive me for getting

1317
00:55:04,480 --> 00:55:07,060
overly technical but there are generally

1318
00:55:07,060 --> 00:55:11,170
about 1.3 5 employees in every household

1319
00:55:11,170 --> 00:55:13,630
it's just the way it averages out and so

1320
00:55:13,630 --> 00:55:16,000
if that number gets out of whack if you

1321
00:55:16,000 --> 00:55:17,829
start to permit more than that it

1322
00:55:17,829 --> 00:55:19,390
becomes problematic if you permit less

1323
00:55:19,390 --> 00:55:21,220
than that it becomes problematic from an

1324
00:55:21,220 --> 00:55:24,430
over/under supply standpoint today the

1325
00:55:24,430 --> 00:55:26,560
little purple line is what Las Vegas is

1326
00:55:26,560 --> 00:55:28,839
doing in terms of the EP ratio which

1327
00:55:28,839 --> 00:55:30,670
means that there are two point four

1328
00:55:30,670 --> 00:55:33,220
employees for every home that we are

1329
00:55:33,220 --> 00:55:35,530
constructing today with everything that

1330
00:55:35,530 --> 00:55:37,780
we're seeing we're not building enough

1331
00:55:37,780 --> 00:55:40,720
homes for all of the employees that we

1332
00:55:40,720 --> 00:55:42,970
are generating and the matter of fact if

1333
00:55:42,970 --> 00:55:44,920
we look at the Green Line which

1334
00:55:44,920 --> 00:55:46,450
represents the United States as a whole

1335
00:55:46,450 --> 00:55:50,170
the u.s. is building about 1.7 for 1.75

1336
00:55:50,170 --> 00:55:53,079
houses for excuse me employees generate

1337
00:55:53,079 --> 00:55:56,320
one additional housing unit we are under

1338
00:55:56,320 --> 00:55:58,750
building our residential today which

1339
00:55:58,750 --> 00:56:00,670
leaves us with some degree of comfort

1340
00:56:00,670 --> 00:56:02,800
overall in terms of housing

1341
00:56:02,800 --> 00:56:04,330
affordability is it getting out of whack

1342
00:56:04,330 --> 00:56:06,850
the answers really no you can see places

1343
00:56:06,850 --> 00:56:08,890
like the bigger numbers are actually

1344
00:56:08,890 --> 00:56:11,410
better here so don't we excuse me don't

1345
00:56:11,410 --> 00:56:13,630
read this in any way incorrectly UC San

1346
00:56:13,630 --> 00:56:15,910
Francisco Los Angeles and San Jose or at

1347
00:56:15,910 --> 00:56:17,500
the bottom in terms of housing

1348
00:56:17,500 --> 00:56:19,390
opportunity can people actually afford a

1349
00:56:19,390 --> 00:56:21,160
house no they cannot in those markets

1350
00:56:21,160 --> 00:56:23,470
can they in our market yes they can if

1351
00:56:23,470 --> 00:56:25,390
we look at the housing price index

1352
00:56:25,390 --> 00:56:27,310
we're not even back to where we were

1353
00:56:27,310 --> 00:56:30,640
overall now if we think about it in

1354
00:56:30,640 --> 00:56:32,500
terms of this coming full circle let's

1355
00:56:32,500 --> 00:56:34,330
make sure that we are clear here in

1356
00:56:34,330 --> 00:56:36,730
terms of how it all played out this is

1357
00:56:36,730 --> 00:56:37,870
2004

1358
00:56:37,870 --> 00:56:40,990
excuse me 2003 to 2004 arguably the peak

1359
00:56:40,990 --> 00:56:43,180
of the housing market the prior peak of

1360
00:56:43,180 --> 00:56:45,430
the housing market Nevada was number one

1361
00:56:45,430 --> 00:56:47,050
in the United States with annual

1362
00:56:47,050 --> 00:56:50,980
appreciation of 37.2% if anyone believes

1363
00:56:50,980 --> 00:56:53,740
that appreciation of 37.2%

1364
00:56:53,740 --> 00:56:56,020
is in any way sustainable we can have a

1365
00:56:56,020 --> 00:56:58,560
conversation after this meeting okay

1366
00:56:58,560 --> 00:57:01,840
it's just not right so now let's

1367
00:57:01,840 --> 00:57:03,370
fast-forward to the bottom of the market

1368
00:57:03,370 --> 00:57:05,500
we go from number one in the United

1369
00:57:05,500 --> 00:57:07,540
States we go all the way down to number

1370
00:57:07,540 --> 00:57:10,180
50 in the United States we drop by

1371
00:57:10,180 --> 00:57:12,280
twenty five point seven percent of

1372
00:57:12,280 --> 00:57:13,990
course that's dramatic everyone's

1373
00:57:13,990 --> 00:57:16,810
concerned so where are we today the most

1374
00:57:16,810 --> 00:57:18,820
recent numbers place us in the top five

1375
00:57:18,820 --> 00:57:21,250
yes I would prefer to be in the top 10

1376
00:57:21,250 --> 00:57:23,860
in the top five but that number is 8

1377
00:57:23,860 --> 00:57:27,460
percent right much more sustainable than

1378
00:57:27,460 --> 00:57:29,350
something that's measured with a you

1379
00:57:29,350 --> 00:57:31,630
know then thirty eight percent or twenty

1380
00:57:31,630 --> 00:57:34,090
eight percent or even 18 percent we'll

1381
00:57:34,090 --> 00:57:36,340
take it right we understand where it is

1382
00:57:36,340 --> 00:57:38,350
and it's certainly not as nearly as out

1383
00:57:38,350 --> 00:57:40,900
of whack as some have suggested now

1384
00:57:40,900 --> 00:57:43,210
arguably most important here is this

1385
00:57:43,210 --> 00:57:45,160
idea that people see building permits

1386
00:57:45,160 --> 00:57:47,020
are going up and they're rising by

1387
00:57:47,020 --> 00:57:48,940
double-digit rates and we're seeing all

1388
00:57:48,940 --> 00:57:50,560
these subdivision comes out and we're

1389
00:57:50,560 --> 00:57:51,760
hearing about all of these new

1390
00:57:51,760 --> 00:57:54,190
communities that are out here these are

1391
00:57:54,190 --> 00:57:58,060
new home market closings right

1392
00:57:58,060 --> 00:58:00,010
how many housing units we are building

1393
00:58:00,010 --> 00:58:02,680
and are being sold in the market on the

1394
00:58:02,680 --> 00:58:05,560
left-hand side of the chart is what it

1395
00:58:05,560 --> 00:58:08,080
looked like when we were going up right

1396
00:58:08,080 --> 00:58:09,320
over

1397
00:58:09,320 --> 00:58:11,340
40,000 housing units were being

1398
00:58:11,340 --> 00:58:13,920
constructed the past 12 months that

1399
00:58:13,920 --> 00:58:17,300
number is 8300 in our community today

1400
00:58:17,300 --> 00:58:20,490
again the idea that we are getting out

1401
00:58:20,490 --> 00:58:22,380
over our skis that it's becoming

1402
00:58:22,380 --> 00:58:24,600
increasingly problematic yes we have

1403
00:58:24,600 --> 00:58:26,610
things to be concerned about but I think

1404
00:58:26,610 --> 00:58:28,470
we should take a deep breath and not be

1405
00:58:28,470 --> 00:58:30,930
scared by our prosperity again

1406
00:58:30,930 --> 00:58:33,360
we will be defined by our ability to

1407
00:58:33,360 --> 00:58:36,870
sustain that prosperity over time on the

1408
00:58:36,870 --> 00:58:38,310
far right hand side of my chart is the

1409
00:58:38,310 --> 00:58:41,160
median price for newly constructed homes

1410
00:58:41,160 --> 00:58:42,630
you can see that we're almost back to

1411
00:58:42,630 --> 00:58:44,340
peak of course you also have 10 years

1412
00:58:44,340 --> 00:58:46,230
worth of inflation in there and the

1413
00:58:46,230 --> 00:58:48,030
reality is that home builders are just

1414
00:58:48,030 --> 00:58:50,280
simply building bigger homes today than

1415
00:58:50,280 --> 00:58:52,950
they did a decade ago so again we're not

1416
00:58:52,950 --> 00:58:54,930
even very concerned about that number

1417
00:58:54,930 --> 00:58:56,790
and for most of us sitting in the room

1418
00:58:56,790 --> 00:58:58,530
we're much more concerned about existing

1419
00:58:58,530 --> 00:59:00,300
homes than we are new construction

1420
00:59:00,300 --> 00:59:02,220
because that affects each one of us or

1421
00:59:02,220 --> 00:59:04,380
many of us I'm sure if you look at the

1422
00:59:04,380 --> 00:59:05,670
number on the right excuse me the

1423
00:59:05,670 --> 00:59:07,470
numbers on the left that reflects how

1424
00:59:07,470 --> 00:59:09,090
many closings are out there very

1425
00:59:09,090 --> 00:59:10,800
consistent with what we'd expect and on

1426
00:59:10,800 --> 00:59:12,690
the right hand side is what we call the

1427
00:59:12,690 --> 00:59:15,690
rollercoaster of doom ok and what the

1428
00:59:15,690 --> 00:59:17,850
rollercoaster of doom means is that if

1429
00:59:17,850 --> 00:59:19,950
you look on the far left-hand side of

1430
00:59:19,950 --> 00:59:22,050
that chart this is what median closing

1431
00:59:22,050 --> 00:59:24,360
prices were all the way back in oh three

1432
00:59:24,360 --> 00:59:27,120
and if you little red line represents a

1433
00:59:27,120 --> 00:59:29,010
three percent growth rate which is

1434
00:59:29,010 --> 00:59:31,440
pretty much exactly our housing prices

1435
00:59:31,440 --> 00:59:34,320
have appreciated over time for the past

1436
00:59:34,320 --> 00:59:36,810
50 years now we have a period with a

1437
00:59:36,810 --> 00:59:38,850
huge boom we have a spirit with a huge

1438
00:59:38,850 --> 00:59:41,460
bust you wipe all of that out over about

1439
00:59:41,460 --> 00:59:43,350
a 12 year period thirteen year period

1440
00:59:43,350 --> 00:59:46,050
and what happens we're exactly back to

1441
00:59:46,050 --> 00:59:47,700
the three percent growth rate that we

1442
00:59:47,700 --> 00:59:50,010
should have been at the outset it's just

1443
00:59:50,010 --> 00:59:52,320
markets doing what they do and if we

1444
00:59:52,320 --> 00:59:54,000
look at new homes as a percentage of

1445
00:59:54,000 --> 00:59:56,610
existing homes are we getting out over

1446
00:59:56,610 --> 00:59:58,980
our skis in terms of the amount of

1447
00:59:58,980 --> 01:00:00,900
construction versus existing inventory

1448
01:00:00,900 --> 01:00:03,600
it is 14 and a half percent nowhere near

1449
01:00:03,600 --> 01:00:05,340
what it was at the peak of the market

1450
01:00:05,340 --> 01:00:08,430
when it approached 60% of existing

1451
01:00:08,430 --> 01:00:11,610
inventory land land availability becomes

1452
01:00:11,610 --> 01:00:13,110
this big concern I've heard rumblings

1453
01:00:13,110 --> 01:00:15,360
about the fact that we have to go to the

1454
01:00:15,360 --> 01:00:17,010
federal government and get them to

1455
01:00:17,010 --> 01:00:20,520
release more land to drive down prices

1456
01:00:20,520 --> 01:00:22,619
because those prices are coming up this

1457
01:00:22,619 --> 01:00:24,839
the price of land that you see here we

1458
01:00:24,839 --> 01:00:26,789
have excluded residential excuse me

1459
01:00:26,789 --> 01:00:28,980
resort casino development that's in

1460
01:00:28,980 --> 01:00:31,230
there so you get the idea you see that

1461
01:00:31,230 --> 01:00:33,829
in 2007 the average price of land was

1462
01:00:33,829 --> 01:00:36,180
$800,000 nation we all remember the land

1463
01:00:36,180 --> 01:00:38,160
auctions and the like and now I'm going

1464
01:00:38,160 --> 01:00:40,499
to lay over the top of that median new

1465
01:00:40,499 --> 01:00:42,269
home price and median existing home

1466
01:00:42,269 --> 01:00:44,549
price we'll look at the expansion we'll

1467
01:00:44,549 --> 01:00:46,140
look at the peak we'll look at the

1468
01:00:46,140 --> 01:00:48,240
contraction we'll look at the trough and

1469
01:00:48,240 --> 01:00:51,630
where we are today that is with a very

1470
01:00:51,630 --> 01:00:54,150
normal cycle and that frankly on the

1471
01:00:54,150 --> 01:00:56,640
right hand side of my chart the distance

1472
01:00:56,640 --> 01:00:58,890
between the price of land and the price

1473
01:00:58,890 --> 01:01:01,109
of housing is where we would like it to

1474
01:01:01,109 --> 01:01:02,849
be on this chart now I'm not going to

1475
01:01:02,849 --> 01:01:04,829
say that I'm not somewhat concerned

1476
01:01:04,829 --> 01:01:06,359
about the fact that land prices are

1477
01:01:06,359 --> 01:01:08,759
escalating but nonetheless you get the

1478
01:01:08,759 --> 01:01:11,579
idea of where we are versus where we

1479
01:01:11,579 --> 01:01:13,920
were when things were overheated now if

1480
01:01:13,920 --> 01:01:15,690
we start to see a trend that looks like

1481
01:01:15,690 --> 01:01:17,819
what we saw in five six and seven it's

1482
01:01:17,819 --> 01:01:19,890
time to bring the fire trucks up to the

1483
01:01:19,890 --> 01:01:20,339
front

1484
01:01:20,339 --> 01:01:23,640
we cannot fear our prosperity as a

1485
01:01:23,640 --> 01:01:26,549
community there are today seventy one

1486
01:01:26,549 --> 01:01:28,710
thousand five hundred developable acres

1487
01:01:28,710 --> 01:01:31,890
in Southern Nevada we're developing

1488
01:01:31,890 --> 01:01:34,230
about five thousand of those every year

1489
01:01:34,230 --> 01:01:36,329
that's what these charts show and so we

1490
01:01:36,329 --> 01:01:38,249
have about fourteen years worth of

1491
01:01:38,249 --> 01:01:40,619
affected inventory left if we average

1492
01:01:40,619 --> 01:01:43,349
everything out not bad and where we want

1493
01:01:43,349 --> 01:01:45,960
to be if we look at this idea well we

1494
01:01:45,960 --> 01:01:49,140
hear all the time that incomes are not

1495
01:01:49,140 --> 01:01:50,609
keeping pace that housing prices are

1496
01:01:50,609 --> 01:01:52,380
going up but all of our incomes are

1497
01:01:52,380 --> 01:01:54,989
remaining they're remaining flat I read

1498
01:01:54,989 --> 01:01:56,730
yesterday that incomes haven't gone up

1499
01:01:56,730 --> 01:01:58,589
since 2000 or something along those

1500
01:01:58,589 --> 01:02:00,630
lines number one that's not right number

1501
01:02:00,630 --> 01:02:02,009
two let's just take a look at it

1502
01:02:02,009 --> 01:02:04,079
here's household income versus home

1503
01:02:04,079 --> 01:02:07,769
price this is what it was prior to 2004

1504
01:02:07,769 --> 01:02:11,160
this is when incomes outstripped housing

1505
01:02:11,160 --> 01:02:12,710
prices of course this is during the boom

1506
01:02:12,710 --> 01:02:14,819
period since when home prices

1507
01:02:14,819 --> 01:02:16,980
outstripped incomes when the world is

1508
01:02:16,980 --> 01:02:18,989
coming apart and here's where we are

1509
01:02:18,989 --> 01:02:21,599
today that Green Zone is what we would

1510
01:02:21,599 --> 01:02:23,670
refer to as the safe zone and you will

1511
01:02:23,670 --> 01:02:25,559
also notice that those numbers are going

1512
01:02:25,559 --> 01:02:28,049
down not going up which is something

1513
01:02:28,049 --> 01:02:30,779
that you know we we certainly want to

1514
01:02:30,779 --> 01:02:33,089
keep an eye on but we're not outside of

1515
01:02:33,089 --> 01:02:35,640
where we should be the number of homes

1516
01:02:35,640 --> 01:02:36,210
available

1517
01:02:36,210 --> 01:02:39,720
for sale is 1.64 in terms of available

1518
01:02:39,720 --> 01:02:42,420
inventory I bifurcated that into the two

1519
01:02:42,420 --> 01:02:44,849
component parts lower priced homes under

1520
01:02:44,849 --> 01:02:48,059
300,000 on the right hand side on higher

1521
01:02:48,059 --> 01:02:50,460
priced homes are on the excuse me above

1522
01:02:50,460 --> 01:02:52,740
higher priced homes are beneath there

1523
01:02:52,740 --> 01:02:54,240
and you can see that there are greater

1524
01:02:54,240 --> 01:02:56,270
inventory of higher priced homes

1525
01:02:56,270 --> 01:02:58,859
shockingly there are fewer buyers for

1526
01:02:58,859 --> 01:03:00,960
million-dollar homes and therefore the

1527
01:03:00,960 --> 01:03:02,400
inventory tends to stay a little higher

1528
01:03:02,400 --> 01:03:04,020
Oh

1529
01:03:04,020 --> 01:03:07,020
right now the homeowner equity right

1530
01:03:07,020 --> 01:03:08,940
here's where we were in two thousand

1531
01:03:08,940 --> 01:03:12,660
nine ten eleven twelve right and just to

1532
01:03:12,660 --> 01:03:14,819
be clear we want positive we don't want

1533
01:03:14,819 --> 01:03:16,859
negative the green can get as big as it

1534
01:03:16,859 --> 01:03:18,690
wants to get right here we are in

1535
01:03:18,690 --> 01:03:21,420
thirteen fourteen fifteen and sixteen

1536
01:03:21,420 --> 01:03:24,390
again we've made huge strides in terms

1537
01:03:24,390 --> 01:03:27,119
of reversing this trend this is the mix

1538
01:03:27,119 --> 01:03:29,010
of property sold green is good

1539
01:03:29,010 --> 01:03:31,950
everything else really bad we want green

1540
01:03:31,950 --> 01:03:33,869
to be big we want everything else to be

1541
01:03:33,869 --> 01:03:36,510
small you can see where we are if we

1542
01:03:36,510 --> 01:03:38,490
look at it instead of looking at some of

1543
01:03:38,490 --> 01:03:40,109
these markets and we start going to the

1544
01:03:40,109 --> 01:03:43,500
basics what are consumers doing overall

1545
01:03:43,500 --> 01:03:45,809
this is Clark County's taxable retail

1546
01:03:45,809 --> 01:03:48,510
sales overall right and we are four

1547
01:03:48,510 --> 01:03:50,970
billion dollars that's four billion

1548
01:03:50,970 --> 01:03:53,490
dollars among the higher than we have

1549
01:03:53,490 --> 01:03:54,480
ever been before

1550
01:03:54,480 --> 01:03:56,549
eating and drinking places Auto Sales

1551
01:03:56,549 --> 01:03:59,160
general merchandise are all up clothing

1552
01:03:59,160 --> 01:04:01,380
and accessories are dropping not because

1553
01:04:01,380 --> 01:04:03,089
people aren't buying them I assure you

1554
01:04:03,089 --> 01:04:04,920
they are my wife and daughter

1555
01:04:04,920 --> 01:04:06,420
single-handedly trying to keep the

1556
01:04:06,420 --> 01:04:08,130
economy afloat right

1557
01:04:08,130 --> 01:04:10,559
they're just doing it online okay we get

1558
01:04:10,559 --> 01:04:13,049
it autos are slowing a little bit nation

1559
01:04:13,049 --> 01:04:15,000
nationally thumb here that's to be

1560
01:04:15,000 --> 01:04:17,640
expected after seven record years that's

1561
01:04:17,640 --> 01:04:20,069
okay so we should be doing but if we're

1562
01:04:20,069 --> 01:04:21,359
going to look at it in terms of this

1563
01:04:21,359 --> 01:04:24,059
full circle concept where are we

1564
01:04:24,059 --> 01:04:26,609
relative this this is inflation adjusted

1565
01:04:26,609 --> 01:04:29,670
per capita taxable spending so we're we

1566
01:04:29,670 --> 01:04:32,130
getting out ahead of ourselves or not so

1567
01:04:32,130 --> 01:04:34,020
let's just draw the average over the

1568
01:04:34,020 --> 01:04:36,930
30-year period we remain below the

1569
01:04:36,930 --> 01:04:39,119
average today which means that spending

1570
01:04:39,119 --> 01:04:41,400
could escalate some and we would still

1571
01:04:41,400 --> 01:04:43,650
be in the healthy zone that area with

1572
01:04:43,650 --> 01:04:46,799
the peaks up there Oh 405 and oh six or

1573
01:04:46,799 --> 01:04:49,380
we get anywhere near that it's time to

1574
01:04:49,380 --> 01:04:49,920
have

1575
01:04:49,920 --> 01:04:52,500
conversation overall and we know that

1576
01:04:52,500 --> 01:04:54,960
taxable retail sales are changing we get

1577
01:04:54,960 --> 01:04:58,349
it the red area is non store retailers

1578
01:04:58,349 --> 01:05:00,180
you will refer to them as places like

1579
01:05:00,180 --> 01:05:02,460
Amazon and things like that right you

1580
01:05:02,460 --> 01:05:04,680
get this idea they're growing these

1581
01:05:04,680 --> 01:05:06,210
other ones they're not growing quite as

1582
01:05:06,210 --> 01:05:08,730
quickly okay that's just things are

1583
01:05:08,730 --> 01:05:10,799
changing and we know that we're sort of

1584
01:05:10,799 --> 01:05:12,690
trading this bricks and mortar retail

1585
01:05:12,690 --> 01:05:15,569
for more distribution space so let's

1586
01:05:15,569 --> 01:05:17,910
take a look at whether our economy is

1587
01:05:17,910 --> 01:05:20,520
adapting to this new reality on the

1588
01:05:20,520 --> 01:05:22,260
left-hand side is retail on the

1589
01:05:22,260 --> 01:05:25,049
right-hand side is industrial yes the

1590
01:05:25,049 --> 01:05:27,270
retail rate is elevated but dropping the

1591
01:05:27,270 --> 01:05:29,940
industrial area where retailers are now

1592
01:05:29,940 --> 01:05:32,099
actually doing their retailing

1593
01:05:32,099 --> 01:05:34,500
essentially fulfillment centers if you

1594
01:05:34,500 --> 01:05:37,040
will are down to six point nine percent

1595
01:05:37,040 --> 01:05:40,470
overall if we look at completions versus

1596
01:05:40,470 --> 01:05:42,780
absorption the green line and the purple

1597
01:05:42,780 --> 01:05:44,880
line aligned with one another like we

1598
01:05:44,880 --> 01:05:47,040
talked about with the office market yes

1599
01:05:47,040 --> 01:05:49,770
they are if we look at planned and under

1600
01:05:49,770 --> 01:05:51,780
construction no we're not building

1601
01:05:51,780 --> 01:05:54,540
retail because we shouldn't right and on

1602
01:05:54,540 --> 01:05:56,400
the other side we're building industrial

1603
01:05:56,400 --> 01:05:58,559
because that's where everybody is going

1604
01:05:58,559 --> 01:06:01,530
and yes it is at peak levels currently

1605
01:06:01,530 --> 01:06:04,200
under construction space is sourced 100%

1606
01:06:04,200 --> 01:06:07,410
to distribution centers exactly how it

1607
01:06:07,410 --> 01:06:09,869
should be overall and if we're asking

1608
01:06:09,869 --> 01:06:11,760
the question about whether we're getting

1609
01:06:11,760 --> 01:06:13,770
out over our skis whether we're building

1610
01:06:13,770 --> 01:06:16,799
too much let's look at whether the

1611
01:06:16,799 --> 01:06:18,960
future development as a share of planned

1612
01:06:18,960 --> 01:06:21,930
inventory for retail in the peak period

1613
01:06:21,930 --> 01:06:23,760
we were we essentially had under

1614
01:06:23,760 --> 01:06:26,400
construction 36 percent of our market

1615
01:06:26,400 --> 01:06:30,240
today at 7.3 for industrial we had 14

1616
01:06:30,240 --> 01:06:32,579
percent today we're at 11 again well

1617
01:06:32,579 --> 01:06:35,160
within the range of normalcy we look at

1618
01:06:35,160 --> 01:06:37,440
large store closings and this makes us

1619
01:06:37,440 --> 01:06:39,569
nervous and we tend to ignore that the

1620
01:06:39,569 --> 01:06:42,210
guys on the right are building on

1621
01:06:42,210 --> 01:06:44,460
occupying or occupying and maybe not

1622
01:06:44,460 --> 01:06:47,430
building 2 million square feet in the

1623
01:06:47,430 --> 01:06:49,859
last year alone this is simply a

1624
01:06:49,859 --> 01:06:52,319
transitional step relative to our

1625
01:06:52,319 --> 01:06:53,430
economy overall

1626
01:06:53,430 --> 01:06:56,069
now wrap all that up is of the big green

1627
01:06:56,069 --> 01:06:58,170
area that I showed you on my chart has

1628
01:06:58,170 --> 01:07:00,089
to do with tourism and tourism related

1629
01:07:00,089 --> 01:07:02,410
activity our growth and visitor

1630
01:07:02,410 --> 01:07:04,480
volume is significant and it continues

1631
01:07:04,480 --> 01:07:05,920
to be incredibly important to us in I'd

1632
01:07:05,920 --> 01:07:09,520
like talking about that is critical one

1633
01:07:09,520 --> 01:07:11,710
in six people one in six people that

1634
01:07:11,710 --> 01:07:13,809
puts a head in a bed on any given night

1635
01:07:13,809 --> 01:07:16,630
is not a resident of Southern Nevada

1636
01:07:16,630 --> 01:07:18,880
that's how big our visitor economy is

1637
01:07:18,880 --> 01:07:20,740
and that is bigger than almost anywhere

1638
01:07:20,740 --> 01:07:22,660
else in the entire United States where

1639
01:07:22,660 --> 01:07:25,119
are they coming from Western United

1640
01:07:25,119 --> 01:07:26,530
States we want to get that international

1641
01:07:26,530 --> 01:07:28,750
all the way up to thirty we're working

1642
01:07:28,750 --> 01:07:31,270
on it but we're setting records relative

1643
01:07:31,270 --> 01:07:33,280
to visitation overall and in particular

1644
01:07:33,280 --> 01:07:35,799
convention visitors who spend more

1645
01:07:35,799 --> 01:07:37,599
generate more stay longer all those

1646
01:07:37,599 --> 01:07:39,069
things than their traditional these

1647
01:07:39,069 --> 01:07:41,410
leisure counterparts McCarran

1648
01:07:41,410 --> 01:07:43,000
International Airport is today the

1649
01:07:43,000 --> 01:07:45,099
eighth busiest airport in the entire

1650
01:07:45,099 --> 01:07:47,220
United States it's the second largest

1651
01:07:47,220 --> 01:07:49,359
destination and origination I should say

1652
01:07:49,359 --> 01:07:50,740
that differently origination and

1653
01:07:50,740 --> 01:07:52,809
destination Airport in the United States

1654
01:07:52,809 --> 01:07:54,760
someone is going to have to explain to

1655
01:07:54,760 --> 01:07:58,150
me why we care about someone flying into

1656
01:07:58,150 --> 01:08:00,460
an airport staying on a plane and flying

1657
01:08:00,460 --> 01:08:03,280
somewhere else right makes no sense to

1658
01:08:03,280 --> 01:08:05,170
me whatsoever but we count it anyway

1659
01:08:05,170 --> 01:08:07,029
this is when we take all of that out

1660
01:08:07,029 --> 01:08:09,490
we'll take the people that stay someone

1661
01:08:09,490 --> 01:08:11,170
else because Atlanta can have all the

1662
01:08:11,170 --> 01:08:12,430
people who just want to go through

1663
01:08:12,430 --> 01:08:16,420
whatever right the LDC VA is absolutely

1664
01:08:16,420 --> 01:08:19,029
should be commended for being able to

1665
01:08:19,029 --> 01:08:22,359
expand our international reach with all

1666
01:08:22,359 --> 01:08:24,429
of these new flights including one to

1667
01:08:24,429 --> 01:08:26,140
Beijing China which would be critically

1668
01:08:26,140 --> 01:08:28,448
important overall and again thinking

1669
01:08:28,448 --> 01:08:30,399
about it in terms of coming full circle

1670
01:08:30,399 --> 01:08:32,439
on the left-hand side of my chart is the

1671
01:08:32,439 --> 01:08:34,569
occupancy rate on the right hand side is

1672
01:08:34,569 --> 01:08:36,910
the average daily room rate these are

1673
01:08:36,910 --> 01:08:39,130
the two factors that will become they

1674
01:08:39,130 --> 01:08:40,719
will become critical in determining

1675
01:08:40,719 --> 01:08:43,509
whether we make reinvestment here we are

1676
01:08:43,509 --> 01:08:45,790
approaching 90 percent not quite where

1677
01:08:45,790 --> 01:08:47,979
we were but approaching 90 percent and

1678
01:08:47,979 --> 01:08:51,100
on the right hand side ADR is 128

1679
01:08:51,100 --> 01:08:53,319
dollars per night almost back to the

1680
01:08:53,319 --> 01:08:55,299
peak but something we didn't have in

1681
01:08:55,299 --> 01:08:58,899
2007 and 2008 is the resort fee which is

1682
01:08:58,899 --> 01:09:01,779
also added on which means we are at peak

1683
01:09:01,779 --> 01:09:04,689
ADR today all of that having been said

1684
01:09:04,689 --> 01:09:06,488
let's wrap it all up and put a bow on it

1685
01:09:06,488 --> 01:09:07,929
because everyone wants to focus at least

1686
01:09:07,929 --> 01:09:10,330
the national media does on this concept

1687
01:09:10,330 --> 01:09:13,420
that gaming revenue is below where it

1688
01:09:13,420 --> 01:09:16,198
should be or has not grown ignoring

1689
01:09:16,198 --> 01:09:18,179
fact that Las Vegas trip total revenue

1690
01:09:18,179 --> 01:09:20,939
is up to eleven point two billion not

1691
01:09:20,939 --> 01:09:22,349
only the highest level that it's ever

1692
01:09:22,349 --> 01:09:25,439
been but blowing the previous piece out

1693
01:09:25,439 --> 01:09:28,439
of the water if we look at the amount of

1694
01:09:28,439 --> 01:09:30,448
development and I will tell you Jonas's

1695
01:09:30,448 --> 01:09:32,519
map is much more extensive than this and

1696
01:09:32,519 --> 01:09:33,479
you should really take a look at it

1697
01:09:33,479 --> 01:09:35,189
because I think it's super cool but if

1698
01:09:35,189 --> 01:09:36,839
we look at it in terms of development

1699
01:09:36,839 --> 01:09:38,309
that has recently happened on the strip

1700
01:09:38,309 --> 01:09:40,349
whereas occurring there seven point

1701
01:09:40,349 --> 01:09:42,569
eight billion dollars and I've talked a

1702
01:09:42,569 --> 01:09:44,399
lot about the amount of development

1703
01:09:44,399 --> 01:09:46,049
that's happening in our community

1704
01:09:46,049 --> 01:09:48,059
because I think it's great but if we're

1705
01:09:48,059 --> 01:09:49,469
going to ask the question is are we

1706
01:09:49,469 --> 01:09:51,899
building too much here's what those

1707
01:09:51,899 --> 01:09:54,749
numbers look like in 2007 when we had

1708
01:09:54,749 --> 01:09:57,869
forty five point eight billion dollars

1709
01:09:57,869 --> 01:10:00,510
worth of project on the books forty five

1710
01:10:00,510 --> 01:10:02,219
point eight billion how much do we have

1711
01:10:02,219 --> 01:10:02,719
today

1712
01:10:02,719 --> 01:10:05,969
fourteen point 1 billion dollars on the

1713
01:10:05,969 --> 01:10:07,769
books there are communities all over the

1714
01:10:07,769 --> 01:10:08,969
United States that would give their

1715
01:10:08,969 --> 01:10:11,489
eyeteeth to have 14 point 1 billion

1716
01:10:11,489 --> 01:10:13,440
dollars worth of projects on the books

1717
01:10:13,440 --> 01:10:16,079
but before we freaked out about the fact

1718
01:10:16,079 --> 01:10:17,340
that we're all building too much and

1719
01:10:17,340 --> 01:10:18,690
there's not going to be enough glass and

1720
01:10:18,690 --> 01:10:20,369
not enough concrete and we just can't

1721
01:10:20,369 --> 01:10:22,170
handle this much growth I think we

1722
01:10:22,170 --> 01:10:23,729
should put it all in a little bit of

1723
01:10:23,729 --> 01:10:26,550
perspective and what we are building is

1724
01:10:26,550 --> 01:10:28,590
based on bringing people here for

1725
01:10:28,590 --> 01:10:30,539
special events stadiums convention

1726
01:10:30,539 --> 01:10:32,249
centers all those things because we have

1727
01:10:32,249 --> 01:10:35,999
assets that we can leverage 150,000

1728
01:10:35,999 --> 01:10:37,709
hotel rooms the second busiest airport

1729
01:10:37,709 --> 01:10:40,530
in the United States restaurants dining

1730
01:10:40,530 --> 01:10:43,289
all those types of things but Las Vegas

1731
01:10:43,289 --> 01:10:45,239
is just as important for those events as

1732
01:10:45,239 --> 01:10:48,179
as we are to them as they are to us it's

1733
01:10:48,179 --> 01:10:51,179
a symbiotic relationship I hear it all

1734
01:10:51,179 --> 01:10:52,650
the time because of the work we do on

1735
01:10:52,650 --> 01:10:54,869
the stadium and other things on the

1736
01:10:54,869 --> 01:10:56,070
left-hand side it's the pac-12

1737
01:10:56,070 --> 01:10:58,139
tournament these are the attendance

1738
01:10:58,139 --> 01:11:00,599
numbers when it was in Los Angeles the

1739
01:11:00,599 --> 01:11:02,249
numbers on the right hand side are the

1740
01:11:02,249 --> 01:11:03,780
attendance numbers when it came to Las

1741
01:11:03,780 --> 01:11:05,429
Vegas what about the Mountain West

1742
01:11:05,429 --> 01:11:09,059
tournament Las Vegas mm oh three they

1743
01:11:09,059 --> 01:11:10,979
moved to Denver surprise surprise they

1744
01:11:10,979 --> 01:11:12,920
move it back this is why it works

1745
01:11:12,920 --> 01:11:15,209
Terrence is telling me that I have to

1746
01:11:15,209 --> 01:11:16,650
wrap it up so I'm going to go a little

1747
01:11:16,650 --> 01:11:17,940
bit quickly and you forgive me he's

1748
01:11:17,940 --> 01:11:21,179
great and I need to get it done the

1749
01:11:21,179 --> 01:11:23,789
other side of this is that when we think

1750
01:11:23,789 --> 01:11:26,489
about it overall the economic

1751
01:11:26,489 --> 01:11:28,170
implications of those special events are

1752
01:11:28,170 --> 01:11:29,110
massive

1753
01:11:29,110 --> 01:11:34,150
right Super Bowl Houston Texas 138,000

1754
01:11:34,150 --> 01:11:36,489
Super Bowl visitors and 350 million

1755
01:11:36,489 --> 01:11:38,230
dollars of impact that's why I was so

1756
01:11:38,230 --> 01:11:39,790
great to see the article in the

1757
01:11:39,790 --> 01:11:41,350
newspaper today that they're talking

1758
01:11:41,350 --> 01:11:43,330
about potentially getting us a Super

1759
01:11:43,330 --> 01:11:47,679
Bowl in two thousand 2023 or 2024

1760
01:11:47,679 --> 01:11:50,139
hopefully it happens but we cannot

1761
01:11:50,139 --> 01:11:52,300
forget about the fact that while Houston

1762
01:11:52,300 --> 01:11:54,100
was hosting the Super Bowl with a

1763
01:11:54,100 --> 01:11:55,480
hundred and thirty eight thousand people

1764
01:11:55,480 --> 01:11:57,730
we had three hundred thousand people

1765
01:11:57,730 --> 01:11:59,800
that showed up for Super Bowl weekend

1766
01:11:59,800 --> 01:12:04,929
right while we were here almost on our

1767
01:12:04,929 --> 01:12:07,750
phone convention centers are phenomenal

1768
01:12:07,750 --> 01:12:09,520
we have among the best in the entire

1769
01:12:09,520 --> 01:12:12,159
country we have been atop the list for

1770
01:12:12,159 --> 01:12:14,920
the past 22 years and the business tax

1771
01:12:14,920 --> 01:12:16,929
climate has benefited from this amount

1772
01:12:16,929 --> 01:12:19,389
we reach the tourists generate two

1773
01:12:19,389 --> 01:12:22,150
billion dollars in taxes for us every

1774
01:12:22,150 --> 01:12:23,980
single year I'm not going to spend a

1775
01:12:23,980 --> 01:12:25,690
whole lot of time here other than saying

1776
01:12:25,690 --> 01:12:27,790
those are all of the states that have an

1777
01:12:27,790 --> 01:12:30,130
individual income tax and we're not one

1778
01:12:30,130 --> 01:12:32,170
of them because 43 million people

1779
01:12:32,170 --> 01:12:34,330
decided to get in a car or get in a

1780
01:12:34,330 --> 01:12:36,280
plane and come here and spend money and

1781
01:12:36,280 --> 01:12:37,840
if you don't believe me this is what

1782
01:12:37,840 --> 01:12:39,880
your sales tax raise property tax rates

1783
01:12:39,880 --> 01:12:42,969
and personal income tax rate would be if

1784
01:12:42,969 --> 01:12:45,760
they didn't exist today we need to

1785
01:12:45,760 --> 01:12:48,340
preserve that sector of our economy at

1786
01:12:48,340 --> 01:12:54,369
all cost those are huge numbers these

1787
01:12:54,369 --> 01:12:55,920
are the companies we're bringing in

1788
01:12:55,920 --> 01:12:58,150
northern nevada is also getting them we

1789
01:12:58,150 --> 01:13:00,190
are innovating over all these are

1790
01:13:00,190 --> 01:13:02,080
companies we all know them they're

1791
01:13:02,080 --> 01:13:04,210
making great steps and great progress

1792
01:13:04,210 --> 01:13:06,760
but I do not want to minimize small

1793
01:13:06,760 --> 01:13:09,880
business development in our community we

1794
01:13:09,880 --> 01:13:11,530
have more businesses here than we have

1795
01:13:11,530 --> 01:13:13,659
ever had before we've created ninety two

1796
01:13:13,659 --> 01:13:17,949
hundred businesses since 2010 thank you

1797
01:13:17,949 --> 01:13:19,869
to the LV Gea because they have been

1798
01:13:19,869 --> 01:13:22,030
critical as well as each one of you in

1799
01:13:22,030 --> 01:13:23,320
making that happen

1800
01:13:23,320 --> 01:13:26,170
overall my friends at Nevada state bank

1801
01:13:26,170 --> 01:13:28,630
asked for this idea of power small

1802
01:13:28,630 --> 01:13:30,369
business folks thinking about all of

1803
01:13:30,369 --> 01:13:32,080
this we asked them are you optimistic

1804
01:13:32,080 --> 01:13:34,000
about the economy they are more

1805
01:13:34,000 --> 01:13:36,070
optimistic than they have been at any

1806
01:13:36,070 --> 01:13:38,530
point in the past five years do you plan

1807
01:13:38,530 --> 01:13:40,510
to expand over the next 12 months do you

1808
01:13:40,510 --> 01:13:41,570
think things are going to get

1809
01:13:41,570 --> 01:13:43,820
over the 12 next 12 months yes they do

1810
01:13:43,820 --> 01:13:48,500
in closing yes things are okay we're

1811
01:13:48,500 --> 01:13:50,660
doing better where we're finding our

1812
01:13:50,660 --> 01:13:53,210
footing but I'm always reminded of the

1813
01:13:53,210 --> 01:13:55,430
salient words those who cannot remember

1814
01:13:55,430 --> 01:13:57,800
the past are condemned to repeat it we

1815
01:13:57,800 --> 01:14:01,310
cannot ignore where we were when all of

1816
01:14:01,310 --> 01:14:02,690
development we couldn't handle so we

1817
01:14:02,690 --> 01:14:05,660
were spilling over into Arizona Las

1818
01:14:05,660 --> 01:14:08,990
Vegas Waze billion-dollar reliever

1819
01:14:08,990 --> 01:14:11,030
Airport right we don't have enough room

1820
01:14:11,030 --> 01:14:13,970
it can so we're going to build Ivanpah

1821
01:14:13,970 --> 01:14:15,980
right least affordable real estate

1822
01:14:15,980 --> 01:14:17,960
market in the United States these are

1823
01:14:17,960 --> 01:14:19,970
the type of articles that were coming

1824
01:14:19,970 --> 01:14:24,020
out when we were at our absolute peak we

1825
01:14:24,020 --> 01:14:26,810
cannot let this happen again Las Vegas

1826
01:14:26,810 --> 01:14:28,610
closing on another full house I love

1827
01:14:28,610 --> 01:14:29,750
that they have to come up with some type

1828
01:14:29,750 --> 01:14:31,670
of gambling analogy no matter what they

1829
01:14:31,670 --> 01:14:33,350
write anyway that's my own personal

1830
01:14:33,350 --> 01:14:35,360
problem condo mania in the West and as

1831
01:14:35,360 --> 01:14:37,850
we all remember the Manhattan ization of

1832
01:14:37,850 --> 01:14:40,700
Las Vegas right this is a map we

1833
01:14:40,700 --> 01:14:42,140
actually been doing this presentation

1834
01:14:42,140 --> 01:14:44,720
since 2007 this is my 10th year doing it

1835
01:14:44,720 --> 01:14:46,310
I'm very thankful for that

1836
01:14:46,310 --> 01:14:48,200
this is a map we used in the very first

1837
01:14:48,200 --> 01:14:50,240
one of all the plans proposed or under

1838
01:14:50,240 --> 01:14:52,730
construction condos that were in

1839
01:14:52,730 --> 01:14:55,070
Southern Nevada almost none of them were

1840
01:14:55,070 --> 01:14:57,080
actually built right this is where we

1841
01:14:57,080 --> 01:14:58,880
can't go because we've got to come full

1842
01:14:58,880 --> 01:15:01,520
circle so let's just fix let's talk just

1843
01:15:01,520 --> 01:15:03,350
for one minute and I promise I'll get

1844
01:15:03,350 --> 01:15:05,270
down from where we are downtown

1845
01:15:05,270 --> 01:15:06,920
Summerlin stall during the economic

1846
01:15:06,920 --> 01:15:08,990
downturn this is what it looks like

1847
01:15:08,990 --> 01:15:11,510
today we can be proud of that

1848
01:15:11,510 --> 01:15:13,220
the folks at Summerlin should be

1849
01:15:13,220 --> 01:15:18,370
incredibly proud of that yeah thank you

1850
01:15:19,989 --> 01:15:22,610
anyway they know the statistics only see

1851
01:15:22,610 --> 01:15:24,530
Manhattan West all during the economic

1852
01:15:24,530 --> 01:15:26,120
downturn this is what it looks like

1853
01:15:26,120 --> 01:15:28,580
today here's the Kyle Canyon master plan

1854
01:15:28,580 --> 01:15:31,190
1,700 acres was foreclosed on here's

1855
01:15:31,190 --> 01:15:32,840
what it looks like today the folks the

1856
01:15:32,840 --> 01:15:34,969
city of Las Vegas think Stavros was here

1857
01:15:34,969 --> 01:15:36,770
congratulations on what you guys have

1858
01:15:36,770 --> 01:15:38,900
been able to do a salon stalled during

1859
01:15:38,900 --> 01:15:40,700
economic downturn recently announced

1860
01:15:40,700 --> 01:15:41,840
they're getting that project going

1861
01:15:41,840 --> 01:15:43,430
forward and it'll be happening pretty

1862
01:15:43,430 --> 01:15:45,950
soon interstate 11 of course has that

1863
01:15:45,950 --> 01:15:48,530
met any number of delays and now is

1864
01:15:48,530 --> 01:15:51,200
actually going to happen City Center if

1865
01:15:51,200 --> 01:15:52,670
anyone's ever heard Jim Murr and talked

1866
01:15:52,670 --> 01:15:54,410
about how close it was to closing down

1867
01:15:54,410 --> 01:15:56,270
it didn't and not only have they

1868
01:15:56,270 --> 01:15:57,650
finished that project that they double

1869
01:15:57,650 --> 01:15:59,360
down with building the t-mobile Arena

1870
01:15:59,360 --> 01:16:00,770
which will probably be among the most

1871
01:16:00,770 --> 01:16:03,230
productive arenas in the entire United

1872
01:16:03,230 --> 01:16:05,330
States when everything's added up for

1873
01:16:05,330 --> 01:16:07,250
its first year of operation and the very

1874
01:16:07,250 --> 01:16:10,160
last one south strip right this property

1875
01:16:10,160 --> 01:16:12,680
was foreclosed on 62 acres there off the

1876
01:16:12,680 --> 01:16:14,960
freeway it's going to be the home of the

1877
01:16:14,960 --> 01:16:16,760
new Las Vegas Stadium thank you very

1878
01:16:16,760 --> 01:16:18,969
much

1879
01:16:23,199 --> 01:16:29,499
sigh landing was that powerful did you

1880
01:16:29,499 --> 01:16:31,030
enjoy that can we get another round of

1881
01:16:31,030 --> 01:16:37,959
applause awesome awesome for our next

1882
01:16:37,959 --> 01:16:40,269
segment you guys are in for a treat we

1883
01:16:40,269 --> 01:16:42,969
wanted to show you a look at the future

1884
01:16:42,969 --> 01:16:47,949
of gaming we have the best expert in the

1885
01:16:47,949 --> 01:16:49,929
entire country to talk to you about that

1886
01:16:49,929 --> 01:16:51,130
particular project

1887
01:16:51,130 --> 01:16:52,959
Jeff Freeman is the CEO of the American

1888
01:16:52,959 --> 01:16:55,719
Gaming Association he is a global leader

1889
01:16:55,719 --> 01:16:58,090
he is responsible for positioning

1890
01:16:58,090 --> 01:17:00,729
commercial and tribal gaming for success

1891
01:17:00,729 --> 01:17:03,249
and he's also a powerhouse speaker

1892
01:17:03,249 --> 01:17:05,380
please help me welcome to the stage

1893
01:17:05,380 --> 01:17:15,699
Jeff Freeman so I'm thinking of starting

1894
01:17:15,699 --> 01:17:17,920
every speech with that sex with a dead

1895
01:17:17,920 --> 01:17:22,709
person joke it's bound to get - laughs

1896
01:17:22,709 --> 01:17:24,820
congresswoman Buerkle had to leave so

1897
01:17:24,820 --> 01:17:26,229
it's even better I'd say this in her

1898
01:17:26,229 --> 01:17:28,449
absence I've been in Washington 20 years

1899
01:17:28,449 --> 01:17:30,610
I've met with a lot of members of

1900
01:17:30,610 --> 01:17:33,249
Congress I have never met someone who

1901
01:17:33,249 --> 01:17:35,199
was a greater champion for an industry

1902
01:17:35,199 --> 01:17:37,599
for a city for a state than

1903
01:17:37,599 --> 01:17:39,550
congresswoman Buerkle was she was a

1904
01:17:39,550 --> 01:17:41,920
tremendous champion for this area and

1905
01:17:41,920 --> 01:17:43,420
it's something for which all of you

1906
01:17:43,420 --> 01:17:46,119
should be quite proud we have today

1907
01:17:46,119 --> 01:17:48,099
great champions from Nevada we

1908
01:17:48,099 --> 01:17:50,019
appreciate the support from Nevada but

1909
01:17:50,019 --> 01:17:51,579
not for one second should we forget what

1910
01:17:51,579 --> 01:17:53,409
congresswoman Buerkle did it's also

1911
01:17:53,409 --> 01:17:55,179
great to follow geremy what great energy

1912
01:17:55,179 --> 01:17:58,059
we'll great - enthusiasm and passion for

1913
01:17:58,059 --> 01:18:00,190
this area and the message that I heard

1914
01:18:00,190 --> 01:18:02,679
there was fantastic about embrace the

1915
01:18:02,679 --> 01:18:05,469
prosperity embrace what this area this

1916
01:18:05,469 --> 01:18:08,409
region has accomplished figure out how

1917
01:18:08,409 --> 01:18:10,179
we sustain that figure out how we

1918
01:18:10,179 --> 01:18:12,190
capitalize on it you know that same

1919
01:18:12,190 --> 01:18:14,110
message actually applies to the gaming

1920
01:18:14,110 --> 01:18:15,550
industry and I'm excited to talk a

1921
01:18:15,550 --> 01:18:17,739
little bit about that today before I get

1922
01:18:17,739 --> 01:18:19,599
started I want to thank Jonas I want to

1923
01:18:19,599 --> 01:18:21,729
thank the LB Gea I really appreciate the

1924
01:18:21,729 --> 01:18:23,499
invitation here and what congratulate

1925
01:18:23,499 --> 01:18:24,789
you for everything you've done in this

1926
01:18:24,789 --> 01:18:26,920
area supporting the economy here in

1927
01:18:26,920 --> 01:18:27,309
Nevada

1928
01:18:27,309 --> 01:18:29,440
I represent a national industry I'm

1929
01:18:29,440 --> 01:18:31,539
based in Washington a national

1930
01:18:31,539 --> 01:18:33,639
organization but I believe everything

1931
01:18:33,639 --> 01:18:35,380
we're doing whether we're doing it in

1932
01:18:35,380 --> 01:18:35,840
Nevada

1933
01:18:35,840 --> 01:18:37,429
New Jersey where I'll be tonight in

1934
01:18:37,429 --> 01:18:39,560
Atlantic City or whether we're doing in

1935
01:18:39,560 --> 01:18:41,210
Missouri or any other state that is

1936
01:18:41,210 --> 01:18:43,699
gaming it all comes back to helping Las

1937
01:18:43,699 --> 01:18:45,409
Vegas it all comes back to helping

1938
01:18:45,409 --> 01:18:47,449
Nevada so let me talk a little bit about

1939
01:18:47,449 --> 01:18:49,940
who this industry is right now where

1940
01:18:49,940 --> 01:18:51,830
we're going and the great opportunities

1941
01:18:51,830 --> 01:18:53,510
we have ahead because this is an

1942
01:18:53,510 --> 01:18:55,639
exciting time in the gaming industry not

1943
01:18:55,639 --> 01:18:56,840
just because we've got great new

1944
01:18:56,840 --> 01:18:58,429
properties opening we've got new markets

1945
01:18:58,429 --> 01:19:01,699
emerging we've got a former casino owner

1946
01:19:01,699 --> 01:19:06,010
as president of the United States and

1947
01:19:06,010 --> 01:19:09,409
whatever you might think of President

1948
01:19:09,409 --> 01:19:13,610
Trump for this industry that only says

1949
01:19:13,610 --> 01:19:17,389
opportunity that only says we've got an

1950
01:19:17,389 --> 01:19:19,280
opportunity to do something great that

1951
01:19:19,280 --> 01:19:21,949
we haven't had before so let's talk

1952
01:19:21,949 --> 01:19:23,989
about why we have that opportunity

1953
01:19:23,989 --> 01:19:24,949
because I think it's important that we

1954
01:19:24,949 --> 01:19:26,659
embrace that and then let's talk about

1955
01:19:26,659 --> 01:19:29,239
how we capitalize on this industry today

1956
01:19:29,239 --> 01:19:31,070
this industry that just started right

1957
01:19:31,070 --> 01:19:34,790
here in Nevada is today a 240 billion

1958
01:19:34,790 --> 01:19:37,790
dollar industry across 40 states in the

1959
01:19:37,790 --> 01:19:42,320
US 1.7 million jobs supported nearly 40

1960
01:19:42,320 --> 01:19:45,080
billion dollars in tax revenue this

1961
01:19:45,080 --> 01:19:48,889
industry is a major economic force and

1962
01:19:48,889 --> 01:19:52,310
it's only growing in the latest year for

1963
01:19:52,310 --> 01:19:54,199
which we have data available commercial

1964
01:19:54,199 --> 01:19:57,260
gaming did 39 billion dollars in revenue

1965
01:19:57,260 --> 01:20:00,530
tribal gaming 30 billion dollars in

1966
01:20:00,530 --> 01:20:02,900
revenue nearly seventy billion dollars

1967
01:20:02,900 --> 01:20:05,389
in revenue between these these two

1968
01:20:05,389 --> 01:20:07,969
entities commercial and tribal this is a

1969
01:20:07,969 --> 01:20:10,699
massive economic force in communities

1970
01:20:10,699 --> 01:20:13,219
across the country and that economic

1971
01:20:13,219 --> 01:20:16,219
footprint now speaks to the increasing

1972
01:20:16,219 --> 01:20:18,800
mainstream nature of our industry you

1973
01:20:18,800 --> 01:20:20,090
know when you look at the critics of

1974
01:20:20,090 --> 01:20:22,489
gaming the critics of gaming only exist

1975
01:20:22,489 --> 01:20:24,500
in the communities in which we don't do

1976
01:20:24,500 --> 01:20:26,750
business and the communities in which

1977
01:20:26,750 --> 01:20:29,540
casinos operate were strong community

1978
01:20:29,540 --> 01:20:32,210
partners and we are incredible economic

1979
01:20:32,210 --> 01:20:34,639
generators and that's a big part of the

1980
01:20:34,639 --> 01:20:37,070
opportunity we have ahead the second

1981
01:20:37,070 --> 01:20:38,750
part of the opportunity we have ahead

1982
01:20:38,750 --> 01:20:41,750
and more to that mainstream nature of

1983
01:20:41,750 --> 01:20:43,820
this industry is the improving

1984
01:20:43,820 --> 01:20:46,639
perception of this industry as all of

1985
01:20:46,639 --> 01:20:49,489
you know this October the Vegas golden

1986
01:20:49,489 --> 01:20:49,760
eye

1987
01:20:49,760 --> 01:20:51,670
we'll kick off their inaugural season

1988
01:20:51,670 --> 01:20:54,590
the Raiders will arrive in one two three

1989
01:20:54,590 --> 01:20:57,280
years of stadium not too far after that

1990
01:20:57,280 --> 01:21:00,140
we had a presidential debate last year

1991
01:21:00,140 --> 01:21:02,780
here in Las Vegas and as I said we have

1992
01:21:02,780 --> 01:21:04,730
a president who's a former casino owner

1993
01:21:04,730 --> 01:21:07,070
and one of the most amazing aspects

1994
01:21:07,070 --> 01:21:08,870
about that and there are a lot of

1995
01:21:08,870 --> 01:21:10,820
amazing aspects about that one of the

1996
01:21:10,820 --> 01:21:13,430
most amazing aspects about that the act

1997
01:21:13,430 --> 01:21:16,340
of owning casinos never came up during

1998
01:21:16,340 --> 01:21:19,520
the campaign the act of managing and the

1999
01:21:19,520 --> 01:21:21,020
ability to manage it came up a couple

2000
01:21:21,020 --> 01:21:23,210
times but the act of owning casinos

2001
01:21:23,210 --> 01:21:25,910
never came up so just as Jeremy was

2002
01:21:25,910 --> 01:21:27,770
talking about the prosperity here in in

2003
01:21:27,770 --> 01:21:30,020
Las Vegas and in this area think about

2004
01:21:30,020 --> 01:21:31,970
the prosperity of 2016

2005
01:21:31,970 --> 01:21:33,920
think of all the things that happen in

2006
01:21:33,920 --> 01:21:36,260
that year and ask yourself would that

2007
01:21:36,260 --> 01:21:38,180
have happened 10 years ago would have

2008
01:21:38,180 --> 01:21:40,790
happened five years ago in your wildest

2009
01:21:40,790 --> 01:21:42,350
dreams did you think all of these things

2010
01:21:42,350 --> 01:21:44,810
would happen just last year this

2011
01:21:44,810 --> 01:21:47,930
industry has come incredibly far in

2012
01:21:47,930 --> 01:21:51,050
terms of being a mainstream player in

2013
01:21:51,050 --> 01:21:53,510
the American economy in terms of being

2014
01:21:53,510 --> 01:21:55,850
accepted coast-to-coast eighty-five

2015
01:21:55,850 --> 01:21:57,500
percent of the American public now

2016
01:21:57,500 --> 01:21:58,910
saying that they're perfectly

2017
01:21:58,910 --> 01:22:01,130
comfortable with casinos for themselves

2018
01:22:01,130 --> 01:22:03,110
their friends their family were

2019
01:22:03,110 --> 01:22:05,060
mainstream how do we take advantage of

2020
01:22:05,060 --> 01:22:07,010
it these are the external factors that

2021
01:22:07,010 --> 01:22:09,290
are helping us as an industry there are

2022
01:22:09,290 --> 01:22:11,390
also several I think internal and excuse

2023
01:22:11,390 --> 01:22:13,010
me internal factors inter industry

2024
01:22:13,010 --> 01:22:15,820
factors that are changing who we are

2025
01:22:15,820 --> 01:22:17,600
increasingly I want to talk about these

2026
01:22:17,600 --> 01:22:20,540
three increasingly or a unified industry

2027
01:22:20,540 --> 01:22:22,310
for those of you that have been in Las

2028
01:22:22,310 --> 01:22:24,020
Vegas for some time for those of you

2029
01:22:24,020 --> 01:22:25,130
that have been close to the gaming

2030
01:22:25,130 --> 01:22:27,700
industry you know that unity

2031
01:22:27,700 --> 01:22:30,650
collaboration these are not hallmarks of

2032
01:22:30,650 --> 01:22:33,620
the casino gaming industry but they are

2033
01:22:33,620 --> 01:22:37,370
critical to our future success I often

2034
01:22:37,370 --> 01:22:39,080
talk about my own team asked me not to

2035
01:22:39,080 --> 01:22:40,730
talk about it but we're much better at

2036
01:22:40,730 --> 01:22:42,380
having a circular firing squad in this

2037
01:22:42,380 --> 01:22:44,360
industry than we are about getting in a

2038
01:22:44,360 --> 01:22:46,250
straight line and focusing on a common

2039
01:22:46,250 --> 01:22:48,260
target increasingly we're identifying

2040
01:22:48,260 --> 01:22:51,860
who when what that common target is the

2041
01:22:51,860 --> 01:22:53,690
American Gaming Association of today my

2042
01:22:53,690 --> 01:22:55,790
organization was created it was modeled

2043
01:22:55,790 --> 01:22:57,590
after the Motion Picture Association if

2044
01:22:57,590 --> 01:22:58,730
you know anything about that

2045
01:22:58,730 --> 01:23:01,100
organization Jack Valenti created it

2046
01:23:01,100 --> 01:23:02,929
years ago it was the Six Day

2047
01:23:02,929 --> 01:23:05,479
studio heads in Los Angeles and they

2048
01:23:05,479 --> 01:23:06,889
created this organization in Washington

2049
01:23:06,889 --> 01:23:09,079
and they sent him one of two messages

2050
01:23:09,079 --> 01:23:11,090
either do what we tell you to do or

2051
01:23:11,090 --> 01:23:11,959
leave us the hell alone

2052
01:23:11,959 --> 01:23:14,269
that was the MPAA message AG a

2053
01:23:14,269 --> 01:23:17,059
simplified that it created the big you

2054
01:23:17,059 --> 01:23:18,320
know the big six from here on the Las

2055
01:23:18,320 --> 01:23:20,150
Vegas Strip it had one simple message

2056
01:23:20,150 --> 01:23:21,860
for Washington leave us the hell alone

2057
01:23:21,860 --> 01:23:25,130
and that was the exclusive club that the

2058
01:23:25,130 --> 01:23:28,340
HEA was today we're different today we

2059
01:23:28,340 --> 01:23:30,050
represent that unified industry that

2060
01:23:30,050 --> 01:23:32,329
gaming is becoming we represent ninety

2061
01:23:32,329 --> 01:23:34,039
percent of all the revenue and

2062
01:23:34,039 --> 01:23:36,409
commercial gaming ninety five percent of

2063
01:23:36,409 --> 01:23:38,869
all the supplier revenue that's critical

2064
01:23:38,869 --> 01:23:41,570
to this industry we represent with just

2065
01:23:41,570 --> 01:23:44,420
ten prominent tribes in our organization

2066
01:23:44,420 --> 01:23:47,539
a third of all tribal gaming revenue the

2067
01:23:47,539 --> 01:23:49,729
industry is increasingly on the same

2068
01:23:49,729 --> 01:23:51,829
page and getting in that straight line

2069
01:23:51,829 --> 01:23:54,349
to focus its sights on issues of common

2070
01:23:54,349 --> 01:23:57,380
cause I'm gonna go back there the second

2071
01:23:57,380 --> 01:23:59,209
aspect of that that we're doing as an

2072
01:23:59,209 --> 01:24:01,010
industry is we're beginning to gain

2073
01:24:01,010 --> 01:24:03,559
confidence or beginning to gain a sense

2074
01:24:03,559 --> 01:24:07,249
that we can go get stuff done in 2016

2075
01:24:07,249 --> 01:24:09,679
alone this industry saved off three

2076
01:24:09,679 --> 01:24:12,860
critical attacks from Washington one an

2077
01:24:12,860 --> 01:24:14,239
effort to suggest that our industry

2078
01:24:14,239 --> 01:24:15,920
didn't take its anti-money laundering

2079
01:24:15,920 --> 01:24:19,099
compliance efforts seriously a sense

2080
01:24:19,099 --> 01:24:21,709
that this industry was not committed to

2081
01:24:21,709 --> 01:24:24,079
strict regulation and a threat of

2082
01:24:24,079 --> 01:24:26,300
hundreds of millions of dollars in fines

2083
01:24:26,300 --> 01:24:28,760
from the federal government when the

2084
01:24:28,760 --> 01:24:31,099
head of the agency in Washington left

2085
01:24:31,099 --> 01:24:33,110
her role after getting to know this

2086
01:24:33,110 --> 01:24:34,550
industry and getting exposed to the

2087
01:24:34,550 --> 01:24:36,159
people in this industry her message was

2088
01:24:36,159 --> 01:24:38,900
your industry actually has a good story

2089
01:24:38,900 --> 01:24:41,449
to tell our industry the gaming industry

2090
01:24:41,449 --> 01:24:43,909
is that a model for others in financial

2091
01:24:43,909 --> 01:24:46,519
services as to how to do anti-money

2092
01:24:46,519 --> 01:24:49,789
laundering compliance right when the IRS

2093
01:24:49,789 --> 01:24:51,439
said we want to lower slop tax

2094
01:24:51,439 --> 01:24:54,650
thresholds from $1,200 to $600 and we

2095
01:24:54,650 --> 01:24:56,059
want to use all those loyalty marketing

2096
01:24:56,059 --> 01:24:58,130
cards that many of you probably play

2097
01:24:58,130 --> 01:25:01,010
with we want to use those to track what

2098
01:25:01,010 --> 01:25:02,840
people are doing in the casinos that was

2099
01:25:02,840 --> 01:25:05,449
the proposal from the IRS this industry

2100
01:25:05,449 --> 01:25:06,860
stood up it worked in a collaborative

2101
01:25:06,860 --> 01:25:09,309
fashion it prevented that from happening

2102
01:25:09,309 --> 01:25:11,630
also last year when the federal

2103
01:25:11,630 --> 01:25:13,909
government set out to eliminate those

2104
01:25:13,909 --> 01:25:16,290
resort fees that Jeremy mentioned

2105
01:25:16,290 --> 01:25:17,850
resort fees that not everyone likes but

2106
01:25:17,850 --> 01:25:20,310
are worth a half a billion dollars on

2107
01:25:20,310 --> 01:25:23,220
the Las Vegas Strip alone this industry

2108
01:25:23,220 --> 01:25:24,480
worked together to prevent that from

2109
01:25:24,480 --> 01:25:27,510
happening three critical successes there

2110
01:25:27,510 --> 01:25:29,250
were only made possible because of the

2111
01:25:29,250 --> 01:25:31,620
unity of the industry and three critical

2112
01:25:31,620 --> 01:25:33,210
successes that give the industry

2113
01:25:33,210 --> 01:25:36,000
confidence next we can do a lot more we

2114
01:25:36,000 --> 01:25:37,650
can make other great things happen

2115
01:25:37,650 --> 01:25:39,450
the other great thing that make

2116
01:25:39,450 --> 01:25:41,640
positions us for future success is we're

2117
01:25:41,640 --> 01:25:43,830
not putting our head in the sand we see

2118
01:25:43,830 --> 01:25:45,810
what's coming down the pike we see what

2119
01:25:45,810 --> 01:25:48,090
the new issues are that are emerging we

2120
01:25:48,090 --> 01:25:49,410
see the development of daily fantasy

2121
01:25:49,410 --> 01:25:51,450
sports and east boards of skill-based

2122
01:25:51,450 --> 01:25:54,420
games outside Nevada the the development

2123
01:25:54,420 --> 01:25:56,190
of what's called convenience gaming

2124
01:25:56,190 --> 01:25:57,570
retail gaming distributed gaming

2125
01:25:57,570 --> 01:25:58,500
whatever you want to call it

2126
01:25:58,500 --> 01:26:00,810
machines and bars and taverns around the

2127
01:26:00,810 --> 01:26:03,660
country we realize these challenges are

2128
01:26:03,660 --> 01:26:05,280
out there and we're confronting them

2129
01:26:05,280 --> 01:26:05,720
head-on

2130
01:26:05,720 --> 01:26:08,730
we're asking ourselves and for a 240

2131
01:26:08,730 --> 01:26:10,680
billion dollar industry today how do we

2132
01:26:10,680 --> 01:26:12,420
become a 300 billion dollar industry

2133
01:26:12,420 --> 01:26:15,240
tomorrow and how do we work with these

2134
01:26:15,240 --> 01:26:17,070
newfound challenges that are out there

2135
01:26:17,070 --> 01:26:19,560
it's that type of bold thinking and

2136
01:26:19,560 --> 01:26:21,630
leadership that I think sets this

2137
01:26:21,630 --> 01:26:23,880
industry with these other factors sets

2138
01:26:23,880 --> 01:26:26,310
this industry up for tremendous success

2139
01:26:26,310 --> 01:26:29,550
in the future I think we are paid to do

2140
01:26:29,550 --> 01:26:32,430
position to do great things in the years

2141
01:26:32,430 --> 01:26:34,290
ahead and to areas I want to highlight

2142
01:26:34,290 --> 01:26:35,640
for you and you might be picking

2143
01:26:35,640 --> 01:26:37,380
yourself well we have these things in

2144
01:26:37,380 --> 01:26:39,420
Nevada so why does that matter to me I'm

2145
01:26:39,420 --> 01:26:41,040
going to close by coming back why these

2146
01:26:41,040 --> 01:26:42,000
things that are going to happen

2147
01:26:42,000 --> 01:26:43,860
elsewhere in the United States matter

2148
01:26:43,860 --> 01:26:45,870
and matter in a very good way right here

2149
01:26:45,870 --> 01:26:47,940
in Nevada the first tremendous

2150
01:26:47,940 --> 01:26:49,650
opportunity in front of this industry is

2151
01:26:49,650 --> 01:26:52,710
to take what Nevada has today a legal

2152
01:26:52,710 --> 01:26:54,720
regulated sports betting market and

2153
01:26:54,720 --> 01:26:57,390
permit every state in the country to opt

2154
01:26:57,390 --> 01:26:59,280
into this if they so choose you know

2155
01:26:59,280 --> 01:27:00,900
there was a long time where Nevada felt

2156
01:27:00,900 --> 01:27:02,550
hey we've got a monopoly on sports

2157
01:27:02,550 --> 01:27:03,990
betting why would we want to share this

2158
01:27:03,990 --> 01:27:05,640
with anybody else we get all those

2159
01:27:05,640 --> 01:27:07,260
people coming here for the Super Bowl we

2160
01:27:07,260 --> 01:27:08,730
get people coming here for March Madness

2161
01:27:08,730 --> 01:27:10,710
maybe we won't have people coming here

2162
01:27:10,710 --> 01:27:14,030
if sports betting is permitted elsewhere

2163
01:27:14,030 --> 01:27:16,350
well here's the dirty truth there's no

2164
01:27:16,350 --> 01:27:19,920
monopoly here in Nevada last year 4.7

2165
01:27:19,920 --> 01:27:22,140
billion dollars was wagered on the Super

2166
01:27:22,140 --> 01:27:24,540
Bowl three percent of that was wagered

2167
01:27:24,540 --> 01:27:28,380
legally here in Nevada 160 billion

2168
01:27:28,380 --> 01:27:29,380
dollars was

2169
01:27:29,380 --> 01:27:31,510
spent on sports betting across the

2170
01:27:31,510 --> 01:27:33,969
United States 3% of that was done

2171
01:27:33,969 --> 01:27:36,460
illegally here in Nevada Americans are

2172
01:27:36,460 --> 01:27:38,469
finding a way to wager on sports there

2173
01:27:38,469 --> 01:27:41,469
is incredible demand to be involved in

2174
01:27:41,469 --> 01:27:43,449
these games daily fantasy sports which

2175
01:27:43,449 --> 01:27:45,880
got all the attention is the tip of the

2176
01:27:45,880 --> 01:27:47,920
iceberg when it comes to how people want

2177
01:27:47,920 --> 01:27:50,500
to be engaged in games today and the

2178
01:27:50,500 --> 01:27:52,300
question becomes how do we open up these

2179
01:27:52,300 --> 01:27:54,610
other markets around the country to

2180
01:27:54,610 --> 01:27:57,070
enjoy this same product to regulate this

2181
01:27:57,070 --> 01:27:59,020
product to prove that they can regulate

2182
01:27:59,020 --> 01:28:00,909
effectively sports the same way they

2183
01:28:00,909 --> 01:28:03,070
regulate every other form of gaming I

2184
01:28:03,070 --> 01:28:04,929
think we're on the cusp of doing that

2185
01:28:04,929 --> 01:28:07,030
you've got League leaders coming out and

2186
01:28:07,030 --> 01:28:09,070
saying it's time for regulation Adam

2187
01:28:09,070 --> 01:28:10,810
silver of the NBA leading the way and

2188
01:28:10,810 --> 01:28:12,820
others following you've got law

2189
01:28:12,820 --> 01:28:14,469
enforcement increasingly coming to the

2190
01:28:14,469 --> 01:28:16,449
table to say that our resources are best

2191
01:28:16,449 --> 01:28:19,360
spent not trying to track down illegal

2192
01:28:19,360 --> 01:28:21,699
sports bettors but to focus on other

2193
01:28:21,699 --> 01:28:23,889
more serious crimes you've got states

2194
01:28:23,889 --> 01:28:25,719
and municipalities the US Conference of

2195
01:28:25,719 --> 01:28:27,280
Mayors the National Conference of State

2196
01:28:27,280 --> 01:28:29,590
Legislators and many others saying it's

2197
01:28:29,590 --> 01:28:32,409
time to regulate in this area I think

2198
01:28:32,409 --> 01:28:34,210
and I have said publicly in the first

2199
01:28:34,210 --> 01:28:37,030
term of the Trump administration sports

2200
01:28:37,030 --> 01:28:39,070
betting will be legalized or at least

2201
01:28:39,070 --> 01:28:41,020
Washington will get out of the way to

2202
01:28:41,020 --> 01:28:42,580
empower other states they have sports

2203
01:28:42,580 --> 01:28:44,560
betting now a disclaimer when I said

2204
01:28:44,560 --> 01:28:45,760
that I didn't realize this first term

2205
01:28:45,760 --> 01:28:51,670
might be shorter than usual I think we

2206
01:28:51,670 --> 01:28:52,389
will get this done

2207
01:28:52,389 --> 01:28:54,159
I'm confident we will get this done it

2208
01:28:54,159 --> 01:28:56,260
is a multi-billion dollar growth

2209
01:28:56,260 --> 01:28:58,300
opportunity for the industry around the

2210
01:28:58,300 --> 01:29:00,280
country and it's a growth opportunity

2211
01:29:00,280 --> 01:29:02,409
right here in Nevada the other thing we

2212
01:29:02,409 --> 01:29:04,750
have to do as an industry absolutely

2213
01:29:04,750 --> 01:29:06,400
have to do and this is where in many

2214
01:29:06,400 --> 01:29:09,580
senses Nevada is a model we have to

2215
01:29:09,580 --> 01:29:12,670
improve reform the regulation that

2216
01:29:12,670 --> 01:29:14,679
guides this industry in the other 40

2217
01:29:14,679 --> 01:29:16,150
states in which we're doing business you

2218
01:29:16,150 --> 01:29:18,400
know when casino gaming expanded beyond

2219
01:29:18,400 --> 01:29:21,070
Nevada and New Jersey and it went into

2220
01:29:21,070 --> 01:29:22,870
these other states these other states

2221
01:29:22,870 --> 01:29:24,040
thought they were bringing in a great

2222
01:29:24,040 --> 01:29:26,050
evil a great sin and they wanted to do

2223
01:29:26,050 --> 01:29:27,820
everything they could to get the revenue

2224
01:29:27,820 --> 01:29:29,320
from it but paralyzed every other

2225
01:29:29,320 --> 01:29:31,960
activity there with it the speed to

2226
01:29:31,960 --> 01:29:34,000
market of new machines the ability to

2227
01:29:34,000 --> 01:29:35,350
innovate with new products in these

2228
01:29:35,350 --> 01:29:37,389
other markets it's quite difficult the

2229
01:29:37,389 --> 01:29:39,370
ability to reinvest in your product when

2230
01:29:39,370 --> 01:29:41,739
you have 50 60 % tax rates in these

2231
01:29:41,739 --> 01:29:42,880
other states it's quite

2232
01:29:42,880 --> 01:29:45,400
physical our future success as an

2233
01:29:45,400 --> 01:29:48,700
industry demands that we've modernized

2234
01:29:48,700 --> 01:29:50,770
these regulations in every other state

2235
01:29:50,770 --> 01:29:52,900
in which we're doing business now the

2236
01:29:52,900 --> 01:29:54,280
obvious question on all these

2237
01:29:54,280 --> 01:29:56,200
modernizing regulations and sports

2238
01:29:56,200 --> 01:29:59,380
betting why is that good for Nevada two

2239
01:29:59,380 --> 01:30:03,100
reasons one as we've seen the gaming

2240
01:30:03,100 --> 01:30:05,170
industry thrive and other communities

2241
01:30:05,170 --> 01:30:06,300
around this country

2242
01:30:06,300 --> 01:30:08,890
Nevada's success has only increased

2243
01:30:08,890 --> 01:30:11,950
upwards of 50 million visitors now to

2244
01:30:11,950 --> 01:30:14,110
Las Vegas there was a fear when tribal

2245
01:30:14,110 --> 01:30:16,900
gaming came on in California that we see

2246
01:30:16,900 --> 01:30:18,760
a decline in visitation to Las Vegas

2247
01:30:18,760 --> 01:30:20,290
don't think anyone's making that

2248
01:30:20,290 --> 01:30:22,690
argument today as gaming thrives and

2249
01:30:22,690 --> 01:30:25,770
other markets gaming goes mainstream

2250
01:30:25,770 --> 01:30:29,410
Nevada's success only increases it is in

2251
01:30:29,410 --> 01:30:31,900
Nevada's interest to see sports betting

2252
01:30:31,900 --> 01:30:34,090
legalized elsewhere we don't want to be

2253
01:30:34,090 --> 01:30:35,980
the anomaly we don't want to be this

2254
01:30:35,980 --> 01:30:37,450
thing that's okay here but illegal

2255
01:30:37,450 --> 01:30:39,790
everywhere else we want what we do here

2256
01:30:39,790 --> 01:30:42,010
to become and practice a mainstream

2257
01:30:42,010 --> 01:30:43,900
industry the second reason this is

2258
01:30:43,900 --> 01:30:46,960
critical as so long as we have all these

2259
01:30:46,960 --> 01:30:48,460
different policies and antiquated

2260
01:30:48,460 --> 01:30:50,200
approaches to gaming everywhere outside

2261
01:30:50,200 --> 01:30:53,080
Nevada the ability to innovate in Nevada

2262
01:30:53,080 --> 01:30:56,350
remains difficult the cost to do this

2263
01:30:56,350 --> 01:30:59,440
research and development the cost to to

2264
01:30:59,440 --> 01:31:01,540
build these new products and really give

2265
01:31:01,540 --> 01:31:03,280
tomorrow's customer what it is that

2266
01:31:03,280 --> 01:31:05,320
they're looking for is extraordinarily

2267
01:31:05,320 --> 01:31:07,720
difficult with the inefficiencies that

2268
01:31:07,720 --> 01:31:10,120
we have across the country the more we

2269
01:31:10,120 --> 01:31:12,040
can streamline that the more we can get

2270
01:31:12,040 --> 01:31:13,960
a level playing field around the country

2271
01:31:13,960 --> 01:31:16,960
Nevada which is the home to so much of

2272
01:31:16,960 --> 01:31:18,940
this innovation the homes that some of

2273
01:31:18,940 --> 01:31:21,100
the biggest suppliers in this industry

2274
01:31:21,100 --> 01:31:24,010
stands to benefit and that's why what is

2275
01:31:24,010 --> 01:31:26,170
good for gaming outside of Nevada is

2276
01:31:26,170 --> 01:31:28,930
good for Nevada and it's our focus at

2277
01:31:28,930 --> 01:31:31,420
the aga it's our focus every day to

2278
01:31:31,420 --> 01:31:33,700
strengthen this industry I'm confident

2279
01:31:33,700 --> 01:31:35,560
that the future for the gaming industry

2280
01:31:35,560 --> 01:31:37,930
has never been brighter and the future

2281
01:31:37,930 --> 01:31:39,700
right here in Nevada has never been

2282
01:31:39,700 --> 01:31:42,280
brighter the aga is committed every day

2283
01:31:42,280 --> 01:31:44,200
to working on behalf of the gaming

2284
01:31:44,200 --> 01:31:46,480
industry many of you in this room to

2285
01:31:46,480 --> 01:31:48,310
build an environment where the casino

2286
01:31:48,310 --> 01:31:51,520
gaming industry can thrive my ask of

2287
01:31:51,520 --> 01:31:53,620
each of you in this room is to be our

2288
01:31:53,620 --> 01:31:55,300
partner in doing that to help us

2289
01:31:55,300 --> 01:31:56,350
understand

2290
01:31:56,350 --> 01:31:57,820
there are the challenges where are the

2291
01:31:57,820 --> 01:31:59,410
roadblocks where are the issues that

2292
01:31:59,410 --> 01:32:01,300
need to be addressed because the

2293
01:32:01,300 --> 01:32:03,640
industry has never been more capable to

2294
01:32:03,640 --> 01:32:05,320
get in those roadblocks those challenges

2295
01:32:05,320 --> 01:32:07,410
out of the way right now it's about

2296
01:32:07,410 --> 01:32:09,700
capitalizing on the opportunity we have

2297
01:32:09,700 --> 01:32:11,560
building on the success we've enjoyed

2298
01:32:11,560 --> 01:32:13,540
and building the strongest industry that

2299
01:32:13,540 --> 01:32:15,370
we can have in the years ahead I'm

2300
01:32:15,370 --> 01:32:16,480
confident that we're well on our way

2301
01:32:16,480 --> 01:32:18,310
there thank you for the opportunity I

2302
01:32:18,310 --> 01:32:19,750
don't we want to take any questions I

2303
01:32:19,750 --> 01:32:28,780
really appreciate the opportunity yes

2304
01:32:28,780 --> 01:32:31,600
sir excellent we do have time for just a

2305
01:32:31,600 --> 01:32:33,520
couple questions from the audience we've

2306
01:32:33,520 --> 01:32:35,650
got a roving mic out there Jeff is a

2307
01:32:35,650 --> 01:32:37,690
graciously agreed to stay on for a

2308
01:32:37,690 --> 01:32:40,300
couple minutes from the audience that

2309
01:32:40,300 --> 01:32:41,920
was a powerhouse presentation first can

2310
01:32:41,920 --> 01:32:45,150
we give him another round of applause

2311
01:32:47,970 --> 01:32:50,320
if no-one has any questions I see a

2312
01:32:50,320 --> 01:32:51,760
couple faces I recognize including

2313
01:32:51,760 --> 01:32:53,410
Marcus over there a couple others so

2314
01:32:53,410 --> 01:32:56,730
I'll just call on you ask questions

2315
01:32:57,450 --> 01:33:02,610
anybody going going once going twice

2316
01:33:02,610 --> 01:33:05,800
alright thank thank you very much again

2317
01:33:05,800 --> 01:33:10,780
thank you Jeff I'm not closed with this

2318
01:33:10,780 --> 01:33:12,820
I hope you had fun this morning I know I

2319
01:33:12,820 --> 01:33:15,430
did and it is our sincere hope that the

2320
01:33:15,430 --> 01:33:17,350
perspectives you hope that you heard

2321
01:33:17,350 --> 01:33:20,080
today will be of assistance as you make

2322
01:33:20,080 --> 01:33:22,060
your critical decisions throughout the

2323
01:33:22,060 --> 01:33:23,770
upcoming year again thank you for coming

2324
01:33:23,770 --> 01:33:26,820
have a good day

2325
01:33:27,739 --> 01:33:29,800
you