A global real estate broker with a large office in Las Vegas has acquired a local casino consulting firm, hoping that the popularity of real estate transactions will only grow.
CBRE Group announced Wednesday that it has acquired Union Gaming. The timing was not disclosed.
Union Gaming, founded in 2008, is based in Las Vegas with an office in Hong Kong and provides investment banking services. Firm He speaks he raised $ 28 billion in capital and worked on $ 2 billion in mergers and acquisitions.
The Las Vegas casino real estate market has undergone a lot of changes over the past few years, and the CBRE acquisition is due to the tourism industry hit by the coronavirus outbreak starting to recover.
According to the press release, Union Gaming employees and CBRE’s Las Vegas casino investment sales team led by Michael Parks will form a new group.
In a statement, Union Gaming co-founder Bill Lerner will become CBRE’s global head of investment banking for the gaming industry.
CBRE says it has over 100,000 employees serving customers in over 100 countries. In Las Vegas, including new Union Gaming employees, 80 CBRE employees.
Pete Shippits, president of CBRE Mountain-Northwest, told the Review-Journal that Union Gaming has built “deep relationships” in the casino industry around the world and boasts top-notch research capabilities.
Combining this with CBRE casino brokers “strengthens our capabilities” in a fast-growing industry, he said.
Over the past few years, individual Las Vegas resorts have traded hands for nine figures or moreand casino operators such as MGM Resorts International and Caesars Entertainment have allocated their properties to investment funds that act as property owners.
In 2019, MGM sold Bellagio properties to New York financial giant The Blackstone Group for over 4 billion dollars and leased it out for an initial annual rent of $ 245 million.
Most casinos in Las Vegas and elsewhere do not have a separate landlord, but the expansion of the real estate investment industry is still in its “early stages,” Lerner told the Review-Journal.
“We believe there are significant opportunities for REIT transactions,” he said.