Real estate investment firm CBRE Group Inc is acquiring Union Gaming, a boutique investment bank and advisory firm focused exclusively on the global gaming sector. The deal was confirmed by both sides on Wednesday.
No financial details regarding the acquisition were disclosed by either party.
Union Gaming was founded in 2008, and has offices in Las Vegas, Nevada in the United States, and in Hong Kong.
The brokerage has been involved in a number of financing arrangements on behalf of casino operators in Asia. In June, it was announced Union Gaming was the marketing agent for a private placing of notes by Japan’s Universal Entertainment Corp, parent to the promoter of the Okada Manila casino resort (pictured) in the Philippine capital.
Union Gaming group offers investment banking services – including public debt and equity underwriting – and advisory services. It also produces research on the gaming market, covering a number of listed casino operators, including ones with Asian exposure.
CBRE describes itself as “the world’s largest commercial real estate services and investment firm”, based on 2020 revenue. It is based in Dallas, Texas in the U.S., with offices in many other countries.
“Union Gaming fortifies CBRE’s position as a leader in the fast-growing global gaming sector,” said James Scott, managing principal at CBRE Capital Advisors, quoted in a CBRE press release. CBRE Capital Advisors is the investment banking business of CBRE.
Mr Scott added: “We are excited to add to our investment-banking depth through the addition of Union’s talented professionals, deep relationships across the gaming sector and public-market capabilities.”
CBRE said in a press release that Union Gaming’s employees and CBRE’s existing Las Vegas-based gaming investment sales team, led by Michael Parks, would form a combined global gaming team. Bill Lerner, Union Gaming’s co-founder, will serve as CBRE’s global head of gaming investment banking.
CBRE’s press release quoted Mr Lerner as saying: “Whether it’s the realisation of casinos’ underlying real estate value, evolution of new gaming formats and technology, expansion of gaming in Asia, or recent surge of sports and online gaming, there is no better partner to continue our commitment to this next chapter of the business than CBRE.”
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