[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.00,0:00:06.65,Default,,0000,0000,0000,,Welcome to the 37th annual Las Vegas
Dialogue: 0,0:00:06.65,0:00:07.79,Default,,0000,0000,0000,,Perspective.
Dialogue: 0,0:00:07.79,0:00:10.55,Default,,0000,0000,0000,,My name is Jonas Peterson. I'm the CEO of
Dialogue: 0,0:00:10.55,0:00:12.86,Default,,0000,0000,0000,,the Las Vegas Global Economic Alliance,
Dialogue: 0,0:00:12.86,0:00:16.04,Default,,0000,0000,0000,,and I am so excited. I am honored to be
Dialogue: 0,0:00:16.04,0:00:19.22,Default,,0000,0000,0000,,your host this morning. Truth is, this is
Dialogue: 0,0:00:19.22,0:00:23.09,Default,,0000,0000,0000,,my favorite event of the entire year
Dialogue: 0,0:00:23.09,0:00:26.48,Default,,0000,0000,0000,,And thanks to your support, thanks to
Dialogue: 0,0:00:26.48,0:00:29.39,Default,,0000,0000,0000,,your overwhelming support this turned
Dialogue: 0,0:00:29.39,0:00:31.07,Default,,0000,0000,0000,,out to be a really hot ticket this year
Dialogue: 0,0:00:31.07,0:00:33.41,Default,,0000,0000,0000,,I don't know if you guys saw this but we
Dialogue: 0,0:00:33.41,0:00:36.53,Default,,0000,0000,0000,,sold out not a week ahead of time, not
Dialogue: 0,0:00:36.53,0:00:40.57,Default,,0000,0000,0000,,two weeks, but over a month in advance,
Dialogue: 0,0:00:40.57,0:00:45.65,Default,,0000,0000,0000,,right? is that worth thank you thank you
Dialogue: 0,0:00:45.65,0:00:48.17,Default,,0000,0000,0000,,not only that but I'm glad you guys are
Dialogue: 0,0:00:48.17,0:00:49.61,Default,,0000,0000,0000,,here we had to turn away around a
Dialogue: 0,0:00:49.61,0:00:51.98,Default,,0000,0000,0000,,hundred that wanted to be with us this
Dialogue: 0,0:00:51.98,0:00:53.90,Default,,0000,0000,0000,,morning so congratulations to you for
Dialogue: 0,0:00:53.90,0:00:56.33,Default,,0000,0000,0000,,making the cut early thank you for
Dialogue: 0,0:00:56.33,0:00:58.88,Default,,0000,0000,0000,,coming out but seriously this tells us
Dialogue: 0,0:00:58.88,0:01:01.79,Default,,0000,0000,0000,,two things one we're probably going to
Dialogue: 0,0:01:01.79,0:01:03.92,Default,,0000,0000,0000,,need to look at a bigger room next year
Dialogue: 0,0:01:03.92,0:01:07.13,Default,,0000,0000,0000,,and two more importantly that we're on
Dialogue: 0,0:01:07.13,0:01:10.16,Default,,0000,0000,0000,,the right track to deliver on the brand
Dialogue: 0,0:01:10.16,0:01:12.41,Default,,0000,0000,0000,,promise for perspective that brand
Dialogue: 0,0:01:12.41,0:01:13.97,Default,,0000,0000,0000,,promise is to be Southern Nevada's
Dialogue: 0,0:01:13.97,0:01:16.52,Default,,0000,0000,0000,,premier source for community and
Dialogue: 0,0:01:16.52,0:01:19.36,Default,,0000,0000,0000,,economic information analysis and
Dialogue: 0,0:01:19.36,0:01:23.21,Default,,0000,0000,0000,,forecasting now for this morning we've
Dialogue: 0,0:01:23.21,0:01:24.59,Default,,0000,0000,0000,,been working with our perspective
Dialogue: 0,0:01:24.59,0:01:27.74,Default,,0000,0000,0000,,Council to raise the bar once again and
Dialogue: 0,0:01:27.74,0:01:30.08,Default,,0000,0000,0000,,I am excited for what we have in store
Dialogue: 0,0:01:30.08,0:01:32.27,Default,,0000,0000,0000,,for you. Let me tell you a little bit
Dialogue: 0,0:01:32.27,0:01:34.91,Default,,0000,0000,0000,,about what we have planned. It starts
Dialogue: 0,0:01:34.91,0:01:37.76,Default,,0000,0000,0000,,with the prospective data book that you
Dialogue: 0,0:01:37.76,0:01:39.02,Default,,0000,0000,0000,,received when you came in this morning.
Dialogue: 0,0:01:39.02,0:01:41.60,Default,,0000,0000,0000,,In that book, you will find a
Dialogue: 0,0:01:41.60,0:01:43.91,Default,,0000,0000,0000,,comprehensive overview of the market as
Dialogue: 0,0:01:43.91,0:01:46.82,Default,,0000,0000,0000,,it exists today. It's jam-packed with
Dialogue: 0,0:01:46.82,0:01:50.00,Default,,0000,0000,0000,,information and statistics that you need
Dialogue: 0,0:01:50.00,0:01:52.84,Default,,0000,0000,0000,,to know to understand our community, our
Dialogue: 0,0:01:52.84,0:01:56.45,Default,,0000,0000,0000,,economy and where it's going. That's just
Dialogue: 0,0:01:56.45,0:01:59.57,Default,,0000,0000,0000,,the beginning. This year, we put in new
Dialogue: 0,0:01:59.57,0:02:01.64,Default,,0000,0000,0000,,content from dozens of community and
Dialogue: 0,0:02:01.64,0:02:03.89,Default,,0000,0000,0000,,business leaders so that you can hear in
Dialogue: 0,0:02:03.89,0:02:07.49,Default,,0000,0000,0000,,their own words about major projects and
Dialogue: 0,0:02:07.49,0:02:09.14,Default,,0000,0000,0000,,priorities that they expect for the next
Dialogue: 0,0:02:09.14,0:02:11.03,Default,,0000,0000,0000,,12 months. These are the big
Dialogue: 0,0:02:11.03,0:02:12.70,Default,,0000,0000,0000,,organizations in our reach.
Dialogue: 0,0:02:12.70,0:02:15.28,Default,,0000,0000,0000,,fFom higher education to our cities to
Dialogue: 0,0:02:15.28,0:02:18.06,Default,,0000,0000,0000,,our TC to the Water Authority, and much
Dialogue: 0,0:02:18.06,0:02:21.58,Default,,0000,0000,0000,,more. In addition, in the book, we've
Dialogue: 0,0:02:21.58,0:02:24.70,Default,,0000,0000,0000,,retooled our polling to do a deeper dive
Dialogue: 0,0:02:24.70,0:02:26.92,Default,,0000,0000,0000,,into the attitudes and opinions of the
Dialogue: 0,0:02:26.92,0:02:29.20,Default,,0000,0000,0000,,Southern Nevada workforce. We want you to
Dialogue: 0,0:02:29.20,0:02:30.49,Default,,0000,0000,0000,,be able to understand what the business
Dialogue: 0,0:02:30.49,0:02:32.95,Default,,0000,0000,0000,,community is thinking on key topics,
Dialogue: 0,0:02:32.95,0:02:35.56,Default,,0000,0000,0000,,sometimes controversial topics like
Dialogue: 0,0:02:35.56,0:02:38.38,Default,,0000,0000,0000,,marijuana, stadium development, minimum
Dialogue: 0,0:02:38.38,0:02:43.24,Default,,0000,0000,0000,,wage and much more. Also in the book,
Dialogue: 0,0:02:43.24,0:02:45.79,Default,,0000,0000,0000,,you got forecast content where we pull
Dialogue: 0,0:02:45.79,0:02:47.35,Default,,0000,0000,0000,,in subject matter. Experts,
Dialogue: 0,0:02:47.35,0:02:49.69,Default,,0000,0000,0000,,dozens of subject matter experts, and ask
Dialogue: 0,0:02:49.69,0:02:51.79,Default,,0000,0000,0000,,them to give their prediction on what's
Dialogue: 0,0:02:51.79,0:02:54.10,Default,,0000,0000,0000,,going to happen in the economy over the
Dialogue: 0,0:02:54.10,0:02:56.47,Default,,0000,0000,0000,,next 12 months. All that packed into the
Dialogue: 0,0:02:56.47,0:02:59.26,Default,,0000,0000,0000,,book. And if we can advance, all right? So
Dialogue: 0,0:02:59.26,0:03:01.42,Default,,0000,0000,0000,,you starts with the book during the
Dialogue: 0,0:03:01.42,0:03:03.40,Default,,0000,0000,0000,,event today. We've got a powerhouse
Dialogue: 0,0:03:03.40,0:03:05.47,Default,,0000,0000,0000,,lineup for you of speakers that are
Dialogue: 0,0:03:05.47,0:03:07.26,Default,,0000,0000,0000,,going to do a deep dive into our economy
Dialogue: 0,0:03:07.26,0:03:09.85,Default,,0000,0000,0000,,into advancing the business of health
Dialogue: 0,0:03:09.85,0:03:12.52,Default,,0000,0000,0000,,care and a look at the future of gaming.
Dialogue: 0,0:03:12.52,0:03:15.70,Default,,0000,0000,0000,,This is a powerhouse group of
Dialogue: 0,0:03:15.70,0:03:18.82,Default,,0000,0000,0000,,speakers, and it doesn't stop there.
Dialogue: 0,0:03:18.82,0:03:21.37,Default,,0000,0000,0000,,As you know with perspective, we want you
Dialogue: 0,0:03:21.37,0:03:22.86,Default,,0000,0000,0000,,to be equipped with the latest
Dialogue: 0,0:03:22.86,0:03:25.27,Default,,0000,0000,0000,,information and analysis throughout the
Dialogue: 0,0:03:25.27,0:03:27.76,Default,,0000,0000,0000,,year. So is our gift to you, we're going
Dialogue: 0,0:03:27.76,0:03:29.59,Default,,0000,0000,0000,,to be sending each of you that are here
Dialogue: 0,0:03:29.59,0:03:32.50,Default,,0000,0000,0000,,this morning, quarterly newsletters with
Dialogue: 0,0:03:32.50,0:03:35.08,Default,,0000,0000,0000,,more data analysis on topics like
Dialogue: 0,0:03:35.08,0:03:37.03,Default,,0000,0000,0000,,education, infrastructure and
Dialogue: 0,0:03:37.03,0:03:40.77,Default,,0000,0000,0000,,competitiveness throughout the year. And
Dialogue: 0,0:03:40.77,0:03:45.01,Default,,0000,0000,0000,,we're also extending your access to the
Dialogue: 0,0:03:45.01,0:03:46.48,Default,,0000,0000,0000,,LVG, a data portal.
Dialogue: 0,0:03:46.48,0:03:47.92,Default,,0000,0000,0000,,You probably remember last year, we
Dialogue: 0,0:03:47.92,0:03:50.02,Default,,0000,0000,0000,,showcased this new product. This is an
Dialogue: 0,0:03:50.02,0:03:53.52,Default,,0000,0000,0000,,online tool that has real-time data
Dialogue: 0,0:03:53.52,0:03:55.90,Default,,0000,0000,0000,,thousands of indicators and data points
Dialogue: 0,0:03:55.90,0:03:57.55,Default,,0000,0000,0000,,all updated in real time along with
Dialogue: 0,0:03:57.55,0:04:00.22,Default,,0000,0000,0000,,community mapping and much more. This is
Dialogue: 0,0:04:00.22,0:04:01.96,Default,,0000,0000,0000,,our gift to you as well. Where if you're
Dialogue: 0,0:04:01.96,0:04:03.37,Default,,0000,0000,0000,,here this morning, we want you to be able
Dialogue: 0,0:04:03.37,0:04:04.78,Default,,0000,0000,0000,,to have this. So you will receive an
Dialogue: 0,0:04:04.78,0:04:07.12,Default,,0000,0000,0000,,email with a one-year subscription to
Dialogue: 0,0:04:07.12,0:04:11.79,Default,,0000,0000,0000,,the data portal and one last thing as
Dialogue: 0,0:04:11.79,0:04:14.05,Default,,0000,0000,0000,,you leave this morning, we have the
Dialogue: 0,0:04:14.05,0:04:15.91,Default,,0000,0000,0000,,latest project from our research center.
Dialogue: 0,0:04:15.91,0:04:17.68,Default,,0000,0000,0000,,We're calling it the Southern Nevada
Dialogue: 0,0:04:17.68,0:04:20.68,Default,,0000,0000,0000,,community map. This is not an ordinary
Dialogue: 0,0:04:20.68,0:04:23.32,Default,,0000,0000,0000,,map, you'll grab it on your way out.
Dialogue: 0,0:04:23.32,0:04:26.29,Default,,0000,0000,0000,,I want to tell you how it was created
Dialogue: 0,0:04:26.29,0:04:28.66,Default,,0000,0000,0000,,We approached our friends that applied
Dialogue: 0,0:04:28.66,0:04:31.63,Default,,0000,0000,0000,,analysis, and we asked them, "Can you help
Dialogue: 0,0:04:31.63,0:04:35.65,Default,,0000,0000,0000,,us make a map that tells the future?" We
Dialogue: 0,0:04:35.65,0:04:38.56,Default,,0000,0000,0000,,expected them to say no because that's
Dialogue: 0,0:04:38.56,0:04:41.71,Default,,0000,0000,0000,,that's a ridiculous request. They said,
Dialogue: 0,0:04:41.71,0:04:44.50,Default,,0000,0000,0000,,"Yes." They always do and the result is a
Dialogue: 0,0:04:44.50,0:04:47.14,Default,,0000,0000,0000,,map that showcases the billions of
Dialogue: 0,0:04:47.14,0:04:49.33,Default,,0000,0000,0000,,dollars of capital investment that we
Dialogue: 0,0:04:49.33,0:04:51.82,Default,,0000,0000,0000,,expect to move forward along the Strip.
Dialogue: 0,0:04:51.82,0:04:53.86,Default,,0000,0000,0000,,The billions more that's moving in our
Dialogue: 0,0:04:53.86,0:04:55.81,Default,,0000,0000,0000,,economy through private businesses
Dialogue: 0,0:04:55.81,0:04:57.55,Default,,0000,0000,0000,,around the region, new school
Dialogue: 0,0:04:57.55,0:05:00.55,Default,,0000,0000,0000,,construction key assets, and so much more.
Dialogue: 0,0:05:00.55,0:05:02.65,Default,,0000,0000,0000,,Take a close look at that map
Dialogue: 0,0:05:02.65,0:05:04.30,Default,,0000,0000,0000,,when you receive it on the way out. I
Dialogue: 0,0:05:04.30,0:05:08.31,Default,,0000,0000,0000,,think you will agree that it is awesome.
Dialogue: 0,0:05:08.31,0:05:10.93,Default,,0000,0000,0000,,Now, we hope all this content it's
Dialogue: 0,0:05:10.93,0:05:13.39,Default,,0000,0000,0000,,designed to add value to you so that
Dialogue: 0,0:05:13.39,0:05:14.59,Default,,0000,0000,0000,,through the upcoming year you can make
Dialogue: 0,0:05:14.59,0:05:17.98,Default,,0000,0000,0000,,better decisions at LVG, we believe that
Dialogue: 0,0:05:17.98,0:05:20.20,Default,,0000,0000,0000,,information is the currency of economic
Dialogue: 0,0:05:20.20,0:05:22.00,Default,,0000,0000,0000,,development and when we can equip
Dialogue: 0,0:05:22.00,0:05:24.64,Default,,0000,0000,0000,,leaders like you with better information,
Dialogue: 0,0:05:24.64,0:05:28.00,Default,,0000,0000,0000,,we as a team will make better decisions,
Dialogue: 0,0:05:28.00,0:05:30.34,Default,,0000,0000,0000,,have a stronger community and have a
Dialogue: 0,0:05:30.34,0:05:34.06,Default,,0000,0000,0000,,stronger economy. That's what perspective
Dialogue: 0,0:05:34.06,0:05:38.14,Default,,0000,0000,0000,,is all about. All right. So again, thank
Dialogue: 0,0:05:38.14,0:05:40.30,Default,,0000,0000,0000,,you for coming this morning. I want to
Dialogue: 0,0:05:40.30,0:05:44.11,Default,,0000,0000,0000,,recognize a very special group. Make sure
Dialogue: 0,0:05:44.11,0:05:46.33,Default,,0000,0000,0000,,I get this right so pull out the cards
Dialogue: 0,0:05:46.33,0:05:48.76,Default,,0000,0000,0000,,for this. This is our Perspective Council.
Dialogue: 0,0:05:48.76,0:05:51.46,Default,,0000,0000,0000,,The Perspective Council is responsible
Dialogue: 0,0:05:51.46,0:05:53.95,Default,,0000,0000,0000,,for leading everything you see here, the
Dialogue: 0,0:05:53.95,0:05:58.09,Default,,0000,0000,0000,,event, the speakers, the content. They're
Dialogue: 0,0:05:58.09,0:05:59.68,Default,,0000,0000,0000,,not only sponsors but they're involved
Dialogue: 0,0:05:59.68,0:06:01.93,Default,,0000,0000,0000,,in the process. There's an exceptional
Dialogue: 0,0:06:01.93,0:06:04.09,Default,,0000,0000,0000,,group and I want to recognize them and
Dialogue: 0,0:06:04.09,0:06:05.56,Default,,0000,0000,0000,,then give them each a big round of
Dialogue: 0,0:06:05.56,0:06:08.50,Default,,0000,0000,0000,,applause. It starts with Cox
Dialogue: 0,0:06:08.50,0:06:11.20,Default,,0000,0000,0000,,Communications, Derek Hill and your team.
Dialogue: 0,0:06:11.20,0:06:12.76,Default,,0000,0000,0000,,could you guys stand up? Where you guys
Dialogue: 0,0:06:12.76,0:06:15.42,Default,,0000,0000,0000,,at? I just...
Dialogue: 0,0:06:18.33,0:06:21.40,Default,,0000,0000,0000,,So let me tell you just a little bit.
Dialogue: 0,0:06:21.40,0:06:26.41,Default,,0000,0000,0000,,Derek is our vice chairman at LVGEA. Cox
Dialogue: 0,0:06:26.41,0:06:29.25,Default,,0000,0000,0000,,is our pinnacle level investor and
Dialogue: 0,0:06:29.25,0:06:32.32,Default,,0000,0000,0000,,they're all two on the prospective
Dialogue: 0,0:06:32.32,0:06:34.75,Default,,0000,0000,0000,,Council. An amazing group. Thank you so
Dialogue: 0,0:06:34.75,0:06:37.03,Default,,0000,0000,0000,,much. We appreciate you guys. Derek, you
Dialogue: 0,0:06:37.03,0:06:39.64,Default,,0000,0000,0000,,are amazing. Thank you. 8 News Now
Dialogue: 0,0:06:39.64,0:06:41.62,Default,,0000,0000,0000,,Lisa Howfield and the team does, stand
Dialogue: 0,0:06:41.62,0:06:44.25,Default,,0000,0000,0000,,up for you. There you are
Dialogue: 0,0:06:44.25,0:06:49.45,Default,,0000,0000,0000,,stand up and take a look at the crowd
Dialogue: 0,0:06:49.45,0:06:51.58,Default,,0000,0000,0000,,that Lisa brings with. I believe this is
Dialogue: 0,0:06:51.58,0:06:54.76,Default,,0000,0000,0000,,the largest group, you know, from 8 News
Dialogue: 0,0:06:54.76,0:06:56.32,Default,,0000,0000,0000,,now that we have a perspective this
Dialogue: 0,0:06:56.32,0:06:58.21,Default,,0000,0000,0000,,morning. So thank you so much. We
Dialogue: 0,0:06:58.21,0:06:59.26,Default,,0000,0000,0000,,appreciate it.
Dialogue: 0,0:06:59.26,0:07:02.35,Default,,0000,0000,0000,,Awesome at Nevada State Bank, Shannon
Dialogue: 0,0:07:02.35,0:07:05.74,Default,,0000,0000,0000,,Petersen and the team, many times they're
Dialogue: 0,0:07:05.74,0:07:11.08,Default,,0000,0000,0000,,there. Shannon's one of our new board
Dialogue: 0,0:07:11.08,0:07:12.88,Default,,0000,0000,0000,,members at LVGA.
Dialogue: 0,0:07:12.88,0:07:15.34,Default,,0000,0000,0000,,Thank you so much for this court. A
Dialogue: 0,0:07:15.34,0:07:17.41,Default,,0000,0000,0000,,champion for our community at Wells
Dialogue: 0,0:07:17.41,0:07:20.08,Default,,0000,0000,0000,,Fargo, Curt Clawson and the team. Stand on
Dialogue: 0,0:07:20.08,0:07:22.41,Default,,0000,0000,0000,,up, guys.
Dialogue: 0,0:07:26.31,0:07:29.44,Default,,0000,0000,0000,,Curt is on our executive committee at LVGA.
Dialogue: 0,0:07:29.44,0:07:32.38,Default,,0000,0000,0000,,A rock star for this community always
Dialogue: 0,0:07:32.38,0:07:34.71,Default,,0000,0000,0000,,saying as. Curt, you are amazing. Thank you,
Dialogue: 0,0:07:34.71,0:07:38.17,Default,,0000,0000,0000,,and last but not least. The team at
Dialogue: 0,0:07:38.17,0:07:41.32,Default,,0000,0000,0000,,Applied Analysis guys sent up Jeremy,
Dialogue: 0,0:07:41.32,0:07:42.52,Default,,0000,0000,0000,,Brian,
Dialogue: 0,0:07:42.52,0:07:49.93,Default,,0000,0000,0000,,Rachel, Melanie. The team, this is our
Dialogue: 0,0:07:49.93,0:07:53.07,Default,,0000,0000,0000,,go-to group this is the brains behind
Dialogue: 0,0:07:53.07,0:07:55.42,Default,,0000,0000,0000,,perspective. Perspective, I want you know,
Dialogue: 0,0:07:55.42,0:07:57.46,Default,,0000,0000,0000,,they always say yes. They're always
Dialogue: 0,0:07:57.46,0:07:59.20,Default,,0000,0000,0000,,striving to make this better, and they
Dialogue: 0,0:07:59.20,0:08:01.42,Default,,0000,0000,0000,,blow us away when we ask for crazy
Dialogue: 0,0:08:01.42,0:08:03.28,Default,,0000,0000,0000,,research requests. They find a way to
Dialogue: 0,0:08:03.28,0:08:05.59,Default,,0000,0000,0000,,make it happen. We love you guys. Thank
Dialogue: 0,0:08:05.59,0:08:08.80,Default,,0000,0000,0000,,you so much, all right? So that is our
Dialogue: 0,0:08:08.80,0:08:11.02,Default,,0000,0000,0000,,perspective council. We also got a group
Dialogue: 0,0:08:11.02,0:08:12.67,Default,,0000,0000,0000,,of in-kind investors that stepped up
Dialogue: 0,0:08:12.67,0:08:14.26,Default,,0000,0000,0000,,this year. Let me read them off. We'll
Dialogue: 0,0:08:14.26,0:08:15.79,Default,,0000,0000,0000,,give them a round of applause at the end
Dialogue: 0,0:08:15.79,0:08:17.23,Default,,0000,0000,0000,,for helping us get the word out about
Dialogue: 0,0:08:17.23,0:08:20.23,Default,,0000,0000,0000,,this event. We got KNPR, Lotus
Dialogue: 0,0:08:20.23,0:08:23.26,Default,,0000,0000,0000,,Broadcasting, Elite Media and Vegas PBS.
Dialogue: 0,0:08:23.26,0:08:24.73,Default,,0000,0000,0000,,Let's give a round of applause for this
Dialogue: 0,0:08:24.73,0:08:26.91,Default,,0000,0000,0000,,group.
Dialogue: 0,0:08:29.43,0:08:31.81,Default,,0000,0000,0000,,Thank you. There's a lot of elected
Dialogue: 0,0:08:31.81,0:08:33.88,Default,,0000,0000,0000,,officials in the room. I caught a few of
Dialogue: 0,0:08:33.88,0:08:35.50,Default,,0000,0000,0000,,you as you're coming in. So this
Dialogue: 0,0:08:35.50,0:08:37.18,Default,,0000,0000,0000,,is probably an incomplete list, but I'm
Dialogue: 0,0:08:37.18,0:08:38.08,Default,,0000,0000,0000,,going to give it a shot.
Dialogue: 0,0:08:38.08,0:08:40.48,Default,,0000,0000,0000,,We've got mayor elect Deborah March from
Dialogue: 0,0:08:40.48,0:08:43.96,Default,,0000,0000,0000,,Henderson here. Stand on up. Councilman
Dialogue: 0,0:08:43.96,0:08:46.18,Default,,0000,0000,0000,,John Mars I believe is with us. This
Dialogue: 0,0:08:46.18,0:08:48.48,Default,,0000,0000,0000,,morning councilman Dan Stewart,
Dialogue: 0,0:08:48.48,0:08:50.95,Default,,0000,0000,0000,,councilman Stavros Anthony and
Dialogue: 0,0:08:50.95,0:08:52.71,Default,,0000,0000,0000,,Commissioner Susan Prager.
Dialogue: 0,0:08:52.71,0:08:55.99,Default,,0000,0000,0000,,Welcome elected officials. Stand on up if
Dialogue: 0,0:08:55.99,0:09:02.56,Default,,0000,0000,0000,,I missed anybody all right now. It's the
Dialogue: 0,0:09:02.56,0:09:04.06,Default,,0000,0000,0000,,fun part. We get to kick off the party.
Dialogue: 0,0:09:04.06,0:09:06.25,Default,,0000,0000,0000,,We're going to invite up our first panel
Dialogue: 0,0:09:06.25,0:09:08.68,Default,,0000,0000,0000,,before I do that, though, I want to remind
Dialogue: 0,0:09:08.68,0:09:11.41,Default,,0000,0000,0000,,you to join the conversation on Twitter
Dialogue: 0,0:09:11.41,0:09:14.95,Default,,0000,0000,0000,,#LVperspective. If you do that, I
Dialogue: 0,0:09:14.95,0:09:16.54,Default,,0000,0000,0000,,think there's even on the the tent on
Dialogue: 0,0:09:16.54,0:09:17.97,Default,,0000,0000,0000,,your table. You can ask questions
Dialogue: 0,0:09:17.97,0:09:20.23,Default,,0000,0000,0000,,following our panel. You can be a part of
Dialogue: 0,0:09:20.23,0:09:21.61,Default,,0000,0000,0000,,the discussion. In fact. I think we're
Dialogue: 0,0:09:21.61,0:09:23.74,Default,,0000,0000,0000,,going to throw up a live Twitter wall in
Dialogue: 0,0:09:23.74,0:09:25.48,Default,,0000,0000,0000,,just a little bit, so you will see that
Dialogue: 0,0:09:25.48,0:09:28.15,Default,,0000,0000,0000,,firsthand. Here's our first panel. It's on
Dialogue: 0,0:09:28.15,0:09:30.91,Default,,0000,0000,0000,,advancing the business of healthcare. Why?
Dialogue: 0,0:09:30.91,0:09:32.80,Default,,0000,0000,0000,,Because there are amazing things
Dialogue: 0,0:09:32.80,0:09:35.14,Default,,0000,0000,0000,,happening in this, in this industry, right?
Dialogue: 0,0:09:35.14,0:09:36.88,Default,,0000,0000,0000,,Now, in fact, if you look at our economy,
Dialogue: 0,0:09:36.88,0:09:39.36,Default,,0000,0000,0000,,it's the fastest jobs reducing segment.
Dialogue: 0,0:09:39.36,0:09:41.95,Default,,0000,0000,0000,,There's major projects plan that you're
Dialogue: 0,0:09:41.95,0:09:44.14,Default,,0000,0000,0000,,going to hear about and to tell you
Dialogue: 0,0:09:44.14,0:09:45.88,Default,,0000,0000,0000,,about that. We've got a rock star group
Dialogue: 0,0:09:45.88,0:09:48.16,Default,,0000,0000,0000,,of panelists. Let's start it off.
Dialogue: 0,0:09:48.16,0:09:50.41,Default,,0000,0000,0000,,Betsy Fretwell from the city of Las
Dialogue: 0,0:09:50.41,0:09:52.96,Default,,0000,0000,0000,,Vegas city manager, Betsy, could you come
Dialogue: 0,0:09:52.96,0:09:55.23,Default,,0000,0000,0000,,join us?
Dialogue: 0,0:09:56.66,0:10:00.56,Default,,0000,0000,0000,,From UNLV, we got the founding dean of
Dialogue: 0,0:10:00.56,0:10:02.59,Default,,0000,0000,0000,,the medical school, Dr. Barbara Atkinson.
Dialogue: 0,0:10:02.59,0:10:04.24,Default,,0000,0000,0000,,Welcome. Come join us.
Dialogue: 0,0:10:04.24,0:10:09.73,Default,,0000,0000,0000,,[Applause]
Dialogue: 0,0:10:09.73,0:10:13.25,Default,,0000,0000,0000,,From Toro University, the one and only,
Dialogue: 0,0:10:13.25,0:10:26.54,Default,,0000,0000,0000,,Shelley Berkley, yeah.
Dialogue: 0,0:10:26.54,0:10:29.30,Default,,0000,0000,0000,,And Doug Geinzer from Las Vegas HEALS. A man
Dialogue: 0,0:10:29.30,0:10:30.89,Default,,0000,0000,0000,,who knows a lot about healthcare. Welcome.
Dialogue: 0,0:10:30.89,0:10:42.32,Default,,0000,0000,0000,,Welcome. All right, all right. Good morning.
Dialogue: 0,0:10:42.32,0:10:46.79,Default,,0000,0000,0000,,How are we doing? Excellent. So that's big.
Dialogue: 0,0:10:46.79,0:10:49.31,Default,,0000,0000,0000,,If we could, I would like to kick it off
Dialogue: 0,0:10:49.31,0:10:51.62,Default,,0000,0000,0000,,with you. Have them start us off, and
Dialogue: 0,0:10:51.62,0:10:53.60,Default,,0000,0000,0000,,here's the question? Could you give us
Dialogue: 0,0:10:53.60,0:10:54.83,Default,,0000,0000,0000,,the big picture? Why is
Dialogue: 0,0:10:54.83,0:10:56.81,Default,,0000,0000,0000,,healthcare important to growing our
Dialogue: 0,0:10:56.81,0:11:00.02,Default,,0000,0000,0000,,economy and also what is the city of Las
Dialogue: 0,0:11:00.02,0:11:02.84,Default,,0000,0000,0000,,Vegas doing in particular to grow this
Dialogue: 0,0:11:02.84,0:11:06.37,Default,,0000,0000,0000,,industry? Thank you, good morning, everyone.
Dialogue: 0,0:11:06.37,0:11:09.05,Default,,0000,0000,0000,,It's a real pleasure to be here.
Dialogue: 0,0:11:09.05,0:11:11.12,Default,,0000,0000,0000,,Healthcare is a critical industry for us.
Dialogue: 0,0:11:11.12,0:11:12.89,Default,,0000,0000,0000,,One: we're underweighted in it and
Dialogue: 0,0:11:12.89,0:11:15.02,Default,,0000,0000,0000,,everyone knows that when we do our
Dialogue: 0,0:11:15.02,0:11:17.60,Default,,0000,0000,0000,,surveys at the city of Las Vegas that
Dialogue: 0,0:11:17.60,0:11:19.64,Default,,0000,0000,0000,,there is always a concern about access
Dialogue: 0,0:11:19.64,0:11:23.75,Default,,0000,0000,0000,,and quality. And so we know that we have
Dialogue: 0,0:11:23.75,0:11:26.45,Default,,0000,0000,0000,,incredible quality, here in town, but we
Dialogue: 0,0:11:26.45,0:11:28.97,Default,,0000,0000,0000,,do have an access issue, and many of the
Dialogue: 0,0:11:28.97,0:11:30.53,Default,,0000,0000,0000,,panelists who are here with me today, are
Dialogue: 0,0:11:30.53,0:11:33.05,Default,,0000,0000,0000,,working to improve that access by
Dialogue: 0,0:11:33.05,0:11:34.85,Default,,0000,0000,0000,,creating new doctors and new medical
Dialogue: 0,0:11:34.85,0:11:36.55,Default,,0000,0000,0000,,professionals that will help us.
Dialogue: 0,0:11:36.55,0:11:40.22,Default,,0000,0000,0000,,It also helps bolster our economy. These
Dialogue: 0,0:11:40.22,0:11:42.11,Default,,0000,0000,0000,,are good-paying jobs people, who are well
Dialogue: 0,0:11:42.11,0:11:45.23,Default,,0000,0000,0000,,educated and they help us grow and
Dialogue: 0,0:11:45.23,0:11:47.63,Default,,0000,0000,0000,,diversify. And that's been a critical
Dialogue: 0,0:11:47.63,0:11:50.87,Default,,0000,0000,0000,,component for the city of Las Vegas. Most
Dialogue: 0,0:11:50.87,0:11:53.18,Default,,0000,0000,0000,,recently, we put together a medical
Dialogue: 0,0:11:53.18,0:11:56.12,Default,,0000,0000,0000,,district advisory board, about three or
Dialogue: 0,0:11:56.12,0:11:57.74,Default,,0000,0000,0000,,four years ago, at the request of
Dialogue: 0,0:11:57.74,0:11:59.84,Default,,0000,0000,0000,,Councilman Tarkanian and Mayor Carolyn
Dialogue: 0,0:11:59.84,0:12:02.84,Default,,0000,0000,0000,,Goodman. We did that because we have one
Dialogue: 0,0:12:02.84,0:12:05.06,Default,,0000,0000,0000,,of the single largest footprints of
Dialogue: 0,0:12:05.06,0:12:07.25,Default,,0000,0000,0000,,medical care, and service delivery in the
Dialogue: 0,0:12:07.25,0:12:10.49,Default,,0000,0000,0000,,middle of the city of Las Vegas. So, of
Dialogue: 0,0:12:10.49,0:12:13.39,Default,,0000,0000,0000,,the distribution of healthcare
Dialogue: 0,0:12:13.39,0:12:17.00,Default,,0000,0000,0000,,providers. In this community, we represent
Dialogue: 0,0:12:17.00,0:12:19.91,Default,,0000,0000,0000,,64% of them right? In the medical
Dialogue: 0,0:12:19.91,0:12:21.68,Default,,0000,0000,0000,,district in the heart of the city of Las
Dialogue: 0,0:12:21.68,0:12:23.60,Default,,0000,0000,0000,,Vegas. And if you're trying to figure out
Dialogue: 0,0:12:23.60,0:12:25.37,Default,,0000,0000,0000,,where that medical district is, it's
Dialogue: 0,0:12:25.37,0:12:28.31,Default,,0000,0000,0000,,right by UMC. So, if you can picture that
Dialogue: 0,0:12:28.31,0:12:31.88,Default,,0000,0000,0000,,right along Charleston, near Rancho, near
Dialogue: 0,0:12:31.88,0:12:35.03,Default,,0000,0000,0000,,I-15. And also the council embarked upon
Dialogue: 0,0:12:35.03,0:12:37.94,Default,,0000,0000,0000,,a plan to expand that district. And we've
Dialogue: 0,0:12:37.94,0:12:41.33,Default,,0000,0000,0000,,added over 400 acres to that 200 acres,
Dialogue: 0,0:12:41.33,0:12:43.01,Default,,0000,0000,0000,,so that we have plenty of room for
Dialogue: 0,0:12:43.01,0:12:46.57,Default,,0000,0000,0000,,expansion. The council also adopted an
Dialogue: 0,0:12:46.57,0:12:49.61,Default,,0000,0000,0000,,incredible master plan for that area in
Dialogue: 0,0:12:49.61,0:12:52.01,Default,,0000,0000,0000,,partnership with all the institutional
Dialogue: 0,0:12:52.01,0:12:55.43,Default,,0000,0000,0000,,providers in that 200 original acres, and
Dialogue: 0,0:12:55.43,0:12:58.22,Default,,0000,0000,0000,,the expanded area that will bring us
Dialogue: 0,0:12:58.22,0:13:00.77,Default,,0000,0000,0000,,over 600 acres of medical district
Dialogue: 0,0:13:00.77,0:13:03.35,Default,,0000,0000,0000,,development. This is critically important
Dialogue: 0,0:13:03.35,0:13:05.39,Default,,0000,0000,0000,,because if the city is investing wisely
Dialogue: 0,0:13:05.39,0:13:08.59,Default,,0000,0000,0000,,in infrastructure, and all of the
Dialogue: 0,0:13:08.59,0:13:11.24,Default,,0000,0000,0000,,providers in the area are partnering on
Dialogue: 0,0:13:11.24,0:13:13.13,Default,,0000,0000,0000,,things that have a common good to them.
Dialogue: 0,0:13:13.13,0:13:16.31,Default,,0000,0000,0000,,So not programmatic decisions not
Dialogue: 0,0:13:16.31,0:13:19.16,Default,,0000,0000,0000,,whether or not Dr. Atkinson has 60 or 80
Dialogue: 0,0:13:19.16,0:13:22.13,Default,,0000,0000,0000,,students per class, but really how are we
Dialogue: 0,0:13:22.13,0:13:24.89,Default,,0000,0000,0000,,providing Street networks and a variety
Dialogue: 0,0:13:24.89,0:13:26.63,Default,,0000,0000,0000,,of other infrastructure that helps drive
Dialogue: 0,0:13:26.63,0:13:27.50,Default,,0000,0000,0000,,the cost down
Dialogue: 0,0:13:27.50,0:13:29.24,Default,,0000,0000,0000,,to providing quality and affordable
Dialogue: 0,0:13:29.24,0:13:31.97,Default,,0000,0000,0000,,healthcare to our community. It can
Dialogue: 0,0:13:31.97,0:13:34.01,Default,,0000,0000,0000,,happen in the health district in the
Dialogue: 0,0:13:34.01,0:13:36.17,Default,,0000,0000,0000,,medical district through our healthcare
Dialogue: 0,0:13:36.17,0:13:38.72,Default,,0000,0000,0000,,providers. We really feel like this is an
Dialogue: 0,0:13:38.72,0:13:40.76,Default,,0000,0000,0000,,important play for the city's economic
Dialogue: 0,0:13:40.76,0:13:42.77,Default,,0000,0000,0000,,development plan, and that's what we have
Dialogue: 0,0:13:42.77,0:13:44.63,Default,,0000,0000,0000,,been focusing on to make a huge
Dialogue: 0,0:13:44.63,0:13:46.97,Default,,0000,0000,0000,,difference for our entire community. And
Dialogue: 0,0:13:46.97,0:13:49.25,Default,,0000,0000,0000,,we believe that we can be the hub. This
Dialogue: 0,0:13:49.25,0:13:50.57,Default,,0000,0000,0000,,doesn't replace what needs to be
Dialogue: 0,0:13:50.57,0:13:52.31,Default,,0000,0000,0000,,happening throughout the community. This
Dialogue: 0,0:13:52.31,0:13:54.47,Default,,0000,0000,0000,,accentuates what needs to be happening
Dialogue: 0,0:13:54.47,0:13:56.54,Default,,0000,0000,0000,,throughout the community and creates a
Dialogue: 0,0:13:56.54,0:13:58.49,Default,,0000,0000,0000,,hub in the middle of the city where
Dialogue: 0,0:13:58.49,0:14:00.86,Default,,0000,0000,0000,,everybody can get to it for those things
Dialogue: 0,0:14:00.86,0:14:02.57,Default,,0000,0000,0000,,that we can only have one up. For
Dialogue: 0,0:14:02.57,0:14:04.46,Default,,0000,0000,0000,,instance, and those are the kinds of
Dialogue: 0,0:14:04.46,0:14:05.81,Default,,0000,0000,0000,,things that we've been pursuing at the
Dialogue: 0,0:14:05.81,0:14:08.84,Default,,0000,0000,0000,,city, we have great hopes for the medical
Dialogue: 0,0:14:08.84,0:14:10.25,Default,,0000,0000,0000,,school and what it brings to that
Dialogue: 0,0:14:10.25,0:14:12.02,Default,,0000,0000,0000,,district. We're thrilled that the Medical
Dialogue: 0,0:14:12.02,0:14:13.49,Default,,0000,0000,0000,,Education building is going to be there,
Dialogue: 0,0:14:13.49,0:14:15.47,Default,,0000,0000,0000,,and we have high hopes for additional
Dialogue: 0,0:14:15.47,0:14:17.39,Default,,0000,0000,0000,,expansion in that area as the medical
Dialogue: 0,0:14:17.39,0:14:19.40,Default,,0000,0000,0000,,school grows. Those are the things we're
Dialogue: 0,0:14:19.40,0:14:21.13,Default,,0000,0000,0000,,focusing in on at the city of Las Vegas
Dialogue: 0,0:14:21.13,0:14:23.60,Default,,0000,0000,0000,,Beautiful. Dr. Atkinson, your
Dialogue: 0,0:14:23.60,0:14:27.17,Default,,0000,0000,0000,,up next. We know that the, our first class
Dialogue: 0,0:14:27.17,0:14:28.73,Default,,0000,0000,0000,,at the School of Medicine is coming
Dialogue: 0,0:14:28.73,0:14:30.83,Default,,0000,0000,0000,,online this summer. Could you give us a
Dialogue: 0,0:14:30.83,0:14:33.26,Default,,0000,0000,0000,,taste of the kind of? What's next? What
Dialogue: 0,0:14:33.26,0:14:34.76,Default,,0000,0000,0000,,are the major steps? What are you excited
Dialogue: 0,0:14:34.76,0:14:37.58,Default,,0000,0000,0000,,about? Well, I'm excited about it all or
Dialogue: 0,0:14:37.58,0:14:40.37,Default,,0000,0000,0000,,what I'm excited about the class. First, I
Dialogue: 0,0:14:40.37,0:14:43.31,Default,,0000,0000,0000,,just have to tell you quickly, it's sixty
Dialogue: 0,0:14:43.31,0:14:45.74,Default,,0000,0000,0000,,students. They're starting on July 17th,
Dialogue: 0,0:14:45.74,0:14:48.53,Default,,0000,0000,0000,,they're starting with EMT training, but
Dialogue: 0,0:14:48.53,0:14:50.63,Default,,0000,0000,0000,,of those 60 students. They are all from
Dialogue: 0,0:14:50.63,0:14:53.00,Default,,0000,0000,0000,,Nevada or they have very strong ties to
Dialogue: 0,0:14:53.00,0:14:55.43,Default,,0000,0000,0000,,Nevada we just interviewed Nevada
Dialogue: 0,0:14:55.43,0:14:57.80,Default,,0000,0000,0000,,students. We had over 900 applicants and
Dialogue: 0,0:14:57.80,0:15:00.41,Default,,0000,0000,0000,,300 of them were from Nevada, so we
Dialogue: 0,0:15:00.41,0:15:02.42,Default,,0000,0000,0000,,didn't even have to go beyond that and
Dialogue: 0,0:15:02.42,0:15:05.84,Default,,0000,0000,0000,,that's exciting in itself so they're
Dialogue: 0,0:15:05.84,0:15:08.00,Default,,0000,0000,0000,,getting ready to start what we're really
Dialogue: 0,0:15:08.00,0:15:11.39,Default,,0000,0000,0000,,working on this summer, too, is setting up
Dialogue: 0,0:15:11.39,0:15:14.27,Default,,0000,0000,0000,,the clinical Enterprise. So, on July 1st,
Dialogue: 0,0:15:14.27,0:15:17.33,Default,,0000,0000,0000,,the people who were the faculty at UNR
Dialogue: 0,0:15:17.33,0:15:19.79,Default,,0000,0000,0000,,School of Medicine, which who are
Dialogue: 0,0:15:19.79,0:15:21.89,Default,,0000,0000,0000,,practicing in Las Vegas are all moving
Dialogue: 0,0:15:21.89,0:15:24.92,Default,,0000,0000,0000,,over to be UNLV faculty. So that's about
Dialogue: 0,0:15:24.92,0:15:26.84,Default,,0000,0000,0000,,a hundred and twenty-five physicians, and
Dialogue: 0,0:15:26.84,0:15:31.10,Default,,0000,0000,0000,,another 25 or so administrators and so.
Dialogue: 0,0:15:31.10,0:15:33.29,Default,,0000,0000,0000,,They practice in the medical district
Dialogue: 0,0:15:33.29,0:15:34.82,Default,,0000,0000,0000,,mostly. Although, they have a few other
Dialogue: 0,0:15:34.82,0:15:37.13,Default,,0000,0000,0000,,sites, as well. They'll be practicing
Dialogue: 0,0:15:37.13,0:15:39.92,Default,,0000,0000,0000,,under UNLV medicine starting then. And so,
Dialogue: 0,0:15:39.92,0:15:41.96,Default,,0000,0000,0000,,we have to convert those practices into
Dialogue: 0,0:15:41.96,0:15:46.16,Default,,0000,0000,0000,,a whole different level of care. A level
Dialogue: 0,0:15:46.16,0:15:47.99,Default,,0000,0000,0000,,of care that really is one that you
Dialogue: 0,0:15:47.99,0:15:50.39,Default,,0000,0000,0000,,would be proud to come to. So, that's a
Dialogue: 0,0:15:50.39,0:15:53.00,Default,,0000,0000,0000,,major effort that's going on right now.
Dialogue: 0,0:15:53.00,0:15:55.16,Default,,0000,0000,0000,,Recontracting everything. Everything
Dialogue: 0,0:15:55.16,0:15:58.04,Default,,0000,0000,0000,,from getting telephones, EMRs, patient
Dialogue: 0,0:15:58.04,0:16:00.53,Default,,0000,0000,0000,,records, ready to move over. It's a big
Dialogue: 0,0:16:00.53,0:16:02.72,Default,,0000,0000,0000,,deal to move that many people besides
Dialogue: 0,0:16:02.72,0:16:05.33,Default,,0000,0000,0000,,them. Moving over, they have 300 practice
Dialogue: 0,0:16:05.33,0:16:07.40,Default,,0000,0000,0000,,plan employees that front desk, the
Dialogue: 0,0:16:07.40,0:16:09.29,Default,,0000,0000,0000,,billing, people, everybody else. That goes
Dialogue: 0,0:16:09.29,0:16:11.03,Default,,0000,0000,0000,,with the practice . They're coming over,
Dialogue: 0,0:16:11.03,0:16:13.82,Default,,0000,0000,0000,,and 300 residents are moving over to
Dialogue: 0,0:16:13.82,0:16:17.15,Default,,0000,0000,0000,,become, you know, UNLV residents. So we're
Dialogue: 0,0:16:17.15,0:16:19.97,Default,,0000,0000,0000,,going from having about 80 faculty and
Dialogue: 0,0:16:19.97,0:16:22.07,Default,,0000,0000,0000,,staff in the School of Medicine to over
Dialogue: 0,0:16:22.07,0:16:25.76,Default,,0000,0000,0000,,800 on July 1st. So that's a pretty big
Dialogue: 0,0:16:25.76,0:16:29.00,Default,,0000,0000,0000,,deal. That's about a quarter of what UNLV
Dialogue: 0,0:16:29.00,0:16:31.40,Default,,0000,0000,0000,,is altogether. So, adding that many new
Dialogue: 0,0:16:31.40,0:16:34.88,Default,,0000,0000,0000,,people is, is really exciting but the
Dialogue: 0,0:16:34.88,0:16:36.80,Default,,0000,0000,0000,,practice is going to be very exciting,
Dialogue: 0,0:16:36.80,0:16:38.39,Default,,0000,0000,0000,,but it'll take us a little while to get
Dialogue: 0,0:16:38.39,0:16:40.43,Default,,0000,0000,0000,,it to where it needs to be beside that.
Dialogue: 0,0:16:40.43,0:16:42.83,Default,,0000,0000,0000,,We're working on starting that medical
Dialogue: 0,0:16:42.83,0:16:44.57,Default,,0000,0000,0000,,education building, and I have to say, the
Dialogue: 0,0:16:44.57,0:16:46.82,Default,,0000,0000,0000,,city has been an incredible partner with
Dialogue: 0,0:16:46.82,0:16:49.16,Default,,0000,0000,0000,,us on this and the county has as well,
Dialogue: 0,0:16:49.16,0:16:52.13,Default,,0000,0000,0000,,but County gave us 9 acres of land in
Dialogue: 0,0:16:52.13,0:16:54.35,Default,,0000,0000,0000,,the medical district. We've already moved
Dialogue: 0,0:16:54.35,0:16:56.45,Default,,0000,0000,0000,,all our current faculty to the medical
Dialogue: 0,0:16:56.45,0:16:58.52,Default,,0000,0000,0000,,district so we are clearly in the
Dialogue: 0,0:16:58.52,0:17:01.01,Default,,0000,0000,0000,,medical district. Now, we are in the
Dialogue: 0,0:17:01.01,0:17:03.05,Default,,0000,0000,0000,,second phase of design of the building
Dialogue: 0,0:17:03.05,0:17:05.24,Default,,0000,0000,0000,,whereas you've probably read in the
Dialogue: 0,0:17:05.24,0:17:07.04,Default,,0000,0000,0000,,papers, looking for our hundred million
Dialogue: 0,0:17:07.04,0:17:08.78,Default,,0000,0000,0000,,dollar donor. We hope we'll be able to
Dialogue: 0,0:17:08.78,0:17:10.91,Default,,0000,0000,0000,,say we have that. We hope we'll be able
Dialogue: 0,0:17:10.91,0:17:12.98,Default,,0000,0000,0000,,to actually break ground on the building
Dialogue: 0,0:17:12.98,0:17:17.09,Default,,0000,0000,0000,,I hope in the fall. We'll see. So that's
Dialogue: 0,0:17:17.09,0:17:19.64,Default,,0000,0000,0000,,going on, and I think those are probably
Dialogue: 0,0:17:19.64,0:17:22.31,Default,,0000,0000,0000,,the major efforts. We do have a research
Dialogue: 0,0:17:22.31,0:17:23.81,Default,,0000,0000,0000,,effort going on, and that's one that's
Dialogue: 0,0:17:23.81,0:17:25.94,Default,,0000,0000,0000,,really important for the community. It's
Dialogue: 0,0:17:25.94,0:17:28.30,Default,,0000,0000,0000,,sort of trailing to a certain degree.
Dialogue: 0,0:17:28.30,0:17:31.07,Default,,0000,0000,0000,,Everything else, because we did education
Dialogue: 0,0:17:31.07,0:17:33.89,Default,,0000,0000,0000,,first, clinical second and research third.
Dialogue: 0,0:17:33.89,0:17:37.45,Default,,0000,0000,0000,,But it's coming, we just celebrated a big
Dialogue: 0,0:17:37.45,0:17:41.75,Default,,0000,0000,0000,,Mountain West conglomeration of people
Dialogue: 0,0:17:41.75,0:17:43.55,Default,,0000,0000,0000,,who are all part of a research team that
Dialogue: 0,0:17:43.55,0:17:44.90,Default,,0000,0000,0000,,works together to build research
Dialogue: 0,0:17:44.90,0:17:46.79,Default,,0000,0000,0000,,infrastructure, and that's what's really
Dialogue: 0,0:17:46.79,0:17:49.13,Default,,0000,0000,0000,,going to drive the economic piece of the
Dialogue: 0,0:17:49.13,0:17:51.53,Default,,0000,0000,0000,,healthcare district. And I'll just say
Dialogue: 0,0:17:51.53,0:17:54.38,Default,,0000,0000,0000,,that the projection of a Medical School
Dialogue: 0,0:17:54.38,0:17:58.76,Default,,0000,0000,0000,,in a help, in a medical district with
Dialogue: 0,0:17:58.76,0:18:00.71,Default,,0000,0000,0000,,everything. It brings is something like a
Dialogue: 0,0:18:00.71,0:18:03.53,Default,,0000,0000,0000,,3.6 billion dollar a year. A
Dialogue: 0,0:18:03.53,0:18:06.44,Default,,0000,0000,0000,,year economic benefit to the community,
Dialogue: 0,0:18:06.44,0:18:08.57,Default,,0000,0000,0000,,and should have something like
Dialogue: 0,0:18:08.57,0:18:11.24,Default,,0000,0000,0000,,twenty-two thousand new jobs within the
Dialogue: 0,0:18:11.24,0:18:13.79,Default,,0000,0000,0000,,next 15 years. So that's what we're up to
Dialogue: 0,0:18:13.79,0:18:16.67,Default,,0000,0000,0000,,awesome all right? Shelley I'm coming
Dialogue: 0,0:18:16.67,0:18:18.89,Default,,0000,0000,0000,,your way actually, for the next one. So
Dialogue: 0,0:18:18.89,0:18:20.72,Default,,0000,0000,0000,,Shelly, you have a unique perspective,
Dialogue: 0,0:18:20.72,0:18:22.43,Default,,0000,0000,0000,,right? You've been involved in the
Dialogue: 0,0:18:22.43,0:18:24.77,Default,,0000,0000,0000,,highest levels of government, and in
Dialogue: 0,0:18:24.77,0:18:27.53,Default,,0000,0000,0000,,medical education, I want to ask for your
Dialogue: 0,0:18:27.53,0:18:29.54,Default,,0000,0000,0000,,thoughts on one of those topics that's
Dialogue: 0,0:18:29.54,0:18:31.58,Default,,0000,0000,0000,,critical, involves both those graduates in
Dialogue: 0,0:18:31.58,0:18:33.56,Default,,0000,0000,0000,,Medical Education. I know our state
Dialogue: 0,0:18:33.56,0:18:35.36,Default,,0000,0000,0000,,legislature in particular is taking a look
Dialogue: 0,0:18:35.36,0:18:38.00,Default,,0000,0000,0000,,at this. What is it? Why do we need more
Dialogue: 0,0:18:38.00,0:18:39.68,Default,,0000,0000,0000,,of it? Could you give us your thoughts on
Dialogue: 0,0:18:39.68,0:18:41.93,Default,,0000,0000,0000,,that? Yeah, thank you very much. And thanks
Dialogue: 0,0:18:41.93,0:18:44.56,Default,,0000,0000,0000,,for having me. Good morning, everybody.
Dialogue: 0,0:18:44.56,0:18:47.75,Default,,0000,0000,0000,,GME is a very important issue and very
Dialogue: 0,0:18:47.75,0:18:50.42,Default,,0000,0000,0000,,critical to the state of Nevada.
Dialogue: 0,0:18:50.42,0:18:53.90,Default,,0000,0000,0000,,We are going to attract doctors and keep
Dialogue: 0,0:18:53.90,0:18:57.80,Default,,0000,0000,0000,,them here when you graduate medical
Dialogue: 0,0:18:57.80,0:18:59.84,Default,,0000,0000,0000,,schools. You still cannot practice
Dialogue: 0,0:18:59.84,0:19:01.91,Default,,0000,0000,0000,,medicine. You have a minimum of three
Dialogue: 0,0:19:01.91,0:19:04.13,Default,,0000,0000,0000,,more years of training which is your
Dialogue: 0,0:19:04.13,0:19:07.58,Default,,0000,0000,0000,,residency graduates medical education
Dialogue: 0,0:19:07.58,0:19:11.57,Default,,0000,0000,0000,,now. Years ago, its graduate medical
Dialogue: 0,0:19:11.57,0:19:14.84,Default,,0000,0000,0000,,education dollars. How do we pay for GME,
Dialogue: 0,0:19:14.84,0:19:17.45,Default,,0000,0000,0000,,comes out of Medicare funding, from the
Dialogue: 0,0:19:17.45,0:19:21.32,Default,,0000,0000,0000,,feds. Years ago, it was capped, which means
Dialogue: 0,0:19:21.32,0:19:24.05,Default,,0000,0000,0000,,if you're an East Coast state that has
Dialogue: 0,0:19:24.05,0:19:27.05,Default,,0000,0000,0000,,lots of GME. You continued getting
Dialogue: 0,0:19:27.05,0:19:29.66,Default,,0000,0000,0000,,funding for a growth state like Nevada,
Dialogue: 0,0:19:29.66,0:19:32.36,Default,,0000,0000,0000,,where we've had a huge population
Dialogue: 0,0:19:32.36,0:19:35.48,Default,,0000,0000,0000,,explosion. It's been devastating to us,
Dialogue: 0,0:19:35.48,0:19:38.51,Default,,0000,0000,0000,,because the GME is cap. There's no
Dialogue: 0,0:19:38.51,0:19:41.18,Default,,0000,0000,0000,,funding from the feds, so are very
Dialogue: 0,0:19:41.18,0:19:44.02,Default,,0000,0000,0000,,limited funding, from the feds so
Dialogue: 0,0:19:44.02,0:19:46.46,Default,,0000,0000,0000,,understanding that you need three more
Dialogue: 0,0:19:46.46,0:19:48.95,Default,,0000,0000,0000,,years of training before you can
Dialogue: 0,0:19:48.95,0:19:51.86,Default,,0000,0000,0000,,practice medicine. It is essential that
Dialogue: 0,0:19:51.86,0:19:55.88,Default,,0000,0000,0000,,the state of Nevada create its own GME.
Dialogue: 0,0:19:55.88,0:19:59.21,Default,,0000,0000,0000,,And so the governor, and I am very high
Dialogue: 0,0:19:59.21,0:20:01.61,Default,,0000,0000,0000,,on Governor Sandoval, for a whole host of
Dialogue: 0,0:20:01.61,0:20:05.81,Default,,0000,0000,0000,,reasons, but he understood that we needed
Dialogue: 0,0:20:05.81,0:20:08.90,Default,,0000,0000,0000,,to create and spend some money on the
Dialogue: 0,0:20:08.90,0:20:13.25,Default,,0000,0000,0000,,state level in order to create GME. So,
Dialogue: 0,0:20:13.25,0:20:17.03,Default,,0000,0000,0000,,last legislative session he ensured in
Dialogue: 0,0:20:17.03,0:20:19.69,Default,,0000,0000,0000,,his budget was a 10 million dollar
Dialogue: 0,0:20:19.69,0:20:23.00,Default,,0000,0000,0000,,appropriation to create primary care
Dialogue: 0,0:20:23.00,0:20:26.18,Default,,0000,0000,0000,,GME's. Why is that important? Because the
Dialogue: 0,0:20:26.18,0:20:28.52,Default,,0000,0000,0000,,greatest shortage of doctors. Although, we
Dialogue: 0,0:20:28.52,0:20:31.16,Default,,0000,0000,0000,,have shortages across the board, greatest
Dialogue: 0,0:20:31.16,0:20:34.21,Default,,0000,0000,0000,,shortage of doctors is primary care
Dialogue: 0,0:20:34.21,0:20:38.81,Default,,0000,0000,0000,,physicians. As consequently, we were able
Dialogue: 0,0:20:38.81,0:20:41.93,Default,,0000,0000,0000,,to utilize that ten million dollars, five
Dialogue: 0,0:20:41.93,0:20:44.30,Default,,0000,0000,0000,,million each year, of the biennium to
Dialogue: 0,0:20:44.30,0:20:47.81,Default,,0000,0000,0000,,create Graduate Medical Education. Now, in
Dialogue: 0,0:20:47.81,0:20:52.67,Default,,0000,0000,0000,,this legislative session, he again in his
Dialogue: 0,0:20:52.67,0:20:55.01,Default,,0000,0000,0000,,budget was another ten million dollars.
Dialogue: 0,0:20:55.01,0:20:57.56,Default,,0000,0000,0000,,I've been tracking it in the legislature
Dialogue: 0,0:20:57.56,0:21:00.58,Default,,0000,0000,0000,,and the legislature; I believe when their
Dialogue: 0,0:21:00.58,0:21:02.97,Default,,0000,0000,0000,,budget is put to bed the
Dialogue: 0,0:21:02.97,0:21:05.58,Default,,0000,0000,0000,,ten million dollars will survive, and we
Dialogue: 0,0:21:05.58,0:21:08.22,Default,,0000,0000,0000,,will be able to use it for GME it is
Dialogue: 0,0:21:08.22,0:21:11.22,Default,,0000,0000,0000,,very important that it stays in primary
Dialogue: 0,0:21:11.22,0:21:13.92,Default,,0000,0000,0000,,care because that is the greatest need
Dialogue: 0,0:21:13.92,0:21:15.51,Default,,0000,0000,0000,,in the state of Nevada.
Dialogue: 0,0:21:15.51,0:21:18.42,Default,,0000,0000,0000,,Let me quickly end with this, and it's
Dialogue: 0,0:21:18.42,0:21:21.48,Default,,0000,0000,0000,,easy to understand why is GME here and
Dialogue: 0,0:21:21.48,0:21:25.29,Default,,0000,0000,0000,,Nevada important because 70% of doctors
Dialogue: 0,0:21:25.29,0:21:27.99,Default,,0000,0000,0000,,end up practicing where they do their
Dialogue: 0,0:21:27.99,0:21:31.20,Default,,0000,0000,0000,,GME, their Graduate Medical Education. If
Dialogue: 0,0:21:31.20,0:21:33.75,Default,,0000,0000,0000,,we don't have enough Graduate Medical
Dialogue: 0,0:21:33.75,0:21:36.48,Default,,0000,0000,0000,,Education in the state of Nevada. These
Dialogue: 0,0:21:36.48,0:21:39.78,Default,,0000,0000,0000,,young men and women these future doctors
Dialogue: 0,0:21:39.78,0:21:42.93,Default,,0000,0000,0000,,end up going away, and unless they have a
Dialogue: 0,0:21:42.93,0:21:44.91,Default,,0000,0000,0000,,tie with the state of Nevada. They're not
Dialogue: 0,0:21:44.91,0:21:47.10,Default,,0000,0000,0000,,coming back, and it makes sense. They're
Dialogue: 0,0:21:47.10,0:21:48.93,Default,,0000,0000,0000,,making contacts in the medical community.
Dialogue: 0,0:21:48.93,0:21:50.43,Default,,0000,0000,0000,,They're getting married. They're
Dialogue: 0,0:21:50.43,0:21:52.92,Default,,0000,0000,0000,,establishing ties in the community that
Dialogue: 0,0:21:52.92,0:21:54.84,Default,,0000,0000,0000,,they're getting having their residency.
Dialogue: 0,0:21:54.84,0:21:58.98,Default,,0000,0000,0000,,And a simple way to understand this: Toro
Dialogue: 0,0:21:58.98,0:22:01.65,Default,,0000,0000,0000,,University graduates a hundred and
Dialogue: 0,0:22:01.65,0:22:04.65,Default,,0000,0000,0000,,thirty-five future doctors every year.
Dialogue: 0,0:22:04.65,0:22:07.95,Default,,0000,0000,0000,,We're very proud of that. We had 3700
Dialogue: 0,0:22:07.95,0:22:09.93,Default,,0000,0000,0000,,applications for a hundred and
Dialogue: 0,0:22:09.93,0:22:12.33,Default,,0000,0000,0000,,thirty-five slots this year. We can
Dialogue: 0,0:22:12.33,0:22:15.24,Default,,0000,0000,0000,,afford to be very selective of who we
Dialogue: 0,0:22:15.24,0:22:17.97,Default,,0000,0000,0000,,admit into our program. If we admit you,
Dialogue: 0,0:22:17.97,0:22:20.13,Default,,0000,0000,0000,,we expect you to graduate, and we're
Dialogue: 0,0:22:20.13,0:22:22.05,Default,,0000,0000,0000,,going to do everything we can to help
Dialogue: 0,0:22:22.05,0:22:26.85,Default,,0000,0000,0000,,you. We have 30 residences will 90 but 30,
Dialogue: 0,0:22:26.85,0:22:30.51,Default,,0000,0000,0000,,30, 30. Because it's 30, a year with valid
Dialogue: 0,0:22:30.51,0:22:33.42,Default,,0000,0000,0000,,with the valley health system that means
Dialogue: 0,0:22:33.42,0:22:36.63,Default,,0000,0000,0000,,that if we feel every residency with the
Dialogue: 0,0:22:36.63,0:22:40.05,Default,,0000,0000,0000,,Toro students. A hundred and five of my
Dialogue: 0,0:22:40.05,0:22:43.08,Default,,0000,0000,0000,,graduates of future doctors have to
Dialogue: 0,0:22:43.08,0:22:46.05,Default,,0000,0000,0000,,leave the state of Nevada in order to
Dialogue: 0,0:22:46.05,0:22:49.05,Default,,0000,0000,0000,,get their training. That is insane. And
Dialogue: 0,0:22:49.05,0:22:51.03,Default,,0000,0000,0000,,Barbara and I have talked about this. A
Dialogue: 0,0:22:51.03,0:22:53.55,Default,,0000,0000,0000,,lot of you could have a new medical school.
Dialogue: 0,0:22:53.55,0:22:55.47,Default,,0000,0000,0000,,You could have 20 new medical schools.
Dialogue: 0,0:22:55.47,0:22:57.84,Default,,0000,0000,0000,,We're all still competing for the same
Dialogue: 0,0:22:57.84,0:23:01.68,Default,,0000,0000,0000,,small number of residences. Until this
Dialogue: 0,0:23:01.68,0:23:04.65,Default,,0000,0000,0000,,stage gets more residences, we are not
Dialogue: 0,0:23:04.65,0:23:09.06,Default,,0000,0000,0000,,not going to be able to keep doctors
Dialogue: 0,0:23:09.06,0:23:11.88,Default,,0000,0000,0000,,here, and it's simple math. And it doesn't
Dialogue: 0,0:23:11.88,0:23:14.22,Default,,0000,0000,0000,,take a genius to figure this out. So if
Dialogue: 0,0:23:14.22,0:23:16.09,Default,,0000,0000,0000,,you ask, and maybe doing something to ask
Dialogue: 0,0:23:16.09,0:23:19.33,Default,,0000,0000,0000,,later, "What can I do?" Call your legislator.
Dialogue: 0,0:23:19.33,0:23:21.61,Default,,0000,0000,0000,,We know them. That's the beauty of Nevada
Dialogue: 0,0:23:21.61,0:23:24.31,Default,,0000,0000,0000,,tell them to make sure that GME money,
Dialogue: 0,0:23:24.31,0:23:27.67,Default,,0000,0000,0000,,primary care physicians is in the budget
Dialogue: 0,0:23:27.67,0:23:30.09,Default,,0000,0000,0000,,this year. So we can start more
Dialogue: 0,0:23:30.09,0:23:33.64,Default,,0000,0000,0000,,residences in the following few years so
Dialogue: 0,0:23:33.64,0:23:36.01,Default,,0000,0000,0000,,important, so important audience. So there.
Dialogue: 0,0:23:36.01,0:23:45.55,Default,,0000,0000,0000,,Thank you. All right, Doug. You're up next
Dialogue: 0,0:23:45.55,0:23:47.38,Default,,0000,0000,0000,,want to hop into your world for a little
Dialogue: 0,0:23:47.38,0:23:49.69,Default,,0000,0000,0000,,bit the audience when they leave today,
Dialogue: 0,0:23:49.69,0:23:50.83,Default,,0000,0000,0000,,they're going to look at that community
Dialogue: 0,0:23:50.83,0:23:52.69,Default,,0000,0000,0000,,map, and they're going to see hospitals,
Dialogue: 0,0:23:52.69,0:23:56.08,Default,,0000,0000,0000,,clinics springing up all over the valley.
Dialogue: 0,0:23:56.08,0:23:58.72,Default,,0000,0000,0000,,Could you tell us a little bit striving
Dialogue: 0,0:23:58.72,0:24:00.25,Default,,0000,0000,0000,,this trend? Maybe share a few examples.
Dialogue: 0,0:24:00.25,0:24:03.49,Default,,0000,0000,0000,,Sure. So it's a lot of things during the
Dialogue: 0,0:24:03.49,0:24:05.80,Default,,0000,0000,0000,,Great Recession. We went into that under
Dialogue: 0,0:24:05.80,0:24:08.38,Default,,0000,0000,0000,,bedded as a community. We just flat out
Dialogue: 0,0:24:08.38,0:24:10.75,Default,,0000,0000,0000,,did not have a bed enough beds to serve
Dialogue: 0,0:24:10.75,0:24:13.39,Default,,0000,0000,0000,,the community. The tear during that
Dialogue: 0,0:24:13.39,0:24:16.63,Default,,0000,0000,0000,,recession our unemployment rates went up.
Dialogue: 0,0:24:16.63,0:24:19.84,Default,,0000,0000,0000,,Therefore, our uninsured what not. So a
Dialogue: 0,0:24:19.84,0:24:21.58,Default,,0000,0000,0000,,lot of folks just didn't have access to
Dialogue: 0,0:24:21.58,0:24:25.75,Default,,0000,0000,0000,,care because of that we were the first
Dialogue: 0,0:24:25.75,0:24:28.18,Default,,0000,0000,0000,,state or the first republican governor
Dialogue: 0,0:24:28.18,0:24:30.07,Default,,0000,0000,0000,,that approved the expansion of Medicaid
Dialogue: 0,0:24:30.07,0:24:32.74,Default,,0000,0000,0000,,through the Affordable Care Act that
Dialogue: 0,0:24:32.74,0:24:35.68,Default,,0000,0000,0000,,brought in 300,000 new additionally
Dialogue: 0,0:24:35.68,0:24:39.34,Default,,0000,0000,0000,,insured so these 300,000 needed a place
Dialogue: 0,0:24:39.34,0:24:42.49,Default,,0000,0000,0000,,to access care and what that's it. Is it
Dialogue: 0,0:24:42.49,0:24:44.35,Default,,0000,0000,0000,,also provided a patient that would
Dialogue: 0,0:24:44.35,0:24:45.97,Default,,0000,0000,0000,,present themselves at the hospitals that
Dialogue: 0,0:24:45.97,0:24:49.60,Default,,0000,0000,0000,,now had a payer source not quite at the
Dialogue: 0,0:24:49.60,0:24:51.76,Default,,0000,0000,0000,,level that they need to to be profitable?
Dialogue: 0,0:24:51.76,0:24:53.62,Default,,0000,0000,0000,,But they had a payer source attached to
Dialogue: 0,0:24:53.62,0:24:56.05,Default,,0000,0000,0000,,them, so everybody started growing again.
Dialogue: 0,0:24:56.05,0:24:57.49,Default,,0000,0000,0000,,At the same time, some other things
Dialogue: 0,0:24:57.49,0:24:59.59,Default,,0000,0000,0000,,happen where they started. They corrected
Dialogue: 0,0:24:59.59,0:25:01.15,Default,,0000,0000,0000,,the reimbursement rate for inpatient
Dialogue: 0,0:25:01.15,0:25:03.21,Default,,0000,0000,0000,,behavioral health, so you saw some
Dialogue: 0,0:25:03.21,0:25:05.92,Default,,0000,0000,0000,,readjustment around the community. So now,
Dialogue: 0,0:25:05.92,0:25:08.14,Default,,0000,0000,0000,,you're watching all of these facilities
Dialogue: 0,0:25:08.14,0:25:10.66,Default,,0000,0000,0000,,and all these systems grow. I think a lot
Dialogue: 0,0:25:10.66,0:25:11.71,Default,,0000,0000,0000,,of the growth that's going on in the
Dialogue: 0,0:25:11.71,0:25:13.87,Default,,0000,0000,0000,,medical district and with the UNLV
Dialogue: 0,0:25:13.87,0:25:16.03,Default,,0000,0000,0000,,School of Medicine is going to continue
Dialogue: 0,0:25:16.03,0:25:19.72,Default,,0000,0000,0000,,and we're building out now to embrace
Dialogue: 0,0:25:19.72,0:25:22.33,Default,,0000,0000,0000,,and be prepared for a major
Dialogue: 0,0:25:22.33,0:25:25.18,Default,,0000,0000,0000,,transformation into academic medicine. So
Dialogue: 0,0:25:25.18,0:25:27.10,Default,,0000,0000,0000,,as that happens and more residents are
Dialogue: 0,0:25:27.10,0:25:28.72,Default,,0000,0000,0000,,coming through, and 70% of those are
Dialogue: 0,0:25:28.72,0:25:29.53,Default,,0000,0000,0000,,staying here.
Dialogue: 0,0:25:29.53,0:25:31.44,Default,,0000,0000,0000,,They're going to be opening up practices.
Dialogue: 0,0:25:31.44,0:25:33.67,Default,,0000,0000,0000,,Then we'll start developing specialty
Dialogue: 0,0:25:33.67,0:25:35.32,Default,,0000,0000,0000,,and subspecialty programs and fellowship
Dialogue: 0,0:25:35.32,0:25:38.92,Default,,0000,0000,0000,,programs to bring on the the access to
Dialogue: 0,0:25:38.92,0:25:40.84,Default,,0000,0000,0000,,care that we desperately need. You're
Dialogue: 0,0:25:40.84,0:25:43.69,Default,,0000,0000,0000,,seeing other systems such as yesterday,
Dialogue: 0,0:25:43.69,0:25:45.13,Default,,0000,0000,0000,,there's a great presentation from the
Dialogue: 0,0:25:45.13,0:25:47.50,Default,,0000,0000,0000,,folks from Union Village in Henderson
Dialogue: 0,0:25:47.50,0:25:48.79,Default,,0000,0000,0000,,Hospital. That was a hospital that was
Dialogue: 0,0:25:48.79,0:25:50.20,Default,,0000,0000,0000,,opened up just a year ago, and they're
Dialogue: 0,0:25:50.20,0:25:52.84,Default,,0000,0000,0000,,already expanding they're already at
Dialogue: 0,0:25:52.84,0:25:55.60,Default,,0000,0000,0000,,that capacity. Every single Hospital in
Dialogue: 0,0:25:55.60,0:25:57.58,Default,,0000,0000,0000,,this town is growing at some rate
Dialogue: 0,0:25:57.58,0:25:58.98,Default,,0000,0000,0000,,whether it's Centennial, Spring Valley,
Dialogue: 0,0:25:58.98,0:26:01.63,Default,,0000,0000,0000,,Mountain View, Sunrise is building a new
Dialogue: 0,0:26:01.63,0:26:04.27,Default,,0000,0000,0000,,tower. You're seeing the introduction of
Dialogue: 0,0:26:04.27,0:26:06.43,Default,,0000,0000,0000,,stand-alone ERs. You're seeing the
Dialogue: 0,0:26:06.43,0:26:09.40,Default,,0000,0000,0000,,introduction of community hospitals or
Dialogue: 0,0:26:09.40,0:26:11.56,Default,,0000,0000,0000,,micro hospitals, and this is all
Dialogue: 0,0:26:11.56,0:26:14.44,Default,,0000,0000,0000,,improving access to care because we all
Dialogue: 0,0:26:14.44,0:26:17.26,Default,,0000,0000,0000,,want to access care whereas closest to
Dialogue: 0,0:26:17.26,0:26:19.51,Default,,0000,0000,0000,,where we live. And you're going to see a
Dialogue: 0,0:26:19.51,0:26:21.43,Default,,0000,0000,0000,,huge transformation that's for years to
Dialogue: 0,0:26:21.43,0:26:22.09,Default,,0000,0000,0000,,come.
Dialogue: 0,0:26:22.09,0:26:24.13,Default,,0000,0000,0000,,So I think it's an exciting time for
Dialogue: 0,0:26:24.13,0:26:26.29,Default,,0000,0000,0000,,medicine in Las Vegas. I think the great
Dialogue: 0,0:26:26.29,0:26:27.73,Default,,0000,0000,0000,,work that's being done by our governor
Dialogue: 0,0:26:27.73,0:26:28.96,Default,,0000,0000,0000,,with the expansion of Graduate Medical
Dialogue: 0,0:26:28.96,0:26:31.18,Default,,0000,0000,0000,,Education, what's happening with you and
Dialogue: 0,0:26:31.18,0:26:32.77,Default,,0000,0000,0000,,I'll be medicine. What's going on at the
Dialogue: 0,0:26:32.77,0:26:35.77,Default,,0000,0000,0000,,medical district? Health care is now top
Dialogue: 0,0:26:35.77,0:26:38.74,Default,,0000,0000,0000,,of mind, and tip of tongue. It's happening.
Dialogue: 0,0:26:38.74,0:26:40.24,Default,,0000,0000,0000,,It's growing and it's driving this
Dialogue: 0,0:26:40.24,0:26:42.12,Default,,0000,0000,0000,,community and it's going to require
Dialogue: 0,0:26:42.12,0:26:44.89,Default,,0000,0000,0000,,strengthening that healthcare pillar for
Dialogue: 0,0:26:44.89,0:26:46.81,Default,,0000,0000,0000,,true economic diversification to happen
Dialogue: 0,0:26:46.81,0:26:48.97,Default,,0000,0000,0000,,because, as we're trying to recruit
Dialogue: 0,0:26:48.97,0:26:51.28,Default,,0000,0000,0000,,attract and expand companies to come
Dialogue: 0,0:26:51.28,0:26:54.84,Default,,0000,0000,0000,,here. Those executives want to offer
Dialogue: 0,0:26:54.84,0:26:57.64,Default,,0000,0000,0000,,their family, their executives, families
Dialogue: 0,0:26:57.64,0:26:59.26,Default,,0000,0000,0000,,and all of their employees, and their
Dialogue: 0,0:26:59.26,0:27:00.88,Default,,0000,0000,0000,,families good health care, and good
Dialogue: 0,0:27:00.88,0:27:03.22,Default,,0000,0000,0000,,education. And so I think the healthcare
Dialogue: 0,0:27:03.22,0:27:04.57,Default,,0000,0000,0000,,community has really come together to
Dialogue: 0,0:27:04.57,0:27:06.99,Default,,0000,0000,0000,,help provide that part of the equation
Dialogue: 0,0:27:06.99,0:27:09.28,Default,,0000,0000,0000,,beautiful, beautiful. All right, panel. I'm
Dialogue: 0,0:27:09.28,0:27:10.75,Default,,0000,0000,0000,,going to open up the next question to
Dialogue: 0,0:27:10.75,0:27:12.58,Default,,0000,0000,0000,,everybody. This is a little bit of a hot
Dialogue: 0,0:27:12.58,0:27:16.60,Default,,0000,0000,0000,,button issue: reimbursement rates. Could
Dialogue: 0,0:27:16.60,0:27:18.52,Default,,0000,0000,0000,,you guys could you tell us about what's
Dialogue: 0,0:27:18.52,0:27:20.23,Default,,0000,0000,0000,,going on with reimbursement rates? How do
Dialogue: 0,0:27:20.23,0:27:22.99,Default,,0000,0000,0000,,we stack up to other markets? Why is it
Dialogue: 0,0:27:22.99,0:27:25.38,Default,,0000,0000,0000,,important? What can we do about it?
Dialogue: 0,0:27:25.38,0:27:28.15,Default,,0000,0000,0000,,So I'll jump in there. Sorry to hog the
Dialogue: 0,0:27:28.15,0:27:30.79,Default,,0000,0000,0000,,microphone a little bit, and a little bit
Dialogue: 0,0:27:30.79,0:27:35.32,Default,,0000,0000,0000,,of a selfish plug. So Las Vegas Heals has
Dialogue: 0,0:27:35.32,0:27:37.18,Default,,0000,0000,0000,,a reimbursement survey out on the street.
Dialogue: 0,0:27:37.18,0:27:39.01,Default,,0000,0000,0000,,We partnered up with the LVGEA on this.
Dialogue: 0,0:27:39.01,0:27:40.92,Default,,0000,0000,0000,,So,
Dialogue: 0,0:27:40.92,0:27:43.47,Default,,0000,0000,0000,,let me explain why reimbursements is so
Dialogue: 0,0:27:43.47,0:27:46.26,Default,,0000,0000,0000,,important economic development really is
Dialogue: 0,0:27:46.26,0:27:48.57,Default,,0000,0000,0000,,job creation, okay, and workforce
Dialogue: 0,0:27:48.57,0:27:49.95,Default,,0000,0000,0000,,development. It's what it comes down to.
Dialogue: 0,0:27:49.95,0:27:52.74,Default,,0000,0000,0000,,In workforce development, you've got two
Dialogue: 0,0:27:52.74,0:27:55.05,Default,,0000,0000,0000,,parts of that equation recruitment of a
Dialogue: 0,0:27:55.05,0:27:57.62,Default,,0000,0000,0000,,workforce and retention of a workforce.
Dialogue: 0,0:27:57.62,0:28:00.69,Default,,0000,0000,0000,,We have worked extremely hard over the
Dialogue: 0,0:28:00.69,0:28:02.64,Default,,0000,0000,0000,,course of the last four years to expand
Dialogue: 0,0:28:02.64,0:28:06.36,Default,,0000,0000,0000,,our physician pipeline. So, the expansion
Dialogue: 0,0:28:06.36,0:28:07.83,Default,,0000,0000,0000,,of Graduate Medical Education to put
Dialogue: 0,0:28:07.83,0:28:09.69,Default,,0000,0000,0000,,some perspective to that we're going
Dialogue: 0,0:28:09.69,0:28:11.76,Default,,0000,0000,0000,,from programs existing in three
Dialogue: 0,0:28:11.76,0:28:13.26,Default,,0000,0000,0000,,hospitals by the end of this year. We
Dialogue: 0,0:28:13.26,0:28:14.73,Default,,0000,0000,0000,,should probably have programs and 12
Dialogue: 0,0:28:14.73,0:28:19.14,Default,,0000,0000,0000,,hospitals, which is gigantic. And so we've
Dialogue: 0,0:28:19.14,0:28:21.66,Default,,0000,0000,0000,,spent all this time developing this
Dialogue: 0,0:28:21.66,0:28:23.04,Default,,0000,0000,0000,,pipeline of physicians with the new
Dialogue: 0,0:28:23.04,0:28:24.60,Default,,0000,0000,0000,,Medical School with the expansion of
Dialogue: 0,0:28:24.60,0:28:26.97,Default,,0000,0000,0000,,Toro and everything that's going on we
Dialogue: 0,0:28:26.97,0:28:28.71,Default,,0000,0000,0000,,now need to focus our attention to the
Dialogue: 0,0:28:28.71,0:28:30.35,Default,,0000,0000,0000,,retention part of the equation and
Dialogue: 0,0:28:30.35,0:28:33.75,Default,,0000,0000,0000,,that's keeping them here. And the
Dialogue: 0,0:28:33.75,0:28:36.45,Default,,0000,0000,0000,,residency programs get them here. What
Dialogue: 0,0:28:36.45,0:28:39.02,Default,,0000,0000,0000,,keeps doctors here is their pay, and
Dialogue: 0,0:28:39.02,0:28:41.79,Default,,0000,0000,0000,,their pay is directly tied to
Dialogue: 0,0:28:41.79,0:28:44.52,Default,,0000,0000,0000,,reimbursement rates? So if we are not
Dialogue: 0,0:28:44.52,0:28:47.49,Default,,0000,0000,0000,,reimbursing them adequately all of this
Dialogue: 0,0:28:47.49,0:28:49.20,Default,,0000,0000,0000,,infrastructure that we've been building
Dialogue: 0,0:28:49.20,0:28:51.41,Default,,0000,0000,0000,,over the last five years is for naught.
Dialogue: 0,0:28:51.41,0:28:54.03,Default,,0000,0000,0000,,So, we have to get this part of the
Dialogue: 0,0:28:54.03,0:28:57.27,Default,,0000,0000,0000,,equation right? Nevada, as a whole, is one
Dialogue: 0,0:28:57.27,0:28:59.49,Default,,0000,0000,0000,,of the worst reimburse markets in the
Dialogue: 0,0:28:59.49,0:29:03.00,Default,,0000,0000,0000,,entire country, so physicians have the
Dialogue: 0,0:29:03.00,0:29:05.12,Default,,0000,0000,0000,,choice because they're in demand
Dialogue: 0,0:29:05.12,0:29:08.25,Default,,0000,0000,0000,,everywhere. The physician shortage is not
Dialogue: 0,0:29:08.25,0:29:10.53,Default,,0000,0000,0000,,just in Nevada. It is in every single
Dialogue: 0,0:29:10.53,0:29:14.10,Default,,0000,0000,0000,,state and so doctors have choices where
Dialogue: 0,0:29:14.10,0:29:15.96,Default,,0000,0000,0000,,they could live and when they could go
Dialogue: 0,0:29:15.96,0:29:18.00,Default,,0000,0000,0000,,to a neighboring states, and they could
Dialogue: 0,0:29:18.00,0:29:20.82,Default,,0000,0000,0000,,earn 40 percent more and see less
Dialogue: 0,0:29:20.82,0:29:22.89,Default,,0000,0000,0000,,patients and do what they truly care
Dialogue: 0,0:29:22.89,0:29:24.06,Default,,0000,0000,0000,,about. And is delivering exceptional
Dialogue: 0,0:29:24.06,0:29:26.97,Default,,0000,0000,0000,,patient care spending time with the
Dialogue: 0,0:29:26.97,0:29:28.98,Default,,0000,0000,0000,,patient's they could choose where
Dialogue: 0,0:29:28.98,0:29:31.02,Default,,0000,0000,0000,,they're going to go. So in order for
Dialogue: 0,0:29:31.02,0:29:32.52,Default,,0000,0000,0000,,Nevada to have a competitive advantage,
Dialogue: 0,0:29:32.52,0:29:35.64,Default,,0000,0000,0000,,we must address reimbursement rates. If
Dialogue: 0,0:29:35.64,0:29:37.89,Default,,0000,0000,0000,,we don't get that right, we're going to
Dialogue: 0,0:29:37.89,0:29:44.78,Default,,0000,0000,0000,,have serious serious challenges. Well,
Dialogue: 0,0:29:45.61,0:29:48.91,Default,,0000,0000,0000,,my husband is a nephrologist. They
Dialogue: 0,0:29:48.91,0:29:50.92,Default,,0000,0000,0000,,when I first started dating him, I
Dialogue: 0,0:29:50.92,0:29:52.51,Default,,0000,0000,0000,,thought that was sex with dead people.
Dialogue: 0,0:29:52.51,0:29:59.56,Default,,0000,0000,0000,,It's not. It's, he's a gay doctor, thank
Dialogue: 0,0:29:59.56,0:30:02.89,Default,,0000,0000,0000,,God. A kid and Ragnar and my stepdaughter
Dialogue: 0,0:30:02.89,0:30:06.13,Default,,0000,0000,0000,,is a primary care physician. So we do
Dialogue: 0,0:30:06.13,0:30:08.44,Default,,0000,0000,0000,,health care in our family. It's a very
Dialogue: 0,0:30:08.44,0:30:10.51,Default,,0000,0000,0000,,simple thing and just get on it.
Dialogue: 0,0:30:10.51,0:30:12.52,Default,,0000,0000,0000,,Reimbursement is important because
Dialogue: 0,0:30:12.52,0:30:15.04,Default,,0000,0000,0000,,doctors like to eat and support their
Dialogue: 0,0:30:15.04,0:30:17.56,Default,,0000,0000,0000,,families and if the reimbursement rates
Dialogue: 0,0:30:17.56,0:30:19.78,Default,,0000,0000,0000,,are low they are going to go elsewhere
Dialogue: 0,0:30:19.78,0:30:22.66,Default,,0000,0000,0000,,but it also has a lot to do with the
Dialogue: 0,0:30:22.66,0:30:25.03,Default,,0000,0000,0000,,insurance companies who are negotiating
Dialogue: 0,0:30:25.03,0:30:28.84,Default,,0000,0000,0000,,the rates with the doctors and because
Dialogue: 0,0:30:28.84,0:30:34.30,Default,,0000,0000,0000,,there is very few choices of private
Dialogue: 0,0:30:34.30,0:30:38.05,Default,,0000,0000,0000,,health insurers. The insurance companies
Dialogue: 0,0:30:38.05,0:30:40.87,Default,,0000,0000,0000,,can pretty well determine what they are
Dialogue: 0,0:30:40.87,0:30:43.42,Default,,0000,0000,0000,,going to pay for the services if the
Dialogue: 0,0:30:43.42,0:30:45.64,Default,,0000,0000,0000,,doctor wants to be in their network. And
Dialogue: 0,0:30:45.64,0:30:48.82,Default,,0000,0000,0000,,so, my husband is a managing doctor of
Dialogue: 0,0:30:48.82,0:30:51.79,Default,,0000,0000,0000,,his group. There's 33 doctors. 700
Dialogue: 0,0:30:51.79,0:30:53.74,Default,,0000,0000,0000,,employees in his group. It's a big
Dialogue: 0,0:30:53.74,0:30:56.56,Default,,0000,0000,0000,,practice, but when he is dealing with the
Dialogue: 0,0:30:56.56,0:30:58.99,Default,,0000,0000,0000,,insurance companies they are offering to
Dialogue: 0,0:30:58.99,0:31:01.48,Default,,0000,0000,0000,,reimburse them 50 percent of Medicare,
Dialogue: 0,0:31:01.48,0:31:04.54,Default,,0000,0000,0000,,which is pathetic. Anyway, Medicare is one
Dialogue: 0,0:31:04.54,0:31:07.39,Default,,0000,0000,0000,,of his high pays, not one of his low pays.
Dialogue: 0,0:31:07.39,0:31:09.31,Default,,0000,0000,0000,,And you know, they could look, you know,
Dialogue: 0,0:31:09.31,0:31:12.31,Default,,0000,0000,0000,,we just going to deal with your
Dialogue: 0,0:31:12.31,0:31:16.51,Default,,0000,0000,0000,,competitor, and we're giving them 50. 50
Dialogue: 0,0:31:16.51,0:31:18.79,Default,,0000,0000,0000,,percent of Medicare. You want it or you
Dialogue: 0,0:31:18.79,0:31:21.16,Default,,0000,0000,0000,,don't want it. Now Larry's groups going
Dialogue: 0,0:31:21.16,0:31:22.87,Default,,0000,0000,0000,,to want to be part of that Network, too.
Dialogue: 0,0:31:22.87,0:31:25.65,Default,,0000,0000,0000,,So those primary care physicians can
Dialogue: 0,0:31:25.65,0:31:29.38,Default,,0000,0000,0000,,refer their patient to whoever,
Dialogue: 0,0:31:29.38,0:31:31.81,Default,,0000,0000,0000,,whatever doctors in that network. So it
Dialogue: 0,0:31:31.81,0:31:35.23,Default,,0000,0000,0000,,has a lot to do with lack of competition
Dialogue: 0,0:31:35.23,0:31:38.17,Default,,0000,0000,0000,,with insurance companies offering this
Dialogue: 0,0:31:38.17,0:31:41.98,Default,,0000,0000,0000,,type of insurance medical insurance to
Dialogue: 0,0:31:41.98,0:31:45.58,Default,,0000,0000,0000,,our so, I guess, our fellow citizens.
Dialogue: 0,0:31:45.58,0:31:47.11,Default,,0000,0000,0000,,That's huge.
Dialogue: 0,0:31:47.11,0:31:49.47,Default,,0000,0000,0000,,Another thing that is going to be
Dialogue: 0,0:31:49.47,0:31:53.56,Default,,0000,0000,0000,,devastating for this state if President
Dialogue: 0,0:31:53.56,0:31:56.80,Default,,0000,0000,0000,,Trump's proposal to cut eight hundred
Dialogue: 0,0:31:56.80,0:31:58.60,Default,,0000,0000,0000,,billion dollars out of men,
Dialogue: 0,0:31:58.60,0:32:01.12,Default,,0000,0000,0000,,the cave goes through. I sincerely doubt
Dialogue: 0,0:32:01.12,0:32:04.27,Default,,0000,0000,0000,,it will. It is going to be devastating
Dialogue: 0,0:32:04.27,0:32:06.61,Default,,0000,0000,0000,,for the state of Nevada because that's
Dialogue: 0,0:32:06.61,0:32:09.73,Default,,0000,0000,0000,,how poor people get their services and
Dialogue: 0,0:32:09.73,0:32:11.38,Default,,0000,0000,0000,,it's important to know this. In
Dialogue: 0,0:32:11.38,0:32:14.44,Default,,0000,0000,0000,,conclusion, just because you don't have
Dialogue: 0,0:32:14.44,0:32:16.87,Default,,0000,0000,0000,,health insurance doesn't mean you don't
Dialogue: 0,0:32:16.87,0:32:20.05,Default,,0000,0000,0000,,get sick. You wait until you get really
Dialogue: 0,0:32:20.05,0:32:21.91,Default,,0000,0000,0000,,sick and you end up in the emergency
Dialogue: 0,0:32:21.91,0:32:24.91,Default,,0000,0000,0000,,rooms of the hospital. What is the most
Dialogue: 0,0:32:24.91,0:32:28.66,Default,,0000,0000,0000,,expensive type of treatment? Emergency
Dialogue: 0,0:32:28.66,0:32:30.79,Default,,0000,0000,0000,,room treatment and there is a reason
Dialogue: 0,0:32:30.79,0:32:34.39,Default,,0000,0000,0000,,that UMC is no longer having 70 million
Dialogue: 0,0:32:34.39,0:32:36.88,Default,,0000,0000,0000,,dollar yearly deficits. They're not in
Dialogue: 0,0:32:36.88,0:32:39.69,Default,,0000,0000,0000,,the red anymore, and that's because
Dialogue: 0,0:32:39.69,0:32:43.54,Default,,0000,0000,0000,,Obamacare expanded Medicaid. Governor
Dialogue: 0,0:32:43.54,0:32:46.96,Default,,0000,0000,0000,,Sandoval agreed that they should that
Dialogue: 0,0:32:46.96,0:32:49.03,Default,,0000,0000,0000,,the state of Nevada should expand its
Dialogue: 0,0:32:49.03,0:32:51.28,Default,,0000,0000,0000,,Medicaid program and as the
Dialogue: 0,0:32:51.28,0:32:54.16,Default,,0000,0000,0000,,reimbursement from the feds gets lower
Dialogue: 0,0:32:54.16,0:32:57.13,Default,,0000,0000,0000,,and lower the cost to the taxpayers of
Dialogue: 0,0:32:57.13,0:32:59.62,Default,,0000,0000,0000,,the state of Nevada is going to rise and
Dialogue: 0,0:32:59.62,0:33:03.07,Default,,0000,0000,0000,,rise and rise. It could be a big budget
Dialogue: 0,0:33:03.07,0:33:07.06,Default,,0000,0000,0000,,buster, and for somebody like Barbara, who
Dialogue: 0,0:33:07.06,0:33:09.82,Default,,0000,0000,0000,,needs those state dollar, of course. Itoro
Dialogue: 0,0:33:09.82,0:33:12.21,Default,,0000,0000,0000,,doesn't take any state or federal money.
Dialogue: 0,0:33:12.21,0:33:18.88,Default,,0000,0000,0000,,However, for yes for a medical school
Dialogue: 0,0:33:18.88,0:33:22.33,Default,,0000,0000,0000,,that's dependent on state funding, the
Dialogue: 0,0:33:22.33,0:33:24.64,Default,,0000,0000,0000,,fact that Medicaid is going to be cut is
Dialogue: 0,0:33:24.64,0:33:27.04,Default,,0000,0000,0000,,really going to hurt, that they're going
Dialogue: 0,0:33:27.04,0:33:29.11,Default,,0000,0000,0000,,to have to make up the shortfall and
Dialogue: 0,0:33:29.11,0:33:32.17,Default,,0000,0000,0000,,things like UNLV Medical School. And so
Dialogue: 0,0:33:32.17,0:33:34.42,Default,,0000,0000,0000,,many other programs that we as citizens
Dialogue: 0,0:33:34.42,0:33:37.21,Default,,0000,0000,0000,,expect from our government aren't going
Dialogue: 0,0:33:37.21,0:33:39.04,Default,,0000,0000,0000,,to are going to be cut because this is a
Dialogue: 0,0:33:39.04,0:33:41.68,Default,,0000,0000,0000,,low tax state and our fellow citizens
Dialogue: 0,0:33:41.68,0:33:45.55,Default,,0000,0000,0000,,don't want their taxes increased, alright.
Dialogue: 0,0:33:45.55,0:33:48.61,Default,,0000,0000,0000,,Thank you, thank you. We've got so many
Dialogue: 0,0:33:48.61,0:33:50.35,Default,,0000,0000,0000,,more questions that I want to ask, but
Dialogue: 0,0:33:50.35,0:33:52.09,Default,,0000,0000,0000,,it's important that we open it up to you
Dialogue: 0,0:33:52.09,0:33:55.06,Default,,0000,0000,0000,,guys. So this is a segment where, let's
Dialogue: 0,0:33:55.06,0:33:56.47,Default,,0000,0000,0000,,see if we can't fit in some questions
Dialogue: 0,0:33:56.47,0:33:58.78,Default,,0000,0000,0000,,from Twitter. And then we're going to
Dialogue: 0,0:33:58.78,0:34:02.52,Default,,0000,0000,0000,,have a roving microphone as well
Dialogue: 0,0:34:02.64,0:34:06.81,Default,,0000,0000,0000,,Twitter's not working okay.
Dialogue: 0,0:34:06.90,0:34:09.34,Default,,0000,0000,0000,,Our feed is not working, all right. What's
Dialogue: 0,0:34:09.34,0:34:13.93,Default,,0000,0000,0000,,the visit? This is good to know. So from
Dialogue: 0,0:34:13.93,0:34:16.42,Default,,0000,0000,0000,,the audience, do we have a question for
Dialogue: 0,0:34:16.42,0:34:21.01,Default,,0000,0000,0000,,this panel? Anybody will come get you
Dialogue: 0,0:34:21.01,0:34:23.74,Default,,0000,0000,0000,,with a microphone while you're waiting. Can
Dialogue: 0,0:34:23.74,0:34:26.65,Default,,0000,0000,0000,,I make it? Yeah, all right. Rebuttal. A
Dialogue: 0,0:34:26.65,0:34:31.18,Default,,0000,0000,0000,,little carrot. I just don't want to
Dialogue: 0,0:34:31.18,0:34:33.16,Default,,0000,0000,0000,,leave the audience with something that I
Dialogue: 0,0:34:33.16,0:34:35.02,Default,,0000,0000,0000,,think is a misconception. I agree with
Dialogue: 0,0:34:35.02,0:34:37.36,Default,,0000,0000,0000,,Shelley on almost everything and for
Dialogue: 0,0:34:37.36,0:34:40.12,Default,,0000,0000,0000,,sure on the GME, we absolutely need it
Dialogue: 0,0:34:40.12,0:34:42.31,Default,,0000,0000,0000,,and it is in the governor's budget. So
Dialogue: 0,0:34:42.31,0:34:44.29,Default,,0000,0000,0000,,and it does look like it's going through.
Dialogue: 0,0:34:44.29,0:34:46.99,Default,,0000,0000,0000,,What I disagree with is that primary
Dialogue: 0,0:34:46.99,0:34:49.48,Default,,0000,0000,0000,,care is all we need. We need specialty
Dialogue: 0,0:34:49.48,0:34:52.00,Default,,0000,0000,0000,,care in this city as well. You do one
Dialogue: 0,0:34:52.00,0:34:53.74,Default,,0000,0000,0000,,first, and then the other, and you're
Dialogue: 0,0:34:53.74,0:34:56.02,Default,,0000,0000,0000,,right. We need to both make money from
Dialogue: 0,0:34:56.02,0:34:58.21,Default,,0000,0000,0000,,primary care. And you don't get the
Dialogue: 0,0:34:58.21,0:35:00.61,Default,,0000,0000,0000,,pipeline that refers, Let me just tell
Dialogue: 0,0:35:00.61,0:35:02.73,Default,,0000,0000,0000,,you why we need specialties now too,
Dialogue: 0,0:35:02.73,0:35:05.74,Default,,0000,0000,0000,,because almost half of the students that
Dialogue: 0,0:35:05.74,0:35:09.15,Default,,0000,0000,0000,,that went to Reno University of
Dialogue: 0,0:35:09.15,0:35:12.46,Default,,0000,0000,0000,,Nevada-reno School of Medicine left the
Dialogue: 0,0:35:12.46,0:35:14.32,Default,,0000,0000,0000,,state because the specialty training
Dialogue: 0,0:35:14.32,0:35:16.87,Default,,0000,0000,0000,,they wanted isn't given in the state so
Dialogue: 0,0:35:16.87,0:35:19.54,Default,,0000,0000,0000,,to actually fix the students leaving the
Dialogue: 0,0:35:19.54,0:35:21.19,Default,,0000,0000,0000,,state. They have to have specialty
Dialogue: 0,0:35:21.19,0:35:23.50,Default,,0000,0000,0000,,residents, and if you look at the medical
Dialogue: 0,0:35:23.50,0:35:25.12,Default,,0000,0000,0000,,care that's missing. It's the highest
Dialogue: 0,0:35:25.12,0:35:27.34,Default,,0000,0000,0000,,level of medical care that doesn't exist
Dialogue: 0,0:35:27.34,0:35:30.01,Default,,0000,0000,0000,,at all things like liver transplants,
Dialogue: 0,0:35:30.01,0:35:32.26,Default,,0000,0000,0000,,bone marrow transplants, pancreas
Dialogue: 0,0:35:32.26,0:35:34.99,Default,,0000,0000,0000,,transplants, a heart failure program was
Dialogue: 0,0:35:34.99,0:35:37.51,Default,,0000,0000,0000,,an external pump. Those are all programs
Dialogue: 0,0:35:37.51,0:35:39.88,Default,,0000,0000,0000,,that need to be here in Las Vegas, and
Dialogue: 0,0:35:39.88,0:35:41.14,Default,,0000,0000,0000,,you shouldn't have to leave even
Dialogue: 0,0:35:41.14,0:35:43.45,Default,,0000,0000,0000,,insurance companies have to pay to send
Dialogue: 0,0:35:43.45,0:35:45.28,Default,,0000,0000,0000,,people out of state for those kinds of
Dialogue: 0,0:35:45.28,0:35:48.07,Default,,0000,0000,0000,,things. So we really need the other
Dialogue: 0,0:35:48.07,0:35:49.93,Default,,0000,0000,0000,,residences, and just to tell you what
Dialogue: 0,0:35:49.93,0:35:51.76,Default,,0000,0000,0000,,residences are missing in this state.
Dialogue: 0,0:35:51.76,0:35:54.01,Default,,0000,0000,0000,,Some very basic things like in
Dialogue: 0,0:35:54.01,0:35:56.50,Default,,0000,0000,0000,,nephrology fellowship, for one, is missing.
Dialogue: 0,0:35:56.50,0:35:58.87,Default,,0000,0000,0000,,But things like dermatology,
Dialogue: 0,0:35:58.87,0:36:01.75,Default,,0000,0000,0000,,ophthalmology, neurosurgery, cardiac
Dialogue: 0,0:36:01.75,0:36:05.83,Default,,0000,0000,0000,,surgery, orthopedics just started. So we
Dialogue: 0,0:36:05.83,0:36:09.54,Default,,0000,0000,0000,,now have that all of the radiology,
Dialogue: 0,0:36:09.54,0:36:12.76,Default,,0000,0000,0000,,anesthesia, pathology, radiation, oncology,
Dialogue: 0,0:36:12.76,0:36:15.13,Default,,0000,0000,0000,,I could probably name a lot more and
Dialogue: 0,0:36:15.13,0:36:16.81,Default,,0000,0000,0000,,there's not a single pediatric
Dialogue: 0,0:36:16.81,0:36:17.96,Default,,0000,0000,0000,,fellowship.
Dialogue: 0,0:36:17.96,0:36:20.60,Default,,0000,0000,0000,,Only three medicine fellowship. So if you
Dialogue: 0,0:36:20.60,0:36:23.45,Default,,0000,0000,0000,,want to, there's no oncology cancer
Dialogue: 0,0:36:23.45,0:36:25.73,Default,,0000,0000,0000,,fellowships. So all of those need to be
Dialogue: 0,0:36:25.73,0:36:28.70,Default,,0000,0000,0000,,built in this city and as fast as they
Dialogue: 0,0:36:28.70,0:36:30.71,Default,,0000,0000,0000,,can be built and I will say that
Dialogue: 0,0:36:30.71,0:36:32.54,Default,,0000,0000,0000,,depending on what charts you look at if
Dialogue: 0,0:36:32.54,0:36:34.58,Default,,0000,0000,0000,,you look at a national average of
Dialogue: 0,0:36:34.58,0:36:38.24,Default,,0000,0000,0000,,specialty versus primary care were more
Dialogue: 0,0:36:38.24,0:36:41.18,Default,,0000,0000,0000,,scarce in specialties. If you look at
Dialogue: 0,0:36:41.18,0:36:43.07,Default,,0000,0000,0000,,the Mountain West which includes things
Dialogue: 0,0:36:43.07,0:36:45.86,Default,,0000,0000,0000,,like Idaho, Wyoming, in Montana
Dialogue: 0,0:36:45.86,0:36:48.89,Default,,0000,0000,0000,,primary care is more comparing us to
Dialogue: 0,0:36:48.89,0:36:51.56,Default,,0000,0000,0000,,them is really more in demand. But it
Dialogue: 0,0:36:51.56,0:36:53.45,Default,,0000,0000,0000,,just goes to show that their region as a
Dialogue: 0,0:36:53.45,0:36:55.37,Default,,0000,0000,0000,,whole needs more specialty care. So
Dialogue: 0,0:36:55.37,0:36:57.11,Default,,0000,0000,0000,,couldn't leave it without that super
Dialogue: 0,0:36:57.11,0:36:59.09,Default,,0000,0000,0000,,important. And in four years, when you
Dialogue: 0,0:36:59.09,0:37:01.64,Default,,0000,0000,0000,,graduate your first class. Barbara, I
Dialogue: 0,0:37:01.64,0:37:03.80,Default,,0000,0000,0000,,think, we should start those specialties
Dialogue: 0,0:37:03.80,0:37:05.93,Default,,0000,0000,0000,,right. Now, let's get the primary care
Dialogue: 0,0:37:05.93,0:37:08.54,Default,,0000,0000,0000,,physicians, what? Let's be real. We need
Dialogue: 0,0:37:08.54,0:37:11.03,Default,,0000,0000,0000,,all of them, and we need them all now. So
Dialogue: 0,0:37:11.03,0:37:12.95,Default,,0000,0000,0000,,please, talk to the governor. Talk to your
Dialogue: 0,0:37:12.95,0:37:15.11,Default,,0000,0000,0000,,legislators. Let's get the GME funded,
Dialogue: 0,0:37:15.11,0:37:16.88,Default,,0000,0000,0000,,Let's get the Medical School funded, and
Dialogue: 0,0:37:16.88,0:37:19.04,Default,,0000,0000,0000,,let's just get this done. So people quit
Dialogue: 0,0:37:19.04,0:37:20.87,Default,,0000,0000,0000,,getting on the airplane to go get their
Dialogue: 0,0:37:20.87,0:37:23.75,Default,,0000,0000,0000,,care, that should not be OK for us in
Dialogue: 0,0:37:23.75,0:37:26.42,Default,,0000,0000,0000,,this city anymore. And all of these
Dialogue: 0,0:37:26.42,0:37:28.04,Default,,0000,0000,0000,,people are completely dedicated to
Dialogue: 0,0:37:28.04,0:37:30.92,Default,,0000,0000,0000,,turning that ship around, but it takes
Dialogue: 0,0:37:30.92,0:37:36.05,Default,,0000,0000,0000,,every citizen to care and act that is
Dialogue: 0,0:37:36.05,0:37:38.57,Default,,0000,0000,0000,,the perfect summary. A transition to you.
Dialogue: 0,0:37:38.57,0:37:41.12,Default,,0000,0000,0000,,Guys, we do have a question from the
Dialogue: 0,0:37:41.12,0:37:42.07,Default,,0000,0000,0000,,audience.
Dialogue: 0,0:37:42.07,0:37:44.93,Default,,0000,0000,0000,,Team. Yup. There we go all right. Fire away.
Dialogue: 0,0:37:44.93,0:37:47.00,Default,,0000,0000,0000,,Rachel's all Mesquite Regional Business.
Dialogue: 0,0:37:47.00,0:37:49.88,Default,,0000,0000,0000,,We're about an hour east of here, and we
Dialogue: 0,0:37:49.88,0:37:51.83,Default,,0000,0000,0000,,feel the same way except people get in
Dialogue: 0,0:37:51.83,0:37:53.78,Default,,0000,0000,0000,,their car and come here for medical care.
Dialogue: 0,0:37:53.78,0:37:56.48,Default,,0000,0000,0000,,So is there going to be an effort to
Dialogue: 0,0:37:56.48,0:37:58.22,Default,,0000,0000,0000,,reach out to rural Clark County
Dialogue: 0,0:37:58.22,0:38:00.68,Default,,0000,0000,0000,,communities? Can we have some residences
Dialogue: 0,0:38:00.68,0:38:03.65,Default,,0000,0000,0000,,in Mesquite, in Boulder City, and Laughlin,
Dialogue: 0,0:38:03.65,0:38:08.09,Default,,0000,0000,0000,,and some of our other partners? I can
Dialogue: 0,0:38:08.09,0:38:09.92,Default,,0000,0000,0000,,start out saying that I think the big
Dialogue: 0,0:38:09.92,0:38:11.99,Default,,0000,0000,0000,,the biggest thing that could help rural
Dialogue: 0,0:38:11.99,0:38:14.27,Default,,0000,0000,0000,,Clark County, and rural Nevada is
Dialogue: 0,0:38:14.27,0:38:16.19,Default,,0000,0000,0000,,telemedicine, and I think that's really
Dialogue: 0,0:38:16.19,0:38:17.99,Default,,0000,0000,0000,,the thing of the future, and that's
Dialogue: 0,0:38:17.99,0:38:20.99,Default,,0000,0000,0000,,something that's really good for urban
Dialogue: 0,0:38:20.99,0:38:24.02,Default,,0000,0000,0000,,areas too. For follow-up, you need to be
Dialogue: 0,0:38:24.02,0:38:26.69,Default,,0000,0000,0000,,see a doctor in person the first time,
Dialogue: 0,0:38:26.69,0:38:29.00,Default,,0000,0000,0000,,but often for follow-up especially with
Dialogue: 0,0:38:29.00,0:38:31.19,Default,,0000,0000,0000,,chronic diseases, it could happen in your
Dialogue: 0,0:38:31.19,0:38:31.43,Default,,0000,0000,0000,,home,
Dialogue: 0,0:38:31.43,0:38:34.58,Default,,0000,0000,0000,,and save you the drive and save you, save
Dialogue: 0,0:38:34.58,0:38:36.74,Default,,0000,0000,0000,,you, the parking and so on.
Dialogue: 0,0:38:36.74,0:38:39.80,Default,,0000,0000,0000,,Let the echo what Barbara is saying, Kuro
Dialogue: 0,0:38:39.80,0:38:42.50,Default,,0000,0000,0000,,is very aggressively moving into
Dialogue: 0,0:38:42.50,0:38:44.96,Default,,0000,0000,0000,,telemedicine. I think it is very
Dialogue: 0,0:38:44.96,0:38:47.99,Default,,0000,0000,0000,,important if there are not enough health
Dialogue: 0,0:38:47.99,0:38:50.36,Default,,0000,0000,0000,,care providers, and there are not in the
Dialogue: 0,0:38:50.36,0:38:54.50,Default,,0000,0000,0000,,state of Nevada. See a very good way. It's
Dialogue: 0,0:38:54.50,0:38:57.53,Default,,0000,0000,0000,,not the ideal perfect way, but a very
Dialogue: 0,0:38:57.53,0:39:00.29,Default,,0000,0000,0000,,good way to access healthcare and to
Dialogue: 0,0:39:00.29,0:39:02.54,Default,,0000,0000,0000,,speak to a health care provider is
Dialogue: 0,0:39:02.54,0:39:05.06,Default,,0000,0000,0000,,through telemedicine. So, we are also
Dialogue: 0,0:39:05.06,0:39:07.22,Default,,0000,0000,0000,,moving in that direction very very
Dialogue: 0,0:39:07.22,0:39:11.96,Default,,0000,0000,0000,,rapidly and very aggressively. Excellent.
Dialogue: 0,0:39:11.96,0:39:14.84,Default,,0000,0000,0000,,I know we're running short on time so
Dialogue: 0,0:39:14.84,0:39:16.67,Default,,0000,0000,0000,,we're going to cut cut this segment
Dialogue: 0,0:39:16.67,0:39:18.83,Default,,0000,0000,0000,,short. And give this group a huge round
Dialogue: 0,0:39:18.83,0:39:25.22,Default,,0000,0000,0000,,of applause? Can you join me? Thank you so
Dialogue: 0,0:39:25.22,0:39:36.62,Default,,0000,0000,0000,,much, all right. I hope you can see how
Dialogue: 0,0:39:36.62,0:39:38.93,Default,,0000,0000,0000,,critical healthcare is to our economy,
Dialogue: 0,0:39:38.93,0:39:41.42,Default,,0000,0000,0000,,and to really to our community and
Dialogue: 0,0:39:41.42,0:39:43.49,Default,,0000,0000,0000,,getting to that next level. I hope you
Dialogue: 0,0:39:43.49,0:39:45.80,Default,,0000,0000,0000,,learn something there. We're going to
Dialogue: 0,0:39:45.80,0:39:49.85,Default,,0000,0000,0000,,move on to our first keynote, and I want
Dialogue: 0,0:39:49.85,0:39:52.70,Default,,0000,0000,0000,,to introduce this by saying a friend
Dialogue: 0,0:39:52.70,0:39:54.65,Default,,0000,0000,0000,,once told me, "You'll know when you
Dialogue: 0,0:39:54.65,0:39:58.81,Default,,0000,0000,0000,,arrived in Las Vegas when Jeremy agüero
Dialogue: 0,0:39:58.81,0:40:03.47,Default,,0000,0000,0000,,considers you a friend," right? I believe
Dialogue: 0,0:40:03.47,0:40:06.17,Default,,0000,0000,0000,,that that's kind of true and I'm proud
Dialogue: 0,0:40:06.17,0:40:08.96,Default,,0000,0000,0000,,to say Jeremy, I consider you a friend.
Dialogue: 0,0:40:08.96,0:40:11.65,Default,,0000,0000,0000,,You're one of the smartest people I know.
Dialogue: 0,0:40:11.65,0:40:14.24,Default,,0000,0000,0000,,This is the presentation that I know you
Dialogue: 0,0:40:14.24,0:40:16.58,Default,,0000,0000,0000,,guys really keep coming back for year
Dialogue: 0,0:40:16.58,0:40:18.89,Default,,0000,0000,0000,,after year. That makes perspective. Great,
Dialogue: 0,0:40:18.89,0:40:21.38,Default,,0000,0000,0000,,let's give a warm welcome to Jeremy
Dialogue: 0,0:40:21.38,0:40:24.61,Default,,0000,0000,0000,,Agüero with a plot analysis.
Dialogue: 0,0:40:27.38,0:40:30.51,Default,,0000,0000,0000,,[Music]
Dialogue: 0,0:40:31.18,0:40:33.77,Default,,0000,0000,0000,,Good morning. I appreciate everybody
Dialogue: 0,0:40:33.77,0:40:37.37,Default,,0000,0000,0000,,being here today as Jonas, my very good
Dialogue: 0,0:40:37.37,0:40:41.63,Default,,0000,0000,0000,,friend, indicated my job is to come up
Dialogue: 0,0:40:41.63,0:40:43.25,Default,,0000,0000,0000,,here and provide you somewhat of an
Dialogue: 0,0:40:43.25,0:40:44.57,Default,,0000,0000,0000,,overview in terms of where we are as an
Dialogue: 0,0:40:44.57,0:40:46.01,Default,,0000,0000,0000,,economy. And where we think that were
Dialogue: 0,0:40:46.01,0:40:47.24,Default,,0000,0000,0000,,ultimately heading. Before I do that,
Dialogue: 0,0:40:47.24,0:40:49.31,Default,,0000,0000,0000,,Jonas was so nice to say thank you to
Dialogue: 0,0:40:49.31,0:40:50.87,Default,,0000,0000,0000,,our firm and the other sponsors that we
Dialogue: 0,0:40:50.87,0:40:52.79,Default,,0000,0000,0000,,have and everyone being here. But he
Dialogue: 0,0:40:52.79,0:40:55.61,Default,,0000,0000,0000,,would never be so presumptive is to say
Dialogue: 0,0:40:55.61,0:40:58.01,Default,,0000,0000,0000,,to mention the LVGEA and all the
Dialogue: 0,0:40:58.01,0:40:59.57,Default,,0000,0000,0000,,wonderful things that they do and their
Dialogue: 0,0:40:59.57,0:41:01.49,Default,,0000,0000,0000,,entire staff does to put on this event.
Dialogue: 0,0:41:01.49,0:41:09.26,Default,,0000,0000,0000,,Please give them a round in developing
Dialogue: 0,0:41:09.26,0:41:11.12,Default,,0000,0000,0000,,my presentation today. The title of my
Dialogue: 0,0:41:11.12,0:41:13.28,Default,,0000,0000,0000,,presentation is Coming Full Circle. It
Dialogue: 0,0:41:13.28,0:41:15.08,Default,,0000,0000,0000,,occurs to me that our community is going
Dialogue: 0,0:41:15.08,0:41:17.00,Default,,0000,0000,0000,,through some unique brand approach
Dialogue: 0,0:41:17.00,0:41:20.89,Default,,0000,0000,0000,,traumatic stress. Excuse me, yeah. Me too.
Dialogue: 0,0:41:20.89,0:41:23.84,Default,,0000,0000,0000,,Post-traumatic stress disorder in terms
Dialogue: 0,0:41:23.84,0:41:25.52,Default,,0000,0000,0000,,of this ability to start to
Dialogue: 0,0:41:25.52,0:41:27.17,Default,,0000,0000,0000,,conceptualize the fact that our economy
Dialogue: 0,0:41:27.17,0:41:28.76,Default,,0000,0000,0000,,is no longer in recession that we're
Dialogue: 0,0:41:28.76,0:41:30.20,Default,,0000,0000,0000,,starting to move forward, and the
Dialogue: 0,0:41:30.20,0:41:31.40,Default,,0000,0000,0000,,questions that I get are relatively
Dialogue: 0,0:41:31.40,0:41:33.95,Default,,0000,0000,0000,,similar. Hey look. What's going to happen
Dialogue: 0,0:41:33.95,0:41:35.45,Default,,0000,0000,0000,,next? When are we going to fall off this
Dialogue: 0,0:41:35.45,0:41:37.76,Default,,0000,0000,0000,,cliff? Are we growing too fast? This means
Dialogue: 0,0:41:37.76,0:41:39.35,Default,,0000,0000,0000,,we're getting out over our skis. Are we
Dialogue: 0,0:41:39.35,0:41:40.79,Default,,0000,0000,0000,,just setting ourselves up to happen
Dialogue: 0,0:41:40.79,0:41:42.62,Default,,0000,0000,0000,,again? Should I invest? All of those type
Dialogue: 0,0:41:42.62,0:41:45.02,Default,,0000,0000,0000,,of things seem to be this recurring set
Dialogue: 0,0:41:45.02,0:41:46.52,Default,,0000,0000,0000,,of questions. And so, I'd like to take
Dialogue: 0,0:41:46.52,0:41:48.26,Default,,0000,0000,0000,,some time to put some of those arrests.
Dialogue: 0,0:41:48.26,0:41:50.39,Default,,0000,0000,0000,,And I understand why we got to this
Dialogue: 0,0:41:50.39,0:41:52.94,Default,,0000,0000,0000,,point. Let's not forget about all of the
Dialogue: 0,0:41:52.94,0:41:54.74,Default,,0000,0000,0000,,articles that came out for the better,
Dialogue: 0,0:41:54.74,0:41:57.29,Default,,0000,0000,0000,,part of a five-year period right?
Dialogue: 0,0:41:57.29,0:41:59.39,Default,,0000,0000,0000,,Crowds returned but we're no one's going
Dialogue: 0,0:41:59.39,0:42:01.64,Default,,0000,0000,0000,,to gamble the housing market continues
Dialogue: 0,0:42:01.64,0:42:04.64,Default,,0000,0000,0000,,to slide Las Vegas economy, absolutely in
Dialogue: 0,0:42:04.64,0:42:07.34,Default,,0000,0000,0000,,freefall. My personal favorite, Las Vegas
Dialogue: 0,0:42:07.34,0:42:10.30,Default,,0000,0000,0000,,economy, among the worst in the world
Dialogue: 0,0:42:10.30,0:42:14.03,Default,,0000,0000,0000,,report, says now I can think of lots of
Dialogue: 0,0:42:14.03,0:42:17.33,Default,,0000,0000,0000,,places on planet Earth many of them end.
Dialogue: 0,0:42:17.33,0:42:20.51,Default,,0000,0000,0000,,With something like Tajikistan, you
Dialogue: 0,0:42:20.51,0:42:22.91,Default,,0000,0000,0000,,know, whatever that I don't even ever
Dialogue: 0,0:42:22.91,0:42:25.37,Default,,0000,0000,0000,,believe that we are the worst on planet
Dialogue: 0,0:42:25.37,0:42:27.59,Default,,0000,0000,0000,,earth. And then the other one that was
Dialogue: 0,0:42:27.59,0:42:29.90,Default,,0000,0000,0000,,out there was, of course, Las Vegas from
Dialogue: 0,0:42:29.90,0:42:32.00,Default,,0000,0000,0000,,Time magazine, where Joel Stein called
Dialogue: 0,0:42:32.00,0:42:35.63,Default,,0000,0000,0000,,Las Vegas the world's greatest ghost
Dialogue: 0,0:42:35.63,0:42:36.36,Default,,0000,0000,0000,,town
Dialogue: 0,0:42:36.36,0:42:39.18,Default,,0000,0000,0000,,in waiting. Right? This is why we continue
Dialogue: 0,0:42:39.18,0:42:42.30,Default,,0000,0000,0000,,to have this type of concern, and I get
Dialogue: 0,0:42:42.30,0:42:44.70,Default,,0000,0000,0000,,it I get that the economic downturn was
Dialogue: 0,0:42:44.70,0:42:47.13,Default,,0000,0000,0000,,significant. I get that it created a lot
Dialogue: 0,0:42:47.13,0:42:49.41,Default,,0000,0000,0000,,of stress for us in here. But the fact
Dialogue: 0,0:42:49.41,0:42:51.54,Default,,0000,0000,0000,,that this room is filled with so many
Dialogue: 0,0:42:51.54,0:42:54.39,Default,,0000,0000,0000,,familiar faces among people who found a
Dialogue: 0,0:42:54.39,0:42:56.10,Default,,0000,0000,0000,,way to make it work. I think is something
Dialogue: 0,0:42:56.10,0:42:58.02,Default,,0000,0000,0000,,we should be very proud of. And I think
Dialogue: 0,0:42:58.02,0:43:00.27,Default,,0000,0000,0000,,being realistic about where we are is
Dialogue: 0,0:43:00.27,0:43:02.79,Default,,0000,0000,0000,,important because this community will
Dialogue: 0,0:43:02.79,0:43:05.91,Default,,0000,0000,0000,,not be judged, based on our ability to
Dialogue: 0,0:43:05.91,0:43:09.15,Default,,0000,0000,0000,,survive a recession our community will
Dialogue: 0,0:43:09.15,0:43:12.15,Default,,0000,0000,0000,,be judged on the ability to sustain our
Dialogue: 0,0:43:12.15,0:43:14.40,Default,,0000,0000,0000,,prosperity. That is what you heard today,
Dialogue: 0,0:43:14.40,0:43:16.86,Default,,0000,0000,0000,,and that is what we need to do as a
Dialogue: 0,0:43:16.86,0:43:18.84,Default,,0000,0000,0000,,community. I'm going to start with
Dialogue: 0,0:43:18.84,0:43:20.88,Default,,0000,0000,0000,,population growth because our community
Dialogue: 0,0:43:20.88,0:43:23.61,Default,,0000,0000,0000,,is geared for exactly that we are
Dialogue: 0,0:43:23.61,0:43:26.16,Default,,0000,0000,0000,,designed to grow. We have been among the
Dialogue: 0,0:43:26.16,0:43:28.62,Default,,0000,0000,0000,,nation's fastest growing for decades and
Dialogue: 0,0:43:28.62,0:43:30.15,Default,,0000,0000,0000,,decades and decades. And here we are
Dialogue: 0,0:43:30.15,0:43:32.64,Default,,0000,0000,0000,,still again. what I'd like to do is just
Dialogue: 0,0:43:32.64,0:43:34.59,Default,,0000,0000,0000,,show you the population growth during
Dialogue: 0,0:43:34.59,0:43:36.93,Default,,0000,0000,0000,,sort of a boom period. And then you see
Dialogue: 0,0:43:36.93,0:43:38.25,Default,,0000,0000,0000,,that it sort of flattens out a little
Dialogue: 0,0:43:38.25,0:43:40.83,Default,,0000,0000,0000,,bit, and here we are again. And today, we
Dialogue: 0,0:43:40.83,0:43:44.91,Default,,0000,0000,0000,,are a community of 2.2 million people
Dialogue: 0,0:43:44.91,0:43:47.76,Default,,0000,0000,0000,,overall. 2.2 million people call this
Dialogue: 0,0:43:47.76,0:43:48.51,Default,,0000,0000,0000,,place home.
Dialogue: 0,0:43:48.51,0:43:50.13,Default,,0000,0000,0000,,Now it's the same 500 people that you
Dialogue: 0,0:43:50.13,0:43:52.53,Default,,0000,0000,0000,,see everywhere you go. I get that, okay.
Dialogue: 0,0:43:52.53,0:43:55.71,Default,,0000,0000,0000,,But there really are 2.2 million people
Dialogue: 0,0:43:55.71,0:43:57.87,Default,,0000,0000,0000,,have physically live in this community.
Dialogue: 0,0:43:57.87,0:44:00.30,Default,,0000,0000,0000,,Now, I went relatively fast to this and
Dialogue: 0,0:44:00.30,0:44:02.07,Default,,0000,0000,0000,,if I was to go back through it. You'd see
Dialogue: 0,0:44:02.07,0:44:03.42,Default,,0000,0000,0000,,that the demographics, and I'll go
Dialogue: 0,0:44:03.42,0:44:05.19,Default,,0000,0000,0000,,backward because my guys were so nice to
Dialogue: 0,0:44:05.19,0:44:07.17,Default,,0000,0000,0000,,create this. If you look on the right
Dialogue: 0,0:44:07.17,0:44:09.06,Default,,0000,0000,0000,,side of my chart, that's the shares in
Dialogue: 0,0:44:09.06,0:44:10.76,Default,,0000,0000,0000,,terms of races in terms of our
Dialogue: 0,0:44:10.76,0:44:13.14,Default,,0000,0000,0000,,demographics if you will. And we look at
Dialogue: 0,0:44:13.14,0:44:15.48,Default,,0000,0000,0000,,2000, and then we look at 2006. And then
Dialogue: 0,0:44:15.48,0:44:17.37,Default,,0000,0000,0000,,we look at 2012, and then where we are
Dialogue: 0,0:44:17.37,0:44:19.38,Default,,0000,0000,0000,,today, we are becoming increasingly
Dialogue: 0,0:44:19.38,0:44:22.05,Default,,0000,0000,0000,,diverse. We are minority-majority. All of
Dialogue: 0,0:44:22.05,0:44:24.27,Default,,0000,0000,0000,,those type of things this diversity is
Dialogue: 0,0:44:24.27,0:44:27.06,Default,,0000,0000,0000,,what makes our community great. It is
Dialogue: 0,0:44:27.06,0:44:29.22,Default,,0000,0000,0000,,part of who we are. It is the fabric of
Dialogue: 0,0:44:29.22,0:44:31.20,Default,,0000,0000,0000,,our society, and there is nothing wrong
Dialogue: 0,0:44:31.20,0:44:32.67,Default,,0000,0000,0000,,with it. As a matter of fact, we only
Dialogue: 0,0:44:32.67,0:44:34.74,Default,,0000,0000,0000,,today are starting to embrace that and
Dialogue: 0,0:44:34.74,0:44:37.29,Default,,0000,0000,0000,,carry it forward. These are the 35
Dialogue: 0,0:44:37.29,0:44:39.72,Default,,0000,0000,0000,,largest metropolitan areas in the United
Dialogue: 0,0:44:39.72,0:44:41.76,Default,,0000,0000,0000,,States. We are the third fastest growing
Dialogue: 0,0:44:41.76,0:44:44.31,Default,,0000,0000,0000,,of all of them, not a bad place to be.
Dialogue: 0,0:44:44.31,0:44:46.59,Default,,0000,0000,0000,,Where are newcomers coming from? There's
Dialogue: 0,0:44:46.59,0:44:48.57,Default,,0000,0000,0000,,no surprise here. Who want to think about
Dialogue: 0,0:44:48.57,0:44:49.48,Default,,0000,0000,0000,,it in terms of full
Dialogue: 0,0:44:49.48,0:44:51.64,Default,,0000,0000,0000,,circle. Yes, people did not move to
Dialogue: 0,0:44:51.64,0:44:53.53,Default,,0000,0000,0000,,Southern Nevada when the economy was
Dialogue: 0,0:44:53.53,0:44:55.18,Default,,0000,0000,0000,,going down? Why did they not move because
Dialogue: 0,0:44:55.18,0:44:57.13,Default,,0000,0000,0000,,they weren't moving anywhere because
Dialogue: 0,0:44:57.13,0:44:59.14,Default,,0000,0000,0000,,their house was underwater. That's why
Dialogue: 0,0:44:59.14,0:45:01.24,Default,,0000,0000,0000,,people weren't moving. And now they're
Dialogue: 0,0:45:01.24,0:45:02.56,Default,,0000,0000,0000,,moving again, and guess where they're
Dialogue: 0,0:45:02.56,0:45:05.08,Default,,0000,0000,0000,,coming from, excuse me, California.
Dialogue: 0,0:45:05.08,0:45:07.15,Default,,0000,0000,0000,,Because it's the seventh largest economy
Dialogue: 0,0:45:07.15,0:45:09.31,Default,,0000,0000,0000,,on planet Earth and people can't get out
Dialogue: 0,0:45:09.31,0:45:10.93,Default,,0000,0000,0000,,of there fast enough. All of which is
Dialogue: 0,0:45:10.93,0:45:13.42,Default,,0000,0000,0000,,fine right? But it's benefiting us but
Dialogue: 0,0:45:13.42,0:45:15.34,Default,,0000,0000,0000,,more important than this idea of full
Dialogue: 0,0:45:15.34,0:45:17.50,Default,,0000,0000,0000,,circle is how we've changed in that.
Dialogue: 0,0:45:17.50,0:45:19.21,Default,,0000,0000,0000,,Let's just take a look at what those
Dialogue: 0,0:45:19.21,0:45:21.46,Default,,0000,0000,0000,,newcomer trends look like throughout the
Dialogue: 0,0:45:21.46,0:45:24.10,Default,,0000,0000,0000,,years in 2000. Look at what the income
Dialogue: 0,0:45:24.10,0:45:26.05,Default,,0000,0000,0000,,level was. Look at the age of people
Dialogue: 0,0:45:26.05,0:45:28.06,Default,,0000,0000,0000,,moving in. What we know is that today
Dialogue: 0,0:45:28.06,0:45:30.94,Default,,0000,0000,0000,,people are moving into our community to
Dialogue: 0,0:45:30.94,0:45:33.25,Default,,0000,0000,0000,,find jobs that are at a higher level and
Dialogue: 0,0:45:33.25,0:45:35.17,Default,,0000,0000,0000,,they're bringing more income with them.
Dialogue: 0,0:45:35.17,0:45:37.06,Default,,0000,0000,0000,,They're also bringing more home equity
Dialogue: 0,0:45:37.06,0:45:39.16,Default,,0000,0000,0000,,with them, and surprisingly enough, there
Dialogue: 0,0:45:39.16,0:45:40.81,Default,,0000,0000,0000,,actually appears to be some
Dialogue: 0,0:45:40.81,0:45:42.85,Default,,0000,0000,0000,,Millennials that are moving out of their
Dialogue: 0,0:45:42.85,0:45:44.86,Default,,0000,0000,0000,,parents house because they appear to be
Dialogue: 0,0:45:44.86,0:45:47.68,Default,,0000,0000,0000,,moving here right? If you look at the far
Dialogue: 0,0:45:47.68,0:45:50.44,Default,,0000,0000,0000,,right at 2016, the age at which people
Dialogue: 0,0:45:50.44,0:45:52.63,Default,,0000,0000,0000,,are moving in is dropping for every
Dialogue: 0,0:45:52.63,0:45:54.67,Default,,0000,0000,0000,,reason and the LVGEA has been absolutely
Dialogue: 0,0:45:54.67,0:45:57.22,Default,,0000,0000,0000,,a leader on. This is the reality that we
Dialogue: 0,0:45:57.22,0:45:59.92,Default,,0000,0000,0000,,cannot create as many professionals as
Dialogue: 0,0:45:59.92,0:46:01.63,Default,,0000,0000,0000,,we need in this community.
Dialogue: 0,0:46:01.63,0:46:03.49,Default,,0000,0000,0000,,Things like GME and others are
Dialogue: 0,0:46:03.49,0:46:05.38,Default,,0000,0000,0000,,essentially a roadblock until we are
Dialogue: 0,0:46:05.38,0:46:07.03,Default,,0000,0000,0000,,going to have to attract talent
Dialogue: 0,0:46:07.03,0:46:08.80,Default,,0000,0000,0000,,particularly from around the western
Dialogue: 0,0:46:08.80,0:46:10.60,Default,,0000,0000,0000,,United States. And they're coming here,
Dialogue: 0,0:46:10.60,0:46:13.00,Default,,0000,0000,0000,,and they're coming here because we offer
Dialogue: 0,0:46:13.00,0:46:16.66,Default,,0000,0000,0000,,a better way of life overall. If we
Dialogue: 0,0:46:16.66,0:46:19.15,Default,,0000,0000,0000,,transition from this idea of population
Dialogue: 0,0:46:19.15,0:46:21.64,Default,,0000,0000,0000,,to this concept of employment, right. The
Dialogue: 0,0:46:21.64,0:46:23.50,Default,,0000,0000,0000,,number one motivation for people moving
Dialogue: 0,0:46:23.50,0:46:25.51,Default,,0000,0000,0000,,into our community as it has been for
Dialogue: 0,0:46:25.51,0:46:28.39,Default,,0000,0000,0000,,most of the past 37 years has been this
Dialogue: 0,0:46:28.39,0:46:31.39,Default,,0000,0000,0000,,idea of finding a job, probably much
Dialogue: 0,0:46:31.39,0:46:33.61,Default,,0000,0000,0000,,longer than that. But it is this idea of
Dialogue: 0,0:46:33.61,0:46:36.64,Default,,0000,0000,0000,,finding a job and if we look at how we
Dialogue: 0,0:46:36.64,0:46:38.47,Default,,0000,0000,0000,,are creating jobs, and where we've been
Dialogue: 0,0:46:38.47,0:46:40.84,Default,,0000,0000,0000,,this idea of sort of coming all the way
Dialogue: 0,0:46:40.84,0:46:42.94,Default,,0000,0000,0000,,back around. This is what job growth
Dialogue: 0,0:46:42.94,0:46:45.34,Default,,0000,0000,0000,,looked in 2007. Most of the folks here
Dialogue: 0,0:46:45.34,0:46:47.98,Default,,0000,0000,0000,,remember what 2007 was like. Jobs were
Dialogue: 0,0:46:47.98,0:46:49.87,Default,,0000,0000,0000,,plentiful, the unemployment rate was
Dialogue: 0,0:46:49.87,0:46:52.72,Default,,0000,0000,0000,,approaching 4%. Everybody that wanted a
Dialogue: 0,0:46:52.72,0:46:55.33,Default,,0000,0000,0000,,job could find a job except perhaps for
Dialogue: 0,0:46:55.33,0:46:57.67,Default,,0000,0000,0000,,my brother-in-law. And it was
Dialogue: 0,0:46:57.67,0:47:00.07,Default,,0000,0000,0000,,fine, right. It was good right. We were
Dialogue: 0,0:47:00.07,0:47:01.78,Default,,0000,0000,0000,,growing at 4.3%, we
Dialogue: 0,0:47:01.78,0:47:02.33,Default,,0000,0000,0000,,were the
Dialogue: 0,0:47:02.33,0:47:03.59,Default,,0000,0000,0000,,we were the fifth fastest growing
Dialogue: 0,0:47:03.59,0:47:05.54,Default,,0000,0000,0000,,metropolitan area, excuse me, states in
Dialogue: 0,0:47:05.54,0:47:08.09,Default,,0000,0000,0000,,the nation. And here we look at a 2011,
Dialogue: 0,0:47:08.09,0:47:10.34,Default,,0000,0000,0000,,when the world is kind of coming apart,
Dialogue: 0,0:47:10.34,0:47:13.67,Default,,0000,0000,0000,,and only North Dakota has positive
Dialogue: 0,0:47:13.67,0:47:15.92,Default,,0000,0000,0000,,growth right. You know, yeah. There's a lot
Dialogue: 0,0:47:15.92,0:47:17.42,Default,,0000,0000,0000,,of jokes there. We'll just leave it, leave
Dialogue: 0,0:47:17.42,0:47:19.87,Default,,0000,0000,0000,,it there. And then you look at 2017, and
Dialogue: 0,0:47:19.87,0:47:23.21,Default,,0000,0000,0000,,here we are again here we are again at
Dialogue: 0,0:47:23.21,0:47:25.94,Default,,0000,0000,0000,,the now the third fastest growing state
Dialogue: 0,0:47:25.94,0:47:28.31,Default,,0000,0000,0000,,in the entire United States. And that's
Dialogue: 0,0:47:28.31,0:47:30.80,Default,,0000,0000,0000,,great, and that full circle is what is
Dialogue: 0,0:47:30.80,0:47:33.11,Default,,0000,0000,0000,,important to us. But the nature of it,
Dialogue: 0,0:47:33.11,0:47:35.30,Default,,0000,0000,0000,,what is underlying, it is the reason that
Dialogue: 0,0:47:35.30,0:47:37.58,Default,,0000,0000,0000,,we can at least exhale a little bit, and
Dialogue: 0,0:47:37.58,0:47:39.89,Default,,0000,0000,0000,,say we are learning to do it better as
Dialogue: 0,0:47:39.89,0:47:41.96,Default,,0000,0000,0000,,we go forward. Let's just talk about that
Dialogue: 0,0:47:41.96,0:47:44.06,Default,,0000,0000,0000,,for a moment. Now, here's the
Dialogue: 0,0:47:44.06,0:47:46.70,Default,,0000,0000,0000,,pre-recession growth in employment for
Dialogue: 0,0:47:46.70,0:47:48.44,Default,,0000,0000,0000,,the top 35 MSA.
Dialogue: 0,0:47:48.44,0:47:50.72,Default,,0000,0000,0000,,I guess I should show this in advance of
Dialogue: 0,0:47:50.72,0:47:52.85,Default,,0000,0000,0000,,showing how we're changing to make sure
Dialogue: 0,0:47:52.85,0:47:54.14,Default,,0000,0000,0000,,that I'm showing sort of an apples to
Dialogue: 0,0:47:54.14,0:47:56.21,Default,,0000,0000,0000,,apples comparison. So we were just
Dialogue: 0,0:47:56.21,0:47:57.68,Default,,0000,0000,0000,,looking at states we're now looking at
Dialogue: 0,0:47:57.68,0:47:59.78,Default,,0000,0000,0000,,MSA, is you can see there's only one
Dialogue: 0,0:47:59.78,0:48:02.90,Default,,0000,0000,0000,,large MSA now to the right of us. In 2007
Dialogue: 0,0:48:02.90,0:48:06.23,Default,,0000,0000,0000,,we're dead last in the among large MSA.
Dialogue: 0,0:48:06.23,0:48:09.20,Default,,0000,0000,0000,,And in 2011, and here we are today at
Dialogue: 0,0:48:09.20,0:48:12.53,Default,,0000,0000,0000,,about three a little over 3% employment
Dialogue: 0,0:48:12.53,0:48:14.27,Default,,0000,0000,0000,,growth, which I'm sure my good friends at
Dialogue: 0,0:48:14.27,0:48:15.56,Default,,0000,0000,0000,,the Nevada Department of Employment
Dialogue: 0,0:48:15.56,0:48:17.06,Default,,0000,0000,0000,,training and rehabilitation, that are
Dialogue: 0,0:48:17.06,0:48:19.22,Default,,0000,0000,0000,,here today will tell you that is pretty
Dialogue: 0,0:48:19.22,0:48:22.13,Default,,0000,0000,0000,,darn good growth overall. And we like it
Dialogue: 0,0:48:22.13,0:48:24.65,Default,,0000,0000,0000,,so we look at where we are in terms of
Dialogue: 0,0:48:24.65,0:48:27.65,Default,,0000,0000,0000,,having created all of those jobs, right.
Dialogue: 0,0:48:27.65,0:48:29.99,Default,,0000,0000,0000,,Here's our last peak. There it is, in May
Dialogue: 0,0:48:29.99,0:48:32.93,Default,,0000,0000,0000,,of 2007 when we had about let's call it
Dialogue: 0,0:48:32.93,0:48:34.49,Default,,0000,0000,0000,,nine hundred and forty thousand today
Dialogue: 0,0:48:34.49,0:48:36.23,Default,,0000,0000,0000,,where, let's call it nine hundred and
Dialogue: 0,0:48:36.23,0:48:38.81,Default,,0000,0000,0000,,eighty thousand. We have forty thousand
Dialogue: 0,0:48:38.81,0:48:41.78,Default,,0000,0000,0000,,more jobs today in our community than we
Dialogue: 0,0:48:41.78,0:48:44.24,Default,,0000,0000,0000,,did then on the far right hand side of
Dialogue: 0,0:48:44.24,0:48:46.55,Default,,0000,0000,0000,,my chart, of course, is what sectors are
Dialogue: 0,0:48:46.55,0:48:48.26,Default,,0000,0000,0000,,showing the greatest growth. And I think
Dialogue: 0,0:48:48.26,0:48:50.30,Default,,0000,0000,0000,,this is part of the angst that we have.
Dialogue: 0,0:48:50.30,0:48:52.76,Default,,0000,0000,0000,,The number one growth sector we had over
Dialogue: 0,0:48:52.76,0:48:54.59,Default,,0000,0000,0000,,the past 12 months has been construction.
Dialogue: 0,0:48:54.59,0:48:56.93,Default,,0000,0000,0000,,We added 8,500 jobs, and I am here to
Dialogue: 0,0:48:56.93,0:48:58.64,Default,,0000,0000,0000,,tell you that as we're going through
Dialogue: 0,0:48:58.64,0:49:01.07,Default,,0000,0000,0000,,this exercise. By the time we get to the
Dialogue: 0,0:49:01.07,0:49:03.35,Default,,0000,0000,0000,,end of this year, our community is going
Dialogue: 0,0:49:03.35,0:49:05.78,Default,,0000,0000,0000,,to be 10,000 construction workers short
Dialogue: 0,0:49:05.78,0:49:07.82,Default,,0000,0000,0000,,of the number. We're going to need to
Dialogue: 0,0:49:07.82,0:49:09.77,Default,,0000,0000,0000,,keep pace with all the projects we have.
Dialogue: 0,0:49:09.77,0:49:11.09,Default,,0000,0000,0000,,And if there's some construction folks
Dialogue: 0,0:49:11.09,0:49:12.80,Default,,0000,0000,0000,,in the room, they're probably going to
Dialogue: 0,0:49:12.80,0:49:14.75,Default,,0000,0000,0000,,tell you that I'm light on that number,
Dialogue: 0,0:49:14.75,0:49:15.55,Default,,0000,0000,0000,,and we're all
Dialogue: 0,0:49:15.55,0:49:18.07,Default,,0000,0000,0000,,10,000 construction workers short of
Dialogue: 0,0:49:18.07,0:49:19.75,Default,,0000,0000,0000,,hitting that number. Look at the other
Dialogue: 0,0:49:19.75,0:49:21.40,Default,,0000,0000,0000,,areas that we're growing professional
Dialogue: 0,0:49:21.40,0:49:23.02,Default,,0000,0000,0000,,and business services, leisure and
Dialogue: 0,0:49:23.02,0:49:25.59,Default,,0000,0000,0000,,hospitality, education, in health care, all
Dialogue: 0,0:49:25.59,0:49:27.82,Default,,0000,0000,0000,,expanding. Let's take a look at the
Dialogue: 0,0:49:27.82,0:49:30.10,Default,,0000,0000,0000,,unemployment rate, right? Our unemployment
Dialogue: 0,0:49:30.10,0:49:32.34,Default,,0000,0000,0000,,rate, of course, was always approaching
Dialogue: 0,0:49:32.34,0:49:35.74,Default,,0000,0000,0000,,15% at the peak of the market. The green
Dialogue: 0,0:49:35.74,0:49:37.30,Default,,0000,0000,0000,,area at the bottom shows the
Dialogue: 0,0:49:37.30,0:49:39.16,Default,,0000,0000,0000,,differential between our unemployment
Dialogue: 0,0:49:39.16,0:49:41.32,Default,,0000,0000,0000,,rate and the United States unemployment
Dialogue: 0,0:49:41.32,0:49:43.42,Default,,0000,0000,0000,,rate, which I will argue would be almost
Dialogue: 0,0:49:43.42,0:49:45.34,Default,,0000,0000,0000,,more important than anything else that's
Dialogue: 0,0:49:45.34,0:49:47.62,Default,,0000,0000,0000,,on this chart. Why? Because that led to an
Dialogue: 0,0:49:47.62,0:49:49.69,Default,,0000,0000,0000,,out migration of folks, and was part of
Dialogue: 0,0:49:49.69,0:49:52.21,Default,,0000,0000,0000,,the reason that we lost 1 out of every 8
Dialogue: 0,0:49:52.21,0:49:54.88,Default,,0000,0000,0000,,private sector jobs in its southern
Dialogue: 0,0:49:54.88,0:49:57.19,Default,,0000,0000,0000,,nevada during the peak of the recession.
Dialogue: 0,0:49:57.19,0:50:00.49,Default,,0000,0000,0000,,Today, we've gotten almost all of it back
Dialogue: 0,0:50:00.49,0:50:03.67,Default,,0000,0000,0000,,we are doing well we are at near full
Dialogue: 0,0:50:03.67,0:50:05.86,Default,,0000,0000,0000,,employment, if not at full employment and
Dialogue: 0,0:50:05.86,0:50:09.10,Default,,0000,0000,0000,,that is extremely positive overall under
Dialogue: 0,0:50:09.10,0:50:10.66,Default,,0000,0000,0000,,where we were where we're headed.
Dialogue: 0,0:50:10.66,0:50:11.74,Default,,0000,0000,0000,,all those types of things now I
Dialogue: 0,0:50:11.74,0:50:15.01,Default,,0000,0000,0000,,understand that this chart is is there's
Dialogue: 0,0:50:15.01,0:50:17.17,Default,,0000,0000,0000,,a lot of colors and a lot of numbers all
Dialogue: 0,0:50:17.17,0:50:18.97,Default,,0000,0000,0000,,type of things I'd like to talk about it
Dialogue: 0,0:50:18.97,0:50:21.58,Default,,0000,0000,0000,,just for a moment that those sort of big
Dialogue: 0,0:50:21.58,0:50:23.08,Default,,0000,0000,0000,,green blocks that's leisure and
Dialogue: 0,0:50:23.08,0:50:25.42,Default,,0000,0000,0000,,hospitality right this shows us how many
Dialogue: 0,0:50:25.42,0:50:27.64,Default,,0000,0000,0000,,employees we have and every sector of
Dialogue: 0,0:50:27.64,0:50:29.65,Default,,0000,0000,0000,,the economy you can see the big green
Dialogue: 0,0:50:29.65,0:50:33.55,Default,,0000,0000,0000,,block is still the big green block you
Dialogue: 0,0:50:33.55,0:50:36.01,Default,,0000,0000,0000,,will also see that if we look at 2007
Dialogue: 0,0:50:36.01,0:50:38.86,Default,,0000,0000,0000,,versus 2017 that the yellow area which
Dialogue: 0,0:50:38.86,0:50:41.38,Default,,0000,0000,0000,,is education and health services which
Dialogue: 0,0:50:41.38,0:50:43.12,Default,,0000,0000,0000,,of course you just heard a great deal
Dialogue: 0,0:50:43.12,0:50:45.94,Default,,0000,0000,0000,,about is getting larger we still have
Dialogue: 0,0:50:45.94,0:50:47.83,Default,,0000,0000,0000,,only 70 percent of the healthcare
Dialogue: 0,0:50:47.83,0:50:50.38,Default,,0000,0000,0000,,economy we should for an area of our
Dialogue: 0,0:50:50.38,0:50:51.97,Default,,0000,0000,0000,,size and that is hugely problematic
Dialogue: 0,0:50:51.97,0:50:54.31,Default,,0000,0000,0000,,although you will notice that the yellow
Dialogue: 0,0:50:54.31,0:50:57.70,Default,,0000,0000,0000,,area has gotten increasingly bigger I'm
Dialogue: 0,0:50:57.70,0:51:00.52,Default,,0000,0000,0000,,really glad that Shelley clarified in
Dialogue: 0,0:51:00.52,0:51:02.11,Default,,0000,0000,0000,,terms of what nephrology is because
Dialogue: 0,0:51:02.11,0:51:03.34,Default,,0000,0000,0000,,there's been growth there and I was
Dialogue: 0,0:51:03.34,0:51:04.51,Default,,0000,0000,0000,,really wondering what the hell was going
Dialogue: 0,0:51:04.51,0:51:09.73,Default,,0000,0000,0000,,on right so I'm glad I now have all of
Dialogue: 0,0:51:09.73,0:51:12.28,Default,,0000,0000,0000,,that straight but at the end of the day
Dialogue: 0,0:51:12.28,0:51:13.69,Default,,0000,0000,0000,,is the one that we probably care about
Dialogue: 0,0:51:13.69,0:51:15.46,Default,,0000,0000,0000,,the most is this one which is why we
Dialogue: 0,0:51:15.46,0:51:16.96,Default,,0000,0000,0000,,created the chart in the first place and
Dialogue: 0,0:51:16.96,0:51:19.18,Default,,0000,0000,0000,,that's the idea of construction so if
Dialogue: 0,0:51:19.18,0:51:21.13,Default,,0000,0000,0000,,construction is now at the top of our
Dialogue: 0,0:51:21.13,0:51:23.83,Default,,0000,0000,0000,,list are we getting out over our skis do
Dialogue: 0,0:51:23.83,0:51:27.70,Default,,0000,0000,0000,,we have this huge problem in 2007 you
Dialogue: 0,0:51:27.70,0:51:29.26,Default,,0000,0000,0000,,can see that 11.2%
Dialogue: 0,0:51:29.26,0:51:31.33,Default,,0000,0000,0000,,of our employment was in construction at
Dialogue: 0,0:51:31.33,0:51:33.61,Default,,0000,0000,0000,,the bottom of the market it was 4.8%
Dialogue: 0,0:51:33.61,0:51:36.01,Default,,0000,0000,0000,,today we're 6.3 and on the right-hand
Dialogue: 0,0:51:36.01,0:51:38.26,Default,,0000,0000,0000,,side of my chart I think is what is
Dialogue: 0,0:51:38.26,0:51:40.42,Default,,0000,0000,0000,,critically important I just told you we
Dialogue: 0,0:51:40.42,0:51:44.35,Default,,0000,0000,0000,,have 40,000 more employees than we did
Dialogue: 0,0:51:44.35,0:51:48.37,Default,,0000,0000,0000,,at the prior peak of our economy we did
Dialogue: 0,0:51:48.37,0:51:51.28,Default,,0000,0000,0000,,that with 40 thousand fewer construction
Dialogue: 0,0:51:51.28,0:51:53.65,Default,,0000,0000,0000,,workers in our economy at its peak that
Dialogue: 0,0:51:53.65,0:51:55.24,Default,,0000,0000,0000,,was a hundred and five thousand today
Dialogue: 0,0:51:55.24,0:51:58.45,Default,,0000,0000,0000,,it's 61 thousand not a bad place for us
Dialogue: 0,0:51:58.45,0:52:00.25,Default,,0000,0000,0000,,to be and I would argue significantly
Dialogue: 0,0:52:00.25,0:52:02.41,Default,,0000,0000,0000,,more healthy than where we were going in
Dialogue: 0,0:52:02.41,0:52:04.69,Default,,0000,0000,0000,,to the economic downturn now let's let's
Dialogue: 0,0:52:04.69,0:52:06.91,Default,,0000,0000,0000,,take a look at what the u.s. averages
Dialogue: 0,0:52:06.91,0:52:09.04,Default,,0000,0000,0000,,are for each one of those five point six
Dialogue: 0,0:52:09.04,0:52:10.69,Default,,0000,0000,0000,,percent three point nine percent and
Dialogue: 0,0:52:10.69,0:52:13.27,Default,,0000,0000,0000,,four point six percent okay we'll take
Dialogue: 0,0:52:13.27,0:52:15.52,Default,,0000,0000,0000,,it that number starts that six point
Dialogue: 0,0:52:15.52,0:52:16.96,Default,,0000,0000,0000,,three percent on that one on the right
Dialogue: 0,0:52:16.96,0:52:19.75,Default,,0000,0000,0000,,starts to approach 8 percent we need to
Dialogue: 0,0:52:19.75,0:52:21.58,Default,,0000,0000,0000,,start having a conversation about it in
Dialogue: 0,0:52:21.58,0:52:23.44,Default,,0000,0000,0000,,our community that is the level of
Dialogue: 0,0:52:23.44,0:52:24.76,Default,,0000,0000,0000,,growth that will start to be
Dialogue: 0,0:52:24.76,0:52:26.29,Default,,0000,0000,0000,,unsustainable and something we'll need
Dialogue: 0,0:52:26.29,0:52:28.66,Default,,0000,0000,0000,,to keep an eye on if we look at it in
Dialogue: 0,0:52:28.66,0:52:31.54,Default,,0000,0000,0000,,terms of the demand for space right is
Dialogue: 0,0:52:31.54,0:52:33.85,Default,,0000,0000,0000,,this creation of jobs and what we're
Dialogue: 0,0:52:33.85,0:52:36.01,Default,,0000,0000,0000,,developing leading to this demand for
Dialogue: 0,0:52:36.01,0:52:37.72,Default,,0000,0000,0000,,space this chart has all kinds of
Dialogue: 0,0:52:37.72,0:52:39.43,Default,,0000,0000,0000,,information on it the vacancy rate and
Dialogue: 0,0:52:39.43,0:52:42.01,Default,,0000,0000,0000,,how many employees are office using and
Dialogue: 0,0:52:42.01,0:52:43.57,Default,,0000,0000,0000,,how many square feet they use and all
Dialogue: 0,0:52:43.57,0:52:44.77,Default,,0000,0000,0000,,those types of things all of which is
Dialogue: 0,0:52:44.77,0:52:46.45,Default,,0000,0000,0000,,important and I appreciate my guys
Dialogue: 0,0:52:46.45,0:52:47.98,Default,,0000,0000,0000,,putting it on here but what is
Dialogue: 0,0:52:47.98,0:52:50.47,Default,,0000,0000,0000,,critically important about this slide is
Dialogue: 0,0:52:50.47,0:52:52.57,Default,,0000,0000,0000,,that the little green line is above the
Dialogue: 0,0:52:52.57,0:52:54.49,Default,,0000,0000,0000,,little purple line which means that we
Dialogue: 0,0:52:54.49,0:52:56.56,Default,,0000,0000,0000,,are demanding more office space than we
Dialogue: 0,0:52:56.56,0:52:58.87,Default,,0000,0000,0000,,are bringing on concurrent with this
Dialogue: 0,0:52:58.87,0:53:01.24,Default,,0000,0000,0000,,fact that we are growing more rapidly we
Dialogue: 0,0:53:01.24,0:53:04.39,Default,,0000,0000,0000,,are also finding ways to utilize the
Dialogue: 0,0:53:04.39,0:53:06.16,Default,,0000,0000,0000,,existing space that we have and we are
Dialogue: 0,0:53:06.16,0:53:08.20,Default,,0000,0000,0000,,being pragmatic in terms of how much
Dialogue: 0,0:53:08.20,0:53:10.60,Default,,0000,0000,0000,,we're bringing on this chart shows the
Dialogue: 0,0:53:10.60,0:53:12.79,Default,,0000,0000,0000,,number of the amount of occupied space
Dialogue: 0,0:53:12.79,0:53:15.55,Default,,0000,0000,0000,,for every office using employee at the
Dialogue: 0,0:53:15.55,0:53:18.01,Default,,0000,0000,0000,,peak of the market sort of back sort of
Dialogue: 0,0:53:18.01,0:53:20.11,Default,,0000,0000,0000,,looking far to the right and then we go
Dialogue: 0,0:53:20.11,0:53:22.00,Default,,0000,0000,0000,,up into the recession and that number
Dialogue: 0,0:53:22.00,0:53:25.39,Default,,0000,0000,0000,,gets to 130 square feet for every office
Dialogue: 0,0:53:25.39,0:53:28.00,Default,,0000,0000,0000,,using employee why does it get to that
Dialogue: 0,0:53:28.00,0:53:29.83,Default,,0000,0000,0000,,level because when you start laying
Dialogue: 0,0:53:29.83,0:53:31.69,Default,,0000,0000,0000,,people off you've got a lot of office
Dialogue: 0,0:53:31.69,0:53:34.18,Default,,0000,0000,0000,,space out there right and so if we look
Dialogue: 0,0:53:34.18,0:53:36.88,Default,,0000,0000,0000,,today we're now at about 110 which means
Dialogue: 0,0:53:36.88,0:53:39.70,Default,,0000,0000,0000,,we are utilizing our office space in a
Dialogue: 0,0:53:39.70,0:53:41.92,Default,,0000,0000,0000,,way that's almost equally effective to a
Dialogue: 0,0:53:41.92,0:53:42.94,Default,,0000,0000,0000,,period when the
Dialogue: 0,0:53:42.94,0:53:45.25,Default,,0000,0000,0000,,vacancy rate was you know let's call it
Dialogue: 0,0:53:45.25,0:53:49.09,Default,,0000,0000,0000,,sub 6% in our community what we have is
Dialogue: 0,0:53:49.09,0:53:51.04,Default,,0000,0000,0000,,a disconnect between functional space
Dialogue: 0,0:53:51.04,0:53:53.26,Default,,0000,0000,0000,,and well located space and non
Dialogue: 0,0:53:53.26,0:53:54.61,Default,,0000,0000,0000,,functional space and stuff that's just
Dialogue: 0,0:53:54.61,0:53:56.32,Default,,0000,0000,0000,,not that well located and that's what
Dialogue: 0,0:53:56.32,0:53:58.18,Default,,0000,0000,0000,,we're seeing today and so what's working
Dialogue: 0,0:53:58.18,0:54:00.85,Default,,0000,0000,0000,,out okay and in addition to that what we
Dialogue: 0,0:54:00.85,0:54:02.59,Default,,0000,0000,0000,,are building in our community our
Dialogue: 0,0:54:02.59,0:54:05.02,Default,,0000,0000,0000,,corporate headquarters build two suits
Dialogue: 0,0:54:05.02,0:54:07.27,Default,,0000,0000,0000,,right some of the most phenomenal office
Dialogue: 0,0:54:07.27,0:54:09.01,Default,,0000,0000,0000,,developments in the entire western
Dialogue: 0,0:54:09.01,0:54:10.96,Default,,0000,0000,0000,,United States are happening right in our
Dialogue: 0,0:54:10.96,0:54:12.31,Default,,0000,0000,0000,,backyard not the least of which is
Dialogue: 0,0:54:12.31,0:54:14.80,Default,,0000,0000,0000,,something the UFC and aristocrat
Dialogue: 0,0:54:14.80,0:54:16.71,Default,,0000,0000,0000,,facilities that are recently constructed
Dialogue: 0,0:54:16.71,0:54:19.27,Default,,0000,0000,0000,,now the housing market seems to me to be
Dialogue: 0,0:54:19.27,0:54:21.34,Default,,0000,0000,0000,,something that's worthy of some extended
Dialogue: 0,0:54:21.34,0:54:23.50,Default,,0000,0000,0000,,discussion along the same lines
Dialogue: 0,0:54:23.50,0:54:26.29,Default,,0000,0000,0000,,why because housing was given all of the
Dialogue: 0,0:54:26.29,0:54:27.91,Default,,0000,0000,0000,,blame in terms of the economic downturn
Dialogue: 0,0:54:27.91,0:54:30.19,Default,,0000,0000,0000,,and seems to be getting zero of the
Dialogue: 0,0:54:30.19,0:54:32.29,Default,,0000,0000,0000,,credit in terms of coming back we've
Dialogue: 0,0:54:32.29,0:54:34.84,Default,,0000,0000,0000,,seen subdivisions have started to pop up
Dialogue: 0,0:54:34.84,0:54:36.34,Default,,0000,0000,0000,,and those types of things which is
Dialogue: 0,0:54:36.34,0:54:38.59,Default,,0000,0000,0000,,creating some concern in terms of over
Dialogue: 0,0:54:38.59,0:54:40.63,Default,,0000,0000,0000,,building within our market or price is
Dialogue: 0,0:54:40.63,0:54:42.73,Default,,0000,0000,0000,,getting out of line are we building too
Dialogue: 0,0:54:42.73,0:54:45.19,Default,,0000,0000,0000,,many houses should I buy a house is my
Dialogue: 0,0:54:45.19,0:54:46.90,Default,,0000,0000,0000,,house going to drop in value as a result
Dialogue: 0,0:54:46.90,0:54:49.30,Default,,0000,0000,0000,,I hear this question at least three
Dialogue: 0,0:54:49.30,0:54:51.67,Default,,0000,0000,0000,,times a week and so let me try and
Dialogue: 0,0:54:51.67,0:54:53.91,Default,,0000,0000,0000,,answer at the 500 people at one time on
Dialogue: 0,0:54:53.91,0:54:56.89,Default,,0000,0000,0000,,the critical way of looking at it is
Dialogue: 0,0:54:56.89,0:54:59.29,Default,,0000,0000,0000,,something we refer to as the ep ratio or
Dialogue: 0,0:54:59.29,0:55:01.54,Default,,0000,0000,0000,,the number of employees versus the
Dialogue: 0,0:55:01.54,0:55:02.68,Default,,0000,0000,0000,,number of permits that you're
Dialogue: 0,0:55:02.68,0:55:04.48,Default,,0000,0000,0000,,constructing and forgive me for getting
Dialogue: 0,0:55:04.48,0:55:07.06,Default,,0000,0000,0000,,overly technical but there are generally
Dialogue: 0,0:55:07.06,0:55:11.17,Default,,0000,0000,0000,,about 1.3 5 employees in every household
Dialogue: 0,0:55:11.17,0:55:13.63,Default,,0000,0000,0000,,it's just the way it averages out and so
Dialogue: 0,0:55:13.63,0:55:16.00,Default,,0000,0000,0000,,if that number gets out of whack if you
Dialogue: 0,0:55:16.00,0:55:17.83,Default,,0000,0000,0000,,start to permit more than that it
Dialogue: 0,0:55:17.83,0:55:19.39,Default,,0000,0000,0000,,becomes problematic if you permit less
Dialogue: 0,0:55:19.39,0:55:21.22,Default,,0000,0000,0000,,than that it becomes problematic from an
Dialogue: 0,0:55:21.22,0:55:24.43,Default,,0000,0000,0000,,over/under supply standpoint today the
Dialogue: 0,0:55:24.43,0:55:26.56,Default,,0000,0000,0000,,little purple line is what Las Vegas is
Dialogue: 0,0:55:26.56,0:55:28.84,Default,,0000,0000,0000,,doing in terms of the EP ratio which
Dialogue: 0,0:55:28.84,0:55:30.67,Default,,0000,0000,0000,,means that there are two point four
Dialogue: 0,0:55:30.67,0:55:33.22,Default,,0000,0000,0000,,employees for every home that we are
Dialogue: 0,0:55:33.22,0:55:35.53,Default,,0000,0000,0000,,constructing today with everything that
Dialogue: 0,0:55:35.53,0:55:37.78,Default,,0000,0000,0000,,we're seeing we're not building enough
Dialogue: 0,0:55:37.78,0:55:40.72,Default,,0000,0000,0000,,homes for all of the employees that we
Dialogue: 0,0:55:40.72,0:55:42.97,Default,,0000,0000,0000,,are generating and the matter of fact if
Dialogue: 0,0:55:42.97,0:55:44.92,Default,,0000,0000,0000,,we look at the Green Line which
Dialogue: 0,0:55:44.92,0:55:46.45,Default,,0000,0000,0000,,represents the United States as a whole
Dialogue: 0,0:55:46.45,0:55:50.17,Default,,0000,0000,0000,,the u.s. is building about 1.7 for 1.75
Dialogue: 0,0:55:50.17,0:55:53.08,Default,,0000,0000,0000,,houses for excuse me employees generate
Dialogue: 0,0:55:53.08,0:55:56.32,Default,,0000,0000,0000,,one additional housing unit we are under
Dialogue: 0,0:55:56.32,0:55:58.75,Default,,0000,0000,0000,,building our residential today which
Dialogue: 0,0:55:58.75,0:56:00.67,Default,,0000,0000,0000,,leaves us with some degree of comfort
Dialogue: 0,0:56:00.67,0:56:02.80,Default,,0000,0000,0000,,overall in terms of housing
Dialogue: 0,0:56:02.80,0:56:04.33,Default,,0000,0000,0000,,affordability is it getting out of whack
Dialogue: 0,0:56:04.33,0:56:06.85,Default,,0000,0000,0000,,the answers really no you can see places
Dialogue: 0,0:56:06.85,0:56:08.89,Default,,0000,0000,0000,,like the bigger numbers are actually
Dialogue: 0,0:56:08.89,0:56:11.41,Default,,0000,0000,0000,,better here so don't we excuse me don't
Dialogue: 0,0:56:11.41,0:56:13.63,Default,,0000,0000,0000,,read this in any way incorrectly UC San
Dialogue: 0,0:56:13.63,0:56:15.91,Default,,0000,0000,0000,,Francisco Los Angeles and San Jose or at
Dialogue: 0,0:56:15.91,0:56:17.50,Default,,0000,0000,0000,,the bottom in terms of housing
Dialogue: 0,0:56:17.50,0:56:19.39,Default,,0000,0000,0000,,opportunity can people actually afford a
Dialogue: 0,0:56:19.39,0:56:21.16,Default,,0000,0000,0000,,house no they cannot in those markets
Dialogue: 0,0:56:21.16,0:56:23.47,Default,,0000,0000,0000,,can they in our market yes they can if
Dialogue: 0,0:56:23.47,0:56:25.39,Default,,0000,0000,0000,,we look at the housing price index
Dialogue: 0,0:56:25.39,0:56:27.31,Default,,0000,0000,0000,,we're not even back to where we were
Dialogue: 0,0:56:27.31,0:56:30.64,Default,,0000,0000,0000,,overall now if we think about it in
Dialogue: 0,0:56:30.64,0:56:32.50,Default,,0000,0000,0000,,terms of this coming full circle let's
Dialogue: 0,0:56:32.50,0:56:34.33,Default,,0000,0000,0000,,make sure that we are clear here in
Dialogue: 0,0:56:34.33,0:56:36.73,Default,,0000,0000,0000,,terms of how it all played out this is
Dialogue: 0,0:56:36.73,0:56:37.87,Default,,0000,0000,0000,,2004
Dialogue: 0,0:56:37.87,0:56:40.99,Default,,0000,0000,0000,,excuse me 2003 to 2004 arguably the peak
Dialogue: 0,0:56:40.99,0:56:43.18,Default,,0000,0000,0000,,of the housing market the prior peak of
Dialogue: 0,0:56:43.18,0:56:45.43,Default,,0000,0000,0000,,the housing market Nevada was number one
Dialogue: 0,0:56:45.43,0:56:47.05,Default,,0000,0000,0000,,in the United States with annual
Dialogue: 0,0:56:47.05,0:56:50.98,Default,,0000,0000,0000,,appreciation of 37.2% if anyone believes
Dialogue: 0,0:56:50.98,0:56:53.74,Default,,0000,0000,0000,,that appreciation of 37.2%
Dialogue: 0,0:56:53.74,0:56:56.02,Default,,0000,0000,0000,,is in any way sustainable we can have a
Dialogue: 0,0:56:56.02,0:56:58.56,Default,,0000,0000,0000,,conversation after this meeting okay
Dialogue: 0,0:56:58.56,0:57:01.84,Default,,0000,0000,0000,,it's just not right so now let's
Dialogue: 0,0:57:01.84,0:57:03.37,Default,,0000,0000,0000,,fast-forward to the bottom of the market
Dialogue: 0,0:57:03.37,0:57:05.50,Default,,0000,0000,0000,,we go from number one in the United
Dialogue: 0,0:57:05.50,0:57:07.54,Default,,0000,0000,0000,,States we go all the way down to number
Dialogue: 0,0:57:07.54,0:57:10.18,Default,,0000,0000,0000,,50 in the United States we drop by
Dialogue: 0,0:57:10.18,0:57:12.28,Default,,0000,0000,0000,,twenty five point seven percent of
Dialogue: 0,0:57:12.28,0:57:13.99,Default,,0000,0000,0000,,course that's dramatic everyone's
Dialogue: 0,0:57:13.99,0:57:16.81,Default,,0000,0000,0000,,concerned so where are we today the most
Dialogue: 0,0:57:16.81,0:57:18.82,Default,,0000,0000,0000,,recent numbers place us in the top five
Dialogue: 0,0:57:18.82,0:57:21.25,Default,,0000,0000,0000,,yes I would prefer to be in the top 10
Dialogue: 0,0:57:21.25,0:57:23.86,Default,,0000,0000,0000,,in the top five but that number is 8
Dialogue: 0,0:57:23.86,0:57:27.46,Default,,0000,0000,0000,,percent right much more sustainable than
Dialogue: 0,0:57:27.46,0:57:29.35,Default,,0000,0000,0000,,something that's measured with a you
Dialogue: 0,0:57:29.35,0:57:31.63,Default,,0000,0000,0000,,know then thirty eight percent or twenty
Dialogue: 0,0:57:31.63,0:57:34.09,Default,,0000,0000,0000,,eight percent or even 18 percent we'll
Dialogue: 0,0:57:34.09,0:57:36.34,Default,,0000,0000,0000,,take it right we understand where it is
Dialogue: 0,0:57:36.34,0:57:38.35,Default,,0000,0000,0000,,and it's certainly not as nearly as out
Dialogue: 0,0:57:38.35,0:57:40.90,Default,,0000,0000,0000,,of whack as some have suggested now
Dialogue: 0,0:57:40.90,0:57:43.21,Default,,0000,0000,0000,,arguably most important here is this
Dialogue: 0,0:57:43.21,0:57:45.16,Default,,0000,0000,0000,,idea that people see building permits
Dialogue: 0,0:57:45.16,0:57:47.02,Default,,0000,0000,0000,,are going up and they're rising by
Dialogue: 0,0:57:47.02,0:57:48.94,Default,,0000,0000,0000,,double-digit rates and we're seeing all
Dialogue: 0,0:57:48.94,0:57:50.56,Default,,0000,0000,0000,,these subdivision comes out and we're
Dialogue: 0,0:57:50.56,0:57:51.76,Default,,0000,0000,0000,,hearing about all of these new
Dialogue: 0,0:57:51.76,0:57:54.19,Default,,0000,0000,0000,,communities that are out here these are
Dialogue: 0,0:57:54.19,0:57:58.06,Default,,0000,0000,0000,,new home market closings right
Dialogue: 0,0:57:58.06,0:58:00.01,Default,,0000,0000,0000,,how many housing units we are building
Dialogue: 0,0:58:00.01,0:58:02.68,Default,,0000,0000,0000,,and are being sold in the market on the
Dialogue: 0,0:58:02.68,0:58:05.56,Default,,0000,0000,0000,,left-hand side of the chart is what it
Dialogue: 0,0:58:05.56,0:58:08.08,Default,,0000,0000,0000,,looked like when we were going up right
Dialogue: 0,0:58:08.08,0:58:09.32,Default,,0000,0000,0000,,over
Dialogue: 0,0:58:09.32,0:58:11.34,Default,,0000,0000,0000,,40,000 housing units were being
Dialogue: 0,0:58:11.34,0:58:13.92,Default,,0000,0000,0000,,constructed the past 12 months that
Dialogue: 0,0:58:13.92,0:58:17.30,Default,,0000,0000,0000,,number is 8300 in our community today
Dialogue: 0,0:58:17.30,0:58:20.49,Default,,0000,0000,0000,,again the idea that we are getting out
Dialogue: 0,0:58:20.49,0:58:22.38,Default,,0000,0000,0000,,over our skis that it's becoming
Dialogue: 0,0:58:22.38,0:58:24.60,Default,,0000,0000,0000,,increasingly problematic yes we have
Dialogue: 0,0:58:24.60,0:58:26.61,Default,,0000,0000,0000,,things to be concerned about but I think
Dialogue: 0,0:58:26.61,0:58:28.47,Default,,0000,0000,0000,,we should take a deep breath and not be
Dialogue: 0,0:58:28.47,0:58:30.93,Default,,0000,0000,0000,,scared by our prosperity again
Dialogue: 0,0:58:30.93,0:58:33.36,Default,,0000,0000,0000,,we will be defined by our ability to
Dialogue: 0,0:58:33.36,0:58:36.87,Default,,0000,0000,0000,,sustain that prosperity over time on the
Dialogue: 0,0:58:36.87,0:58:38.31,Default,,0000,0000,0000,,far right hand side of my chart is the
Dialogue: 0,0:58:38.31,0:58:41.16,Default,,0000,0000,0000,,median price for newly constructed homes
Dialogue: 0,0:58:41.16,0:58:42.63,Default,,0000,0000,0000,,you can see that we're almost back to
Dialogue: 0,0:58:42.63,0:58:44.34,Default,,0000,0000,0000,,peak of course you also have 10 years
Dialogue: 0,0:58:44.34,0:58:46.23,Default,,0000,0000,0000,,worth of inflation in there and the
Dialogue: 0,0:58:46.23,0:58:48.03,Default,,0000,0000,0000,,reality is that home builders are just
Dialogue: 0,0:58:48.03,0:58:50.28,Default,,0000,0000,0000,,simply building bigger homes today than
Dialogue: 0,0:58:50.28,0:58:52.95,Default,,0000,0000,0000,,they did a decade ago so again we're not
Dialogue: 0,0:58:52.95,0:58:54.93,Default,,0000,0000,0000,,even very concerned about that number
Dialogue: 0,0:58:54.93,0:58:56.79,Default,,0000,0000,0000,,and for most of us sitting in the room
Dialogue: 0,0:58:56.79,0:58:58.53,Default,,0000,0000,0000,,we're much more concerned about existing
Dialogue: 0,0:58:58.53,0:59:00.30,Default,,0000,0000,0000,,homes than we are new construction
Dialogue: 0,0:59:00.30,0:59:02.22,Default,,0000,0000,0000,,because that affects each one of us or
Dialogue: 0,0:59:02.22,0:59:04.38,Default,,0000,0000,0000,,many of us I'm sure if you look at the
Dialogue: 0,0:59:04.38,0:59:05.67,Default,,0000,0000,0000,,number on the right excuse me the
Dialogue: 0,0:59:05.67,0:59:07.47,Default,,0000,0000,0000,,numbers on the left that reflects how
Dialogue: 0,0:59:07.47,0:59:09.09,Default,,0000,0000,0000,,many closings are out there very
Dialogue: 0,0:59:09.09,0:59:10.80,Default,,0000,0000,0000,,consistent with what we'd expect and on
Dialogue: 0,0:59:10.80,0:59:12.69,Default,,0000,0000,0000,,the right hand side is what we call the
Dialogue: 0,0:59:12.69,0:59:15.69,Default,,0000,0000,0000,,rollercoaster of doom ok and what the
Dialogue: 0,0:59:15.69,0:59:17.85,Default,,0000,0000,0000,,rollercoaster of doom means is that if
Dialogue: 0,0:59:17.85,0:59:19.95,Default,,0000,0000,0000,,you look on the far left-hand side of
Dialogue: 0,0:59:19.95,0:59:22.05,Default,,0000,0000,0000,,that chart this is what median closing
Dialogue: 0,0:59:22.05,0:59:24.36,Default,,0000,0000,0000,,prices were all the way back in oh three
Dialogue: 0,0:59:24.36,0:59:27.12,Default,,0000,0000,0000,,and if you little red line represents a
Dialogue: 0,0:59:27.12,0:59:29.01,Default,,0000,0000,0000,,three percent growth rate which is
Dialogue: 0,0:59:29.01,0:59:31.44,Default,,0000,0000,0000,,pretty much exactly our housing prices
Dialogue: 0,0:59:31.44,0:59:34.32,Default,,0000,0000,0000,,have appreciated over time for the past
Dialogue: 0,0:59:34.32,0:59:36.81,Default,,0000,0000,0000,,50 years now we have a period with a
Dialogue: 0,0:59:36.81,0:59:38.85,Default,,0000,0000,0000,,huge boom we have a spirit with a huge
Dialogue: 0,0:59:38.85,0:59:41.46,Default,,0000,0000,0000,,bust you wipe all of that out over about
Dialogue: 0,0:59:41.46,0:59:43.35,Default,,0000,0000,0000,,a 12 year period thirteen year period
Dialogue: 0,0:59:43.35,0:59:46.05,Default,,0000,0000,0000,,and what happens we're exactly back to
Dialogue: 0,0:59:46.05,0:59:47.70,Default,,0000,0000,0000,,the three percent growth rate that we
Dialogue: 0,0:59:47.70,0:59:50.01,Default,,0000,0000,0000,,should have been at the outset it's just
Dialogue: 0,0:59:50.01,0:59:52.32,Default,,0000,0000,0000,,markets doing what they do and if we
Dialogue: 0,0:59:52.32,0:59:54.00,Default,,0000,0000,0000,,look at new homes as a percentage of
Dialogue: 0,0:59:54.00,0:59:56.61,Default,,0000,0000,0000,,existing homes are we getting out over
Dialogue: 0,0:59:56.61,0:59:58.98,Default,,0000,0000,0000,,our skis in terms of the amount of
Dialogue: 0,0:59:58.98,1:00:00.90,Default,,0000,0000,0000,,construction versus existing inventory
Dialogue: 0,1:00:00.90,1:00:03.60,Default,,0000,0000,0000,,it is 14 and a half percent nowhere near
Dialogue: 0,1:00:03.60,1:00:05.34,Default,,0000,0000,0000,,what it was at the peak of the market
Dialogue: 0,1:00:05.34,1:00:08.43,Default,,0000,0000,0000,,when it approached 60% of existing
Dialogue: 0,1:00:08.43,1:00:11.61,Default,,0000,0000,0000,,inventory land land availability becomes
Dialogue: 0,1:00:11.61,1:00:13.11,Default,,0000,0000,0000,,this big concern I've heard rumblings
Dialogue: 0,1:00:13.11,1:00:15.36,Default,,0000,0000,0000,,about the fact that we have to go to the
Dialogue: 0,1:00:15.36,1:00:17.01,Default,,0000,0000,0000,,federal government and get them to
Dialogue: 0,1:00:17.01,1:00:20.52,Default,,0000,0000,0000,,release more land to drive down prices
Dialogue: 0,1:00:20.52,1:00:22.62,Default,,0000,0000,0000,,because those prices are coming up this
Dialogue: 0,1:00:22.62,1:00:24.84,Default,,0000,0000,0000,,the price of land that you see here we
Dialogue: 0,1:00:24.84,1:00:26.79,Default,,0000,0000,0000,,have excluded residential excuse me
Dialogue: 0,1:00:26.79,1:00:28.98,Default,,0000,0000,0000,,resort casino development that's in
Dialogue: 0,1:00:28.98,1:00:31.23,Default,,0000,0000,0000,,there so you get the idea you see that
Dialogue: 0,1:00:31.23,1:00:33.83,Default,,0000,0000,0000,,in 2007 the average price of land was
Dialogue: 0,1:00:33.83,1:00:36.18,Default,,0000,0000,0000,,$800,000 nation we all remember the land
Dialogue: 0,1:00:36.18,1:00:38.16,Default,,0000,0000,0000,,auctions and the like and now I'm going
Dialogue: 0,1:00:38.16,1:00:40.50,Default,,0000,0000,0000,,to lay over the top of that median new
Dialogue: 0,1:00:40.50,1:00:42.27,Default,,0000,0000,0000,,home price and median existing home
Dialogue: 0,1:00:42.27,1:00:44.55,Default,,0000,0000,0000,,price we'll look at the expansion we'll
Dialogue: 0,1:00:44.55,1:00:46.14,Default,,0000,0000,0000,,look at the peak we'll look at the
Dialogue: 0,1:00:46.14,1:00:48.24,Default,,0000,0000,0000,,contraction we'll look at the trough and
Dialogue: 0,1:00:48.24,1:00:51.63,Default,,0000,0000,0000,,where we are today that is with a very
Dialogue: 0,1:00:51.63,1:00:54.15,Default,,0000,0000,0000,,normal cycle and that frankly on the
Dialogue: 0,1:00:54.15,1:00:56.64,Default,,0000,0000,0000,,right hand side of my chart the distance
Dialogue: 0,1:00:56.64,1:00:58.89,Default,,0000,0000,0000,,between the price of land and the price
Dialogue: 0,1:00:58.89,1:01:01.11,Default,,0000,0000,0000,,of housing is where we would like it to
Dialogue: 0,1:01:01.11,1:01:02.85,Default,,0000,0000,0000,,be on this chart now I'm not going to
Dialogue: 0,1:01:02.85,1:01:04.83,Default,,0000,0000,0000,,say that I'm not somewhat concerned
Dialogue: 0,1:01:04.83,1:01:06.36,Default,,0000,0000,0000,,about the fact that land prices are
Dialogue: 0,1:01:06.36,1:01:08.76,Default,,0000,0000,0000,,escalating but nonetheless you get the
Dialogue: 0,1:01:08.76,1:01:11.58,Default,,0000,0000,0000,,idea of where we are versus where we
Dialogue: 0,1:01:11.58,1:01:13.92,Default,,0000,0000,0000,,were when things were overheated now if
Dialogue: 0,1:01:13.92,1:01:15.69,Default,,0000,0000,0000,,we start to see a trend that looks like
Dialogue: 0,1:01:15.69,1:01:17.82,Default,,0000,0000,0000,,what we saw in five six and seven it's
Dialogue: 0,1:01:17.82,1:01:19.89,Default,,0000,0000,0000,,time to bring the fire trucks up to the
Dialogue: 0,1:01:19.89,1:01:20.34,Default,,0000,0000,0000,,front
Dialogue: 0,1:01:20.34,1:01:23.64,Default,,0000,0000,0000,,we cannot fear our prosperity as a
Dialogue: 0,1:01:23.64,1:01:26.55,Default,,0000,0000,0000,,community there are today seventy one
Dialogue: 0,1:01:26.55,1:01:28.71,Default,,0000,0000,0000,,thousand five hundred developable acres
Dialogue: 0,1:01:28.71,1:01:31.89,Default,,0000,0000,0000,,in Southern Nevada we're developing
Dialogue: 0,1:01:31.89,1:01:34.23,Default,,0000,0000,0000,,about five thousand of those every year
Dialogue: 0,1:01:34.23,1:01:36.33,Default,,0000,0000,0000,,that's what these charts show and so we
Dialogue: 0,1:01:36.33,1:01:38.25,Default,,0000,0000,0000,,have about fourteen years worth of
Dialogue: 0,1:01:38.25,1:01:40.62,Default,,0000,0000,0000,,affected inventory left if we average
Dialogue: 0,1:01:40.62,1:01:43.35,Default,,0000,0000,0000,,everything out not bad and where we want
Dialogue: 0,1:01:43.35,1:01:45.96,Default,,0000,0000,0000,,to be if we look at this idea well we
Dialogue: 0,1:01:45.96,1:01:49.14,Default,,0000,0000,0000,,hear all the time that incomes are not
Dialogue: 0,1:01:49.14,1:01:50.61,Default,,0000,0000,0000,,keeping pace that housing prices are
Dialogue: 0,1:01:50.61,1:01:52.38,Default,,0000,0000,0000,,going up but all of our incomes are
Dialogue: 0,1:01:52.38,1:01:54.99,Default,,0000,0000,0000,,remaining they're remaining flat I read
Dialogue: 0,1:01:54.99,1:01:56.73,Default,,0000,0000,0000,,yesterday that incomes haven't gone up
Dialogue: 0,1:01:56.73,1:01:58.59,Default,,0000,0000,0000,,since 2000 or something along those
Dialogue: 0,1:01:58.59,1:02:00.63,Default,,0000,0000,0000,,lines number one that's not right number
Dialogue: 0,1:02:00.63,1:02:02.01,Default,,0000,0000,0000,,two let's just take a look at it
Dialogue: 0,1:02:02.01,1:02:04.08,Default,,0000,0000,0000,,here's household income versus home
Dialogue: 0,1:02:04.08,1:02:07.77,Default,,0000,0000,0000,,price this is what it was prior to 2004
Dialogue: 0,1:02:07.77,1:02:11.16,Default,,0000,0000,0000,,this is when incomes outstripped housing
Dialogue: 0,1:02:11.16,1:02:12.71,Default,,0000,0000,0000,,prices of course this is during the boom
Dialogue: 0,1:02:12.71,1:02:14.82,Default,,0000,0000,0000,,period since when home prices
Dialogue: 0,1:02:14.82,1:02:16.98,Default,,0000,0000,0000,,outstripped incomes when the world is
Dialogue: 0,1:02:16.98,1:02:18.99,Default,,0000,0000,0000,,coming apart and here's where we are
Dialogue: 0,1:02:18.99,1:02:21.60,Default,,0000,0000,0000,,today that Green Zone is what we would
Dialogue: 0,1:02:21.60,1:02:23.67,Default,,0000,0000,0000,,refer to as the safe zone and you will
Dialogue: 0,1:02:23.67,1:02:25.56,Default,,0000,0000,0000,,also notice that those numbers are going
Dialogue: 0,1:02:25.56,1:02:28.05,Default,,0000,0000,0000,,down not going up which is something
Dialogue: 0,1:02:28.05,1:02:30.78,Default,,0000,0000,0000,,that you know we we certainly want to
Dialogue: 0,1:02:30.78,1:02:33.09,Default,,0000,0000,0000,,keep an eye on but we're not outside of
Dialogue: 0,1:02:33.09,1:02:35.64,Default,,0000,0000,0000,,where we should be the number of homes
Dialogue: 0,1:02:35.64,1:02:36.21,Default,,0000,0000,0000,,available
Dialogue: 0,1:02:36.21,1:02:39.72,Default,,0000,0000,0000,,for sale is 1.64 in terms of available
Dialogue: 0,1:02:39.72,1:02:42.42,Default,,0000,0000,0000,,inventory I bifurcated that into the two
Dialogue: 0,1:02:42.42,1:02:44.85,Default,,0000,0000,0000,,component parts lower priced homes under
Dialogue: 0,1:02:44.85,1:02:48.06,Default,,0000,0000,0000,,300,000 on the right hand side on higher
Dialogue: 0,1:02:48.06,1:02:50.46,Default,,0000,0000,0000,,priced homes are on the excuse me above
Dialogue: 0,1:02:50.46,1:02:52.74,Default,,0000,0000,0000,,higher priced homes are beneath there
Dialogue: 0,1:02:52.74,1:02:54.24,Default,,0000,0000,0000,,and you can see that there are greater
Dialogue: 0,1:02:54.24,1:02:56.27,Default,,0000,0000,0000,,inventory of higher priced homes
Dialogue: 0,1:02:56.27,1:02:58.86,Default,,0000,0000,0000,,shockingly there are fewer buyers for
Dialogue: 0,1:02:58.86,1:03:00.96,Default,,0000,0000,0000,,million-dollar homes and therefore the
Dialogue: 0,1:03:00.96,1:03:02.40,Default,,0000,0000,0000,,inventory tends to stay a little higher
Dialogue: 0,1:03:02.40,1:03:04.02,Default,,0000,0000,0000,,Oh
Dialogue: 0,1:03:04.02,1:03:07.02,Default,,0000,0000,0000,,right now the homeowner equity right
Dialogue: 0,1:03:07.02,1:03:08.94,Default,,0000,0000,0000,,here's where we were in two thousand
Dialogue: 0,1:03:08.94,1:03:12.66,Default,,0000,0000,0000,,nine ten eleven twelve right and just to
Dialogue: 0,1:03:12.66,1:03:14.82,Default,,0000,0000,0000,,be clear we want positive we don't want
Dialogue: 0,1:03:14.82,1:03:16.86,Default,,0000,0000,0000,,negative the green can get as big as it
Dialogue: 0,1:03:16.86,1:03:18.69,Default,,0000,0000,0000,,wants to get right here we are in
Dialogue: 0,1:03:18.69,1:03:21.42,Default,,0000,0000,0000,,thirteen fourteen fifteen and sixteen
Dialogue: 0,1:03:21.42,1:03:24.39,Default,,0000,0000,0000,,again we've made huge strides in terms
Dialogue: 0,1:03:24.39,1:03:27.12,Default,,0000,0000,0000,,of reversing this trend this is the mix
Dialogue: 0,1:03:27.12,1:03:29.01,Default,,0000,0000,0000,,of property sold green is good
Dialogue: 0,1:03:29.01,1:03:31.95,Default,,0000,0000,0000,,everything else really bad we want green
Dialogue: 0,1:03:31.95,1:03:33.87,Default,,0000,0000,0000,,to be big we want everything else to be
Dialogue: 0,1:03:33.87,1:03:36.51,Default,,0000,0000,0000,,small you can see where we are if we
Dialogue: 0,1:03:36.51,1:03:38.49,Default,,0000,0000,0000,,look at it instead of looking at some of
Dialogue: 0,1:03:38.49,1:03:40.11,Default,,0000,0000,0000,,these markets and we start going to the
Dialogue: 0,1:03:40.11,1:03:43.50,Default,,0000,0000,0000,,basics what are consumers doing overall
Dialogue: 0,1:03:43.50,1:03:45.81,Default,,0000,0000,0000,,this is Clark County's taxable retail
Dialogue: 0,1:03:45.81,1:03:48.51,Default,,0000,0000,0000,,sales overall right and we are four
Dialogue: 0,1:03:48.51,1:03:50.97,Default,,0000,0000,0000,,billion dollars that's four billion
Dialogue: 0,1:03:50.97,1:03:53.49,Default,,0000,0000,0000,,dollars among the higher than we have
Dialogue: 0,1:03:53.49,1:03:54.48,Default,,0000,0000,0000,,ever been before
Dialogue: 0,1:03:54.48,1:03:56.55,Default,,0000,0000,0000,,eating and drinking places Auto Sales
Dialogue: 0,1:03:56.55,1:03:59.16,Default,,0000,0000,0000,,general merchandise are all up clothing
Dialogue: 0,1:03:59.16,1:04:01.38,Default,,0000,0000,0000,,and accessories are dropping not because
Dialogue: 0,1:04:01.38,1:04:03.09,Default,,0000,0000,0000,,people aren't buying them I assure you
Dialogue: 0,1:04:03.09,1:04:04.92,Default,,0000,0000,0000,,they are my wife and daughter
Dialogue: 0,1:04:04.92,1:04:06.42,Default,,0000,0000,0000,,single-handedly trying to keep the
Dialogue: 0,1:04:06.42,1:04:08.13,Default,,0000,0000,0000,,economy afloat right
Dialogue: 0,1:04:08.13,1:04:10.56,Default,,0000,0000,0000,,they're just doing it online okay we get
Dialogue: 0,1:04:10.56,1:04:13.05,Default,,0000,0000,0000,,it autos are slowing a little bit nation
Dialogue: 0,1:04:13.05,1:04:15.00,Default,,0000,0000,0000,,nationally thumb here that's to be
Dialogue: 0,1:04:15.00,1:04:17.64,Default,,0000,0000,0000,,expected after seven record years that's
Dialogue: 0,1:04:17.64,1:04:20.07,Default,,0000,0000,0000,,okay so we should be doing but if we're
Dialogue: 0,1:04:20.07,1:04:21.36,Default,,0000,0000,0000,,going to look at it in terms of this
Dialogue: 0,1:04:21.36,1:04:24.06,Default,,0000,0000,0000,,full circle concept where are we
Dialogue: 0,1:04:24.06,1:04:26.61,Default,,0000,0000,0000,,relative this this is inflation adjusted
Dialogue: 0,1:04:26.61,1:04:29.67,Default,,0000,0000,0000,,per capita taxable spending so we're we
Dialogue: 0,1:04:29.67,1:04:32.13,Default,,0000,0000,0000,,getting out ahead of ourselves or not so
Dialogue: 0,1:04:32.13,1:04:34.02,Default,,0000,0000,0000,,let's just draw the average over the
Dialogue: 0,1:04:34.02,1:04:36.93,Default,,0000,0000,0000,,30-year period we remain below the
Dialogue: 0,1:04:36.93,1:04:39.12,Default,,0000,0000,0000,,average today which means that spending
Dialogue: 0,1:04:39.12,1:04:41.40,Default,,0000,0000,0000,,could escalate some and we would still
Dialogue: 0,1:04:41.40,1:04:43.65,Default,,0000,0000,0000,,be in the healthy zone that area with
Dialogue: 0,1:04:43.65,1:04:46.80,Default,,0000,0000,0000,,the peaks up there Oh 405 and oh six or
Dialogue: 0,1:04:46.80,1:04:49.38,Default,,0000,0000,0000,,we get anywhere near that it's time to
Dialogue: 0,1:04:49.38,1:04:49.92,Default,,0000,0000,0000,,have
Dialogue: 0,1:04:49.92,1:04:52.50,Default,,0000,0000,0000,,conversation overall and we know that
Dialogue: 0,1:04:52.50,1:04:54.96,Default,,0000,0000,0000,,taxable retail sales are changing we get
Dialogue: 0,1:04:54.96,1:04:58.35,Default,,0000,0000,0000,,it the red area is non store retailers
Dialogue: 0,1:04:58.35,1:05:00.18,Default,,0000,0000,0000,,you will refer to them as places like
Dialogue: 0,1:05:00.18,1:05:02.46,Default,,0000,0000,0000,,Amazon and things like that right you
Dialogue: 0,1:05:02.46,1:05:04.68,Default,,0000,0000,0000,,get this idea they're growing these
Dialogue: 0,1:05:04.68,1:05:06.21,Default,,0000,0000,0000,,other ones they're not growing quite as
Dialogue: 0,1:05:06.21,1:05:08.73,Default,,0000,0000,0000,,quickly okay that's just things are
Dialogue: 0,1:05:08.73,1:05:10.80,Default,,0000,0000,0000,,changing and we know that we're sort of
Dialogue: 0,1:05:10.80,1:05:12.69,Default,,0000,0000,0000,,trading this bricks and mortar retail
Dialogue: 0,1:05:12.69,1:05:15.57,Default,,0000,0000,0000,,for more distribution space so let's
Dialogue: 0,1:05:15.57,1:05:17.91,Default,,0000,0000,0000,,take a look at whether our economy is
Dialogue: 0,1:05:17.91,1:05:20.52,Default,,0000,0000,0000,,adapting to this new reality on the
Dialogue: 0,1:05:20.52,1:05:22.26,Default,,0000,0000,0000,,left-hand side is retail on the
Dialogue: 0,1:05:22.26,1:05:25.05,Default,,0000,0000,0000,,right-hand side is industrial yes the
Dialogue: 0,1:05:25.05,1:05:27.27,Default,,0000,0000,0000,,retail rate is elevated but dropping the
Dialogue: 0,1:05:27.27,1:05:29.94,Default,,0000,0000,0000,,industrial area where retailers are now
Dialogue: 0,1:05:29.94,1:05:32.10,Default,,0000,0000,0000,,actually doing their retailing
Dialogue: 0,1:05:32.10,1:05:34.50,Default,,0000,0000,0000,,essentially fulfillment centers if you
Dialogue: 0,1:05:34.50,1:05:37.04,Default,,0000,0000,0000,,will are down to six point nine percent
Dialogue: 0,1:05:37.04,1:05:40.47,Default,,0000,0000,0000,,overall if we look at completions versus
Dialogue: 0,1:05:40.47,1:05:42.78,Default,,0000,0000,0000,,absorption the green line and the purple
Dialogue: 0,1:05:42.78,1:05:44.88,Default,,0000,0000,0000,,line aligned with one another like we
Dialogue: 0,1:05:44.88,1:05:47.04,Default,,0000,0000,0000,,talked about with the office market yes
Dialogue: 0,1:05:47.04,1:05:49.77,Default,,0000,0000,0000,,they are if we look at planned and under
Dialogue: 0,1:05:49.77,1:05:51.78,Default,,0000,0000,0000,,construction no we're not building
Dialogue: 0,1:05:51.78,1:05:54.54,Default,,0000,0000,0000,,retail because we shouldn't right and on
Dialogue: 0,1:05:54.54,1:05:56.40,Default,,0000,0000,0000,,the other side we're building industrial
Dialogue: 0,1:05:56.40,1:05:58.56,Default,,0000,0000,0000,,because that's where everybody is going
Dialogue: 0,1:05:58.56,1:06:01.53,Default,,0000,0000,0000,,and yes it is at peak levels currently
Dialogue: 0,1:06:01.53,1:06:04.20,Default,,0000,0000,0000,,under construction space is sourced 100%
Dialogue: 0,1:06:04.20,1:06:07.41,Default,,0000,0000,0000,,to distribution centers exactly how it
Dialogue: 0,1:06:07.41,1:06:09.87,Default,,0000,0000,0000,,should be overall and if we're asking
Dialogue: 0,1:06:09.87,1:06:11.76,Default,,0000,0000,0000,,the question about whether we're getting
Dialogue: 0,1:06:11.76,1:06:13.77,Default,,0000,0000,0000,,out over our skis whether we're building
Dialogue: 0,1:06:13.77,1:06:16.80,Default,,0000,0000,0000,,too much let's look at whether the
Dialogue: 0,1:06:16.80,1:06:18.96,Default,,0000,0000,0000,,future development as a share of planned
Dialogue: 0,1:06:18.96,1:06:21.93,Default,,0000,0000,0000,,inventory for retail in the peak period
Dialogue: 0,1:06:21.93,1:06:23.76,Default,,0000,0000,0000,,we were we essentially had under
Dialogue: 0,1:06:23.76,1:06:26.40,Default,,0000,0000,0000,,construction 36 percent of our market
Dialogue: 0,1:06:26.40,1:06:30.24,Default,,0000,0000,0000,,today at 7.3 for industrial we had 14
Dialogue: 0,1:06:30.24,1:06:32.58,Default,,0000,0000,0000,,percent today we're at 11 again well
Dialogue: 0,1:06:32.58,1:06:35.16,Default,,0000,0000,0000,,within the range of normalcy we look at
Dialogue: 0,1:06:35.16,1:06:37.44,Default,,0000,0000,0000,,large store closings and this makes us
Dialogue: 0,1:06:37.44,1:06:39.57,Default,,0000,0000,0000,,nervous and we tend to ignore that the
Dialogue: 0,1:06:39.57,1:06:42.21,Default,,0000,0000,0000,,guys on the right are building on
Dialogue: 0,1:06:42.21,1:06:44.46,Default,,0000,0000,0000,,occupying or occupying and maybe not
Dialogue: 0,1:06:44.46,1:06:47.43,Default,,0000,0000,0000,,building 2 million square feet in the
Dialogue: 0,1:06:47.43,1:06:49.86,Default,,0000,0000,0000,,last year alone this is simply a
Dialogue: 0,1:06:49.86,1:06:52.32,Default,,0000,0000,0000,,transitional step relative to our
Dialogue: 0,1:06:52.32,1:06:53.43,Default,,0000,0000,0000,,economy overall
Dialogue: 0,1:06:53.43,1:06:56.07,Default,,0000,0000,0000,,now wrap all that up is of the big green
Dialogue: 0,1:06:56.07,1:06:58.17,Default,,0000,0000,0000,,area that I showed you on my chart has
Dialogue: 0,1:06:58.17,1:07:00.09,Default,,0000,0000,0000,,to do with tourism and tourism related
Dialogue: 0,1:07:00.09,1:07:02.41,Default,,0000,0000,0000,,activity our growth and visitor
Dialogue: 0,1:07:02.41,1:07:04.48,Default,,0000,0000,0000,,volume is significant and it continues
Dialogue: 0,1:07:04.48,1:07:05.92,Default,,0000,0000,0000,,to be incredibly important to us in I'd
Dialogue: 0,1:07:05.92,1:07:09.52,Default,,0000,0000,0000,,like talking about that is critical one
Dialogue: 0,1:07:09.52,1:07:11.71,Default,,0000,0000,0000,,in six people one in six people that
Dialogue: 0,1:07:11.71,1:07:13.81,Default,,0000,0000,0000,,puts a head in a bed on any given night
Dialogue: 0,1:07:13.81,1:07:16.63,Default,,0000,0000,0000,,is not a resident of Southern Nevada
Dialogue: 0,1:07:16.63,1:07:18.88,Default,,0000,0000,0000,,that's how big our visitor economy is
Dialogue: 0,1:07:18.88,1:07:20.74,Default,,0000,0000,0000,,and that is bigger than almost anywhere
Dialogue: 0,1:07:20.74,1:07:22.66,Default,,0000,0000,0000,,else in the entire United States where
Dialogue: 0,1:07:22.66,1:07:25.12,Default,,0000,0000,0000,,are they coming from Western United
Dialogue: 0,1:07:25.12,1:07:26.53,Default,,0000,0000,0000,,States we want to get that international
Dialogue: 0,1:07:26.53,1:07:28.75,Default,,0000,0000,0000,,all the way up to thirty we're working
Dialogue: 0,1:07:28.75,1:07:31.27,Default,,0000,0000,0000,,on it but we're setting records relative
Dialogue: 0,1:07:31.27,1:07:33.28,Default,,0000,0000,0000,,to visitation overall and in particular
Dialogue: 0,1:07:33.28,1:07:35.80,Default,,0000,0000,0000,,convention visitors who spend more
Dialogue: 0,1:07:35.80,1:07:37.60,Default,,0000,0000,0000,,generate more stay longer all those
Dialogue: 0,1:07:37.60,1:07:39.07,Default,,0000,0000,0000,,things than their traditional these
Dialogue: 0,1:07:39.07,1:07:41.41,Default,,0000,0000,0000,,leisure counterparts McCarran
Dialogue: 0,1:07:41.41,1:07:43.00,Default,,0000,0000,0000,,International Airport is today the
Dialogue: 0,1:07:43.00,1:07:45.10,Default,,0000,0000,0000,,eighth busiest airport in the entire
Dialogue: 0,1:07:45.10,1:07:47.22,Default,,0000,0000,0000,,United States it's the second largest
Dialogue: 0,1:07:47.22,1:07:49.36,Default,,0000,0000,0000,,destination and origination I should say
Dialogue: 0,1:07:49.36,1:07:50.74,Default,,0000,0000,0000,,that differently origination and
Dialogue: 0,1:07:50.74,1:07:52.81,Default,,0000,0000,0000,,destination Airport in the United States
Dialogue: 0,1:07:52.81,1:07:54.76,Default,,0000,0000,0000,,someone is going to have to explain to
Dialogue: 0,1:07:54.76,1:07:58.15,Default,,0000,0000,0000,,me why we care about someone flying into
Dialogue: 0,1:07:58.15,1:08:00.46,Default,,0000,0000,0000,,an airport staying on a plane and flying
Dialogue: 0,1:08:00.46,1:08:03.28,Default,,0000,0000,0000,,somewhere else right makes no sense to
Dialogue: 0,1:08:03.28,1:08:05.17,Default,,0000,0000,0000,,me whatsoever but we count it anyway
Dialogue: 0,1:08:05.17,1:08:07.03,Default,,0000,0000,0000,,this is when we take all of that out
Dialogue: 0,1:08:07.03,1:08:09.49,Default,,0000,0000,0000,,we'll take the people that stay someone
Dialogue: 0,1:08:09.49,1:08:11.17,Default,,0000,0000,0000,,else because Atlanta can have all the
Dialogue: 0,1:08:11.17,1:08:12.43,Default,,0000,0000,0000,,people who just want to go through
Dialogue: 0,1:08:12.43,1:08:16.42,Default,,0000,0000,0000,,whatever right the LDC VA is absolutely
Dialogue: 0,1:08:16.42,1:08:19.03,Default,,0000,0000,0000,,should be commended for being able to
Dialogue: 0,1:08:19.03,1:08:22.36,Default,,0000,0000,0000,,expand our international reach with all
Dialogue: 0,1:08:22.36,1:08:24.43,Default,,0000,0000,0000,,of these new flights including one to
Dialogue: 0,1:08:24.43,1:08:26.14,Default,,0000,0000,0000,,Beijing China which would be critically
Dialogue: 0,1:08:26.14,1:08:28.45,Default,,0000,0000,0000,,important overall and again thinking
Dialogue: 0,1:08:28.45,1:08:30.40,Default,,0000,0000,0000,,about it in terms of coming full circle
Dialogue: 0,1:08:30.40,1:08:32.44,Default,,0000,0000,0000,,on the left-hand side of my chart is the
Dialogue: 0,1:08:32.44,1:08:34.57,Default,,0000,0000,0000,,occupancy rate on the right hand side is
Dialogue: 0,1:08:34.57,1:08:36.91,Default,,0000,0000,0000,,the average daily room rate these are
Dialogue: 0,1:08:36.91,1:08:39.13,Default,,0000,0000,0000,,the two factors that will become they
Dialogue: 0,1:08:39.13,1:08:40.72,Default,,0000,0000,0000,,will become critical in determining
Dialogue: 0,1:08:40.72,1:08:43.51,Default,,0000,0000,0000,,whether we make reinvestment here we are
Dialogue: 0,1:08:43.51,1:08:45.79,Default,,0000,0000,0000,,approaching 90 percent not quite where
Dialogue: 0,1:08:45.79,1:08:47.98,Default,,0000,0000,0000,,we were but approaching 90 percent and
Dialogue: 0,1:08:47.98,1:08:51.10,Default,,0000,0000,0000,,on the right hand side ADR is 128
Dialogue: 0,1:08:51.10,1:08:53.32,Default,,0000,0000,0000,,dollars per night almost back to the
Dialogue: 0,1:08:53.32,1:08:55.30,Default,,0000,0000,0000,,peak but something we didn't have in
Dialogue: 0,1:08:55.30,1:08:58.90,Default,,0000,0000,0000,,2007 and 2008 is the resort fee which is
Dialogue: 0,1:08:58.90,1:09:01.78,Default,,0000,0000,0000,,also added on which means we are at peak
Dialogue: 0,1:09:01.78,1:09:04.69,Default,,0000,0000,0000,,ADR today all of that having been said
Dialogue: 0,1:09:04.69,1:09:06.49,Default,,0000,0000,0000,,let's wrap it all up and put a bow on it
Dialogue: 0,1:09:06.49,1:09:07.93,Default,,0000,0000,0000,,because everyone wants to focus at least
Dialogue: 0,1:09:07.93,1:09:10.33,Default,,0000,0000,0000,,the national media does on this concept
Dialogue: 0,1:09:10.33,1:09:13.42,Default,,0000,0000,0000,,that gaming revenue is below where it
Dialogue: 0,1:09:13.42,1:09:16.20,Default,,0000,0000,0000,,should be or has not grown ignoring
Dialogue: 0,1:09:16.20,1:09:18.18,Default,,0000,0000,0000,,fact that Las Vegas trip total revenue
Dialogue: 0,1:09:18.18,1:09:20.94,Default,,0000,0000,0000,,is up to eleven point two billion not
Dialogue: 0,1:09:20.94,1:09:22.35,Default,,0000,0000,0000,,only the highest level that it's ever
Dialogue: 0,1:09:22.35,1:09:25.44,Default,,0000,0000,0000,,been but blowing the previous piece out
Dialogue: 0,1:09:25.44,1:09:28.44,Default,,0000,0000,0000,,of the water if we look at the amount of
Dialogue: 0,1:09:28.44,1:09:30.45,Default,,0000,0000,0000,,development and I will tell you Jonas's
Dialogue: 0,1:09:30.45,1:09:32.52,Default,,0000,0000,0000,,map is much more extensive than this and
Dialogue: 0,1:09:32.52,1:09:33.48,Default,,0000,0000,0000,,you should really take a look at it
Dialogue: 0,1:09:33.48,1:09:35.19,Default,,0000,0000,0000,,because I think it's super cool but if
Dialogue: 0,1:09:35.19,1:09:36.84,Default,,0000,0000,0000,,we look at it in terms of development
Dialogue: 0,1:09:36.84,1:09:38.31,Default,,0000,0000,0000,,that has recently happened on the strip
Dialogue: 0,1:09:38.31,1:09:40.35,Default,,0000,0000,0000,,whereas occurring there seven point
Dialogue: 0,1:09:40.35,1:09:42.57,Default,,0000,0000,0000,,eight billion dollars and I've talked a
Dialogue: 0,1:09:42.57,1:09:44.40,Default,,0000,0000,0000,,lot about the amount of development
Dialogue: 0,1:09:44.40,1:09:46.05,Default,,0000,0000,0000,,that's happening in our community
Dialogue: 0,1:09:46.05,1:09:48.06,Default,,0000,0000,0000,,because I think it's great but if we're
Dialogue: 0,1:09:48.06,1:09:49.47,Default,,0000,0000,0000,,going to ask the question is are we
Dialogue: 0,1:09:49.47,1:09:51.90,Default,,0000,0000,0000,,building too much here's what those
Dialogue: 0,1:09:51.90,1:09:54.75,Default,,0000,0000,0000,,numbers look like in 2007 when we had
Dialogue: 0,1:09:54.75,1:09:57.87,Default,,0000,0000,0000,,forty five point eight billion dollars
Dialogue: 0,1:09:57.87,1:10:00.51,Default,,0000,0000,0000,,worth of project on the books forty five
Dialogue: 0,1:10:00.51,1:10:02.22,Default,,0000,0000,0000,,point eight billion how much do we have
Dialogue: 0,1:10:02.22,1:10:02.72,Default,,0000,0000,0000,,today
Dialogue: 0,1:10:02.72,1:10:05.97,Default,,0000,0000,0000,,fourteen point 1 billion dollars on the
Dialogue: 0,1:10:05.97,1:10:07.77,Default,,0000,0000,0000,,books there are communities all over the
Dialogue: 0,1:10:07.77,1:10:08.97,Default,,0000,0000,0000,,United States that would give their
Dialogue: 0,1:10:08.97,1:10:11.49,Default,,0000,0000,0000,,eyeteeth to have 14 point 1 billion
Dialogue: 0,1:10:11.49,1:10:13.44,Default,,0000,0000,0000,,dollars worth of projects on the books
Dialogue: 0,1:10:13.44,1:10:16.08,Default,,0000,0000,0000,,but before we freaked out about the fact
Dialogue: 0,1:10:16.08,1:10:17.34,Default,,0000,0000,0000,,that we're all building too much and
Dialogue: 0,1:10:17.34,1:10:18.69,Default,,0000,0000,0000,,there's not going to be enough glass and
Dialogue: 0,1:10:18.69,1:10:20.37,Default,,0000,0000,0000,,not enough concrete and we just can't
Dialogue: 0,1:10:20.37,1:10:22.17,Default,,0000,0000,0000,,handle this much growth I think we
Dialogue: 0,1:10:22.17,1:10:23.73,Default,,0000,0000,0000,,should put it all in a little bit of
Dialogue: 0,1:10:23.73,1:10:26.55,Default,,0000,0000,0000,,perspective and what we are building is
Dialogue: 0,1:10:26.55,1:10:28.59,Default,,0000,0000,0000,,based on bringing people here for
Dialogue: 0,1:10:28.59,1:10:30.54,Default,,0000,0000,0000,,special events stadiums convention
Dialogue: 0,1:10:30.54,1:10:32.25,Default,,0000,0000,0000,,centers all those things because we have
Dialogue: 0,1:10:32.25,1:10:35.100,Default,,0000,0000,0000,,assets that we can leverage 150,000
Dialogue: 0,1:10:35.100,1:10:37.71,Default,,0000,0000,0000,,hotel rooms the second busiest airport
Dialogue: 0,1:10:37.71,1:10:40.53,Default,,0000,0000,0000,,in the United States restaurants dining
Dialogue: 0,1:10:40.53,1:10:43.29,Default,,0000,0000,0000,,all those types of things but Las Vegas
Dialogue: 0,1:10:43.29,1:10:45.24,Default,,0000,0000,0000,,is just as important for those events as
Dialogue: 0,1:10:45.24,1:10:48.18,Default,,0000,0000,0000,,as we are to them as they are to us it's
Dialogue: 0,1:10:48.18,1:10:51.18,Default,,0000,0000,0000,,a symbiotic relationship I hear it all
Dialogue: 0,1:10:51.18,1:10:52.65,Default,,0000,0000,0000,,the time because of the work we do on
Dialogue: 0,1:10:52.65,1:10:54.87,Default,,0000,0000,0000,,the stadium and other things on the
Dialogue: 0,1:10:54.87,1:10:56.07,Default,,0000,0000,0000,,left-hand side it's the pac-12
Dialogue: 0,1:10:56.07,1:10:58.14,Default,,0000,0000,0000,,tournament these are the attendance
Dialogue: 0,1:10:58.14,1:11:00.60,Default,,0000,0000,0000,,numbers when it was in Los Angeles the
Dialogue: 0,1:11:00.60,1:11:02.25,Default,,0000,0000,0000,,numbers on the right hand side are the
Dialogue: 0,1:11:02.25,1:11:03.78,Default,,0000,0000,0000,,attendance numbers when it came to Las
Dialogue: 0,1:11:03.78,1:11:05.43,Default,,0000,0000,0000,,Vegas what about the Mountain West
Dialogue: 0,1:11:05.43,1:11:09.06,Default,,0000,0000,0000,,tournament Las Vegas mm oh three they
Dialogue: 0,1:11:09.06,1:11:10.98,Default,,0000,0000,0000,,moved to Denver surprise surprise they
Dialogue: 0,1:11:10.98,1:11:12.92,Default,,0000,0000,0000,,move it back this is why it works
Dialogue: 0,1:11:12.92,1:11:15.21,Default,,0000,0000,0000,,Terrence is telling me that I have to
Dialogue: 0,1:11:15.21,1:11:16.65,Default,,0000,0000,0000,,wrap it up so I'm going to go a little
Dialogue: 0,1:11:16.65,1:11:17.94,Default,,0000,0000,0000,,bit quickly and you forgive me he's
Dialogue: 0,1:11:17.94,1:11:21.18,Default,,0000,0000,0000,,great and I need to get it done the
Dialogue: 0,1:11:21.18,1:11:23.79,Default,,0000,0000,0000,,other side of this is that when we think
Dialogue: 0,1:11:23.79,1:11:26.49,Default,,0000,0000,0000,,about it overall the economic
Dialogue: 0,1:11:26.49,1:11:28.17,Default,,0000,0000,0000,,implications of those special events are
Dialogue: 0,1:11:28.17,1:11:29.11,Default,,0000,0000,0000,,massive
Dialogue: 0,1:11:29.11,1:11:34.15,Default,,0000,0000,0000,,right Super Bowl Houston Texas 138,000
Dialogue: 0,1:11:34.15,1:11:36.49,Default,,0000,0000,0000,,Super Bowl visitors and 350 million
Dialogue: 0,1:11:36.49,1:11:38.23,Default,,0000,0000,0000,,dollars of impact that's why I was so
Dialogue: 0,1:11:38.23,1:11:39.79,Default,,0000,0000,0000,,great to see the article in the
Dialogue: 0,1:11:39.79,1:11:41.35,Default,,0000,0000,0000,,newspaper today that they're talking
Dialogue: 0,1:11:41.35,1:11:43.33,Default,,0000,0000,0000,,about potentially getting us a Super
Dialogue: 0,1:11:43.33,1:11:47.68,Default,,0000,0000,0000,,Bowl in two thousand 2023 or 2024
Dialogue: 0,1:11:47.68,1:11:50.14,Default,,0000,0000,0000,,hopefully it happens but we cannot
Dialogue: 0,1:11:50.14,1:11:52.30,Default,,0000,0000,0000,,forget about the fact that while Houston
Dialogue: 0,1:11:52.30,1:11:54.10,Default,,0000,0000,0000,,was hosting the Super Bowl with a
Dialogue: 0,1:11:54.10,1:11:55.48,Default,,0000,0000,0000,,hundred and thirty eight thousand people
Dialogue: 0,1:11:55.48,1:11:57.73,Default,,0000,0000,0000,,we had three hundred thousand people
Dialogue: 0,1:11:57.73,1:11:59.80,Default,,0000,0000,0000,,that showed up for Super Bowl weekend
Dialogue: 0,1:11:59.80,1:12:04.93,Default,,0000,0000,0000,,right while we were here almost on our
Dialogue: 0,1:12:04.93,1:12:07.75,Default,,0000,0000,0000,,phone convention centers are phenomenal
Dialogue: 0,1:12:07.75,1:12:09.52,Default,,0000,0000,0000,,we have among the best in the entire
Dialogue: 0,1:12:09.52,1:12:12.16,Default,,0000,0000,0000,,country we have been atop the list for
Dialogue: 0,1:12:12.16,1:12:14.92,Default,,0000,0000,0000,,the past 22 years and the business tax
Dialogue: 0,1:12:14.92,1:12:16.93,Default,,0000,0000,0000,,climate has benefited from this amount
Dialogue: 0,1:12:16.93,1:12:19.39,Default,,0000,0000,0000,,we reach the tourists generate two
Dialogue: 0,1:12:19.39,1:12:22.15,Default,,0000,0000,0000,,billion dollars in taxes for us every
Dialogue: 0,1:12:22.15,1:12:23.98,Default,,0000,0000,0000,,single year I'm not going to spend a
Dialogue: 0,1:12:23.98,1:12:25.69,Default,,0000,0000,0000,,whole lot of time here other than saying
Dialogue: 0,1:12:25.69,1:12:27.79,Default,,0000,0000,0000,,those are all of the states that have an
Dialogue: 0,1:12:27.79,1:12:30.13,Default,,0000,0000,0000,,individual income tax and we're not one
Dialogue: 0,1:12:30.13,1:12:32.17,Default,,0000,0000,0000,,of them because 43 million people
Dialogue: 0,1:12:32.17,1:12:34.33,Default,,0000,0000,0000,,decided to get in a car or get in a
Dialogue: 0,1:12:34.33,1:12:36.28,Default,,0000,0000,0000,,plane and come here and spend money and
Dialogue: 0,1:12:36.28,1:12:37.84,Default,,0000,0000,0000,,if you don't believe me this is what
Dialogue: 0,1:12:37.84,1:12:39.88,Default,,0000,0000,0000,,your sales tax raise property tax rates
Dialogue: 0,1:12:39.88,1:12:42.97,Default,,0000,0000,0000,,and personal income tax rate would be if
Dialogue: 0,1:12:42.97,1:12:45.76,Default,,0000,0000,0000,,they didn't exist today we need to
Dialogue: 0,1:12:45.76,1:12:48.34,Default,,0000,0000,0000,,preserve that sector of our economy at
Dialogue: 0,1:12:48.34,1:12:54.37,Default,,0000,0000,0000,,all cost those are huge numbers these
Dialogue: 0,1:12:54.37,1:12:55.92,Default,,0000,0000,0000,,are the companies we're bringing in
Dialogue: 0,1:12:55.92,1:12:58.15,Default,,0000,0000,0000,,northern nevada is also getting them we
Dialogue: 0,1:12:58.15,1:13:00.19,Default,,0000,0000,0000,,are innovating over all these are
Dialogue: 0,1:13:00.19,1:13:02.08,Default,,0000,0000,0000,,companies we all know them they're
Dialogue: 0,1:13:02.08,1:13:04.21,Default,,0000,0000,0000,,making great steps and great progress
Dialogue: 0,1:13:04.21,1:13:06.76,Default,,0000,0000,0000,,but I do not want to minimize small
Dialogue: 0,1:13:06.76,1:13:09.88,Default,,0000,0000,0000,,business development in our community we
Dialogue: 0,1:13:09.88,1:13:11.53,Default,,0000,0000,0000,,have more businesses here than we have
Dialogue: 0,1:13:11.53,1:13:13.66,Default,,0000,0000,0000,,ever had before we've created ninety two
Dialogue: 0,1:13:13.66,1:13:17.95,Default,,0000,0000,0000,,hundred businesses since 2010 thank you
Dialogue: 0,1:13:17.95,1:13:19.87,Default,,0000,0000,0000,,to the LV Gea because they have been
Dialogue: 0,1:13:19.87,1:13:22.03,Default,,0000,0000,0000,,critical as well as each one of you in
Dialogue: 0,1:13:22.03,1:13:23.32,Default,,0000,0000,0000,,making that happen
Dialogue: 0,1:13:23.32,1:13:26.17,Default,,0000,0000,0000,,overall my friends at Nevada state bank
Dialogue: 0,1:13:26.17,1:13:28.63,Default,,0000,0000,0000,,asked for this idea of power small
Dialogue: 0,1:13:28.63,1:13:30.37,Default,,0000,0000,0000,,business folks thinking about all of
Dialogue: 0,1:13:30.37,1:13:32.08,Default,,0000,0000,0000,,this we asked them are you optimistic
Dialogue: 0,1:13:32.08,1:13:34.00,Default,,0000,0000,0000,,about the economy they are more
Dialogue: 0,1:13:34.00,1:13:36.07,Default,,0000,0000,0000,,optimistic than they have been at any
Dialogue: 0,1:13:36.07,1:13:38.53,Default,,0000,0000,0000,,point in the past five years do you plan
Dialogue: 0,1:13:38.53,1:13:40.51,Default,,0000,0000,0000,,to expand over the next 12 months do you
Dialogue: 0,1:13:40.51,1:13:41.57,Default,,0000,0000,0000,,think things are going to get
Dialogue: 0,1:13:41.57,1:13:43.82,Default,,0000,0000,0000,,over the 12 next 12 months yes they do
Dialogue: 0,1:13:43.82,1:13:48.50,Default,,0000,0000,0000,,in closing yes things are okay we're
Dialogue: 0,1:13:48.50,1:13:50.66,Default,,0000,0000,0000,,doing better where we're finding our
Dialogue: 0,1:13:50.66,1:13:53.21,Default,,0000,0000,0000,,footing but I'm always reminded of the
Dialogue: 0,1:13:53.21,1:13:55.43,Default,,0000,0000,0000,,salient words those who cannot remember
Dialogue: 0,1:13:55.43,1:13:57.80,Default,,0000,0000,0000,,the past are condemned to repeat it we
Dialogue: 0,1:13:57.80,1:14:01.31,Default,,0000,0000,0000,,cannot ignore where we were when all of
Dialogue: 0,1:14:01.31,1:14:02.69,Default,,0000,0000,0000,,development we couldn't handle so we
Dialogue: 0,1:14:02.69,1:14:05.66,Default,,0000,0000,0000,,were spilling over into Arizona Las
Dialogue: 0,1:14:05.66,1:14:08.99,Default,,0000,0000,0000,,Vegas Waze billion-dollar reliever
Dialogue: 0,1:14:08.99,1:14:11.03,Default,,0000,0000,0000,,Airport right we don't have enough room
Dialogue: 0,1:14:11.03,1:14:13.97,Default,,0000,0000,0000,,it can so we're going to build Ivanpah
Dialogue: 0,1:14:13.97,1:14:15.98,Default,,0000,0000,0000,,right least affordable real estate
Dialogue: 0,1:14:15.98,1:14:17.96,Default,,0000,0000,0000,,market in the United States these are
Dialogue: 0,1:14:17.96,1:14:19.97,Default,,0000,0000,0000,,the type of articles that were coming
Dialogue: 0,1:14:19.97,1:14:24.02,Default,,0000,0000,0000,,out when we were at our absolute peak we
Dialogue: 0,1:14:24.02,1:14:26.81,Default,,0000,0000,0000,,cannot let this happen again Las Vegas
Dialogue: 0,1:14:26.81,1:14:28.61,Default,,0000,0000,0000,,closing on another full house I love
Dialogue: 0,1:14:28.61,1:14:29.75,Default,,0000,0000,0000,,that they have to come up with some type
Dialogue: 0,1:14:29.75,1:14:31.67,Default,,0000,0000,0000,,of gambling analogy no matter what they
Dialogue: 0,1:14:31.67,1:14:33.35,Default,,0000,0000,0000,,write anyway that's my own personal
Dialogue: 0,1:14:33.35,1:14:35.36,Default,,0000,0000,0000,,problem condo mania in the West and as
Dialogue: 0,1:14:35.36,1:14:37.85,Default,,0000,0000,0000,,we all remember the Manhattan ization of
Dialogue: 0,1:14:37.85,1:14:40.70,Default,,0000,0000,0000,,Las Vegas right this is a map we
Dialogue: 0,1:14:40.70,1:14:42.14,Default,,0000,0000,0000,,actually been doing this presentation
Dialogue: 0,1:14:42.14,1:14:44.72,Default,,0000,0000,0000,,since 2007 this is my 10th year doing it
Dialogue: 0,1:14:44.72,1:14:46.31,Default,,0000,0000,0000,,I'm very thankful for that
Dialogue: 0,1:14:46.31,1:14:48.20,Default,,0000,0000,0000,,this is a map we used in the very first
Dialogue: 0,1:14:48.20,1:14:50.24,Default,,0000,0000,0000,,one of all the plans proposed or under
Dialogue: 0,1:14:50.24,1:14:52.73,Default,,0000,0000,0000,,construction condos that were in
Dialogue: 0,1:14:52.73,1:14:55.07,Default,,0000,0000,0000,,Southern Nevada almost none of them were
Dialogue: 0,1:14:55.07,1:14:57.08,Default,,0000,0000,0000,,actually built right this is where we
Dialogue: 0,1:14:57.08,1:14:58.88,Default,,0000,0000,0000,,can't go because we've got to come full
Dialogue: 0,1:14:58.88,1:15:01.52,Default,,0000,0000,0000,,circle so let's just fix let's talk just
Dialogue: 0,1:15:01.52,1:15:03.35,Default,,0000,0000,0000,,for one minute and I promise I'll get
Dialogue: 0,1:15:03.35,1:15:05.27,Default,,0000,0000,0000,,down from where we are downtown
Dialogue: 0,1:15:05.27,1:15:06.92,Default,,0000,0000,0000,,Summerlin stall during the economic
Dialogue: 0,1:15:06.92,1:15:08.99,Default,,0000,0000,0000,,downturn this is what it looks like
Dialogue: 0,1:15:08.99,1:15:11.51,Default,,0000,0000,0000,,today we can be proud of that
Dialogue: 0,1:15:11.51,1:15:13.22,Default,,0000,0000,0000,,the folks at Summerlin should be
Dialogue: 0,1:15:13.22,1:15:18.37,Default,,0000,0000,0000,,incredibly proud of that yeah thank you
Dialogue: 0,1:15:19.99,1:15:22.61,Default,,0000,0000,0000,,anyway they know the statistics only see
Dialogue: 0,1:15:22.61,1:15:24.53,Default,,0000,0000,0000,,Manhattan West all during the economic
Dialogue: 0,1:15:24.53,1:15:26.12,Default,,0000,0000,0000,,downturn this is what it looks like
Dialogue: 0,1:15:26.12,1:15:28.58,Default,,0000,0000,0000,,today here's the Kyle Canyon master plan
Dialogue: 0,1:15:28.58,1:15:31.19,Default,,0000,0000,0000,,1,700 acres was foreclosed on here's
Dialogue: 0,1:15:31.19,1:15:32.84,Default,,0000,0000,0000,,what it looks like today the folks the
Dialogue: 0,1:15:32.84,1:15:34.97,Default,,0000,0000,0000,,city of Las Vegas think Stavros was here
Dialogue: 0,1:15:34.97,1:15:36.77,Default,,0000,0000,0000,,congratulations on what you guys have
Dialogue: 0,1:15:36.77,1:15:38.90,Default,,0000,0000,0000,,been able to do a salon stalled during
Dialogue: 0,1:15:38.90,1:15:40.70,Default,,0000,0000,0000,,economic downturn recently announced
Dialogue: 0,1:15:40.70,1:15:41.84,Default,,0000,0000,0000,,they're getting that project going
Dialogue: 0,1:15:41.84,1:15:43.43,Default,,0000,0000,0000,,forward and it'll be happening pretty
Dialogue: 0,1:15:43.43,1:15:45.95,Default,,0000,0000,0000,,soon interstate 11 of course has that
Dialogue: 0,1:15:45.95,1:15:48.53,Default,,0000,0000,0000,,met any number of delays and now is
Dialogue: 0,1:15:48.53,1:15:51.20,Default,,0000,0000,0000,,actually going to happen City Center if
Dialogue: 0,1:15:51.20,1:15:52.67,Default,,0000,0000,0000,,anyone's ever heard Jim Murr and talked
Dialogue: 0,1:15:52.67,1:15:54.41,Default,,0000,0000,0000,,about how close it was to closing down
Dialogue: 0,1:15:54.41,1:15:56.27,Default,,0000,0000,0000,,it didn't and not only have they
Dialogue: 0,1:15:56.27,1:15:57.65,Default,,0000,0000,0000,,finished that project that they double
Dialogue: 0,1:15:57.65,1:15:59.36,Default,,0000,0000,0000,,down with building the t-mobile Arena
Dialogue: 0,1:15:59.36,1:16:00.77,Default,,0000,0000,0000,,which will probably be among the most
Dialogue: 0,1:16:00.77,1:16:03.23,Default,,0000,0000,0000,,productive arenas in the entire United
Dialogue: 0,1:16:03.23,1:16:05.33,Default,,0000,0000,0000,,States when everything's added up for
Dialogue: 0,1:16:05.33,1:16:07.25,Default,,0000,0000,0000,,its first year of operation and the very
Dialogue: 0,1:16:07.25,1:16:10.16,Default,,0000,0000,0000,,last one south strip right this property
Dialogue: 0,1:16:10.16,1:16:12.68,Default,,0000,0000,0000,,was foreclosed on 62 acres there off the
Dialogue: 0,1:16:12.68,1:16:14.96,Default,,0000,0000,0000,,freeway it's going to be the home of the
Dialogue: 0,1:16:14.96,1:16:16.76,Default,,0000,0000,0000,,new Las Vegas Stadium thank you very
Dialogue: 0,1:16:16.76,1:16:18.97,Default,,0000,0000,0000,,much
Dialogue: 0,1:16:23.20,1:16:29.50,Default,,0000,0000,0000,,sigh landing was that powerful did you
Dialogue: 0,1:16:29.50,1:16:31.03,Default,,0000,0000,0000,,enjoy that can we get another round of
Dialogue: 0,1:16:31.03,1:16:37.96,Default,,0000,0000,0000,,applause awesome awesome for our next
Dialogue: 0,1:16:37.96,1:16:40.27,Default,,0000,0000,0000,,segment you guys are in for a treat we
Dialogue: 0,1:16:40.27,1:16:42.97,Default,,0000,0000,0000,,wanted to show you a look at the future
Dialogue: 0,1:16:42.97,1:16:47.95,Default,,0000,0000,0000,,of gaming we have the best expert in the
Dialogue: 0,1:16:47.95,1:16:49.93,Default,,0000,0000,0000,,entire country to talk to you about that
Dialogue: 0,1:16:49.93,1:16:51.13,Default,,0000,0000,0000,,particular project
Dialogue: 0,1:16:51.13,1:16:52.96,Default,,0000,0000,0000,,Jeff Freeman is the CEO of the American
Dialogue: 0,1:16:52.96,1:16:55.72,Default,,0000,0000,0000,,Gaming Association he is a global leader
Dialogue: 0,1:16:55.72,1:16:58.09,Default,,0000,0000,0000,,he is responsible for positioning
Dialogue: 0,1:16:58.09,1:17:00.73,Default,,0000,0000,0000,,commercial and tribal gaming for success
Dialogue: 0,1:17:00.73,1:17:03.25,Default,,0000,0000,0000,,and he's also a powerhouse speaker
Dialogue: 0,1:17:03.25,1:17:05.38,Default,,0000,0000,0000,,please help me welcome to the stage
Dialogue: 0,1:17:05.38,1:17:15.70,Default,,0000,0000,0000,,Jeff Freeman so I'm thinking of starting
Dialogue: 0,1:17:15.70,1:17:17.92,Default,,0000,0000,0000,,every speech with that sex with a dead
Dialogue: 0,1:17:17.92,1:17:22.71,Default,,0000,0000,0000,,person joke it's bound to get - laughs
Dialogue: 0,1:17:22.71,1:17:24.82,Default,,0000,0000,0000,,congresswoman Buerkle had to leave so
Dialogue: 0,1:17:24.82,1:17:26.23,Default,,0000,0000,0000,,it's even better I'd say this in her
Dialogue: 0,1:17:26.23,1:17:28.45,Default,,0000,0000,0000,,absence I've been in Washington 20 years
Dialogue: 0,1:17:28.45,1:17:30.61,Default,,0000,0000,0000,,I've met with a lot of members of
Dialogue: 0,1:17:30.61,1:17:33.25,Default,,0000,0000,0000,,Congress I have never met someone who
Dialogue: 0,1:17:33.25,1:17:35.20,Default,,0000,0000,0000,,was a greater champion for an industry
Dialogue: 0,1:17:35.20,1:17:37.60,Default,,0000,0000,0000,,for a city for a state than
Dialogue: 0,1:17:37.60,1:17:39.55,Default,,0000,0000,0000,,congresswoman Buerkle was she was a
Dialogue: 0,1:17:39.55,1:17:41.92,Default,,0000,0000,0000,,tremendous champion for this area and
Dialogue: 0,1:17:41.92,1:17:43.42,Default,,0000,0000,0000,,it's something for which all of you
Dialogue: 0,1:17:43.42,1:17:46.12,Default,,0000,0000,0000,,should be quite proud we have today
Dialogue: 0,1:17:46.12,1:17:48.10,Default,,0000,0000,0000,,great champions from Nevada we
Dialogue: 0,1:17:48.10,1:17:50.02,Default,,0000,0000,0000,,appreciate the support from Nevada but
Dialogue: 0,1:17:50.02,1:17:51.58,Default,,0000,0000,0000,,not for one second should we forget what
Dialogue: 0,1:17:51.58,1:17:53.41,Default,,0000,0000,0000,,congresswoman Buerkle did it's also
Dialogue: 0,1:17:53.41,1:17:55.18,Default,,0000,0000,0000,,great to follow geremy what great energy
Dialogue: 0,1:17:55.18,1:17:58.06,Default,,0000,0000,0000,,we'll great - enthusiasm and passion for
Dialogue: 0,1:17:58.06,1:18:00.19,Default,,0000,0000,0000,,this area and the message that I heard
Dialogue: 0,1:18:00.19,1:18:02.68,Default,,0000,0000,0000,,there was fantastic about embrace the
Dialogue: 0,1:18:02.68,1:18:05.47,Default,,0000,0000,0000,,prosperity embrace what this area this
Dialogue: 0,1:18:05.47,1:18:08.41,Default,,0000,0000,0000,,region has accomplished figure out how
Dialogue: 0,1:18:08.41,1:18:10.18,Default,,0000,0000,0000,,we sustain that figure out how we
Dialogue: 0,1:18:10.18,1:18:12.19,Default,,0000,0000,0000,,capitalize on it you know that same
Dialogue: 0,1:18:12.19,1:18:14.11,Default,,0000,0000,0000,,message actually applies to the gaming
Dialogue: 0,1:18:14.11,1:18:15.55,Default,,0000,0000,0000,,industry and I'm excited to talk a
Dialogue: 0,1:18:15.55,1:18:17.74,Default,,0000,0000,0000,,little bit about that today before I get
Dialogue: 0,1:18:17.74,1:18:19.60,Default,,0000,0000,0000,,started I want to thank Jonas I want to
Dialogue: 0,1:18:19.60,1:18:21.73,Default,,0000,0000,0000,,thank the LB Gea I really appreciate the
Dialogue: 0,1:18:21.73,1:18:23.50,Default,,0000,0000,0000,,invitation here and what congratulate
Dialogue: 0,1:18:23.50,1:18:24.79,Default,,0000,0000,0000,,you for everything you've done in this
Dialogue: 0,1:18:24.79,1:18:26.92,Default,,0000,0000,0000,,area supporting the economy here in
Dialogue: 0,1:18:26.92,1:18:27.31,Default,,0000,0000,0000,,Nevada
Dialogue: 0,1:18:27.31,1:18:29.44,Default,,0000,0000,0000,,I represent a national industry I'm
Dialogue: 0,1:18:29.44,1:18:31.54,Default,,0000,0000,0000,,based in Washington a national
Dialogue: 0,1:18:31.54,1:18:33.64,Default,,0000,0000,0000,,organization but I believe everything
Dialogue: 0,1:18:33.64,1:18:35.38,Default,,0000,0000,0000,,we're doing whether we're doing it in
Dialogue: 0,1:18:35.38,1:18:35.84,Default,,0000,0000,0000,,Nevada
Dialogue: 0,1:18:35.84,1:18:37.43,Default,,0000,0000,0000,,New Jersey where I'll be tonight in
Dialogue: 0,1:18:37.43,1:18:39.56,Default,,0000,0000,0000,,Atlantic City or whether we're doing in
Dialogue: 0,1:18:39.56,1:18:41.21,Default,,0000,0000,0000,,Missouri or any other state that is
Dialogue: 0,1:18:41.21,1:18:43.70,Default,,0000,0000,0000,,gaming it all comes back to helping Las
Dialogue: 0,1:18:43.70,1:18:45.41,Default,,0000,0000,0000,,Vegas it all comes back to helping
Dialogue: 0,1:18:45.41,1:18:47.45,Default,,0000,0000,0000,,Nevada so let me talk a little bit about
Dialogue: 0,1:18:47.45,1:18:49.94,Default,,0000,0000,0000,,who this industry is right now where
Dialogue: 0,1:18:49.94,1:18:51.83,Default,,0000,0000,0000,,we're going and the great opportunities
Dialogue: 0,1:18:51.83,1:18:53.51,Default,,0000,0000,0000,,we have ahead because this is an
Dialogue: 0,1:18:53.51,1:18:55.64,Default,,0000,0000,0000,,exciting time in the gaming industry not
Dialogue: 0,1:18:55.64,1:18:56.84,Default,,0000,0000,0000,,just because we've got great new
Dialogue: 0,1:18:56.84,1:18:58.43,Default,,0000,0000,0000,,properties opening we've got new markets
Dialogue: 0,1:18:58.43,1:19:01.70,Default,,0000,0000,0000,,emerging we've got a former casino owner
Dialogue: 0,1:19:01.70,1:19:06.01,Default,,0000,0000,0000,,as president of the United States and
Dialogue: 0,1:19:06.01,1:19:09.41,Default,,0000,0000,0000,,whatever you might think of President
Dialogue: 0,1:19:09.41,1:19:13.61,Default,,0000,0000,0000,,Trump for this industry that only says
Dialogue: 0,1:19:13.61,1:19:17.39,Default,,0000,0000,0000,,opportunity that only says we've got an
Dialogue: 0,1:19:17.39,1:19:19.28,Default,,0000,0000,0000,,opportunity to do something great that
Dialogue: 0,1:19:19.28,1:19:21.95,Default,,0000,0000,0000,,we haven't had before so let's talk
Dialogue: 0,1:19:21.95,1:19:23.99,Default,,0000,0000,0000,,about why we have that opportunity
Dialogue: 0,1:19:23.99,1:19:24.95,Default,,0000,0000,0000,,because I think it's important that we
Dialogue: 0,1:19:24.95,1:19:26.66,Default,,0000,0000,0000,,embrace that and then let's talk about
Dialogue: 0,1:19:26.66,1:19:29.24,Default,,0000,0000,0000,,how we capitalize on this industry today
Dialogue: 0,1:19:29.24,1:19:31.07,Default,,0000,0000,0000,,this industry that just started right
Dialogue: 0,1:19:31.07,1:19:34.79,Default,,0000,0000,0000,,here in Nevada is today a 240 billion
Dialogue: 0,1:19:34.79,1:19:37.79,Default,,0000,0000,0000,,dollar industry across 40 states in the
Dialogue: 0,1:19:37.79,1:19:42.32,Default,,0000,0000,0000,,US 1.7 million jobs supported nearly 40
Dialogue: 0,1:19:42.32,1:19:45.08,Default,,0000,0000,0000,,billion dollars in tax revenue this
Dialogue: 0,1:19:45.08,1:19:48.89,Default,,0000,0000,0000,,industry is a major economic force and
Dialogue: 0,1:19:48.89,1:19:52.31,Default,,0000,0000,0000,,it's only growing in the latest year for
Dialogue: 0,1:19:52.31,1:19:54.20,Default,,0000,0000,0000,,which we have data available commercial
Dialogue: 0,1:19:54.20,1:19:57.26,Default,,0000,0000,0000,,gaming did 39 billion dollars in revenue
Dialogue: 0,1:19:57.26,1:20:00.53,Default,,0000,0000,0000,,tribal gaming 30 billion dollars in
Dialogue: 0,1:20:00.53,1:20:02.90,Default,,0000,0000,0000,,revenue nearly seventy billion dollars
Dialogue: 0,1:20:02.90,1:20:05.39,Default,,0000,0000,0000,,in revenue between these these two
Dialogue: 0,1:20:05.39,1:20:07.97,Default,,0000,0000,0000,,entities commercial and tribal this is a
Dialogue: 0,1:20:07.97,1:20:10.70,Default,,0000,0000,0000,,massive economic force in communities
Dialogue: 0,1:20:10.70,1:20:13.22,Default,,0000,0000,0000,,across the country and that economic
Dialogue: 0,1:20:13.22,1:20:16.22,Default,,0000,0000,0000,,footprint now speaks to the increasing
Dialogue: 0,1:20:16.22,1:20:18.80,Default,,0000,0000,0000,,mainstream nature of our industry you
Dialogue: 0,1:20:18.80,1:20:20.09,Default,,0000,0000,0000,,know when you look at the critics of
Dialogue: 0,1:20:20.09,1:20:22.49,Default,,0000,0000,0000,,gaming the critics of gaming only exist
Dialogue: 0,1:20:22.49,1:20:24.50,Default,,0000,0000,0000,,in the communities in which we don't do
Dialogue: 0,1:20:24.50,1:20:26.75,Default,,0000,0000,0000,,business and the communities in which
Dialogue: 0,1:20:26.75,1:20:29.54,Default,,0000,0000,0000,,casinos operate were strong community
Dialogue: 0,1:20:29.54,1:20:32.21,Default,,0000,0000,0000,,partners and we are incredible economic
Dialogue: 0,1:20:32.21,1:20:34.64,Default,,0000,0000,0000,,generators and that's a big part of the
Dialogue: 0,1:20:34.64,1:20:37.07,Default,,0000,0000,0000,,opportunity we have ahead the second
Dialogue: 0,1:20:37.07,1:20:38.75,Default,,0000,0000,0000,,part of the opportunity we have ahead
Dialogue: 0,1:20:38.75,1:20:41.75,Default,,0000,0000,0000,,and more to that mainstream nature of
Dialogue: 0,1:20:41.75,1:20:43.82,Default,,0000,0000,0000,,this industry is the improving
Dialogue: 0,1:20:43.82,1:20:46.64,Default,,0000,0000,0000,,perception of this industry as all of
Dialogue: 0,1:20:46.64,1:20:49.49,Default,,0000,0000,0000,,you know this October the Vegas golden
Dialogue: 0,1:20:49.49,1:20:49.76,Default,,0000,0000,0000,,eye
Dialogue: 0,1:20:49.76,1:20:51.67,Default,,0000,0000,0000,,we'll kick off their inaugural season
Dialogue: 0,1:20:51.67,1:20:54.59,Default,,0000,0000,0000,,the Raiders will arrive in one two three
Dialogue: 0,1:20:54.59,1:20:57.28,Default,,0000,0000,0000,,years of stadium not too far after that
Dialogue: 0,1:20:57.28,1:21:00.14,Default,,0000,0000,0000,,we had a presidential debate last year
Dialogue: 0,1:21:00.14,1:21:02.78,Default,,0000,0000,0000,,here in Las Vegas and as I said we have
Dialogue: 0,1:21:02.78,1:21:04.73,Default,,0000,0000,0000,,a president who's a former casino owner
Dialogue: 0,1:21:04.73,1:21:07.07,Default,,0000,0000,0000,,and one of the most amazing aspects
Dialogue: 0,1:21:07.07,1:21:08.87,Default,,0000,0000,0000,,about that and there are a lot of
Dialogue: 0,1:21:08.87,1:21:10.82,Default,,0000,0000,0000,,amazing aspects about that one of the
Dialogue: 0,1:21:10.82,1:21:13.43,Default,,0000,0000,0000,,most amazing aspects about that the act
Dialogue: 0,1:21:13.43,1:21:16.34,Default,,0000,0000,0000,,of owning casinos never came up during
Dialogue: 0,1:21:16.34,1:21:19.52,Default,,0000,0000,0000,,the campaign the act of managing and the
Dialogue: 0,1:21:19.52,1:21:21.02,Default,,0000,0000,0000,,ability to manage it came up a couple
Dialogue: 0,1:21:21.02,1:21:23.21,Default,,0000,0000,0000,,times but the act of owning casinos
Dialogue: 0,1:21:23.21,1:21:25.91,Default,,0000,0000,0000,,never came up so just as Jeremy was
Dialogue: 0,1:21:25.91,1:21:27.77,Default,,0000,0000,0000,,talking about the prosperity here in in
Dialogue: 0,1:21:27.77,1:21:30.02,Default,,0000,0000,0000,,Las Vegas and in this area think about
Dialogue: 0,1:21:30.02,1:21:31.97,Default,,0000,0000,0000,,the prosperity of 2016
Dialogue: 0,1:21:31.97,1:21:33.92,Default,,0000,0000,0000,,think of all the things that happen in
Dialogue: 0,1:21:33.92,1:21:36.26,Default,,0000,0000,0000,,that year and ask yourself would that
Dialogue: 0,1:21:36.26,1:21:38.18,Default,,0000,0000,0000,,have happened 10 years ago would have
Dialogue: 0,1:21:38.18,1:21:40.79,Default,,0000,0000,0000,,happened five years ago in your wildest
Dialogue: 0,1:21:40.79,1:21:42.35,Default,,0000,0000,0000,,dreams did you think all of these things
Dialogue: 0,1:21:42.35,1:21:44.81,Default,,0000,0000,0000,,would happen just last year this
Dialogue: 0,1:21:44.81,1:21:47.93,Default,,0000,0000,0000,,industry has come incredibly far in
Dialogue: 0,1:21:47.93,1:21:51.05,Default,,0000,0000,0000,,terms of being a mainstream player in
Dialogue: 0,1:21:51.05,1:21:53.51,Default,,0000,0000,0000,,the American economy in terms of being
Dialogue: 0,1:21:53.51,1:21:55.85,Default,,0000,0000,0000,,accepted coast-to-coast eighty-five
Dialogue: 0,1:21:55.85,1:21:57.50,Default,,0000,0000,0000,,percent of the American public now
Dialogue: 0,1:21:57.50,1:21:58.91,Default,,0000,0000,0000,,saying that they're perfectly
Dialogue: 0,1:21:58.91,1:22:01.13,Default,,0000,0000,0000,,comfortable with casinos for themselves
Dialogue: 0,1:22:01.13,1:22:03.11,Default,,0000,0000,0000,,their friends their family were
Dialogue: 0,1:22:03.11,1:22:05.06,Default,,0000,0000,0000,,mainstream how do we take advantage of
Dialogue: 0,1:22:05.06,1:22:07.01,Default,,0000,0000,0000,,it these are the external factors that
Dialogue: 0,1:22:07.01,1:22:09.29,Default,,0000,0000,0000,,are helping us as an industry there are
Dialogue: 0,1:22:09.29,1:22:11.39,Default,,0000,0000,0000,,also several I think internal and excuse
Dialogue: 0,1:22:11.39,1:22:13.01,Default,,0000,0000,0000,,me internal factors inter industry
Dialogue: 0,1:22:13.01,1:22:15.82,Default,,0000,0000,0000,,factors that are changing who we are
Dialogue: 0,1:22:15.82,1:22:17.60,Default,,0000,0000,0000,,increasingly I want to talk about these
Dialogue: 0,1:22:17.60,1:22:20.54,Default,,0000,0000,0000,,three increasingly or a unified industry
Dialogue: 0,1:22:20.54,1:22:22.31,Default,,0000,0000,0000,,for those of you that have been in Las
Dialogue: 0,1:22:22.31,1:22:24.02,Default,,0000,0000,0000,,Vegas for some time for those of you
Dialogue: 0,1:22:24.02,1:22:25.13,Default,,0000,0000,0000,,that have been close to the gaming
Dialogue: 0,1:22:25.13,1:22:27.70,Default,,0000,0000,0000,,industry you know that unity
Dialogue: 0,1:22:27.70,1:22:30.65,Default,,0000,0000,0000,,collaboration these are not hallmarks of
Dialogue: 0,1:22:30.65,1:22:33.62,Default,,0000,0000,0000,,the casino gaming industry but they are
Dialogue: 0,1:22:33.62,1:22:37.37,Default,,0000,0000,0000,,critical to our future success I often
Dialogue: 0,1:22:37.37,1:22:39.08,Default,,0000,0000,0000,,talk about my own team asked me not to
Dialogue: 0,1:22:39.08,1:22:40.73,Default,,0000,0000,0000,,talk about it but we're much better at
Dialogue: 0,1:22:40.73,1:22:42.38,Default,,0000,0000,0000,,having a circular firing squad in this
Dialogue: 0,1:22:42.38,1:22:44.36,Default,,0000,0000,0000,,industry than we are about getting in a
Dialogue: 0,1:22:44.36,1:22:46.25,Default,,0000,0000,0000,,straight line and focusing on a common
Dialogue: 0,1:22:46.25,1:22:48.26,Default,,0000,0000,0000,,target increasingly we're identifying
Dialogue: 0,1:22:48.26,1:22:51.86,Default,,0000,0000,0000,,who when what that common target is the
Dialogue: 0,1:22:51.86,1:22:53.69,Default,,0000,0000,0000,,American Gaming Association of today my
Dialogue: 0,1:22:53.69,1:22:55.79,Default,,0000,0000,0000,,organization was created it was modeled
Dialogue: 0,1:22:55.79,1:22:57.59,Default,,0000,0000,0000,,after the Motion Picture Association if
Dialogue: 0,1:22:57.59,1:22:58.73,Default,,0000,0000,0000,,you know anything about that
Dialogue: 0,1:22:58.73,1:23:01.10,Default,,0000,0000,0000,,organization Jack Valenti created it
Dialogue: 0,1:23:01.10,1:23:02.93,Default,,0000,0000,0000,,years ago it was the Six Day
Dialogue: 0,1:23:02.93,1:23:05.48,Default,,0000,0000,0000,,studio heads in Los Angeles and they
Dialogue: 0,1:23:05.48,1:23:06.89,Default,,0000,0000,0000,,created this organization in Washington
Dialogue: 0,1:23:06.89,1:23:09.08,Default,,0000,0000,0000,,and they sent him one of two messages
Dialogue: 0,1:23:09.08,1:23:11.09,Default,,0000,0000,0000,,either do what we tell you to do or
Dialogue: 0,1:23:11.09,1:23:11.96,Default,,0000,0000,0000,,leave us the hell alone
Dialogue: 0,1:23:11.96,1:23:14.27,Default,,0000,0000,0000,,that was the MPAA message AG a
Dialogue: 0,1:23:14.27,1:23:17.06,Default,,0000,0000,0000,,simplified that it created the big you
Dialogue: 0,1:23:17.06,1:23:18.32,Default,,0000,0000,0000,,know the big six from here on the Las
Dialogue: 0,1:23:18.32,1:23:20.15,Default,,0000,0000,0000,,Vegas Strip it had one simple message
Dialogue: 0,1:23:20.15,1:23:21.86,Default,,0000,0000,0000,,for Washington leave us the hell alone
Dialogue: 0,1:23:21.86,1:23:25.13,Default,,0000,0000,0000,,and that was the exclusive club that the
Dialogue: 0,1:23:25.13,1:23:28.34,Default,,0000,0000,0000,,HEA was today we're different today we
Dialogue: 0,1:23:28.34,1:23:30.05,Default,,0000,0000,0000,,represent that unified industry that
Dialogue: 0,1:23:30.05,1:23:32.33,Default,,0000,0000,0000,,gaming is becoming we represent ninety
Dialogue: 0,1:23:32.33,1:23:34.04,Default,,0000,0000,0000,,percent of all the revenue and
Dialogue: 0,1:23:34.04,1:23:36.41,Default,,0000,0000,0000,,commercial gaming ninety five percent of
Dialogue: 0,1:23:36.41,1:23:38.87,Default,,0000,0000,0000,,all the supplier revenue that's critical
Dialogue: 0,1:23:38.87,1:23:41.57,Default,,0000,0000,0000,,to this industry we represent with just
Dialogue: 0,1:23:41.57,1:23:44.42,Default,,0000,0000,0000,,ten prominent tribes in our organization
Dialogue: 0,1:23:44.42,1:23:47.54,Default,,0000,0000,0000,,a third of all tribal gaming revenue the
Dialogue: 0,1:23:47.54,1:23:49.73,Default,,0000,0000,0000,,industry is increasingly on the same
Dialogue: 0,1:23:49.73,1:23:51.83,Default,,0000,0000,0000,,page and getting in that straight line
Dialogue: 0,1:23:51.83,1:23:54.35,Default,,0000,0000,0000,,to focus its sights on issues of common
Dialogue: 0,1:23:54.35,1:23:57.38,Default,,0000,0000,0000,,cause I'm gonna go back there the second
Dialogue: 0,1:23:57.38,1:23:59.21,Default,,0000,0000,0000,,aspect of that that we're doing as an
Dialogue: 0,1:23:59.21,1:24:01.01,Default,,0000,0000,0000,,industry is we're beginning to gain
Dialogue: 0,1:24:01.01,1:24:03.56,Default,,0000,0000,0000,,confidence or beginning to gain a sense
Dialogue: 0,1:24:03.56,1:24:07.25,Default,,0000,0000,0000,,that we can go get stuff done in 2016
Dialogue: 0,1:24:07.25,1:24:09.68,Default,,0000,0000,0000,,alone this industry saved off three
Dialogue: 0,1:24:09.68,1:24:12.86,Default,,0000,0000,0000,,critical attacks from Washington one an
Dialogue: 0,1:24:12.86,1:24:14.24,Default,,0000,0000,0000,,effort to suggest that our industry
Dialogue: 0,1:24:14.24,1:24:15.92,Default,,0000,0000,0000,,didn't take its anti-money laundering
Dialogue: 0,1:24:15.92,1:24:19.10,Default,,0000,0000,0000,,compliance efforts seriously a sense
Dialogue: 0,1:24:19.10,1:24:21.71,Default,,0000,0000,0000,,that this industry was not committed to
Dialogue: 0,1:24:21.71,1:24:24.08,Default,,0000,0000,0000,,strict regulation and a threat of
Dialogue: 0,1:24:24.08,1:24:26.30,Default,,0000,0000,0000,,hundreds of millions of dollars in fines
Dialogue: 0,1:24:26.30,1:24:28.76,Default,,0000,0000,0000,,from the federal government when the
Dialogue: 0,1:24:28.76,1:24:31.10,Default,,0000,0000,0000,,head of the agency in Washington left
Dialogue: 0,1:24:31.10,1:24:33.11,Default,,0000,0000,0000,,her role after getting to know this
Dialogue: 0,1:24:33.11,1:24:34.55,Default,,0000,0000,0000,,industry and getting exposed to the
Dialogue: 0,1:24:34.55,1:24:36.16,Default,,0000,0000,0000,,people in this industry her message was
Dialogue: 0,1:24:36.16,1:24:38.90,Default,,0000,0000,0000,,your industry actually has a good story
Dialogue: 0,1:24:38.90,1:24:41.45,Default,,0000,0000,0000,,to tell our industry the gaming industry
Dialogue: 0,1:24:41.45,1:24:43.91,Default,,0000,0000,0000,,is that a model for others in financial
Dialogue: 0,1:24:43.91,1:24:46.52,Default,,0000,0000,0000,,services as to how to do anti-money
Dialogue: 0,1:24:46.52,1:24:49.79,Default,,0000,0000,0000,,laundering compliance right when the IRS
Dialogue: 0,1:24:49.79,1:24:51.44,Default,,0000,0000,0000,,said we want to lower slop tax
Dialogue: 0,1:24:51.44,1:24:54.65,Default,,0000,0000,0000,,thresholds from $1,200 to $600 and we
Dialogue: 0,1:24:54.65,1:24:56.06,Default,,0000,0000,0000,,want to use all those loyalty marketing
Dialogue: 0,1:24:56.06,1:24:58.13,Default,,0000,0000,0000,,cards that many of you probably play
Dialogue: 0,1:24:58.13,1:25:01.01,Default,,0000,0000,0000,,with we want to use those to track what
Dialogue: 0,1:25:01.01,1:25:02.84,Default,,0000,0000,0000,,people are doing in the casinos that was
Dialogue: 0,1:25:02.84,1:25:05.45,Default,,0000,0000,0000,,the proposal from the IRS this industry
Dialogue: 0,1:25:05.45,1:25:06.86,Default,,0000,0000,0000,,stood up it worked in a collaborative
Dialogue: 0,1:25:06.86,1:25:09.31,Default,,0000,0000,0000,,fashion it prevented that from happening
Dialogue: 0,1:25:09.31,1:25:11.63,Default,,0000,0000,0000,,also last year when the federal
Dialogue: 0,1:25:11.63,1:25:13.91,Default,,0000,0000,0000,,government set out to eliminate those
Dialogue: 0,1:25:13.91,1:25:16.29,Default,,0000,0000,0000,,resort fees that Jeremy mentioned
Dialogue: 0,1:25:16.29,1:25:17.85,Default,,0000,0000,0000,,resort fees that not everyone likes but
Dialogue: 0,1:25:17.85,1:25:20.31,Default,,0000,0000,0000,,are worth a half a billion dollars on
Dialogue: 0,1:25:20.31,1:25:23.22,Default,,0000,0000,0000,,the Las Vegas Strip alone this industry
Dialogue: 0,1:25:23.22,1:25:24.48,Default,,0000,0000,0000,,worked together to prevent that from
Dialogue: 0,1:25:24.48,1:25:27.51,Default,,0000,0000,0000,,happening three critical successes there
Dialogue: 0,1:25:27.51,1:25:29.25,Default,,0000,0000,0000,,were only made possible because of the
Dialogue: 0,1:25:29.25,1:25:31.62,Default,,0000,0000,0000,,unity of the industry and three critical
Dialogue: 0,1:25:31.62,1:25:33.21,Default,,0000,0000,0000,,successes that give the industry
Dialogue: 0,1:25:33.21,1:25:36.00,Default,,0000,0000,0000,,confidence next we can do a lot more we
Dialogue: 0,1:25:36.00,1:25:37.65,Default,,0000,0000,0000,,can make other great things happen
Dialogue: 0,1:25:37.65,1:25:39.45,Default,,0000,0000,0000,,the other great thing that make
Dialogue: 0,1:25:39.45,1:25:41.64,Default,,0000,0000,0000,,positions us for future success is we're
Dialogue: 0,1:25:41.64,1:25:43.83,Default,,0000,0000,0000,,not putting our head in the sand we see
Dialogue: 0,1:25:43.83,1:25:45.81,Default,,0000,0000,0000,,what's coming down the pike we see what
Dialogue: 0,1:25:45.81,1:25:48.09,Default,,0000,0000,0000,,the new issues are that are emerging we
Dialogue: 0,1:25:48.09,1:25:49.41,Default,,0000,0000,0000,,see the development of daily fantasy
Dialogue: 0,1:25:49.41,1:25:51.45,Default,,0000,0000,0000,,sports and east boards of skill-based
Dialogue: 0,1:25:51.45,1:25:54.42,Default,,0000,0000,0000,,games outside Nevada the the development
Dialogue: 0,1:25:54.42,1:25:56.19,Default,,0000,0000,0000,,of what's called convenience gaming
Dialogue: 0,1:25:56.19,1:25:57.57,Default,,0000,0000,0000,,retail gaming distributed gaming
Dialogue: 0,1:25:57.57,1:25:58.50,Default,,0000,0000,0000,,whatever you want to call it
Dialogue: 0,1:25:58.50,1:26:00.81,Default,,0000,0000,0000,,machines and bars and taverns around the
Dialogue: 0,1:26:00.81,1:26:03.66,Default,,0000,0000,0000,,country we realize these challenges are
Dialogue: 0,1:26:03.66,1:26:05.28,Default,,0000,0000,0000,,out there and we're confronting them
Dialogue: 0,1:26:05.28,1:26:05.72,Default,,0000,0000,0000,,head-on
Dialogue: 0,1:26:05.72,1:26:08.73,Default,,0000,0000,0000,,we're asking ourselves and for a 240
Dialogue: 0,1:26:08.73,1:26:10.68,Default,,0000,0000,0000,,billion dollar industry today how do we
Dialogue: 0,1:26:10.68,1:26:12.42,Default,,0000,0000,0000,,become a 300 billion dollar industry
Dialogue: 0,1:26:12.42,1:26:15.24,Default,,0000,0000,0000,,tomorrow and how do we work with these
Dialogue: 0,1:26:15.24,1:26:17.07,Default,,0000,0000,0000,,newfound challenges that are out there
Dialogue: 0,1:26:17.07,1:26:19.56,Default,,0000,0000,0000,,it's that type of bold thinking and
Dialogue: 0,1:26:19.56,1:26:21.63,Default,,0000,0000,0000,,leadership that I think sets this
Dialogue: 0,1:26:21.63,1:26:23.88,Default,,0000,0000,0000,,industry with these other factors sets
Dialogue: 0,1:26:23.88,1:26:26.31,Default,,0000,0000,0000,,this industry up for tremendous success
Dialogue: 0,1:26:26.31,1:26:29.55,Default,,0000,0000,0000,,in the future I think we are paid to do
Dialogue: 0,1:26:29.55,1:26:32.43,Default,,0000,0000,0000,,position to do great things in the years
Dialogue: 0,1:26:32.43,1:26:34.29,Default,,0000,0000,0000,,ahead and to areas I want to highlight
Dialogue: 0,1:26:34.29,1:26:35.64,Default,,0000,0000,0000,,for you and you might be picking
Dialogue: 0,1:26:35.64,1:26:37.38,Default,,0000,0000,0000,,yourself well we have these things in
Dialogue: 0,1:26:37.38,1:26:39.42,Default,,0000,0000,0000,,Nevada so why does that matter to me I'm
Dialogue: 0,1:26:39.42,1:26:41.04,Default,,0000,0000,0000,,going to close by coming back why these
Dialogue: 0,1:26:41.04,1:26:42.00,Default,,0000,0000,0000,,things that are going to happen
Dialogue: 0,1:26:42.00,1:26:43.86,Default,,0000,0000,0000,,elsewhere in the United States matter
Dialogue: 0,1:26:43.86,1:26:45.87,Default,,0000,0000,0000,,and matter in a very good way right here
Dialogue: 0,1:26:45.87,1:26:47.94,Default,,0000,0000,0000,,in Nevada the first tremendous
Dialogue: 0,1:26:47.94,1:26:49.65,Default,,0000,0000,0000,,opportunity in front of this industry is
Dialogue: 0,1:26:49.65,1:26:52.71,Default,,0000,0000,0000,,to take what Nevada has today a legal
Dialogue: 0,1:26:52.71,1:26:54.72,Default,,0000,0000,0000,,regulated sports betting market and
Dialogue: 0,1:26:54.72,1:26:57.39,Default,,0000,0000,0000,,permit every state in the country to opt
Dialogue: 0,1:26:57.39,1:26:59.28,Default,,0000,0000,0000,,into this if they so choose you know
Dialogue: 0,1:26:59.28,1:27:00.90,Default,,0000,0000,0000,,there was a long time where Nevada felt
Dialogue: 0,1:27:00.90,1:27:02.55,Default,,0000,0000,0000,,hey we've got a monopoly on sports
Dialogue: 0,1:27:02.55,1:27:03.99,Default,,0000,0000,0000,,betting why would we want to share this
Dialogue: 0,1:27:03.99,1:27:05.64,Default,,0000,0000,0000,,with anybody else we get all those
Dialogue: 0,1:27:05.64,1:27:07.26,Default,,0000,0000,0000,,people coming here for the Super Bowl we
Dialogue: 0,1:27:07.26,1:27:08.73,Default,,0000,0000,0000,,get people coming here for March Madness
Dialogue: 0,1:27:08.73,1:27:10.71,Default,,0000,0000,0000,,maybe we won't have people coming here
Dialogue: 0,1:27:10.71,1:27:14.03,Default,,0000,0000,0000,,if sports betting is permitted elsewhere
Dialogue: 0,1:27:14.03,1:27:16.35,Default,,0000,0000,0000,,well here's the dirty truth there's no
Dialogue: 0,1:27:16.35,1:27:19.92,Default,,0000,0000,0000,,monopoly here in Nevada last year 4.7
Dialogue: 0,1:27:19.92,1:27:22.14,Default,,0000,0000,0000,,billion dollars was wagered on the Super
Dialogue: 0,1:27:22.14,1:27:24.54,Default,,0000,0000,0000,,Bowl three percent of that was wagered
Dialogue: 0,1:27:24.54,1:27:28.38,Default,,0000,0000,0000,,legally here in Nevada 160 billion
Dialogue: 0,1:27:28.38,1:27:29.38,Default,,0000,0000,0000,,dollars was
Dialogue: 0,1:27:29.38,1:27:31.51,Default,,0000,0000,0000,,spent on sports betting across the
Dialogue: 0,1:27:31.51,1:27:33.97,Default,,0000,0000,0000,,United States 3% of that was done
Dialogue: 0,1:27:33.97,1:27:36.46,Default,,0000,0000,0000,,illegally here in Nevada Americans are
Dialogue: 0,1:27:36.46,1:27:38.47,Default,,0000,0000,0000,,finding a way to wager on sports there
Dialogue: 0,1:27:38.47,1:27:41.47,Default,,0000,0000,0000,,is incredible demand to be involved in
Dialogue: 0,1:27:41.47,1:27:43.45,Default,,0000,0000,0000,,these games daily fantasy sports which
Dialogue: 0,1:27:43.45,1:27:45.88,Default,,0000,0000,0000,,got all the attention is the tip of the
Dialogue: 0,1:27:45.88,1:27:47.92,Default,,0000,0000,0000,,iceberg when it comes to how people want
Dialogue: 0,1:27:47.92,1:27:50.50,Default,,0000,0000,0000,,to be engaged in games today and the
Dialogue: 0,1:27:50.50,1:27:52.30,Default,,0000,0000,0000,,question becomes how do we open up these
Dialogue: 0,1:27:52.30,1:27:54.61,Default,,0000,0000,0000,,other markets around the country to
Dialogue: 0,1:27:54.61,1:27:57.07,Default,,0000,0000,0000,,enjoy this same product to regulate this
Dialogue: 0,1:27:57.07,1:27:59.02,Default,,0000,0000,0000,,product to prove that they can regulate
Dialogue: 0,1:27:59.02,1:28:00.91,Default,,0000,0000,0000,,effectively sports the same way they
Dialogue: 0,1:28:00.91,1:28:03.07,Default,,0000,0000,0000,,regulate every other form of gaming I
Dialogue: 0,1:28:03.07,1:28:04.93,Default,,0000,0000,0000,,think we're on the cusp of doing that
Dialogue: 0,1:28:04.93,1:28:07.03,Default,,0000,0000,0000,,you've got League leaders coming out and
Dialogue: 0,1:28:07.03,1:28:09.07,Default,,0000,0000,0000,,saying it's time for regulation Adam
Dialogue: 0,1:28:09.07,1:28:10.81,Default,,0000,0000,0000,,silver of the NBA leading the way and
Dialogue: 0,1:28:10.81,1:28:12.82,Default,,0000,0000,0000,,others following you've got law
Dialogue: 0,1:28:12.82,1:28:14.47,Default,,0000,0000,0000,,enforcement increasingly coming to the
Dialogue: 0,1:28:14.47,1:28:16.45,Default,,0000,0000,0000,,table to say that our resources are best
Dialogue: 0,1:28:16.45,1:28:19.36,Default,,0000,0000,0000,,spent not trying to track down illegal
Dialogue: 0,1:28:19.36,1:28:21.70,Default,,0000,0000,0000,,sports bettors but to focus on other
Dialogue: 0,1:28:21.70,1:28:23.89,Default,,0000,0000,0000,,more serious crimes you've got states
Dialogue: 0,1:28:23.89,1:28:25.72,Default,,0000,0000,0000,,and municipalities the US Conference of
Dialogue: 0,1:28:25.72,1:28:27.28,Default,,0000,0000,0000,,Mayors the National Conference of State
Dialogue: 0,1:28:27.28,1:28:29.59,Default,,0000,0000,0000,,Legislators and many others saying it's
Dialogue: 0,1:28:29.59,1:28:32.41,Default,,0000,0000,0000,,time to regulate in this area I think
Dialogue: 0,1:28:32.41,1:28:34.21,Default,,0000,0000,0000,,and I have said publicly in the first
Dialogue: 0,1:28:34.21,1:28:37.03,Default,,0000,0000,0000,,term of the Trump administration sports
Dialogue: 0,1:28:37.03,1:28:39.07,Default,,0000,0000,0000,,betting will be legalized or at least
Dialogue: 0,1:28:39.07,1:28:41.02,Default,,0000,0000,0000,,Washington will get out of the way to
Dialogue: 0,1:28:41.02,1:28:42.58,Default,,0000,0000,0000,,empower other states they have sports
Dialogue: 0,1:28:42.58,1:28:44.56,Default,,0000,0000,0000,,betting now a disclaimer when I said
Dialogue: 0,1:28:44.56,1:28:45.76,Default,,0000,0000,0000,,that I didn't realize this first term
Dialogue: 0,1:28:45.76,1:28:51.67,Default,,0000,0000,0000,,might be shorter than usual I think we
Dialogue: 0,1:28:51.67,1:28:52.39,Default,,0000,0000,0000,,will get this done
Dialogue: 0,1:28:52.39,1:28:54.16,Default,,0000,0000,0000,,I'm confident we will get this done it
Dialogue: 0,1:28:54.16,1:28:56.26,Default,,0000,0000,0000,,is a multi-billion dollar growth
Dialogue: 0,1:28:56.26,1:28:58.30,Default,,0000,0000,0000,,opportunity for the industry around the
Dialogue: 0,1:28:58.30,1:29:00.28,Default,,0000,0000,0000,,country and it's a growth opportunity
Dialogue: 0,1:29:00.28,1:29:02.41,Default,,0000,0000,0000,,right here in Nevada the other thing we
Dialogue: 0,1:29:02.41,1:29:04.75,Default,,0000,0000,0000,,have to do as an industry absolutely
Dialogue: 0,1:29:04.75,1:29:06.40,Default,,0000,0000,0000,,have to do and this is where in many
Dialogue: 0,1:29:06.40,1:29:09.58,Default,,0000,0000,0000,,senses Nevada is a model we have to
Dialogue: 0,1:29:09.58,1:29:12.67,Default,,0000,0000,0000,,improve reform the regulation that
Dialogue: 0,1:29:12.67,1:29:14.68,Default,,0000,0000,0000,,guides this industry in the other 40
Dialogue: 0,1:29:14.68,1:29:16.15,Default,,0000,0000,0000,,states in which we're doing business you
Dialogue: 0,1:29:16.15,1:29:18.40,Default,,0000,0000,0000,,know when casino gaming expanded beyond
Dialogue: 0,1:29:18.40,1:29:21.07,Default,,0000,0000,0000,,Nevada and New Jersey and it went into
Dialogue: 0,1:29:21.07,1:29:22.87,Default,,0000,0000,0000,,these other states these other states
Dialogue: 0,1:29:22.87,1:29:24.04,Default,,0000,0000,0000,,thought they were bringing in a great
Dialogue: 0,1:29:24.04,1:29:26.05,Default,,0000,0000,0000,,evil a great sin and they wanted to do
Dialogue: 0,1:29:26.05,1:29:27.82,Default,,0000,0000,0000,,everything they could to get the revenue
Dialogue: 0,1:29:27.82,1:29:29.32,Default,,0000,0000,0000,,from it but paralyzed every other
Dialogue: 0,1:29:29.32,1:29:31.96,Default,,0000,0000,0000,,activity there with it the speed to
Dialogue: 0,1:29:31.96,1:29:34.00,Default,,0000,0000,0000,,market of new machines the ability to
Dialogue: 0,1:29:34.00,1:29:35.35,Default,,0000,0000,0000,,innovate with new products in these
Dialogue: 0,1:29:35.35,1:29:37.39,Default,,0000,0000,0000,,other markets it's quite difficult the
Dialogue: 0,1:29:37.39,1:29:39.37,Default,,0000,0000,0000,,ability to reinvest in your product when
Dialogue: 0,1:29:39.37,1:29:41.74,Default,,0000,0000,0000,,you have 50 60 % tax rates in these
Dialogue: 0,1:29:41.74,1:29:42.88,Default,,0000,0000,0000,,other states it's quite
Dialogue: 0,1:29:42.88,1:29:45.40,Default,,0000,0000,0000,,physical our future success as an
Dialogue: 0,1:29:45.40,1:29:48.70,Default,,0000,0000,0000,,industry demands that we've modernized
Dialogue: 0,1:29:48.70,1:29:50.77,Default,,0000,0000,0000,,these regulations in every other state
Dialogue: 0,1:29:50.77,1:29:52.90,Default,,0000,0000,0000,,in which we're doing business now the
Dialogue: 0,1:29:52.90,1:29:54.28,Default,,0000,0000,0000,,obvious question on all these
Dialogue: 0,1:29:54.28,1:29:56.20,Default,,0000,0000,0000,,modernizing regulations and sports
Dialogue: 0,1:29:56.20,1:29:59.38,Default,,0000,0000,0000,,betting why is that good for Nevada two
Dialogue: 0,1:29:59.38,1:30:03.10,Default,,0000,0000,0000,,reasons one as we've seen the gaming
Dialogue: 0,1:30:03.10,1:30:05.17,Default,,0000,0000,0000,,industry thrive and other communities
Dialogue: 0,1:30:05.17,1:30:06.30,Default,,0000,0000,0000,,around this country
Dialogue: 0,1:30:06.30,1:30:08.89,Default,,0000,0000,0000,,Nevada's success has only increased
Dialogue: 0,1:30:08.89,1:30:11.95,Default,,0000,0000,0000,,upwards of 50 million visitors now to
Dialogue: 0,1:30:11.95,1:30:14.11,Default,,0000,0000,0000,,Las Vegas there was a fear when tribal
Dialogue: 0,1:30:14.11,1:30:16.90,Default,,0000,0000,0000,,gaming came on in California that we see
Dialogue: 0,1:30:16.90,1:30:18.76,Default,,0000,0000,0000,,a decline in visitation to Las Vegas
Dialogue: 0,1:30:18.76,1:30:20.29,Default,,0000,0000,0000,,don't think anyone's making that
Dialogue: 0,1:30:20.29,1:30:22.69,Default,,0000,0000,0000,,argument today as gaming thrives and
Dialogue: 0,1:30:22.69,1:30:25.77,Default,,0000,0000,0000,,other markets gaming goes mainstream
Dialogue: 0,1:30:25.77,1:30:29.41,Default,,0000,0000,0000,,Nevada's success only increases it is in
Dialogue: 0,1:30:29.41,1:30:31.90,Default,,0000,0000,0000,,Nevada's interest to see sports betting
Dialogue: 0,1:30:31.90,1:30:34.09,Default,,0000,0000,0000,,legalized elsewhere we don't want to be
Dialogue: 0,1:30:34.09,1:30:35.98,Default,,0000,0000,0000,,the anomaly we don't want to be this
Dialogue: 0,1:30:35.98,1:30:37.45,Default,,0000,0000,0000,,thing that's okay here but illegal
Dialogue: 0,1:30:37.45,1:30:39.79,Default,,0000,0000,0000,,everywhere else we want what we do here
Dialogue: 0,1:30:39.79,1:30:42.01,Default,,0000,0000,0000,,to become and practice a mainstream
Dialogue: 0,1:30:42.01,1:30:43.90,Default,,0000,0000,0000,,industry the second reason this is
Dialogue: 0,1:30:43.90,1:30:46.96,Default,,0000,0000,0000,,critical as so long as we have all these
Dialogue: 0,1:30:46.96,1:30:48.46,Default,,0000,0000,0000,,different policies and antiquated
Dialogue: 0,1:30:48.46,1:30:50.20,Default,,0000,0000,0000,,approaches to gaming everywhere outside
Dialogue: 0,1:30:50.20,1:30:53.08,Default,,0000,0000,0000,,Nevada the ability to innovate in Nevada
Dialogue: 0,1:30:53.08,1:30:56.35,Default,,0000,0000,0000,,remains difficult the cost to do this
Dialogue: 0,1:30:56.35,1:30:59.44,Default,,0000,0000,0000,,research and development the cost to to
Dialogue: 0,1:30:59.44,1:31:01.54,Default,,0000,0000,0000,,build these new products and really give
Dialogue: 0,1:31:01.54,1:31:03.28,Default,,0000,0000,0000,,tomorrow's customer what it is that
Dialogue: 0,1:31:03.28,1:31:05.32,Default,,0000,0000,0000,,they're looking for is extraordinarily
Dialogue: 0,1:31:05.32,1:31:07.72,Default,,0000,0000,0000,,difficult with the inefficiencies that
Dialogue: 0,1:31:07.72,1:31:10.12,Default,,0000,0000,0000,,we have across the country the more we
Dialogue: 0,1:31:10.12,1:31:12.04,Default,,0000,0000,0000,,can streamline that the more we can get
Dialogue: 0,1:31:12.04,1:31:13.96,Default,,0000,0000,0000,,a level playing field around the country
Dialogue: 0,1:31:13.96,1:31:16.96,Default,,0000,0000,0000,,Nevada which is the home to so much of
Dialogue: 0,1:31:16.96,1:31:18.94,Default,,0000,0000,0000,,this innovation the homes that some of
Dialogue: 0,1:31:18.94,1:31:21.10,Default,,0000,0000,0000,,the biggest suppliers in this industry
Dialogue: 0,1:31:21.10,1:31:24.01,Default,,0000,0000,0000,,stands to benefit and that's why what is
Dialogue: 0,1:31:24.01,1:31:26.17,Default,,0000,0000,0000,,good for gaming outside of Nevada is
Dialogue: 0,1:31:26.17,1:31:28.93,Default,,0000,0000,0000,,good for Nevada and it's our focus at
Dialogue: 0,1:31:28.93,1:31:31.42,Default,,0000,0000,0000,,the aga it's our focus every day to
Dialogue: 0,1:31:31.42,1:31:33.70,Default,,0000,0000,0000,,strengthen this industry I'm confident
Dialogue: 0,1:31:33.70,1:31:35.56,Default,,0000,0000,0000,,that the future for the gaming industry
Dialogue: 0,1:31:35.56,1:31:37.93,Default,,0000,0000,0000,,has never been brighter and the future
Dialogue: 0,1:31:37.93,1:31:39.70,Default,,0000,0000,0000,,right here in Nevada has never been
Dialogue: 0,1:31:39.70,1:31:42.28,Default,,0000,0000,0000,,brighter the aga is committed every day
Dialogue: 0,1:31:42.28,1:31:44.20,Default,,0000,0000,0000,,to working on behalf of the gaming
Dialogue: 0,1:31:44.20,1:31:46.48,Default,,0000,0000,0000,,industry many of you in this room to
Dialogue: 0,1:31:46.48,1:31:48.31,Default,,0000,0000,0000,,build an environment where the casino
Dialogue: 0,1:31:48.31,1:31:51.52,Default,,0000,0000,0000,,gaming industry can thrive my ask of
Dialogue: 0,1:31:51.52,1:31:53.62,Default,,0000,0000,0000,,each of you in this room is to be our
Dialogue: 0,1:31:53.62,1:31:55.30,Default,,0000,0000,0000,,partner in doing that to help us
Dialogue: 0,1:31:55.30,1:31:56.35,Default,,0000,0000,0000,,understand
Dialogue: 0,1:31:56.35,1:31:57.82,Default,,0000,0000,0000,,there are the challenges where are the
Dialogue: 0,1:31:57.82,1:31:59.41,Default,,0000,0000,0000,,roadblocks where are the issues that
Dialogue: 0,1:31:59.41,1:32:01.30,Default,,0000,0000,0000,,need to be addressed because the
Dialogue: 0,1:32:01.30,1:32:03.64,Default,,0000,0000,0000,,industry has never been more capable to
Dialogue: 0,1:32:03.64,1:32:05.32,Default,,0000,0000,0000,,get in those roadblocks those challenges
Dialogue: 0,1:32:05.32,1:32:07.41,Default,,0000,0000,0000,,out of the way right now it's about
Dialogue: 0,1:32:07.41,1:32:09.70,Default,,0000,0000,0000,,capitalizing on the opportunity we have
Dialogue: 0,1:32:09.70,1:32:11.56,Default,,0000,0000,0000,,building on the success we've enjoyed
Dialogue: 0,1:32:11.56,1:32:13.54,Default,,0000,0000,0000,,and building the strongest industry that
Dialogue: 0,1:32:13.54,1:32:15.37,Default,,0000,0000,0000,,we can have in the years ahead I'm
Dialogue: 0,1:32:15.37,1:32:16.48,Default,,0000,0000,0000,,confident that we're well on our way
Dialogue: 0,1:32:16.48,1:32:18.31,Default,,0000,0000,0000,,there thank you for the opportunity I
Dialogue: 0,1:32:18.31,1:32:19.75,Default,,0000,0000,0000,,don't we want to take any questions I
Dialogue: 0,1:32:19.75,1:32:28.78,Default,,0000,0000,0000,,really appreciate the opportunity yes
Dialogue: 0,1:32:28.78,1:32:31.60,Default,,0000,0000,0000,,sir excellent we do have time for just a
Dialogue: 0,1:32:31.60,1:32:33.52,Default,,0000,0000,0000,,couple questions from the audience we've
Dialogue: 0,1:32:33.52,1:32:35.65,Default,,0000,0000,0000,,got a roving mic out there Jeff is a
Dialogue: 0,1:32:35.65,1:32:37.69,Default,,0000,0000,0000,,graciously agreed to stay on for a
Dialogue: 0,1:32:37.69,1:32:40.30,Default,,0000,0000,0000,,couple minutes from the audience that
Dialogue: 0,1:32:40.30,1:32:41.92,Default,,0000,0000,0000,,was a powerhouse presentation first can
Dialogue: 0,1:32:41.92,1:32:45.15,Default,,0000,0000,0000,,we give him another round of applause
Dialogue: 0,1:32:47.97,1:32:50.32,Default,,0000,0000,0000,,if no-one has any questions I see a
Dialogue: 0,1:32:50.32,1:32:51.76,Default,,0000,0000,0000,,couple faces I recognize including
Dialogue: 0,1:32:51.76,1:32:53.41,Default,,0000,0000,0000,,Marcus over there a couple others so
Dialogue: 0,1:32:53.41,1:32:56.73,Default,,0000,0000,0000,,I'll just call on you ask questions
Dialogue: 0,1:32:57.45,1:33:02.61,Default,,0000,0000,0000,,anybody going going once going twice
Dialogue: 0,1:33:02.61,1:33:05.80,Default,,0000,0000,0000,,alright thank thank you very much again
Dialogue: 0,1:33:05.80,1:33:10.78,Default,,0000,0000,0000,,thank you Jeff I'm not closed with this
Dialogue: 0,1:33:10.78,1:33:12.82,Default,,0000,0000,0000,,I hope you had fun this morning I know I
Dialogue: 0,1:33:12.82,1:33:15.43,Default,,0000,0000,0000,,did and it is our sincere hope that the
Dialogue: 0,1:33:15.43,1:33:17.35,Default,,0000,0000,0000,,perspectives you hope that you heard
Dialogue: 0,1:33:17.35,1:33:20.08,Default,,0000,0000,0000,,today will be of assistance as you make
Dialogue: 0,1:33:20.08,1:33:22.06,Default,,0000,0000,0000,,your critical decisions throughout the
Dialogue: 0,1:33:22.06,1:33:23.77,Default,,0000,0000,0000,,upcoming year again thank you for coming
Dialogue: 0,1:33:23.77,1:33:26.82,Default,,0000,0000,0000,,have a good day
Dialogue: 0,1:33:27.74,1:33:29.80,Default,,0000,0000,0000,,you