. >> along those lines, has macao peaked? long time but things have definitely slowed down and what impact does it have on you guys? >> well, it doesn't have much of an affect on us. for better or worse we're not in macao. whether it's peaked or not, i don't know. there's a lot of new supply coming on when demand is relatively weak. macao is experiencing a little bit what las vegas did in the wake of the financial crisis where the intersection of weak demand and growing supply is very unfavorable circumstance for everyone. i think if the government gets off the corruption campaign even a little bit, you'll see macao heal up, but whether it will get to where it's been historically very hard to imagine it could, simply the growth rates it sustained for so many years were so high it's hard to imagine those will be found again. >> i wasn't implying you're in macao but i'm wondering the spillover it might have in las vegas. it's entirely possible people come to you instead of going there, right? >> a little bit. but at the very hi

in vegas, mgm, bellagio, mirage they have a mack yo macao prese. they have city center thing. arrival in vegas. in japan i think they will be big. i would chase. >> i do like it here thi at this price. pen gaming, did a similar thing. this stock rose up, macau is an issue, if they could spin it off. >> this is a great thing, hotels have done this, spun off their management. and underlying land. people want to get into gambling, they want to get to land they get in land. this makes sense. charles: mgm ? >> no, i stayed at bellagio, i like it there. the reit i think is unlikely to happen. charles: why? >> people -- to the penn gaming, just because it happened a couple of times, i don't think it happened, macau is a bigger story. >> the land and mgm has is more than penn. >> i agree with that notion of the valuable land, blah, blah, blah but i don't think they will put it in reit. >> we're not involved with gaming stocks, i like reits. we own a bunch of them. if this gets legs, then we'll look at this. charles: you would wait for news to come out still chase it. >> it would be bu

one with asean, ten countries in total, hong kong, iceland, korea, macao, pakistan peru, singapore, switzerland and taiwan. and right now, they're engaged in the negotiations which is 16 countries, spanning from india, all the way to japan. i think what's important about this is these are the fastest growing markets of the world. right now, there are about 570 million middle class consumers in asia. but that number's expected to grow to 2.7 billion over the next 15 years. and the question is, who is going to serve that market? is it going to be made in america? grown in america products? or is it going to be products made by china or others? other trade agreements, are things like labor and environmental standards. having strong intellectual property rights protection and commitments to access. putting disciplines on state owned enterprises. that we be the ones to create a fair playing field to protect our workers and jobs. >> thank you, mr. chairman. >> looks like china has a robust trade policy. senator grassley. >> first of all i want to thank you for the number of times you've taken my tele