Our Experience

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

Private Sector

• Bear Stearns
• Boyd Gaming Corp.
• Casino Association of New Jersey
• Credit Suisse
• Elad Properties
• Guam Hotel and Restaurant Association
• Hard Rock Hotel
• Harrah’s Entertainment
• House of Blues
• International Game Technology
• Jefferies & Co.
• Las Vegas Sands
• Pinnacle Entertainment
• Trump Entertainment Resorts

• Atlantic City Convention and Visitors Authority
• Broward County, Florida
• Commissioner of Financial Institutions – Puerto Rico
• Connecticut Division of Special Revenue
• Kansas Racing & Gaming Commission
• Maine State Gambling Control Board
• Massachusetts Office of Housing and Economic Development
• The Netherlands Gaming Control Agency
• New Jersey Casino Reinvestment Development Authority
• Pennsylvania Department of Revenue
• Philippine Amusement and Gaming Control Corp.
• Puerto Rico Tourism Company, Gaming Division
• Rostov Oblast, Russia
• San Jose, CA, Office of City Manager
• Singapore Ministry of Home Affairs
• St. Lucia Gaming Authority
• U.S. Virgin Islands Casino Control Commission
• West Virginia Lottery

• Gila River Indian Community
• Oneida Indian Nation
• Pokagon Band of Potawatomi Indians
• Pueblo of Ohkay Owingeh (formerly San Juan Pueblo)
• Seneca Nation of Indians
• Yavapai-Apache Nation

• Iowa Racing and Gaming Commission
• U.S. Senate Select Committee on Indian Gaming
• U.S. Senate Subcommittee on Organized Crime
• Massachusetts Joint Committee on Bonding, Capital Expenditures and State Assets
• U.S. House Congressional Gaming Caucus
• National Gambling Impact Study Commission
• New Jersey Senate Wagering, Tourism & Historic Preservation Committee
• New Jersey Assembly Tourism and Gaming Committee
• New Jersey Casino Control Commission
• Pennsylvania Gaming Control Board
• Pennsylvania House Policy Commission on Gaming

Our disclosable jobs in recent years include the following:

• Spectrum developed a comprehensive study in Massachusetts 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 is presently producing a detailed examination of the impact of all forms of gaming, including casinos, lottery and pari-mutuel wagering on Connecticut. The study includes producing 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 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 will accompany the development of a major casino project.
• Spectrum has preformed 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 facility in San Juan Pueblo, New Mexico 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 an Indian nation in Michigan. The Governor of Michigan indicated a willingness to consider the amendment of compact between the State and Indian Nations for additional casino projects. We evaluated potential casino markets in the region and prepared preliminary financial projections. We also reviewed and evaluated the Indian Nation’s existing hotel casino resort and made recommendations relative to expansion of that facility.
• Spectrum was retained by the developer of a planned Indian casino in New York to produce a report to be evaluated by the Bureau of Indian Affairs that would project revenue, and determine differing levels of visitation based on changes in capital spending.
• Spectrum performed a separate management audit on behalf of the tribal nation that owns a commercial casino in Michigan.
• Spectrum performed a detailed study on behalf of a tribal casino in New Mexico to determine the feasibility of adding a convention center. The study included projections of cash flow, and suggested marketing strategies as well.
• 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. As a result, we played a key role in defeating the proposed tax increases, and in preventing the implementation of VLTs at in-state tracks.
• 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.