Our Experience

"That leaves the Spectrum Group’s study. I thought when I started working through it that it would be just more industry cheerleading. But it wasn’t. It was a sober, professional piece of work full of cautions and qualifications."

"Working on short notice, Spectrum Gaming Group produced two reports, including a market study, that were comprehensive with supportable, conservative projections. Spectrum’s professionals and leaders were available as needed and, again, on short notice to be here on site to meet with our staff and with government officials. They understood the unique regulatory and demographic nuances of our province and identified opportunities that might not be apparent to less experienced consultants."
- Lorenzo Creighton, CEO, CEO, Gateway Casinos and Entertainment Ltd.


"The analysis provides a comprehensive response to the many thoughtful questions raised by legislators and other interested groups, and reflects the integrity and financial expertise for which Spectrum Gaming is widely regarded."
- Daniel O’Connell, Massachusetts Secretary of Housing and Economic Development


"The administration ought to revive the proposal to reflect the findings in the independent analysis conducted by Spectrum Gaming"
- Boston Herald editorial, August 8, 2008


"[The Spectrum study] provides each side with plenty of objective analysis to consider. ... The Spectrum study makes the essential point ... The study makes a powerful case ... The report issues another important warning ... The report's authors know all the angles played by casino developers."
- Boston Globe editorial, August 15, 2008

Public- and private-sector clients worldwide count on Spectrum Gaming Group to provide independent, unbiased research and analysis that helps to shape public policy and guide investment decisions. Although the vast majority of our reports are confidential, some clients do enter them in the public domain. Following are Spectrum reports that have been made public over the last two years:

We believe that a firm can be judged by the company it keeps. Some of our satisfied clients include:

Private Sector
  • Avista Capital
  • Boyd Gaming
  • Bloomberry Investment Holdings
  • Cappelli Enterprises
  • Carnival Corporation
  • Caesars Entertainment
  • Casino Association of New Jersey
  • Casino Association of Indiana
  • Centaur Gaming
  • Churchill Downs
  • CIBC World Markets
  • Clairvest Group
  • Cosmopolitan Las Vegas
  • Credit Suisse
  • Delaware Park
  • Empire City at Yonkers Raceway
  • Empire Resorts
  • Eton Park Capital Management
  • Gateway Casinos and Entertainment Ltd.
  • Gensler Architects
  • Genting
  • Good for Oregon Committee
  • Greenberg-Traurig, PA
  • Hard Rock International
  • Hard Rock Casino, Las Vegas
  • Hialeah Park
  • House of Blues Entertainment
  • Illinois Jobs and Revenue Alliance
  • Indiana Live! Casino
  • International Game Technology
  • Jefferies & Co.
  • Las Vegas Sands
  • Marriott Aruba Casino
  • Morgan Stanley
  • Mount Airy Casino Resort
  • New York Gaming Association
  • Occidental Hotel Corporation
  • Parx Casino
  • Pinnacle Entertainment
  • Regulatory Management Counselors
  • Revel Entertainment
  • Ritz Carlton Casino Resort, San Juan, PR
  • Sandell Asset Management
  • Saratoga Casino and Raceway
  • Shuffle Master
  • Sokha Hotels
  • Sonco Gaming Inc.
  • Strategic Value Partners
  • Sunrise Sports & Entertainment
  • TNS Global
  • Tower Investments
  • Trump Entertainment Resorts
  • Virgin Group
  • Western Development Corporation
  • Wynn Resorts
Public Sector
  • Atlantic City Convention & Visitors Authority
  • Broward County, Florida
  • Comm. of Financial Institutions – Puerto Rico
  • Connecticut Division of Special Revenue
  • Delaware State Lottery
  • Georgia Lottery
  • Kansas Racing & Gaming Commission
  • Maine Harness Racing Commission
  • Maryland Lottery Commission
  • Massachusetts Gaming Commission
  • Massachusetts State Lottery Commission
  • Massachusetts Office of Housing & Economic Development
  • Massachusetts Office of the Speaker
  • Netherlands Gaming Control Agency
  • NJ Casino Reinvestment Development Authority
  • Ohio Lottery Commission
  • Ohio Casino Control Commission
  • Pennsylvania Department of Revenue
  • Philippine Amusement & Gaming Control Corp.
  • Puerto Rico Tourism Company, Gaming Division
  • Republic of Croatia
  • Rostov Oblast, Russia
  • Saint Lucia Gaming Authority
  • San Jose, CA, Office of City Manager
  • Singapore Ministry of Home Affairs
  • South Jersey Transportation Authority
  • U.S. Virgin Islands Casino Control Commission
  • West Virginia Lottery
Native American
  • Agua Caliente
  • Cherokee Nation
  • Gila River Indian Community
  • Little River Band of Ottawa Indians
  • Mashantucket Pequot Tribal Nation
  • National Indian Gaming Association
  • Navajo Gaming Enterprises
  • Oneida Indian Nation
  • Pechanga
  • Pokagon Band of Potawatomi Indians
  • Pueblo of Ohkay Owingeh
  • Seminole Tribe of Florida
  • Seneca Gaming Corporation
  • Seneca Nation of Indians
  • Tohono O’odham Nation

Public Policy
Governments regularly call on Spectrum’s expertise when debating public policy. Our principals have testified before the following government bodies:
  • Georgia Joint Committee on Economic Development and Tourism
  • Illinois Gaming Board
  • Indiana Gaming Study Commission
  • International Tribunal, The Hague
  • Massachusetts Joint Committee on Bonding, Capital Expenditures, and State Assets New Jersey Assembly Tourism and Gaming Committee
  • National Gambling Impact Study Commission
  • New Hampshire Gaming Study Commission
  • New Jersey Senate Legislative Oversight Committee
  • New Jersey Senate Wagering, Tourism & Historic Preservation Committee
  • Ohio House Economic Development Committee
  • Ohio Senate Oversight Committee
  • Pennsylvania House Gaming Oversight Committee
  • Pennsylvania Gaming Control Board
  • U.S. House Congressional Gaming Caucus
  • U.S. Senate Indian Affairs Committee
  • U.S. Senate Select Committee on Indian Gaming
  • U.S. Senate Subcommittee on Organized Crime

Our disclosable jobs in recent years include the following:

  • Spectrum was retained by the National Indian Gaming Association to prepare a comprehensive report that examined the evolution of Internet gaming in Europe to glean lessons and provide advice for tribal councils that are considering the opportunities and threats posed by the legalization of online gaming in the US.
  • Spectrum developed a comprehensive study in Massachusetts (see the link above) that examines the potential economic and social impact of three casino resorts. This study examines a wide variety of areas, from projecting revenue and employment to suggesting strategies to maximize the benefit of gaming for restaurants and other small businesses. The report offers comprehensive analyses on several critical subjects, from crime to problem gambling.
  • Spectrum produced a detailed examination of the impact of all forms of gaming, including casinos, lottery and pari-mutuel wagering on Connecticut (see the link above). The study includes a 3,000-response survey of adults, and examines such trends as migration patterns of adults into and out of Connecticut in counties that host casinos.
  • Spectrum conducted a study for the Casino Association of Indiana (see the link above) that projected the impacts from potential expanded competition in Ohio, Kentucky, Illinois and Michigan. The study, which was presented publicly to the Indiana Gaming Study Committee, also suggested how changes in public policy with respect to taxes and other requirements could encourage capital investment and help protect Indiana’s gaming industry.
  • Spectrum was retained by the Government of Singapore to conduct due diligence investigations of all applicants for the proposed Marina and Sentosa integrated resorts. The government recently retained Spectrum for a second major research project.
  • Spectrum served as the interim casino manager for the Crystal Palace Casino in Nassau, Bahamas, for a nine-month period in 2006-2007. During this engagement Spectrum completed numerous audits and reviews of operations, accounting and marketing. Under Spectrum’s management, the casino experienced significant increases in both table games and slot gross revenues.
  • Spectrum was retained by two major gaming corporations as their primary outside gaming advisory on business operations and marketing. Additionally for these two entities, Spectrum provides independent metric analysis and critique of their operating results and business planning on an ongoing basis.
  • Spectrum was an advisor for a major gaming company that has been evaluating the acquisition of a casino operation in the eastern United States. Spectrum’s role has been to evaluate current physical and financial operations, as well as evaluate employee service levels. Spectrum is also assisting in reviewing market potential projections along with providing five-year cash flow analysis and EBITDA analysis.
  • Spectrum examined the feasibility of Plaza Las Vegas, a proposed major casino hotel on the Las Vegas Strip (as well as its proposed predecessor on the same site, Montreux). This study includes assessing the reasonableness and the likelihood of achieving the projected revenue and profitability levels. This study requires a high level of experience and understanding of the dynamic Las Vegas market.
  • Spectrum, with partner BDO Unicon of Moscow, was retained by the Rostov Oblast of Russia to assess the feasibility of the federal government’s planned Southern Gaming Zone on the Azov Sea. Spectrum analyzed comparative gaming zones worldwide, surveyed prospective international operators, performed a feasibility study and conducted a consumer profile study.
  • Spectrum has worked with the private-equity and merchant banking divisions of Bear Stearns and Credit Suisse to analyze potential investments in various markets throughout the United States. Among our services, we analyzed the potential risks and returns, weighed competitive issues and analyzed the political environment.
  • Spectrum performed a detailed feasibility study for a potential stand-alone casino hotel in Atlantic City. The analysis included examinations of the political and competitive landscape, the market demographics, access to the site, and suggested positioning strategies.
  • Spectrum was retained by the Gila River Indian Community to perform a comprehensive amenity study and related analyses in anticipation of a significant expansion of the tribe’s gaming and related facilities at Wild Horse Pass.
  • Spectrum was retained by the Pokagon Band of Potawatomi Indians tribal government to plan, develop and implement the regulatory process that accompanied the development of a major casino project.
  • Spectrum has performed numerous studies and has acted as a leading business advisor to the Seneca Gaming Corporation in New York. We have conducted analysis of the current gaming businesses as well as performing market analysis of potential opportunities.
  • Spectrum performed a detailed study for the Ohkay Casino, a tribal operation in San Juan Pueblo, NM, to determine the feasibility of adding a conference and special events center, as well as a hotel expansion. The study included projections of cash flow, and suggested marketing strategies as well.
  • Spectrum undertook an economic analysis study for Little River Band of Ottawa Indians in Michigan. We evaluated potential casino markets in the region and prepared preliminary financial projections. We also reviewed and evaluated the tribe’s existing casino resort and made recommendations relative to expansion of that facility.
  • Spectrum was retained by Empire Resorts, developer of a planned Indian casino in New York, to produce a report to be evaluated by the U.S. Bureau of Indian Affairs that would project revenue, and determine differing levels of visitation based on changes in capital spending.
  • Spectrum conducted a study for the South Jersey Transportation Authority that analyzed the economic impacts of increased passenger air service at Atlantic City International Airport.
  • Spectrum has been retained by a tribal casino in New York to review and evaluate its operations and internal controls, with an eye toward identifying potential cost savings and to assure compliance with minimum internal control standards (MICS).
  • Spectrum was engaged by the Casino Association of New Jersey to perform several studies, including evaluating the potential impact of slot machines at New Jersey race tracks on the casino industry.
  • Spectrum has been retained by the Atlantic City Convention & Visitors Authority to produce its Atlantic City Visitor Profile, based on 3,000 interviews, that will be used by the casino industry and others to understand who visits Atlantic City, why they visit, how they spend their money, and to determine visitor preferences.
  • Spectrum was retained by the Casino Association of New Jersey to evaluate the economic impact that increased casino revenue taxes would have on the gaming industry in Atlantic City. In addition, the state Legislature in New Jersey considered the legalization of racinos at state licensed racetracks. Spectrum performed extensive economic analysis, which evaluated the impact of this legislation on Atlantic City casinos, employment and vendors in South New Jersey.
  • Spectrum was retained by the Atlantic City Convention & Visitors Authority to project the growth of nongaming spending in Atlantic City as a result of legislation to encourage the development of entertainment/retail districts. Spectrum projected the number of hotel rooms and spending levels, and also analyzed the impact of the legislation on the ACCVA’s ability to market to new conventions and meetings.
  • Spectrum was retained by Tropicana Casino and Resort in Atlantic City, while it was owned by Aztar, to develop and implement a guest-satisfaction program. Along with program development, Spectrum conducted various consumer research projects to quantify the metrics of guest satisfaction and translate the results into tangible EBITDA performance.
  • Spectrum performed a feasibility study on behalf of an Atlantic City operator as to the addition of a hotel tower adjacent to an existing property. This study included market analysis, cost estimates and pricing strategies.
  • Spectrum analyzed the potential growth in the Atlantic City market from young adults who would be attracted by the addition of a House of Blues venue. This study was performed on behalf of House of Blues in advance of its investment in the Atlantic City market.
  • Spectrum professionals served as expert witnesses in litigation related to the collapse of a parking garage at Tropicana, prior to the opening of The Quarter. Our work in that matter included analyzing the potential impact of that collapse on revenue and profitability.
  • Spectrum was retained by a developer in Wilmington, DE, to analyze the potential market and determine the feasibility of a casino hotel. We suggested the optimal size, mix of amenities and the opportunity to bring in a major casino operator to manage the facility. We also forecast employment opportunities that would be created by this project, and suggested strategies to attract convention business and retail development.
  • Spectrum served as the casino-expert members of the development team in the planning, building, furnishing, licensing and preparation for operation of the casino in the Westin Rio Mar Beach Resort and Country Club, a $180 million, 600-room, full-service destination resort in Puerto Rico. Major tasks included conducting a thorough market analysis of all competing and planned resorts and casinos, and developing the mix of table games and electronic games.
  • Spectrum analyzed the potential growth in the Atlantic City market from young adults who would be attracted by the addition of a House of Blues venue. This study was performed on behalf of House of Blues in advance of its investment in the Atlantic City market.
  • Spectrum conducted a comprehensive audit of a major table game operation in the Bahamas. A complete evaluation of all policy and procedures as they relate to table game operations was conducted, and credit policies were reviewed for not only regulatory compliance, but also maximum effectiveness. In conjunction with this assignment Spectrum conducted a detailed premium table customer profitability analysis to determine which customers are producing the maximum earning benefit.
  • Spectrum prepared a comprehensive analysis on the Bahamas for Harrah's Entertainment prior to that company’s investment in Nassau. That report included a geographic overview of the country, its history, gaming history, culture, political structure, travel issues relative to maximizing tourist travel to the destination, and many other issues that were relevant to any potential investment decision.
  • Spectrum played a leading role in the emerging Vietnam market. We were retained by a leading slot manufacturer in 2003 to assess the potential slot market in Vietnam, and the legislation relating to opening of slot parlors in Hanoi and Ho Chi Minh City.
  • Spectrum undertook a comprehensive analysis of the Vietnamese gaming market and regulatory system in 2005 on behalf of a leading US gaming operator, and prepared a highly detailed feasibility study for a proposed casino hotel in Danang.
  • Spectrum has worked with various private-equity and hedge funds, as well as with the merchant banking divisions of securities firms, to analyze potential investments in various markets throughout the United States. Among our services, we analyzed the potential risks and returns, weighed competitive issues and analyzed the political environment. We also work with these clients after such investments have been made to help them understand gaming trends, and to point out potential opportunities and risks.
  • Spectrum was retained by the Guam Hotel and Restaurant Association to perform a detailed economic study of that island’s hospitality industry, and to recommend a strategy to attract capital investment and invigorate its tourism economy. Spectrum perform a detailed economic study of that island’s hospitality industry, and to recommend a strategy to attract capital investment and invigorate its tourism economy.
  • Spectrum was retained by Pinnacle Entertainment to project the economic impact of a proposed casino hotel in Wyandotte County, KS that would include a major convention center.
  • Spectrum was retained by two applicants for Category 2 licenses in Pennsylvania. Trump Entertainment Resorts hired Spectrum to assist in preparing economic-impact reports for a potential project in Philadelphia, while Matzel Development hired Spectrum to prepare economic and feasibility studies for a casino hotel, along with a separate report for a retail, dining and entertainment complex, as well as a detailed economic-impact report.
  • Spectrum completed a detailed economic and financial impact study for Sullivan County, NY, government designed to guide the county – at the heart of the Catskills – as it plans to host as many as three casino hotels. The report, now a public document, details impacts in various areas, ranging from education to housing to tourism. This was followed by a similar report for nearby Orange County, NY.
  • Spectrum performed a reasonableness study for a gaming project to be constructed in Penghu Island, Taiwan. The project was contingent upon the passage of legislation in Taiwan legalizing casino gaming. Our study evaluated financial projections prepared by a developer seeking a casino license and evaluated the potential market segments that would visit the casino. We also looked at transportation systems designed to bring patrons to this proposed property.
  • Spectrum has been retained since 2003 as Gaming Advisors to the Gaming Division of the Puerto Rico Tourism Company and the Commissioner of Financial Institutions. In that capacity one of our tasks has been to rewrite and update gaming regulations for Puerto Rico's 18 operating casinos. This was the first major review of the regulations in Puerto Rico in more than 15 years.
  • Spectrum was retained by the Gaming Division of the Puerto Rico Tourism Company to analyze the impact on casinos of a smoking ban, and was additionally retained for a separate study to analyze the impact on casinos of adding video lottery terminals to off-track betting parlors and, separately, adding video lottery terminals in retail locations.
  • Spectrum assisted government officials in Queensland, Australia, and New South Wales, Australia, in the development of comprehensive systems of casino controls.
  • Spectrum supervised, on behalf of the government of Queensland, the opening of the Conrad International Hotel and Jupiter's Casino.
  • Spectrum assisted officials of the Government of Panama in a study of the Panamanian casino industry and its possible privatization. Studied the organizational structure of the Casinos Nacionales, its budget and approaches to casino regulation.
  • Spectrum assisted government officials in the Turks and Caicos Islands in the establishment of casino operating controls.
  • Spectrum performed several marketing audits for casino hotel operators in Puerto Rico that recommended strategies to maximize revenue and profitability. These studies required detailed examination of the market, extensive interviews with management and personnel at all levels, and a thorough analysis of the entire operation. The report ultimately recommended new business models designed to grow revenues, and leverage existing assets without requiring the additional investment of capital.
  • Spectrum served as an expert witness for the Republic of Croatia in arbitration conducted under the auspices of the UNCITRAL Arbitration Rules. Our work included testifying at the Permanent Court of Arbitration at the Peace Palace, the Hague, Netherlands.
  • Spectrum conducted a market analysis and feasibility study for a proposed casino in Prague. Our work included extensive on-site work, as well as providing a comprehensive examination of the political, economic, cultural and regulatory risk factors.
© Copyright 2007-2014 - Spectrum Gaming Group. All Rights Reserved.

Spectrum Gaming Group • 1201 New Road, Suite 308 • Linwood, NJ 08221 • USA
Phone: 609.926.5100 • Fax: 609.926.5121 • info@spectrumgaming.com


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