USTA's Sherr on Revenue Drivers, Luxury, at the US Open (Audio)

This long weekend, I certainly hope to spend a lot of time here at the Open watching a ton of tennis. I don't know if I'll get into a luxury box. I have been on occasion. They are absolutely beautiful. We're gonna take a look at the luxury boxes and the part they've played in this big, big renovation. You think we're modeling your home is a big deal. Well, they've been going to town here at the U. S t A. We want to talk about that portly with their chief

revenue officer. Now I want to talk to Charlie Pellett he's back in Bloomberg World headquarters with a Bloomberg Business fashion. I thank you very much, Kathleen Hayes looking at green on the screen. Twenty nine minutes to go ahead of the close on this Friday, ahead of a long holiday weekend. We are brought to you by Sector Spider e t S. Why by a single stock when you can invest in the entire sector of visits sector sp d rs dot

com or call one eight six six. Sector et F stocks are edging higher with an earlier rally losing some steam amid underwhelming labor market data that did little of bolster competence. Growth will be steady enough to support stronger corporate earnings. Pay Rolls up by a hundred and fifty one thousand in August, but that was below the median estimate in a Bloomberg survey of one hundred eighty thousand.

The jobless rate and labor participation rate held steady. Reaction from Bill Gross, who manages an unconstrained bond fund for Janics appital I listened to Yelen, and I listened to Stan Fisher, and you know, basically at Jackson, hol Villan said that if things continue as they as they are continuing. Yes, you just pointed out the two hundred thousand is the twelve month every time jobs. But you know, I would say that she would think that this is a continuation

of a positive trend. A ten year down nine thirty seconds yield one point six percent lu Lu, Lum and Athletic are shares down the most in almost nine months after its forecast missed some estimates. Lulu down ten point one percent, smp op eight to gain a four tenths of one percent, Gold up seven tenths of one percent, three thirty two on Wall Street. Now we'll look at other news from around the world. Thank you, Charlie from

the Bloomberg news room. I'm Jill Schneider. Russian President Vladimir Putin sat down for a rare and exclusive interview with Bloomberg Editor in chief John Michael Thwaite. Speaking through an interpreter, Putin refused to take sides in the U. S. Presidential rate, in which he has been accused of secretly favoring Donald Trump. We are ready to work for venue President Box, of course. I also wants to say that it depends on how

the future administration is. If someone says that they wants to work in Russia, we will welcome with I used to put. And if someone, as we said, although it maybe station, wants to get rid of us, that will be a completely different approach. But we will survive it. And it's not clear who has more to lose of that approach. Hillary Clinton used at least eight blackberries during her tenure as Secretary of State, but the FBI could

not get any of them during its investigation. In addition to the eight devices, the FBI said there were at least five additional mobile devices they sought as part of their inquiry. One person interviewed by the FBI said he recalled two instances in which Clinton's devices were destroyed by quote, breaking them in half or hitting them with a hammer. Those are among some of the details released today by

the FBI. New Jersey govern Or Chris Christie says he is ending a nearly four decade old tax agreement between his state and Pennsylvania. The deal let residents working in either state pay taxes at their home state's rate. Christie says he will reconsider his decision if the Democratic led legislature finds two d fifty million dollars in savings from public worker health benefits. Global News twenty four hours a day, powered by more than twenty d journalists and analysts in

more than one twenty countries. I'm Jill Schneider. This is Bloomberg, Charlie, and we thank you and again recapping equities high smp op eight to nine, a gain of four tenths of one percent. I'm Charlie Pelton. That's sub Bloomberg Business Flash, Bloomberg taking Stock the Lux Life, stocks, funds, real estate. I've got houses in l A, Paris and Vale. It's good to be keen. You've they got the Finis shifts

around waiting for you to face your offer. You must be rich tad and you nobody have two calibtons set Bloomberg taking Stock the Lux Life on Bloomberg Radio. We're live froms Tennis Open, Flushing Meadows, Corona Park, Queens, New York, UH the site every year August early September, two weeks of non stock tennis, the fourth Grand Slam, the final Grand Slam turn of the year. For my money, of course, the number one. And a man who has does so

much to put this together is joining us now. Lucierry's chief Revenue Officer for the U. S t A. Because you want to talk about what's going on here and start with this whole luxury level. Anybody can come to the Open, but you can sure live high on the hog when you come out here, right sure. So we're very proud of the fact that anyone can come to the US Open. We have over seven hundred thousand fans who will attend this year. But corporate hospitality is absolutely

a pillar of um the event. The fact that we're here in New York. We're here in New York every year, unlike some other events that moved from location to location, has allowed us to invest into permanent hospitality properties and and and products uh And as a result, many of our sponsors and and and other guests were able to take advantage of those things. It's it's it's a big part of what has maybe Open a successful seven years.

You've been working as the chief revenue officer here LU before in your one of your past lives, you worked at Medicine Square Garden. Compared to me, if I'm if I'm a big bank company, what why and how I select one of the luxury boxes here at the Open in the same way or a different way I might

select it for a different kind of sporting event. Sure, so there are a couple of things that make this event unique, certainly unique relative to other North American sort of team sports and leagues, the ones that we we would typically think of. I think first and foremost, tennis

is a global sport. So if you're thinking about the U s Open, you need to think of us close it to an Olympic Games, which is quite timely closer to a World Cup than a a Yankee game in New York Nick Games something of that New York Giants because of the global interest um, which then translates to from a corporate standpoint, they're able to leverage global interest

in in attending. I think that's a big piece. The other piece that is critically important to our success um both financially and and uh in in exposure and attention. Tennis is the most successful sport from a gender neutrality standpoint, right, and and so our audience is fifty fifty male female, our viewership is fifty fifty male female, our participation, our

prize money. On every level that you view tennis, UM, we've achieved a level of gender equity that you don't see and from a hosting standpoint, to translate that back to your question, what you have our wives who will bring their husbands, husbands who will bring their wives, and the appeal of the event is just that much broader than perhaps a football game, a baseball game, which again translates to more desire to attend, which is the currency

that many of our partners are looking to leverage. Very good point. And of course, you don't have to be a tennis player to love the Open, although a lot of people who come to tennis tournaments also play tennis. Yes, Now, can you share with me any if Kathleen Hayes Incorporated wanted to get a luxury box here at the Open about how much I'd be spending? You don't we we we don't share that information. Most of our boxes now have been tied up with long time legacy subscribers dating

back when this venue was built. If a suite does come available, we typically will divide that into twenty four sessions and rent it on a procession basis, and that that can be dollars up to north of a hundred thousand dollars depending on the session um, and that has been quite a significant business for us now, the retractable roof has been used a couple of times, you know, in the first just few days of this tournament. I'm

sure everybody's very happy to have it. As the chief revenue officer, when you look down the road for the U S t A and the U S open, what's on your list? What are people asking you to do? What would you like to do to continue to upgrade and build this tournament and the facilities. It's a great question. Um. You know, the focus of our renovation has really been, i think visually on the roof, and it was a significant investment. But the reality is the roof in and

of itself doesn't contribute to revenue growth. It doesn't allow us to sell another ticket. Um, it doesn't. Uh, it really doesn't help in that respect. But schedule certainty is critical for fans, critical for our players, and critical for our broadcast partners as well. As we look to the future, we've already announced plans to rebuild our Louis Armstrong Stadium that will reopen in a team with its own retractable roof. UM. We continue every year to look at the on site experience.

How do we create more dining options, more entertainment options, more shopping options, and and that's where our focus will be. Well, Louis Armstrong have luxury suitets. No, no, I'm sure we'll hold fourteen thousand, which is about four thousand more than the current venue, but there are no suits in that. Are you a tennis fan. I am a tennis fan. I buy playing standards. I wouldn't compare with many of my US Okay, you want to make it, put any money on who wins on the men's side, I won't sign.

Here's what I know. We will have a championship here on Saturday night. We will have a championship here on on Sunday, and we won't have to wait till Monday like we did for the past five years in a row because it rains during the then final. Well, thank you so much for joining me. Louis is great, my pleasure. I appreciate the opportunity. Lu Share is a cheap revenue officer at the u s T a United States Tennis Association. Lu Share a big part of the US Tennis Association's

efforts here at the US Open. I'm Kathleen Hayes and this is Bloomberg coming up. We are going to take a look at the stock market. It's had a pretty decent day. Take a look at the jobs report as well on what it means for trading ahead. This is Bloomberg