Broadcasting live to New York, Bloomberg eleven, Rio to Washington, d C. Bloomberg to Boston, Bloomberg twelve to San Francisco, Bloomberg nine to the country sees Exam Channel one nine team and around the globe the Bloomberg Radio Plus Appen Bloomberg dot Com. This is taking Stock. I'm Cathine Hayes. My co host Pim Fox is on assignment this afternoon. You wear the Steve Wynn is putting in a thirty eight acre man made lake behind two of his last
Vegas hotels, a crystal lagoon. You ever stopped to wonder how he's doing it, Well, he's working with Crystal Lagoons in Miami based company that has an amazing technology to create artificial lagoons that are sustainable, They're efficient in their use of water and simply beautiful. Or a man is a sea EO. He's going to be joining us to tell us all about that technology and all about the business.
Now more about today's business with Charlie Pellett. He's in the newsroom with the Bloomberg Business Flash, and I thank you very much. Kathleen Hayes. The dal the SMPNEZDAK all declining were brought to you by Commonwealth Financial Network. When it's time to change the conversation, talk with a broker dealer r I A that's ready to listen, Call eight six six or six to thirty thirty eight or visit
Commonwealth dot com to learn more. Stocks are retreating SMP five hunted index heading for the steepest drop in two months, amid caution over tepid global growth and a series of looming events with the potential to spur renewed market turbulence. Losses intensified in afternoon trading following fresh pole results favoring an exit in Britain's European Union referendum. Energy producers leading declines, on track for the worst session in five weeks. Jason
Schenker is chief economist at Prestige Economics. He's warning of a recession by the end of this year or next, and says he's also concerned about the performance of Nastack has been an unbroken downward trend of consistently lower highs since last July, when the NASDAC peaks. We have not broken that downward sloping trend. So even though we're above the hundred twenty day moving average. Right now, we're still
below that ceiling. We have not crossed it, which I think shows us if we've been in a downward slope for eleven months in the Nasdack, then mean something gold up five forty the alums to twelve seventy eight. A game of point fo SMP down one a drop now of one percent two on Wall Street. Now we'll look at the other stories making news. Thank you, Charlie from the Bloomberg Newsroom. I'm June Grosso. This news update is brought to you by the Jeep Grand Cherokee, the most
awarded suv ever. The Grand Cherokee continues to raise the bar with its luxurious interior and legendary four by four capability. Drive one at your local Jeep dealer today. Presumptive Democratic presidential nominee Hillary Clinton met with Senator Elizabeth Warren this morning, as the two step up their political attacks on Donald Trump. The meeting at Clinton's Washington, d C. Home came one
day after Warren joined President Obama in endorsing Clinton. The House has passed a bipartisan bill aimed at resolving Puerto Rico's debt crisis. The legislation would create an oversight board to help restructure the US territory seventy billion dollar debt. Puerto Rico faces the July first deadline for a two billion dollar debt payment. Summer is almost here, and that means mosquitoes and the risk of ZICA. CDC Director Tom Freeden made another play for Congress to quickly provide funding
to fight zica. He says the CDC needs rapid response teams to be ready when cases arise. Bloomberg Senate reporter Stephen Dennis says some lawmakers are worried it will take an outbreak in the US to make Congress move. Bill Nelson, the Florida Senator, told me is now it's out of sight, out of mind. Once there is an outbreak, it's going to be probably lightning quick Amy Morris, Bloomberg Radio Washington.
The federal government is suing the city Department of Education, saying it permitted a Queen's High school to discriminate against black teachers. The suit seeks to force the city to take steps to prevent future discrimination. Global News twenty four hours a day, powered by our two hundred journalists and more than one fifty news bureaus around the world. From
the Bloomberg Newsroom. I'm June Grosso, Charlie, and we thank you and again recapping the stocks declined today, with the SMP five hundred index falling twenty one points to two thousand ninety four. We do have twenty five minutes to go ahead of the close, but right now the SMP is down one. I'm Charlie Platon. That's a Bloomberg business flash. You're listening to Taking Stock with Pim Fox and Kathleen Hayes on Bloomberg Radio. If you live on one of the coast west or East, you may be used to
beautiful beaches and waves and sands. But what if you're in some landlocked part of the country. Wouldn't it be nice if you could just suddenly have a gorgeous, crystal clear blue lagoon just just planted right in the middle of your community. Well, that's we want to know about a company that is doing exactly that. It's growing rapidly, it's spreading around the country and around the world. It is Crystal Lagoons And joining us now is the CEO
of Crystal Lagoons, U S. East. That's our man he's based in Miami and you can follow him on Twitter if you'd like to act ORIMN which is you are I m a N so Crystal lagoons? Tell us what these lagoons are, Kathleen. It's great to be on your show. You know, my entire company here in our office as we listen to Bloomberg Radio all the time. We're big fans, so thank you for having me. Yeah. Well, Crystal Lagoon's
world water technology company. We enable developers and cities now counties to create public parks with crystal lagoons, but to build them and maintain them at a very low cost using our proprietary patented technology. So this is a completely different technology than pools. Um it's superior and we are able to allow developers to build these lagoons and maintain them at a very low cost. So what is the
technology behind this? So, if you're familiar with conventional swimming pools, they require maintaining a very high permanent level of residual chlorine to make sure that there's disinfection, and that's really not possible on a large scale because you can imagine, our typical lagoons are five to ten acres, are larger, you would literally need dump trucks of chlorine. It would
never be able to be stabilized. So crystal lagoon solution is we applied disinfection pulses within the lagoon, not requiring maintaining this high permanent disinfection level, but only using controlled pulses of very small quantities of oxidants applied according to a specific algorithm on very specific patterns, and the results of this are they we're able to use one times less chemicals than a pool does and sift times less energy energy um So, a typical lagoon has about four
censers or injectors around the walls of the lagoon, and this allows us to use our proprietary technology to make sure the water is always clean and safe for swimming and for practicing water water sports and recreation. Tell us about one of the give us an example of a place that is now installing one of your crystal lagoons. I mentioned Steve wynn Out in Las Vegas. What is it like? I mean, you can just be in the middle of a desert practically and suddenly boom, create the lagoon.
That's right. You know, we have thirteen signed contracts in the United States we started. We opened up our office a year and a half ago in Miami. That's where our u S headquarters is, and our our projects are a variety of different types of projects. You mentioned Steve Winn's project, he's building a thirty eight acre crystal lagoon behind the wind resort, and incidentally he's replacing the golf course with his crystal lagoon and saving over of his
annual water use. The because our lagoons, in addition to have a having a proprietary technology to keep the water safe and clean for swimming, we also have evaporation controls, so we can lower evaporation by more than with our additives, which is very significant and in any case, just on average, a typical seven acre crystal lagoon will use thirty times less water on an annual basis than a typical eighteen
whole golf course. And if you compare a crystal lagoon that's um ten acres in size to a normal park of ten acres in size, crystal lagoon will use less than of the water of a normal park with grass and landscaping, So are environmentally sustainable begetting to your point, the types of projects that we have, we have typically masterplan communities, you know, where you have several hundred homes or a thousand homes that have the crystal lagoon is
the centerpiece, really improving the quality of life of the people who live in that community. We also have projects now that will be moving forward with cities and counties where a city can turn a park into a major revenue generator and improve the quality of life of the people living in that community, not just improve their life, but also improved property values, increased tourism, and in many cases they will be transforming these parks into what was
before an expense into a real profit center. So that's very exciting. But our our amenities can be applied to master playing communities, rental apartments, hotel projects, hospitality, time share, a variety of different types of real stateies. So you are able to scale this business potentially in a very very big way and make a lot of money. Speaking of money, how much does it cost if I want to install a crystal little goodness and I've got a community I'm developing, or I'm the mayor of a city,
how much does it cost? A great question. So typically a lagoon in the range of five to ten acres in size will cost in the range of two hundred fifty thousand per acre to build, and that includes a liner, includes building the walls, includes our machine room that pumps the telemetry system, so about two hundred fifty dollars an acre.
And they're also very affordable to maintain. Usually the lagoons are in the range of two thousand per month per acre of water, and that that includes both your additives and your electricity. So our system is much more affordable um and makes it economically viable for a wide variety of different types of projects. Well, or a man, I'd love to see a Crystal lagoons sometime. Oh, I'd love
to take you to see one. The first one will be open in the United States in Epperson Ranch in Tampa, Florida by the end of the year, and we have eleven more projects that should be open in the next two years in the US. It's very exciting. Well, I guess I'll have a chance to see them. Fascinating or a man, thank you so much. He's the CEO of Crystal Lagoons U S East based in Miami. Amazing new technology, beautiful artificial lagoons and you don't need to bunch, dump
a bunch of chlorine, and that's great for swimmers. I'm Kathleen Hayes taking stock on Bloomberg Radio. The stock market in retreat, the SMP five hundred heading for its steepest drop in two months. Is the global economy slowing down? Is Brexit going to occur? What does it mean for the markets. That's coming up on Bloomberg Radio.