← Bloomberg Businessweek
Loading summary
Transcript65 lines
- [00:00]
Narrator
Every business starts with an idea. How can you go from daydreamer to industry leader? Amazon Business accelerates your journey with smart business buying. Get everything you need to grow in one familiar place, from office supplies to IT essentials and maintenance tools. Amazon Business takes the buying experience you know and love from Amazon plus tools that help you save costs and make insights based decisions ready to bring your visions to life. Learn how@amazonbusiness.com when you own your own.
- [00:29]
Chase Sapphire Business Advertiser
Business, you own every decision. Now own the card that rewards you for it. Chase Sapphire Reserved for Business is a painful card that elevates your travel experience and offers premium benefits that can take your business to the next level. Sapphire Reserved for business offers 8x points on all purchases through Chase Travel, 3x points on social media and search engine advertising, airport lounge access, and more. With over $2,500 in annual value, it's the card that gives back all you put in. Learn more@chase.com reservebusiness chase for business make more of what's Yours Accounts subject to credit approval restrictions and limitations apply. Cards are issued by JPMorgan Chase Bank NA member FDIC.
- [01:11]
Carol Massar
So have you heard the story about the prescription plan? With savings automatically built in, it's where a family of any size can feel confident the cost of their medication won't hold them back. Go to CMK Co Stories to learn how CBS Caremark helps members save just by being members. That's CMK Co Stories.
- [01:38]
Tim Stanovec
Bloomberg Audio Studios Podcasts Radio news.
- [01:43]
Carol Massar
You're listening to Bloomberg Business Week with Carol Massar and Tim Stanovec on Bloomberg Radio.
- [01:50]
Host 1 (possibly a Bloomberg Radio host)
This weekend, more than 55,000 people from all over the world will take to the streets of New York City to run the more than 26 miles through the five boroughs of the city.
- [02:00]
Tim Stanovec
You know someone who's gonna be running in it?
- [02:02]
Host 1 (possibly a Bloomberg Radio host)
My wife is doing it this year. She's wanted to do it for years.
- [02:05]
Tim Stanovec
Really?
- [02:05]
Host 1 (possibly a Bloomberg Radio host)
She is? Yeah.
- [02:06]
Tim Stanovec
That's how much is it?
- [02:07]
Host 1 (possibly a Bloomberg Radio host)
Kids got in the way of planning for this over the last few years, but she's finally making it happen. We're excited to cheer for her and you guys should all cheer for her too when you see her running. We've got with us Rob Simulcare, CEO of New York Roadrunners. It's the nonprofit that puts the TCS New York Marathon. He joins us from New York. Rob, good to have you with us. The Roadrunners. You guys do stuff throughout the year, but no question, do you pretty much start planning the marathon the Monday after.
- [02:35]
Carol Massar
The Sunday of the marathon no, we.
- [02:38]
Rob Simulcare
Don'T wait that long. We've already been planning the 2026 marathon now for several months. So, yeah, we get out more than a year ahead because this is a massive operation, as you can imagine. More than 55,000 runners going from Staten island to Central Park. And we've got hundreds of staff, thousands of volunteers involved in this. So it's really like a military operation. And the planning begins more than a year out.
- [03:04]
Host 1 (possibly a Bloomberg Radio host)
It's pretty remarkable. For anyone who has not seen it, I think it's actually one of the best days to be in New York City.
- [03:11]
Tim Stanovec
It's pretty cool, right?
- [03:13]
Host 1 (possibly a Bloomberg Radio host)
Oh, I mean, I always get. I get like. Like goosebumps when I watch because it's like everybody is so happy, even though some of them look like they're in pain.
- [03:24]
Tim Stanovec
It's pretty rare.
- [03:25]
Host 1 (possibly a Bloomberg Radio host)
You just never see. It's the way that New Yorkers come together in a way that I can't believe I'm selling this thing. But, I mean, I have a friend who comes in every year, a friend who comes in every year to do it, and he runs marathons all over the world. And he's like, there is nothing like the New York City Marathon.
- [03:41]
Tim Stanovec
Rob, why do you think that is the case?
- [03:44]
Rob Simulcare
I just think that, you know, he said it in a way, it's a day that New Yorkers come out to cheer for total strangers. You know, you don't see that every day. In a city like New York, we're known to be pretty tough. New York can be a tough place to live. And, you know, we're obviously all really tough people in New York City. That's part of what makes us New Yorkers. But it's the day that we come out, we cheer for strangers, whether they're from down the block or across the world, because I think everybody respects what it takes to run 26.2 miles, and everybody wants them to succeed. You know, we're not rooting against anybody. We're rooting for everyone. And we may be out there to see our spouse or our colleague or our friend, but every person who passes, we're rooting for them to succeed in their goal of reaching the finish line.
- [04:30]
Tim Stanovec
So 55,000 people all over the world. How many people, like, actually reach out to be a part of this? I'm assuming that there is a number that you guys just don't want to exceed.
- [04:41]
Rob Simulcare
Yeah, that's right. I mean, this year, we had over 200,000 applications to our drawing, so that was a big number. We also have a countless number of requests coming in for people to run for charities or other organizations in the marathon. So the interest level, if you add it all up, is probably close to half a million people who would like to run the marathon and reach out to try to do it every year. We obviously want to keep the number to a number that we think is manageable. So this year, we're going to be in that 55,000 plus range to make sure that everybody has a great day. But we're always looking for ways to get more people into the marathon. And the application window for next year is already open. You can already apply to be a part of our team for kids charity, team for 2026. On our website, nyr.org we also have a sweepstakes going on right now. You can enter to buy a chance to get free entry for you and a friend into the marathon next year. And the proceeds from that go to support our nonprofit mission to get kids and adults running in New York.
- [05:44]
Host 1 (possibly a Bloomberg Radio host)
Yeah, it is really. It's really hard to get into Carol. I mean, my wife did, because we live in New York. She did the New York Roadrunners. Nine. I think it's nine plus one. Is that right, Rob?
- [05:52]
Rob Simulcare
That's right. If you still do that.
- [05:54]
Host 1 (possibly a Bloomberg Radio host)
Do you still do that?
- [05:56]
Rob Simulcare
Yeah, we do.
- [05:57]
Host 1 (possibly a Bloomberg Radio host)
Okay, explain how that works for New Yorkers.
- [05:58]
Rob Simulcare
You're in the. Yeah. If you're in the New York area and you run nine races in a calendar year, plus volunteer at one of them, you are guaranteed entry into the next year's marathon. So that's one of the most popular ways to get in. It obviously favors New York City area residents. And, yeah, we had a lot of people get in that way.
- [06:15]
Host 1 (possibly a Bloomberg Radio host)
Okay, so let's talk economic impact here, because I got my buddy coming in who comes in every year. This time, he's not coming in solo. He's bringing his two kids. He's bringing his wife. They're staying at a fancy hotel and in midtown, they're going to make a vacation of it. He's going to drop some serious coin to do that. I imagine the New York City Marathon has a huge economic effect on the city.
- [06:36]
Rob Simulcare
Yes. In fact, we just completed a study about a month ago on the economic impact of the marathon and New York Roadrunners across the board on New York City. And we found that the marathon contributes just about $700 million a year to the economy of New York City. All year, New York Roadrunners, with our other races and events, contributes close to $1 billion. And so that's actually More economic impact than all of the Mets and Yankees home games.
- [07:04]
Host 1 (possibly a Bloomberg Radio host)
Wow.
- [07:04]
Rob Simulcare
Mind. And this the story of your friends. A big part of the reason why, right? You've got people from all over the world who are coming to New York. They're bringing their friends, they're bringing their family. A lot of them are staying in hotels multiple nights. About 40% of our field this year will be international. So those folks are coming in for a sustained period of time. They're staying in hotels, they're eating at restaurants, they're going to Broadway shows. They're doing all the things you do when you visit New York. And so running the marathon is just kind of the centerpiece of a big trip to New York City. And let's face it, November is not peak tourist season, Right? So we're bringing in a huge number of visitors to the city at a time that otherwise would be pretty quiet.
- [07:43]
Tim Stanovec
Wait, Rob, how much of that spending is the carb load before the marathon? Right? Like, all those restaurants offering up pasta. I mean, there's a lot of that going on too, right?
- [07:51]
Rob Simulcare
Oh, yeah. This is a good week to own an Italian restaurant in New York City. And we know that they are all dialed up their pasta menus, their prefix menus, so. Absolutely. It's a very good week for the pasta. And rice, too. Rice is also good carbs.
- [08:05]
Host 1 (possibly a Bloomberg Radio host)
You know, Carol and I travel the weekend, the two days after the marathon every year. And one cool thing about New York is you see everybody who completed the marathon on the subway on the way home.
- [08:16]
Tim Stanovec
They wear it.
- [08:17]
Host 1 (possibly a Bloomberg Radio host)
They're wearing the medals then throughout the week. And I just remember the last few years because we've. We're going to Schwab Impact next week, Carol.
- [08:23]
Narrator
Right?
- [08:23]
Host 1 (possibly a Bloomberg Radio host)
It's always around this time of year. I. We fly on the plane. There's always people wearing their medals. That's right on the plane with us. And, you know, there's this cool, like, moment that you have with these people where you're like, congratulations, that was a lot of work. You did it.
- [08:36]
Tim Stanovec
It's like such a community feel. It is pretty amazing, right?
- [08:39]
Host 1 (possibly a Bloomberg Radio host)
It's so not New York. The New York that Rob was describing, right? The sharp elbows, like, give me some room on the subway here.
- [08:46]
Tim Stanovec
It's really, really sweet. Like, in a world where it feels like there's a lot coming at people. I don't know, what year are you guys in doing this?
- [08:55]
Rob Simulcare
Next year will be the 50th anniversary of the five borough New York City Marathon that started. It starts in Staten island and ends in New York City. So the original race was just lapsed in Central park in the early 70s. But next year will be really a big, big anniversary, because that's what people think of when they think of the marathon, is crossing the Verrazano Bridge, going, running through all five boroughs. So next year will be a big year with that 50th anniversary.
- [09:20]
Tim Stanovec
I just love it. How much has the race. I mean, you said how it started, you know, laps around Central Park. How off. How much has the route changed over the years?
- [09:29]
Rob Simulcare
It hasn't changed very much since they started that race covering five boroughs. Minor changes here and there, but it really has not changed very much. That start line on the Staten island side of the Verrazano Narrows Bridge and that finish line right at Tavern on the Green. So you're running the same course that people have been running for decades and decades. And I think that's one of the things that makes it special, because you can compare your times to the times of your friends years ago, the times of yourself if you've run it a lot of years. So that's one of the things that runners love to do, is compare times, and it's, you know, it stayed pretty constant. So those comparisons hold true.
- [10:05]
Host 1 (possibly a Bloomberg Radio host)
I'm wondering how much the Athletes with Disabilities program has changed over the years, because that, to me, is one of the most special parts of the marathon. And I know that there are different physical impairments that make athletes with disabilities eligible to run in the New York City Marathon. But seeing those folks, whether they're visually impaired and they're guided by another runner, or they're using hand cycles because they've lost the use of their legs, well, that's actually a separate race, we should note, but it's pretty remarkable to see. Rob?
- [10:36]
Rob Simulcare
Yeah, thank you for bringing that up. I mean, we do have a significant number of athletes with disabilities who enter our race. There are a number of ways for them to do that. They can enter directly with us. We have our own awd, as we call it, program. We have a great partnership with Achilles International. I think if you've run our races or. Or stood on the sidelines for a lot of our races, you'll see the Achilles athletes going by. They always wear this highlighter yellow shirt, and they always are. I think some of the stars of the marathon, people will yell out, go, Achilles. When they see these athletes go by. You'll see them with, you know, one or sometimes two guides on either side of them just to make sure they stay safe. And I think that's what the marathon is all about. It's what inspires people, is folks overcoming these incredible odds. You know, we just released a film that's on YouTube actually out today called 26.2. I recommend everybody check it out. It's a short film about 30 minutes long, and it tells the story of four runners who ran the marathon last year. And they each had significant challenges. One was overcoming cancer, one had had a stroke, one was, you know, basically having to walk the marathon. You know, and they're, they're incredible stories. And I think that's the thing that makes the marathon special. Yes, we love the fast runners, we love the ones who win and who run in under three or even two and a half hours. But it's those stories of overcoming struggle and challenges that I think make it really special.
- [12:00]
Tim Stanovec
That's pretty cool. Yeah. A documentary, right. And just to kind of show you're right, it's the people.
- [12:06]
Rob Simulcare
Right.
- [12:07]
Tim Stanovec
And some of them who are struggling physically and maybe even emotionally. Right. But they all come together and with this common goal. It's, it's, it's a pretty cool thing. Rob, thank you so much. Good luck. Fingers crossed. Really good weather. We've had some good weekend weather, so let's hope it continues this weekend. And good luck to your wife.
- [12:26]
Host 1 (possibly a Bloomberg Radio host)
Yeah, she, she's trained, she's been training. She's excited. She's want to do this for years. I mean, we've lived in New York for like, gosh, close to 20 years at this point.
- [12:34]
Rob Simulcare
Yeah.
- [12:35]
Host 1 (possibly a Bloomberg Radio host)
And this is finally the year she's making it happen. So really cool. Rob Simulcker, CEO of New York Roadrunners. He's also a two time New York Marathon finisher as well. See the medals there behind him. The New York Roadrunners is the nonprofit that puts on the TCS New York Marathon. Rob joining us from New York.
- [12:58]
Narrator
This.
- [12:58]
Scarlet Fu and Paul Sweeney
Is Scarlet Fu and I'm Paul Sweeney inviting you to join us for the Bloomberg Intelligence podcast.
- [13:03]
Chase Sapphire Business Advertiser
Every day we harness a power of Bloomberg Intelligence to bring you deep dives into the companies that are moving markets from publicly traded companies like Apple to those that are privately owned but known by everyone on Earth like OpenAI.
- [13:15]
Scarlet Fu and Paul Sweeney
Now I helped to build Bloomberg Intelligence to what it is today. Scarlett. And now our analysts are the best in the world, covering more than 2,000 global companies.
- [13:22]
Chase Sapphire Business Advertiser
That is your legacy, Paul. And we speak to those in house experts every day. They are Bloomberg's go to authorities on sectors, companies and legal processes and we.
- [13:31]
Scarlet Fu and Paul Sweeney
Do it all live each weekday, then bring you the best conversations in our daily podcast, so be sure to search.
- [13:36]
Chase Sapphire Business Advertiser
For Bloomberg Intelligence on YouTube, Apple, Spotify, or anywhere else you listen.
- [13:40]
Scarlet Fu and Paul Sweeney
Listen in the afternoons on your way home from work to catch up on the market news you missed during the.
- [13:45]
Chase Sapphire Business Advertiser
Business day that is the Bloomberg Intelligence Podcast. I'm Scarlet Fu.
- [13:48]
Rob Simulcare
And I'm Paul Sweeney.
- [13:49]
Scarlet Fu and Paul Sweeney
Subscribe today wherever you get your podcasts.