Vegas-Based Union Gaming Purchased by Real Estate Brokerage

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Union Gaming has been intrinsically tied to the gaming industry since it was founded 13 years ago. The investment banking firm came about as the so-called Great Recession was taking hold and consumer activity was on the decline, but it proved to be resilient and was able to weather initial challenges. Company analysts have often been cited in coverage of the global gaming industry for their expert take on what was moving the market and someone took notice. A global real estate brokerage, CBRE Group, has decided it wants Union Gaming in its portfolio, announcing yesterday that it had acquired the company.

CBRE Hedges on Global Gaming Growth

Las Vegas-based Union Gaming has always had its ears and eyes firmly on the action in the gaming industry. Over the years, it has raised $28 billion in capital while overseeing mergers and acquisitions worth around $2 billion, according to the company. When it isn’t helping gaming companies, such as Resorts World New York City and Bally’s, resolve delicate financial arrangements, it is providing analysis on what is going on around the gaming ecosystem. CBRE Group, which maintains an office in Las Vegas, is confident that the evolving gaming industry is prepped for explosive growth, and that physical real estate for properties is going to be an even hotter commodity moving forward.

CBRE Group announced the acquisition of Union Gaming yesterday, without detailing how much leverage it was extending to complete the transaction. James Scott, Managing Principal of the company’s CBRE Capital Advisors arm, explains in a press release that the newly acquired company “fortifies CBRE’s position as a leader in the fast-growing global gaming sector.” He added that CBRE Group is ready to expand its investment-banking depth with the expertise Union Gaming’s team can provide.

Gaming Real Estate Offers Real Value

CBRE Group will look to capitalize on the growth of the global gaming industry through its Gaming Investment Banking arm, which will be led by Bill Lerner, co-founder of Union Gaming. Under his guidance, Union Gaming’s current workforce will merge with CBRE Group’s gaming investment sales team to create a large, multi-faceted and formidable band of experts that is able to expand CBRE’s gaming real estate investment portfolio.

Lerner is apparently enthusiastic about the new opportunities that await and is ready to enter this next phase of his company’s story. He said in the announcement about the acquisition, “We built Union Gaming on our singular commitment and belief in the long-term prospects for the gaming sector. Whether it’s the realization 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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