Real estate brokerage CBRE acquires Union Gaming, the behalf of casino operators in Asia
CBRE Group is acquiring Union Gaming, a boutique investment bank and advisory firm focused exclusively on the global gaming sector.
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 in Philippine.
Union Gaming group offers investment banking services 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. 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 that Union Gaming’s employees and CBRE’s existing Las Vegas-based gaming investment sales team, 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.
Editing by Rachel Hu