I'm currently at a very strong M&A group, but I did my summer analyst stint at a Gaming group and I can't help but reminisce about what could've been because I genuinely love the industry. Can any Gaming / leisure folks provide some color on the best places to be for gaming?
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I think PJT M&A is top for gaming
BofA & JPM are probably the top 2 from my knowledge.
I’m very familiar with REGAL at JPM. I’ve heard that BAML has turned into a sweatshop. The other two that I know of are Barclays and Macquarie. Looking at the league tables, Macquarie seems to be killing it not sure why (not sure what the bank is like). Gaming definitely seems very very very interesting especially post-2018 legislation
Do u have the REGAL league tables?
Gaming assets trade at a premium on ASX, so every major sell-side is a dual-track M&A and ASX IPO. Hence Macquarie strong showing.
The REGL team at BofA has always been a sweatshop, It was #1 on the street for several years runnning going into COVID, not sure how its been doing since but probably well. Saw a lot of good exits from my analyst class (I'm not in the group) but saw KKR, Apollo and Carlyle all from a single REGL class per a friend on the team. I heard their intern offer rate is lower than most of the other groups but I can't confirm.
Wells Fargo’s REGAL group also does extremely well from what I’ve heard. Have had some big gaming stuff done in the last couple years
Worked with the gaming team at WF (pre-MBA) on PE side. They also do video gaming and online gaming/gaming tech (were advisors on the Playtech Aristocrat Deal). Super-exclusive team and top-notch exits. Smart folks.
Video games or casinos?
Casinos. “Gaming” encompasses lottery providers, casino operators, distributed gaming, charitable gaming, iGaming, equipment suppliers etc.
“Gaming” refers to the above, “gaming” refers to video games.
For casinos see above
If you are talking about video games GS TMT SF has that locked down, Liontree pops up here and there
The Raine group also does pretty well in the space as well as the broader media and sports space. You can see their tombstones on their website for reference.
That makes sense. Seems like there’s nothing but upside in the Gaming industry. While casino operators have been around for long time, there’s a lot of new forms of gaming that are evolving. Sports betting betting for example, won’t be mature until legislation catches up with demand, and that will take quite some time. In addition to that, gamblers will continue to gamble. Sort of the perfect business model with a low marginal cost of client acquisition.
Work in the gaming group at one of the above mentioned shops. Agree the names above are the ones that generally come to mind.Interesting distinction between Macquarie and the rest of the groups, based on my knowledge, is Macquarie is strictly gaming whereas the others are more general REGAL groups.
Macquarie has an excellent gaming group
Jefferies does all the Ferttita deals
Website is full of prospects
Raine is another league for gaming
anecdotally have heard from a friend that Macquarie is strong in gaming. think there is a WSO forum on this would advise you look it up
https://www.wallstreetoasis.com/forums/macquarie-gaming-0 did it for you because I was curious myself!
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