Top Gaming & Lodging Groups
Can anyone share what the top Gaming & Lodging groups are? If anyone has FactSet and can pull info, that would be greatly appreciated, I am a college kid who has no resources lol. In the interview process for SA 2024 with banks, and I want to see which groups are best.
I know BAML and JPM are top in Real Estate, but I feel Gaming and Lodging are more interesting to me. If Gaming and Lodging are already embedded in RE on league tables, then I'm stupid and did not know lol.
If anyone also has any experience working in G & L, I would appreciate any insight into your experience. Spoke to some G & L bankers, and they seemed to enjoy it. But since this is an anonymous forum, please share the honest experience if u can. I heard closing dinners in Vegas are nuts!
Thank you monkeys, for the help!
If you want to do RE Investment Banking, Eastdil is the leader hands down.
Well I am more interested in Gaming and Lodging (not sure if this is embedded in most RE groups). Does East Dill do a regular recruiting process or are they different than most BB/MM/EB? Thanks for the help
Wells used to own eastdil so they have their old IB people. Their REGAL group is pretty top notch and they’re trying to grow gaming slowly.
Thx
If you want to make it in IB, drop the H. Just tx (all lowercase) will suffice. Pls fix tx.
This is why you are bottom bucket
Brokerage*
Eastdil is less investment banking, more RE brokerage - which is exactly why it’s a fantastic place to be if you want a RE career.
Moelis
OP here - Can I PM you?
Credit Suisse
Do you have league tables on this?
Would also be interested in G&L league tables.
PJT, Amish Barot singlehandedly dominates this field
Thanks!
was just about to say, pretty tight group - i think they cover sports and entertainment under this team as well - one of the partners worked on deals for the bills and steelers. They also worked on Sony/Bungie and I think that was under the REGL team
BAML and MS both have top gaming/lodging on the street
Heard BAML has turned into a sweat shop
BAML REGAL has always been a sweatshop
Citi, MS, eastdil, WF, any BB is solid honestly. Ik PJT is good as well
Would you throw Moelis in there as well?
Goldman Sachs has advised some of the largest transactions in the space… look @ STORE capital, Prologis and PSB
Great thx for response. This might be a dumb question but i’m assuming GS G & L deal flow is quite solid, am I right? Thoughts on boutique G & L (Moelis, PJT)?
Yes, GS does all the deals for DraftKings, Flutter, Entain, Super Group, sold the Venetian, and more. Very dominant with Scott Smith leading it.
I believe MS advised on Store Capital
Credit suisse is active in gaming and lodging
BofA, MS LA, CS LA, PJT, GS, Wells REGAL, Macquarie G&L, Eastdil RE
Usually bigger banks like BBs dominate the industry as you need a big balance sheet for some of these deal sizes
Great thanks!
Jefferies has a solid gaming practice
Macquarie is very dominant in the gaming operator space and B2B (suppliers / online tech), but it doesn't have much traction in the B2C space (Flutter, DraftKings) . Group is top notch, but based out of LA. MS is also very active (also based out of LA). These two are more active in the Gaming space, not so much in real state. Not sure if they have any presence in NYC
BAML and JPM - decent mix of both Gaming and real estate
WF does primarily real estate
GS and Moelis are also active in the space, but realistically they are active in most industries and sectors
CS USED to be good. No longer
Great response, really appreciate it. Seems like most BB dominate with the occasional mix of Moelis, PJT, Macquarie, WF
Doesn’t DB have a few good gaming bankers? They dominate LF gaming deals
Forgot to mention. DB is solid too. They advised on the Cosmo / Palms a few Scientific Games transactions too.
Macquarie is the leader in the gaming space. Seniors used to lead the gaming practice at CS. DB, JPM and PJT are also active, having advised on some of the larger transactions. CS has fallen off but still does well.
Can anyone share what the top Gaming & Lodging groups are? If anyone has FactSet and can pull info, that would be greatly appreciated, I am a college kid who has no resources lol. In the interview process for SA 2024 with banks, and I want to see which groups are best.
I know BAML and JPM are top in Real Estate, but I feel Gaming and Lodging are more interesting to me. If Gaming and Lodging are already embedded in RE on league tables, then I'm stupid and did not know lol.
If anyone also has any experience working in G & L, I would appreciate any insight into your experience. Spoke to some G & L bankers, and they seemed to enjoy it. But since this is an anonymous forum, please share the honest experience if u can. I heard closing dinners in Vegas are nuts!
Thank you monkeys, for the help!
Usually we look at transactions by sub sector. Gaming (casinos / igaming / OSB) sit under consumer discretionary -> hotels & leisure -> Casinos & Gaming. Gaming league tables shouldn’t include real estate. Though one could make an argument for gaming retail estate. In 2012, Penn Entertainment (f/k/a Penn National Gaming) received approval from the IRS to move it’s real esta into a REIT (avoiding tax liability due to PropCo structure). This REIT came to be known as GLPI. After Penn’s move, Caesar’s and MGM came up with their own REITs - VICI and MGP. Last year, VICI completed its acquisition of MGP leaving the current landscape with two predominant Gaming REITs (VICI and GLPI), which own most of the casino real estate out there acquired through sale-leaseback transactions. Nowadays you won’t see them buying gaming assets outright, instead they come into M&A transactions under a PropCo / OpCo structure, wherein the casino operators acquire the operating company and the REIT acquired the real estate due to tax benefit.
Wells clears.
Go GS! - gs gaming and lodging analyst
we’ve done some big deals but don’t know if we’re ranked as high as others …our gaming MDs are great though
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