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

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

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  Speaker 1: Broadcasting live to New York, Bloomberg eleven, Brio to Washington,
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  Speaker 1: d C, Bloomberg to Boston, Bloomberg twelve d to San Francisco,
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  Speaker 1: Bloomberg nine to the country Suis Exam Channel one nineteen,
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  Speaker 1: and around the globe the Bloomberg Radio Plus athen Boomberg
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  Speaker 1: dot com. This is taking Stock, taking Stock live in
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  Speaker 1: the US Tennis Open here in Flushing Meadows, Crown Up Park,
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  Speaker 1: Queen's New York On Kathleen Hayes, my co host, Pim
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  Speaker 1: Fox on vacation. He'll be back Tuesday after the long weekend.
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  Speaker 1: This long weekend, I certainly hope to spend a lot
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  Speaker 1: of time here at the Open watching a ton of tennis.
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  Speaker 1: I don't know if I'll get into a luxury box.
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  Speaker 1: I have been on occasion. They are absolutely beautiful. We're
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  Speaker 1: gonna take a look at the luxury boxes and the
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  Speaker 1: part they've played in this big, big renovation. You think
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  Speaker 1: we're modeling your home is a big deal. Well, they've
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  Speaker 1: been going to town here at the U. S t A.
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  Speaker 1: We want to talk about that portly with their chief
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  Speaker 1: revenue officer. Now I want to talk to Charlie Pellett
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  Speaker 1: he's back in Bloomberg World headquarters with a Bloomberg Business fashion.
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  Speaker 1: I thank you very much, Kathleen Hayes looking at green
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  Speaker 1: on the screen. Twenty nine minutes to go ahead of
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  Speaker 1: the close on this Friday, ahead of a long holiday weekend.
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  Speaker 1: one thousand in August, but that was below the median
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  Speaker 1: estimate in a Bloomberg survey of one hundred eighty thousand.
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  Speaker 1: Janics appital I listened to Yelen, and I listened to
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  Speaker 1: you just pointed out the two hundred thousand is the
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  Speaker 1: say that she would think that this is a continuation
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  Speaker 1: three thirty two on Wall Street. Now we'll look at
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  Speaker 1: other news from around the world. Thank you, Charlie from
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  Speaker 1: the Bloomberg news room. I'm Jill Schneider. Russian President Vladimir
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  Speaker 1: Putin sat down for a rare and exclusive interview with
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  Speaker 1: in which he has been accused of secretly favoring Donald Trump.
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  Speaker 1: We are ready to work for venue President Box, of course.
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  Speaker 1: the future administration is. If someone says that they wants
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  Speaker 1: be a completely different approach. But we will survive it.
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  Speaker 1: recalled two instances in which Clinton's devices were destroyed by quote,
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  Speaker 1: breaking them in half or hitting them with a hammer.
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  Speaker 1: Those are among some of the details released today by
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  Speaker 1: the FBI. New Jersey govern Or Chris Christie says he
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  Speaker 1: either state pay taxes at their home state's rate. Christie
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  Speaker 1: powered by more than twenty d journalists and analysts in
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  Speaker 1: more than one twenty countries. I'm Jill Schneider. This is Bloomberg, Charlie,
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  Speaker 1: and we thank you and again recapping equities high smp
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  Speaker 1: op eight to nine, a gain of four tenths of
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  Speaker 1: one percent. I'm Charlie Pelton. That's sub Bloomberg Business Flash,
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  Speaker 1: Bloomberg taking Stock the Lux Life, stocks, funds, real estate.
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  Speaker 1: I've got houses in l A, Paris and Vale. It's
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  Speaker 1: good to be keen. You've they got the Finis shifts
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  Speaker 1: around waiting for you to face your offer. You must
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  Speaker 1: be rich tad and you nobody have two calibtons set
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  Speaker 1: Bloomberg taking Stock the Lux Life on Bloomberg Radio. We're
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  Speaker 1: live froms Tennis Open, Flushing Meadows, Corona Park, Queens, New York,
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  Speaker 1: UH the site every year August early September, two weeks
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  Speaker 1: of non stock tennis, the fourth Grand Slam, the final
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  Speaker 1: Grand Slam turn of the year. For my money, of course,
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  Speaker 1: the number one. And a man who has does so
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  Speaker 1: much to put this together is joining us now. Lucierry's
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  Speaker 1: chief Revenue Officer for the U. S t A. Because
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  Speaker 1: you want to talk about what's going on here and
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  Speaker 1: start with this whole luxury level. Anybody can come to
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  Speaker 1: the Open, but you can sure live high on the
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  Speaker 1: hog when you come out here, right sure. So we're
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  Speaker 1: very proud of the fact that anyone can come to
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  Speaker 1: the US Open. We have over seven hundred thousand fans
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  Speaker 1: who will attend this year. But corporate hospitality is absolutely
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  Speaker 1: a pillar of um the event. The fact that we're
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  Speaker 1: here in New York. We're here in New York every year,
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  Speaker 1: unlike some other events that moved from location to location,
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  Speaker 1: has allowed us to invest into permanent hospitality properties and
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  Speaker 1: and and products uh And as a result, many of
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  Speaker 1: our sponsors and and and other guests were able to
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  Speaker 1: take advantage of those things. It's it's it's a big
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  Speaker 1: part of what has maybe Open a successful seven years.
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  Speaker 1: You've been working as the chief revenue officer here LU
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  Speaker 1: before in your one of your past lives, you worked
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  Speaker 1: at Medicine Square Garden. Compared to me, if I'm if
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  Speaker 1: I'm a big bank company, what why and how I
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  Speaker 1: select one of the luxury boxes here at the Open
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  Speaker 1: in the same way or a different way I might
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  Speaker 1: select it for a different kind of sporting event. Sure,
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  Speaker 1: so there are a couple of things that make this
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  Speaker 1: event unique, certainly unique relative to other North American sort
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  Speaker 1: of team sports and leagues, the ones that we we
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  Speaker 1: would typically think of. I think first and foremost, tennis
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  Speaker 1: is a global sport. So if you're thinking about the
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  Speaker 1: U s Open, you need to think of us close
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  Speaker 1: it to an Olympic Games, which is quite timely closer
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  Speaker 1: to a World Cup than a a Yankee game in
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  Speaker 1: New York Nick Games something of that New York Giants
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  Speaker 1: because of the global interest um, which then translates to
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  Speaker 1: from a corporate standpoint, they're able to leverage global interest
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  Speaker 1: in in attending. I think that's a big piece. The
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  Speaker 1: other piece that is critically important to our success um
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  Speaker 1: both financially and and uh in in exposure and attention.
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  Speaker 1: Tennis is the most successful sport from a gender neutrality standpoint, right,
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  Speaker 1: and and so our audience is fifty fifty male female,
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  Speaker 1: our viewership is fifty fifty male female, our participation, our
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  Speaker 1: prize money. On every level that you view tennis, UM,
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  Speaker 1: we've achieved a level of gender equity that you don't
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  Speaker 1: see and from a hosting standpoint, to translate that back
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  Speaker 1: to your question, what you have our wives who will
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  Speaker 1: bring their husbands, husbands who will bring their wives, and
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  Speaker 1: the appeal of the event is just that much broader
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  Speaker 1: than perhaps a football game, a baseball game, which again
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  Speaker 1: translates to more desire to attend, which is the currency
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  Speaker 1: that many of our partners are looking to leverage. Very
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  Speaker 1: good point. And of course, you don't have to be
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  Speaker 1: a tennis player to love the Open, although a lot
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  Speaker 1: of people who come to tennis tournaments also play tennis. Yes, Now,
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  Speaker 1: can you share with me any if Kathleen Hayes Incorporated
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  Speaker 1: wanted to get a luxury box here at the Open
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  Speaker 1: about how much I'd be spending? You don't we we
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  Speaker 1: we don't share that information. Most of our boxes now
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  Speaker 1: have been tied up with long time legacy subscribers dating
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  Speaker 1: back when this venue was built. If a suite does
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  Speaker 1: come available, we typically will divide that into twenty four
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  Speaker 1: sessions and rent it on a procession basis, and that
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  Speaker 1: that can be dollars up to north of a hundred
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  Speaker 1: thousand dollars depending on the session um, and that has
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  Speaker 1: been quite a significant business for us now, the retractable
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  Speaker 1: roof has been used a couple of times, you know,
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  Speaker 1: in the first just few days of this tournament. I'm
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  Speaker 1: sure everybody's very happy to have it. As the chief
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  Speaker 1: revenue officer, when you look down the road for the
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  Speaker 1: U S t A and the U S open, what's
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  Speaker 1: on your list? What are people asking you to do?
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  Speaker 1: What would you like to do to continue to upgrade
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  Speaker 1: and build this tournament and the facilities. It's a great question. Um.
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  Speaker 1: You know, the focus of our renovation has really been,
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  Speaker 1: i think visually on the roof, and it was a
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  Speaker 1: significant investment. But the reality is the roof in and
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  Speaker 1: of itself doesn't contribute to revenue growth. It doesn't allow
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  Speaker 1: us to sell another ticket. Um, it doesn't. Uh, it
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  Speaker 1: really doesn't help in that respect. But schedule certainty is
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  Speaker 1: critical for fans, critical for our players, and critical for
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  Speaker 1: our broadcast partners as well. As we look to the future,
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  Speaker 1: we've already announced plans to rebuild our Louis Armstrong Stadium
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  Speaker 1: that will reopen in a team with its own retractable roof. UM.
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  Speaker 1: We continue every year to look at the on site experience.
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  Speaker 1: How do we create more dining options, more entertainment options,
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  Speaker 1: more shopping options, and and that's where our focus will be. Well,
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  Speaker 1: Louis Armstrong have luxury suitets. No, no, I'm sure we'll
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  Speaker 1: hold fourteen thousand, which is about four thousand more than
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  Speaker 1: the current venue, but there are no suits in that.
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  Speaker 1: Are you a tennis fan. I am a tennis fan.
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  Speaker 1: I buy playing standards. I wouldn't compare with many of
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  Speaker 1: my US Okay, you want to make it, put any
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  Speaker 1: money on who wins on the men's side, I won't sign.
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  Speaker 1: Here's what I know. We will have a championship here
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  Speaker 1: on Saturday night. We will have a championship here on
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  Speaker 1: on Sunday, and we won't have to wait till Monday
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  Speaker 1: like we did for the past five years in a
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  Speaker 1: row because it rains during the then final. Well, thank
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  Speaker 1: you so much for joining me. Louis is great, my pleasure.
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  Speaker 1: I appreciate the opportunity. Lu Share is a cheap revenue
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  Speaker 1: officer at the u s T a United States Tennis Association.
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  Speaker 1: Lu Share a big part of the US Tennis Association's
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  Speaker 1: efforts here at the US Open. I'm Kathleen Hayes and
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