Host Paul Greaves and co‑host Kunal Kamal talk with UNLV economist Andrew Woods about what diverging tourism indicators reveal about the real state of the Las Vegas economy.Las Vegas visitor counts are falling even as Strip gaming revenue hits records. Andrew Woods explains what these conflicting signals mean, why fewer visitors may be spending more, and how rising prices are reshaping demand.We dive into what’s keeping visitation stuck near 39–40 million, which parts of the local economy respond first to tourism slowdowns, the warning indicators economists watch, the shortfall in international travel, and what the next reinvention of Las Vegas might require to push volumes back toward 42–43 million and beyond.

<description>&lt;p&gt;Host Paul Greaves and co‑host Kunal Kamal talk with UNLV economist Andrew Woods about what diverging tourism indicators reveal about the real state of the Las Vegas economy.&lt;/p&gt;&lt;p&gt;Las Vegas visitor counts are falling even as Strip gaming revenue hits records. Andrew Woods explains what these conflicting signals mean, why fewer visitors may be spending more, and how rising prices are reshaping demand.&lt;/p&gt;&lt;p&gt;We dive into what’s keeping visitation stuck near 39–40 million, which parts of the local economy respond first to tourism slowdowns, the warning indicators economists watch, the shortfall in international travel, and what the next reinvention of Las Vegas might require to push volumes back toward 42–43 million and beyond.&lt;/p&gt;</description>

Host Paul Greaves and co‑host Kunal Kamal talk with UNLV economist Andrew Woods about what diverging tourism indicators reveal about the real state of the Las Vegas economy.

The new math of Las Vegas

On The Muni Lowdown, Paul Greaves and Stephanie Fagnani speak with Aayushi Mishra, PhD candidate and Lizzy Warner Fellow, about how climate pressures are reshaping the fiscal outlook for cities and states.This episode breaks down how the loop forms—starting with how climate impacts move through a city’s finances, from emergency response costs to disrupted revenues and rising insurance pressures. We examine why post‑disaster borrowing can deepen fiscal vulnerability, and how municipal bond markets are pricing, absorbing, or sometimes reinforcing climate‑driven risk.We also dig into the signals investors should look for to distinguish true resilience from repeated recovery spending. And we close with what it will take to break the climate debt doom loop—through smarter use of debt, better risk modeling, stronger federal alignment, and market incentives that reward long‑term adaptation.

<description>&lt;p&gt;On The Muni Lowdown, Paul Greaves and Stephanie Fagnani speak with Aayushi Mishra, PhD candidate and Lizzy Warner Fellow, about how climate pressures are reshaping the fiscal outlook for cities and states.&lt;/p&gt;&lt;p&gt;This episode breaks down how the loop forms—starting with how climate impacts move through a city’s finances, from emergency response costs to disrupted revenues and rising insurance pressures. We examine why post‑disaster borrowing can deepen fiscal vulnerability, and how municipal bond markets are pricing, absorbing, or sometimes reinforcing climate‑driven risk.&lt;/p&gt;&lt;p&gt;We also dig into the signals investors should look for to distinguish true resilience from repeated recovery spending. And we close with what it will take to break the climate debt doom loop—through smarter use of debt, better risk modeling, stronger federal alignment, and market incentives that reward long‑term adaptation.&lt;/p&gt;</description>

On The Muni Lowdown, Paul Greaves and Stephanie Fagnani speak with Aayushi Mishra, PhD candidate and Lizzy Warner Fellow, about how climate pressures are reshaping the fiscal outlook for cities and states.

Breaking the climate debt doom loop

On this episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with public finance expert Liz Farmer about the shifting realities facing state and local budgets.Liz begins by outlining what feels stable—and what feels newly uncertain—as governments enter another budget cycle. From there, she unpacks how rapid federal policy shifts and more assertive federal actions are reshaping the planning environment for states and municipalities.Paul and Liz then explore the growing impact of geopolitical tensions on local finances, including supply‑chain pressures, energy‑related cost spikes, and the ripple effects these create for capital projects and service delivery.They zoom out to examine the broader forces redefining public budgeting—from demographic changes to rising service costs, climate‑driven spending, and other structural trends that deserve far more attention.Liz closes the episode with a forward‑looking take on what state and local leaders should be preparing for in the year ahead—and the under‑discussed risks and opportunities that could matter most for long‑term fiscal resilience.

<description>&lt;p&gt;On this episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with public finance expert Liz Farmer about the shifting realities facing state and local budgets.&lt;/p&gt;&lt;p&gt;Liz begins by outlining what feels stable—and what feels newly uncertain—as governments enter another budget cycle. From there, she unpacks how rapid federal policy shifts and more assertive federal actions are reshaping the planning environment for states and municipalities.&lt;/p&gt;&lt;p&gt;Paul and Liz then explore the growing impact of geopolitical tensions on local finances, including supply‑chain pressures, energy‑related cost spikes, and the ripple effects these create for capital projects and service delivery.&lt;/p&gt;&lt;p&gt;They zoom out to examine the broader forces redefining public budgeting—from demographic changes to rising service costs, climate‑driven spending, and other structural trends that deserve far more attention.&lt;/p&gt;&lt;p&gt;Liz closes the episode with a forward‑looking take on what state and local leaders should be preparing for in the year ahead—and the under‑discussed risks and opportunities that could matter most for long‑term fiscal resilience.&lt;/p&gt;</description>

On this episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with public finance expert Liz Farmer about the shifting realities facing state and local budgets.

The new realities of state and local budgets

In this episode of Muni Lowdown, we take a look at New Hampshire’s first‑of‑its‑kind Bitcoin‑backed municipal bond with guest Les Borsai, Co‑Founder of Wave Digital Assets. We unpack what the deal actually is—in straightforward municipal terms—and why a conduit issuer became the vehicle of choice for a digital‑asset‑collateralized financing.We explore the rationale behind using this structure. Les walks through how traditional muni investors should think about Bitcoin as collateral, how the structure manages price movements over time, and what safeguards were essential in earning state‑level approval.Listeners will also hear how this differs from familiar asset‑backed or project‑finance muni bonds, what types of investors have shown early interest, and whether innovations like this are likely to remain niche experiments or signal the beginning of a broader intersection between digital assets and public finance.

<description>&lt;p&gt;In this episode of Muni Lowdown, we take a look at New Hampshire’s first‑of‑its‑kind Bitcoin‑backed municipal bond with guest Les Borsai, Co‑Founder of Wave Digital Assets. We unpack what the deal actually is—in straightforward municipal terms—and why a conduit issuer became the vehicle of choice for a digital‑asset‑collateralized financing.&lt;/p&gt;&lt;p&gt;We explore the rationale behind using this structure. Les walks through how traditional muni investors should think about Bitcoin as collateral, how the structure manages price movements over time, and what safeguards were essential in earning state‑level approval.&lt;/p&gt;&lt;p&gt;Listeners will also hear how this differs from familiar asset‑backed or project‑finance muni bonds, what types of investors have shown early interest, and whether innovations like this are likely to remain niche experiments or signal the beginning of a broader intersection between digital assets and public finance.&lt;/p&gt;</description>

Hello and welcome to the Muni Lowdown. I’m Paul Greaves, Managing Editor at Debtwire Municipals. Our latest episode, Bitcoin Steps Into the Muni Market, features guest Les Borsai, Co‑Founder of Wave Digital Assets.

Bitcoin steps into the muni market

Laura L. Mayfield, Vice President and Senior Portfolio Manager on the Fort Washington Investment Advisors, Inc. Securitized Products desk joins Managing Editor Paul Greaves and Journalist Kunal Kamal to discuss ABS stress and municipal revenues.In this episode, we delve into whether asset-backed securities (ABS) offer an early warning system for shifts in the broader economy.We examine emerging stress signals across consumer securitizations, dig into the rapid rise of data center ABS and assess the material risks tied to power constraints, leverage, and AI-driven capital demands.We also explore what all of this means for municipalities that depend on various taxes, utility revenues and economic development incentives tied to these sectors and whether local governments are prepared for the opportunities and vulnerabilities ahead.

<description>&lt;p&gt;Laura L. Mayfield, Vice President and Senior Portfolio Manager on the Fort Washington Investment Advisors, Inc. Securitized Products desk joins Managing Editor Paul Greaves and Journalist Kunal Kamal to discuss ABS stress and municipal revenues.&lt;/p&gt;&lt;p&gt;In this episode, we delve into whether asset-backed securities (ABS) offer an early warning system for shifts in the broader economy.&lt;/p&gt;&lt;p&gt;We examine emerging stress signals across consumer securitizations, dig into the rapid rise of data center ABS and assess the material risks tied to power constraints, leverage, and AI-driven capital demands.&lt;/p&gt;&lt;p&gt;We also explore what all of this means for municipalities that depend on various taxes, utility revenues and economic development incentives tied to these sectors and whether local governments are prepared for the opportunities and vulnerabilities ahead.&lt;/p&gt;</description>

Laura L. Mayfield, Vice President and Senior Portfolio Manager on the Fort Washington Investment Advisors, Inc. Securitized Products desk joins Managing Editor Paul Greaves and Journalist Kunal Kamal to discuss ABS stress and municipal revenues.

From server racks to sales taxes: How ABS stress reaches municipal revenues

The Muni Lowdown is a periodic podcast recapping significant news developments in the municipal bond market from Debtwire.


The Muni Lowdown

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