Union Gaming Securities Research
Advisory Approach
Union Gaming Securities is a boutique investment bank and advisory firm founded in 2009 and headquartered in Las Vegas, Nevada. The firm was built on a specialized thesis: that the gaming industry required deep, sector-focused expertise from advisors with deep knowledge of casino operations, gaming economics, and the unique dynamics of integrated resorts. The firm's founders—Bill Lerner, Rich Moriarty, and Grant Govertsen—were previously senior gaming analysts at Deutsche Bank who decided to break away and establish an independent advisory practice devoted exclusively to the gaming vertical. This specialized approach allowed Union Gaming to develop institutional expertise that generalist investment banks could not match, positioning the firm as the premier advisor for gaming company mergers, acquisitions, capital raises, and strategic transactions.
Union Gaming's advisory thesis rested on several core beliefs: (1) gaming companies benefit from advisors who understand property-level economics and understand EBITDA drivers specific to casinos; (2) consolidation in gaming would accelerate, particularly among mid-market and lower-middle-market operators; (3) the intersection of traditional casino gaming with online platforms, sports betting, and digital gaming would create new M&A opportunities; and (4) cross-border and international gaming expansion would drive significant deal flow, particularly in Asia-Pacific markets where new gaming jurisdictions were opening.
Sector Focus
Union Gaming's practice was narrowly focused on the global gaming and entertainment industry, serving:
- Casino operators (large, mid-market, and regional)
- Integrated resort companies
- Gaming technology and platform providers
- Online gaming operators and platforms
- Gaming real estate investment trusts (GREITs)
- Entertainment and hospitality companies with gaming exposure
- Sports betting and iGaming platforms
The firm maintained particular expertise in lower-middle-market casino operators ($100M-$500M EBITDA) and mid-market integrated resort operators, where consolidation was active and strategic buyers (both financial and strategic) were actively seeking acquisitions. The firm's research division published regular reports on sector consolidation, valuation trends, and M&A activity.
Deal Track Record
Union Gaming worked on approximately $2-5 billion in M&A transaction value during its 12-year history as an independent firm. Key transactions and advisory engagements included:
- Golden Gaming (Sartini Gaming) Acquisition (2015): Advised on the acquisition of Sartini Gaming (Golden Gaming operations) by Golden Entertainment. This consolidation deal involved regional casino properties and demonstrated Union Gaming's expertise in gaming company M&A.
- Major Gaming Company IPOs and Capital Raises: Served as underwriter and co-manager on multiple major gaming company IPOs and debt offerings, including transactions for Caesars Entertainment ($31M offering, 2020), Bally's Corporation (2021 common stock offering with $11M underwriting commitment), MGM China Holdings (2021 public offering), and PlayAGS Inc (2017 S-1 IPO).
- Property Sales and Acquisitions: Advised on property-level transactions, including gaming properties and resort facilities transactions for major operators.
- Capital Markets Advisory: Provided fairness opinions and valuation analysis on major transactions in the gaming sector, with expertise in evaluating casino properties, EBITDA multiples, and property-level economic analysis.
These engagements demonstrated Union Gaming's ability to work across the capital structure—from equity underwriting to M&A advisory to property valuations—and to understand the nuances of gaming company economics, property operations, and market consolidation trends.
Process & Fee Structure
Union Gaming ran investment banking engagements with institutional-quality processes tailored to gaming companies. The firm typically engaged on:
- M&A advisory engagements (sell-side and buy-side advisory)
- Debt and equity capital raises
- Strategic merger analysis and fairness opinions
- Valuation analysis and financial advisory
The firm's approach involved deep sector knowledge applied to client-specific situations. For M&A engagements, Union Gaming would typically leverage their database of gaming company buyers (private equity firms with gaming exposure, strategic casino operators looking to consolidate, and financial sponsors interested in gaming properties) to ensure comprehensive buyer canvassing.
Fee structures followed market standard investment banking models, though specific fee details were not publicly disclosed. The firm was known for taking on mid-market gaming transactions where deal sizes ranged from $50M to $500M+.
Buyer Network
Union Gaming maintained relationships with a diverse set of buyers active in gaming M&A:
- Strategic Buyers: Major casino operators and integrated resort companies (public and private) seeking consolidation
- Private Equity Firms: Growth-focused PE firms with gaming sector expertise, including firms like Golden Entertainment (which they worked with on acquisitions)
- Financial Sponsors: Family offices and investment firms with interest in gaming properties and platforms
- International Buyers: Gaming companies and resort operators from Europe, Asia-Pacific, and other regions
Through their research division and market analysis, Union Gaming maintained ongoing relationships and deal flow intelligence with a broad set of gaming industry participants.
Competitive Positioning
Union Gaming differentiated from larger generalist banks through:
- Exclusive Sector Focus: Unlike large investment banks that served gaming as one of many sectors, Union Gaming was devoted entirely to gaming M&A, giving their team depth in casino economics and industry relationships that generalists could not match.
- Founder Expertise: The firm was founded by and led by senior analysts from Deutsche Bank's gaming research team, bringing institutional knowledge and a track record of prescient gaming sector analysis.
- Property-Level Expertise: The firm understood the operational and financial details of gaming properties—occupancy rates, EBITDA drivers, gaming mix, entertainment revenue—that mattered in valuation and deal structuring.
- International Reach: With offices in Las Vegas, Hong Kong, and other key gaming markets, Union Gaming could advise on both domestic and international transactions.
- Research Platform: The firm's research division (headed by Grant Govertsen) published respected sector analysis that gave clients valuable market intelligence alongside transaction advice.
Not a Fit If
Union Gaming typically focused on gaming industry participants. They were less likely to advise:
- Non-gaming hospitality or entertainment companies
- Pure-play technology companies without gaming exposure
- Smaller regional casinos without acquisition or consolidation plans
- Transactions outside the gaming vertical
Team
Union Gaming's leadership team comprised experienced gaming industry professionals:
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Bill Lerner, Co-Founder and Head of Investment Banking: 20+ years in gaming investment banking. Previously a senior analyst in the gaming sector at Deutsche Bank. Known for deep knowledge of gaming company valuations and consolidation trends. After Union Gaming's acquisition by CBRE in June 2021, became CBRE's Global Head of Gaming Investment Banking.
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Rich Moriarty, Co-Founder and Global Head of Distribution: Previously with Deutsche Bank in gaming research and distribution. Focused on relationship management and business development across the firm's client base. Post-CBRE acquisition, continued as Managing Director in the combined gaming practice.
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Grant Govertsen, Co-Founder and Head of Analytics: Co-founder of Union Gaming Research division. Provided quantitative analysis and market intelligence on gaming sector consolidation, valuation trends, and deal flow. Post-acquisition, joined CBRE's gaming analytics function.
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Jack Hernandez, Managing Director: Investment banking professional focused on gaming company transactions and advisory.
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Michael Glynn, Managing Director and Chief Compliance Officer: Provided compliance and operational leadership for the firm's regulated business.
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John DeCree, Research Division: Gaming analyst publishing sector research and market commentary on consolidation and M&A trends.
Geographic Coverage
Union Gaming was headquartered in Las Vegas, Nevada with international offices including Hong Kong (opened 2015) and presence in key gaming markets. The firm advised on transactions across North America and had growing Asian gaming expertise supporting clients in Macau, Singapore, and other Asian gaming jurisdictions.
Acquisition by CBRE (June 2021)
Union Gaming was acquired by CBRE Group Inc. (NYSE: CBRE), a global real estate investment and services firm, in June 2021. The acquisition price was not disclosed. Under CBRE's ownership, Union Gaming's team (particularly Bill Lerner) became part of CBRE's expanded gaming investment banking platform, combining Union Gaming's gaming expertise with CBRE's global real estate and capital markets capabilities. The firm transitioned from an independent boutique to a division of a larger public company with access to greater capital and distribution capabilities.
Key Insight
Union Gaming exemplifies the value of exclusive sector focus in investment banking. By devoting its entire practice to a single vertical (gaming), the firm developed expertise and relationships that justified engaging a boutique bank rather than a generalist competitor. This model—specialized boutique serving a specific industry with deep insider expertise—proved attractive enough to draw acquisition interest from a larger player seeking to expand gaming capabilities.