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Gaming Services - Overview
HVS Gaming Services has knowledgeable professional staff and extensive experience in almost every gaming venue in the United States and the Caribbean. Our international experience continues to expand as gaming becomes established around the world, including several projects in Macau, SAR, China, and a resort development with casino near Moscow, Russia. Due to our strong reputation and high level of credibility, an HVS Gaming Services report enables gaming projects to attract immediate attention.
THE HOSPITALITY INDUSTRY'S CHALLENGE
Casino owners, potential owners, lenders and investors must be able to act and plan with confidence when considering gaming projects. That can be accomplished only with full knowledge of the income producing asset in question.
There is so much knowledge needed to ascertain whether a gaming facility should be built, financed, bought or sold, and once in operation, how to keep it running smoothly and profitably. Changing markets and variances in supply and demand can cause fluctuations in how a gaming operation performs and is valued. The most up-to-date and precise information is necessary at all times.
THE HVS CLIENT
Our gaming services are driven by the needs of our clients. Those who come to HVS want information that is highly regarded and accepted by leading lenders, investors, operators and other interested parties. We stand alone in our support for developers and lenders who are new to this marketplace, as well as to those who have vast experience in gaming.
The unique needs of each client are met because we structure our assignments in order to meet your timing needs and all of your other requirements. If you need the highest level of credibility from a professional staff that has extensive experience, turn to HVS Gaming Services.
THE HVS SOLUTION
HVS International was founded in 1980 to satisfy the demand for strong consultation services and valuation needs. Over the years, the scope of our professional services has expanded to include a wide range of consulting activities, including those related to the gaming industry. HVS Gaming Services has performed valuation and/or consulting services for over 100 existing and proposed gaming operations. Additional services are also provided to the gaming industry by the following HVS Divisions: Executive Search; Convention, Sports & Entertainment Facilities Consulting; Food & Beverage Services; and Investment Banking.
Our database of gaming information, combined with broad insight and extensive experience, enables HVS Gaming Services to produce well-documented appraisal and consulting reports that contain fully supported and robust value conclusions and consulting recommendations.
The HVS Gaming Services Division is staffed by Elaine Sahlins and Shannon Okada under the directorship of Suzanne R. Mellen, CRE, MAI, FRICS in the San Francisco office of HVS International.
Elaine Sahlins holds an undergraduate degree from Barnard College, Columbia University in New York City and an MPS degree in Hotel Administration from Cornell University. After graduating from Cornell, she worked for VMS Realty in Chicago analyzing hotel investments and went on to join Security Pacific in San Francisco, which was subsequently acquired by Bank of America. Elaine developed her in-depth casino appraisal experience with her former employer, Bank of America, for whom she worked for over seven years. As the primary casino reviewer for the bank, she appraised or reviewed over 25 casino properties in Nevada, Louisiana, Missouri, and Mississippi. Major appraisal and review assignments included the MGM Grand Casino and Hotel, New York-New York Casino hotel and the Station properties in Las Vegas. She has also managed and reviewed appraisals of riverboats in St. Louis, Biloxi, and New Orleans.
Shannon Okada holds an undergraduate degree in Marketing and Management from the University of Hawaii, Honolulu, Hawaii, and a Masters degree in Hotel Administration from the William F. Harrah School of Hotel Administration, Las Vegas, Nevada, as well as MBA and JD degrees from Pepperdine University in Malibu, California. Shannon has worked as a practicing attorney for law firms in Hawaii and California and gained his operational experience at the Paris Casino Hotel in Las Vegas, Nevada.
Suzanne Mellen has a B.S. degree in Hotel Administration from Cornell University and holds the following designations: MAI (Appraisal Institute), CRE (Counselor of Real Estate), ISHC (International Society of Hospitality Consultants), and FRICS (Fellow of the Royal Institution of Chartered Surveyors). She has been evaluating lodging, gaming, and associated real estate for 27 years, has authored numerous articles, and is a frequent lecturer and expert witness on the valuation of gaming facilities, hotels and related issues. She developed her gaming valuation expertise during the early 1980's in the performance of ad valorem tax appeals for several major casino hotels. Since that time she as served as Director of the HVS Gaming Services Division, overseeing the firm's wide-ranging gaming practice. Our consultants and appraisers understand the gaming business. Most have degrees in hotel management from top hotel schools, and each has actual hotel operating experience. Our staff has extensive training in real-estate and valuation techniques.
THE HVS TOOLS
Our database of gaming investment information includes information on virtually every major gaming market in the United States, with increasing data from international markets. HVS Valuation Services has access to hundreds of casino income and expense statements, management agreements, leases, and other related financial documents. Valuations and consulting recommendations must be fully supported, and our databases allow the HVS team to provide thorough documentation for our conclusions.
The scope of each HVS Gaming Services assignment and the resulting report are structured to meet the client's individual needs.
Market Studies
HVS Gaming Services prepares market studies that provide comprehensive research into the market support for gaming operations, as well as for ancillary facilities such as hotels, restaurants, convention centers, arenas, golf courses, recreational vehicle parks, retail facilities, and other non-gaming ventures. Our studies can be customized to determine market support for a specific project or to provide recommendations regarding the optimal size and range of casino and ancillary developments. HVS Gaming Services will provide a forecast of gaming win and other applicable revenues based on the market derived data and an analysis of comparable markets and operations.
HVS Gaming Services prepares detailed income and expense projections for casino and ancillary operations to determine the cash flow available to meet debt service, given either market financing or a specific deal structure. Based on the estimated project cost and financing structure, we can analyze the overall financial feasibility of a gaming project.
Narrative Appraisal Reports
In addition to an opinion of value, a typical HVS Gaming Services narrative appraisal report can include a comprehensive market study and full feasibility analysis. Many lenders and developers prefer our appraisals to standard feasibility studies, because HVS Gaming Services reports provide thorough market documentation and an MAI-certified estimate of value in one package. Projects attract immediate attention when accompanied by an HVS Gaming Services report.
Specialized gaming services include the following:
- Gaming supply, demand, and revenue analyses
- Gaming related lodging supply and demand analyses
- Gaming and related lodging valuations
- Mortgage loan appraisals
- Second-opinion reviews of studies performed by other firms
- Going-concern valuations encompassing real estate, personal property, and business value
- Leasehold and leased fee valuations
- Expansion and/or renovation recommendations and analysis of the impact on property value
- Break-even analyses
- Site evaluations to determine the potential for development
- Development assistance for new gaming projects, expansions, and renovations
- Ownership and financial structuring
- Due diligence services
- Native American gaming facilities; feasibility analyses and valuation of existing developments
- Analyses and recommendations for city, county and state governments pertaining to tax rates and tax structures
Experience
HVS Gaming Services has performed appraisals and feasibility studies in every major gaming market in the United States and several markets internationally on projects ranging from full-service hotel casinos to multi-use riverboat complexes, racetracks and racinos, to Native American Developments and Las Vegas style Mega Resorts. Our staff maintains surveillance of major gaming markets and tracks the latest economic trends. Following is a partial list of gaming-related assignments performed by HVS professionals.
| Portfolio Valuations | |
| Boyd Gaming Corporation | Various locations |
| Lady Luck Gaming Corporation | Various locations |
| Isle of Capri | Various locations |
| Land-based Gaming Facilities | |
| Existing | |
| Grand Princess Entertainment Center | Jolly Harbor, Antigua |
| Sands Casino Hotel | Macau, China |
| Cliff Castle Casino | Camp Verde, Arizona |
| River Rock Casino | Geyserville, California |
| Gold Country Casino | Oroville, California |
| Fantasy Springs Casino and Proposed Hotel | Palm Springs, California |
| Agua Caliente Casino & Resort | Rancho Mirage, California |
| Colorado Grande Casino | Cripple Creek, Colorado |
| Greektown Casino | Detroit, Michigan |
| Boulder Station Hotel Casino | Boulder Highway, Nevada |
| Sam's Town Hotel and Gambling Hall | Boulder Highway, Nevada |
| Crystal Park Casino Hotel | Crystal City, Nevada |
| Ormsby House Hotel Casino | Carson City, Nevada |
| Eldorado Casino | Henderson, Nevada |
| Jokers Wild Casino | Henderson, Nevada |
| Rainbow Casino | Henderson, Nevada |
| Tom's Sunset Casino | Henderson, Nevada |
| Cactus Petes and Horseshu Resort & Casino | Jackpot, Nevada |
| Harvey’s Casino Hotel | Lake Tahoe, Nevada |
| Aladdin Hotel Casino | Las Vegas, Nevada |
| Boardwalk Hotel Casino | Las Vegas, Nevada |
| Boomtown Casino | Las Vegas, Nevada |
| California Hotel Casino | Las Vegas, Nevada |
| El Rancho Hotel Casino | Las Vegas, Nevada |
| Eureka Saloon Casino | Las Vegas, Nevada |
| Fremont Hotel Casino | Las Vegas, Nevada |
| Hacienda Casino Hotel | Las Vegas, Nevada |
| Howard Johnson Hotel Casino | Las Vegas, Nevada |
| Jockey Club Casino | Las Vegas, Nevada |
| Lady Luck Casino Hotel | Las Vegas, Nevada |
| Main Street Station Hotel Casino | Las Vegas, Nevada |
| Maxim Hotel Casino | Las Vegas, Nevada |
| MGM Grand | Las Vegas, Nevada |
| Monte Carlo Casino Hotel | Las Vegas, Nevada |
| New York, New York Casino Hotel | Las Vegas, Nevada |
| Palace Station Casino Hotel | Las Vegas, Nevada |
| Resort at Summerlin | Las Vegas, Nevada |
| Rio Hotel Casino | Las Vegas, Nevada |
| Santa Fe Casino Hotel | Las Vegas, Nevada |
| Silverton Casino | Las Vegas, Nevada |
| Stardust Resort and Casino | Las Vegas, Nevada |
| Texas Station Casino Hotel | Las Vegas, Nevada |
| The Venetian | Las Vegas, Nevada |
| Peppermill Resort | Mesquite, Nevada |
| Whiskey Pete's | Prim, Nevada |
| Boomtown Casino Hotel | Reno, Nevada |
| Peppermill Casino Hotel | Reno, Nevada |
| Quality Inn Hotel Casino | Reno, Nevada |
| Western Village Inn and Casino | Sparks, Nevada |
| Nevada Crossing | Wendover, Nevada |
| Peppermill Casino Hotel | Wendover, Nevada |
| Rainbow Casino | Wendover, Nevada |
| State Line and Silver Smith Casino Hotels | Wendover, Nevada |
| Caesars Hotel Casino | Atlantic City, New Jersey |
| Harrah's Marina Hotel Casino | Atlantic City, New Jersey |
| Resorts International Hotel Casino | Atlantic City, New Jersey |
| Sands Hotel Casino | Atlantic City, New Jersey |
| The Pier at Trump Taj Majal & Trump World’s Fair Casino Site | Atlantic City, New Jersey |
| Tropicana Hotel Casino | Atlantic City, New Jersey |
| Sandia Pueblo | Albuquerque, New Mexico |
| Mohawk Bingo Palace Project | Hogansburg, New York, |
| Turning Stone Casino and Proposed Hotel | Verona, New York |
| Sands Hotel Casino | San Juan, Puerto Rico |
| El San Juan Hotel Casino | San Juan, Puerto Rico |
| DuPont Plaza Hotel Casino | San Juan, Puerto Rico |
| Proposed Marriott San Juan Hotel Casino | San Juan, Puerto Rico |
| Hyatt Dorado Beach | Dorado, Puerto Rico |
| Hyatt Cerromar Beach | Dorado, Puerto Rico |
| Proposed | |
| Proposed Enoch Cree Entertainment Complex | Edmonton, Alberta, Canada |
| Proposed Venetian Macao Resort | Macau, China |
| Proposed City of Dreams Hotel & Casino | Macau, China |
| Proposed Double Eagle Casino Hotel | Cripple Creek, Colorado |
| Proposed Belterra Resort | Vevay, Indiana |
| Proposed Harrah's New Orleans | New Orleans, Louisiana |
| Proposed Sunrise Hotel Casino and RV Park | Boulder Highway, Nevada |
| The Reserve Hotel Casino | Henderson, Nevada |
| Proposed Aladdin Casino Hotel | Las Vegas, Nevada |
| Proposed Caribbean Resort | Las Vegas, Nevada |
| Proposed Pair-A-Dice Casino Resort | Las Vegas, Nevada |
| ±22.00 acres of land at 3120 Las Vegas Boulevard | Las Vegas, Nevada |
| New Frontier Hotel & Casino Site | Las Vegas, Nevada |
| Proposed Casino Hotel & RV Project | Laughlin, Nevada |
| Proposed Borgata Resort and Spa | Atlantic City, New Jersey |
| Proposed Casino Hotel with Ancillary Facilities | Atlantic City, New Jersey |
| Proposed ParkPlace Hotel & Casino | Catskills, New York |
| Proposed Bingo Palace Project | Hogansburg, New York |
| Proposed Saratoga Gaming Hotel & Entertainment Venue | Saratoga Springs, New York |
| Proposed Marriott San Juan Hotel Casino | San Juan, Puerto Rico |
| Casino Component of Proposed Resort | Moscow, Russia |
| Native American Gaming Projects | |
| Enoch Cree Entertainment Complex | Edmonton, Alberta, Canada |
| Cliff Castle Casino | Camp Verde, Arizona |
| River Rock Casino | Geyserville, California |
| Fantasy Springs Casino and Proposed Hotel | Palm Springs, California |
| Agua Caliente Casino & Resort | Rancho Mirage, California |
| Proposed Master Planned Resort Development | Coeur d'Alene, Idaho |
| Sandia Pueblo | Albuquerque, New Mexico |
| Proposed ParkPlace Hotel & Casino | Catskills, New York |
| Proposed Bingo Palace Project | Hogansburg, New York |
| Turning Stone Casino and Proposed Hotel | Verona, New York |
| Riverboat and Dockside Gaming Projects | |
| Empress Casino | Joliet, Illinois |
| Proposed Harrah's Riverboat Casino | Joliet, Illinois |
| Empress Casino | Hammond, Indiana |
| Proposed Caesars Riverboat Complex | Harrison County, Indiana |
| Proposed Hilton-Caesars-Circus Circus Riverboat Casino Complex | Michigan City, Indiana |
| Lady Luck Casino Hotel | Bettendorf, Iowa |
| Ameristar Casino Hotel | Council Bluffs, Iowa |
| Harvey’s Casino Hotel | Council Bluffs, Iowa |
| Miss Marquette Riverboat Casino | Marquette, Iowa |
| Casino Rouge | Baton Rouge, Louisiana |
| Horseshoe Casino | Bossier City, Louisiana |
| Isle of Capri Casino | Bossier City, Louisiana |
| Riverboat Casino | Bossier City, Louisiana |
| Boomtown New Orleans | Harvey, Louisiana |
| Isle of Capri Casino | Saint Charles, Louisiana |
| Boomtown Biloxi | Biloxi, Mississippi |
| Isle of Capri Casino | Biloxi, Mississippi |
| Treasure Bay Hotel and Casino | Biloxi, Mississippi |
| Lady Luck Rhythm and Blues Casino Hotel | Lula, Mississippi |
| Lady Luck Casino Hotel | Natchez, Mississippi |
| Horseshoe Casino | Tunica, Mississippi |
| Sam's Town Tunica Dockside Casino and Hotel | Tunica, Mississippi |
| Ameristar Casino Hotel | Vicksburg, Mississippi |
| Isle of Capri Casino | Vicksburg, Mississippi |
| Riverboat Casino | Vicksburg, Mississippi |
| Ameristar Kansas City | Kansas City, Missouri |
| Proposed Hilton Riverboat Casinos | Kansas City, Missouri |
| Sam's Town Riverboat Casino | Kansas City, Missouri |
| Ameristar St. Charles | St. Charles, Missouri |
| Riverfront Station | St. Charles, Missouri |
| Proposed Hilton Riverboat Casino | Corpus Christi, Texas |
| Racetracks/Racinos | |
| Bluff’s Run | Council Bluffs, Iowa |
| Saratoga Gaming and Raceway | Saratoga Springs, New York |
| Pocono Downs Harness Track | Scranton, Pennsylvania |
| Penn National Thoroughbred Track | Grantville, Pennsylvania |
| Charles Town Entertainment Complex | Charles Town, West Virginia |
| International | |
| Existing | |
| Grand Princess Entertainment Center | Jolly Harbor, Antigua |
| Grand Waldo Hotel and Casino | Macau, China |
| Sands Casino Hotel | Macau, China |
| Sands Hotel Casino | San Juan, Puerto Rico |
| El San Juan Hotel Casino | San Juan, Puerto Rico |
| DuPont Plaza Hotel Casino | San Juan, Puerto Rico |
| Hyatt Dorado Beach | Dorado, Puerto Rico |
| Hyatt Cerromar Beach | Dorado, Puerto Rico |
| Proposed | |
| Proposed Enoch Cree Entertainment Complex/td> | Edmonton, Alberta, Canada |
| Proposed City of Dreams Hotel & Casino | Macau, China |
| Proposed Venetian Macao Resort | Macau, China |
| Proposed Marriott San Juan Hotel Casino | San Juan, Puerto Rico |
| Casino Component of Proposed Resort | Moscow, Russia |
