Boutique investment bank Union Gaming, which specializes in the global gaming sector, has been acquired by American commercial real estate services and investment firm CBRE Group, Inc.
A Fortune 500 and S&P 500 company, CBRE Group is described as the world’s largest commercial real estate services and advisory firm with more than 100,000 employees globally and clients in over 100 countries.
News of the acquisition comes a day after Union Gaming, which has offices in Las Vegas and Hong Kong, announced it was temporarily suspending coverage of multiple companies pending a corporate transaction.
The company’s investment coverage includes all six Macau gaming operators plus the likes of Genting Singapore, NagaCorp, Universal Entertainment Corp, IGT and Scientific Games.
“We built Union Gaming on our singular commitment and belief in the long-term prospects for the gaming sector,” said Union Gaming co-founder Bill Lerner.
“Whether it’s the realization of casinos’ underlying real estate value, evolution of new gaming formats and technology, expansion of gaming in Asia, or the 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.”
According to Union Gaming’s announcement, CBRE’s existing Las Vegas-based gaming investment sales team will now form a combined global gaming team.
“Union Gaming fortifies CBRE’s position as a leader in the fast-growing global gaming sector,” said James Scott, Managing Principal of CBRE Capital Advisors. “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.”
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