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Senior Associate, Online Gaming and Government Policy
Stephen BrammellSenior Associate, Online Gaming and Government Policy
Stephen Brammell received his undergraduate degree (B.B.A.) from the University of Oklahoma and his law degree (J.D.) from Georgetown University in Washington, DC. Upon graduation from Georgetown, he entered private practice with the law firm of Conner & Winters in Tulsa, OK, where he concentrated on corporate law and transactional matters.
Brammell was an attorney with Harrah’s Entertainment Inc. and its predecessor companies, Holiday Corporation and The Promus Companies, until retiring in 2008. In his most recent position with Harrah’s, he was the company’s Senior Vice President and General Counsel. As the company’s chief legal officer and a member of the company’s senior executive group, he was responsible for overseeing the company’s legal, regulatory and compliance affairs as well as helping set the strategic direction of the Company.
During his career with Harrah’s, Brammell counseled the company on virtually every major transaction and gaming development project undertaken in the last 20 years. In the course of his work at Harrah’s, his focus was primarily on matters in North America, but he was also involved in the Company’s gaming expansion activities in Europe, the Middle East, Africa, Asia and South America.
Chief Executive Officer, Spectrum Asia
Paul BrombergChief Executive Officer, Spectrum Asia
Paul Bromberg is Chief Executive Officer of Spectrum Asia, and has been overseeing and conducting investigations in Asia since 1988. During this time, he has worked closely with various government and law enforcement departments. He has undertaken numerous surveys and due diligence investigations for many international gaming and corporate clients.
Bromberg was formerly Director of Research for Kroll in Hong Kong before founding the specialist investigations firm, OVG International Ltd. He served as a Director of the Asian operations of Armor Holdings, Inc, a NYSE listed security and investigations firm, which acquired OVG International in June 2000, before co-founding Spectrum Asia in June 2003.
Bromberg is a recognized expert on Chinese and Southeast Asian business affairs. He speaks regularly at gaming and risk advisory conferences, and is often quoted in local media and news publications. He has had numerous articles published in various industry publications. He is also a contributing author to “Casino Industry in Asia Pacific,” published by The Haworth Hospitality Press in 2006. Bromberg served from 2006-2013 as a member of the Conference Advisory Board for Global Gaming Expo (G2E) Asia.
Bromberg has a B.A. (Honours) degree in Modern Chinese Studies from the University of Leeds, England. He spent several years conducting research at Fudan University in Shanghai and at Xiamen University in Fujian Province, China.
Formerly a member of the New Jersey Division of Gaming Enforcement (DGE) with twenty-nine years of casino regulatory experience and former Deputy Chief for Regulatory Enforcement, Rich Carretta has been an Associate with Spectrum for a little over nine years.
As deputy chief for regulatory enforcement, Carretta and his staff have developed many cases resulting in significant sanctions against casino operators for compliance failures.
During his career with the DGE, he was selected to assist the New South Wales government of Australia in its first casino opening, presented seminars on casino accounting and internal control, and provided testimony during regulatory legal proceedings.
As an associate with Spectrum, Carretta has conducted operational reviews of several Native American casino operations, assisted in the opening of the Four Winds Casino in New Buffalo, Michigan, developed regulations for the Puerto Rico Board of Tourism, and participated in opening table games operations at West Virginia racetracks.
Associate Vice President, Research
Michael DiamondAssociate Vice President, Research
Michael Diamond has extensive investigative research experience, both in journalism and in government. He joined Spectrum after a 33-year career at The Press of Atlantic City, where he served as a special projects writer, editorial page editor, statehouse correspondent and bureau chief, all while frequently covering gaming-industry issues. He won 23 state and national journalism awards and was an active member in such organizations as the Legislative Correspondents Club, National Conference of Editorial Writers, and Investigative Reporters and Editors.
Diamond left the newspaper in 2005 to become an investigator with the New Jersey Office of Inspector General. He was responsible for reviewing allegations of waste, fraud and corruption.
At Spectrum, Diamond focuses on analyzing the economic and social impacts of legalized gambling and also on regulatory research. He was the project leader for Spectrum’s widely acclaimed 2009 study for the State of Connecticut that analyzed the impacts of all forms of legalized gambling. Diamond also serves as Associate Editor of Spectrum’s analytical newsletter, Gaming Industry Observer.
Diamond graduated from Rider University with a BA degree in Political Science.
Patricia M. DiFlorio
Patricia M. DiFlorioAssociate
Patty DiFlorio is a former Manager of the Casino Accounting and Operations Unit of the NJ Casino Control Commission. The Unit is responsible for evaluation of Internal Control Procedures and regulatory compliance for all Atlantic City Casinos on an ongoing basis and during mock openings. The unit also works closely with Commission attorneys to amend and update the NJ Regulations related to Internal Controls, Gaming Equipment and Rules of the Games.
With Spectrum, DiFlorio has worked with West Virginia Government officials in finalizing Minimum Internal Control Standards and led a team in evaluating procedures during various trial openings. She has also done compliance reviews and financial stability evaluations for other jurisdictions.
DiFlorio has been a tax preparer and advisor for 19 years dealing mostly with individual and small business tax returns.
DiFlorio graduated with honors from The College of NJ with a BS in Accounting and is a licensed CPA in the State of NJ.
William J Egan
Senior Lottery Associate
William J EganSenior Lottery Associate
Bill Egan has over 10 years of experience in the Lottery and Gaming Industry. He spent the last five years as the General Counsel for the Massachusetts State Lottery Commission. His experience touches on numerous areas, including, but not limited to, technology, game and concept development, marketing and sales trends, finance, compliance and strategic planning. Egan holds a J.D. with honors from Suffolk University Law School and a B.A. from Bridgewater State University.
His experience extends well beyond the legal underpinnings of the Lottery and Gaming Industry. Egan played a strategic role in maintaining the Massachusetts Lottery’s portfolio of products as well as devise sales strategies around new products and new games. He was effective in moving one of the most successful Lotteries in the country towards its next iteration by establishing the structure to constant upgrade of its technology in a changing legal landscape. In doing so, he assisted the Massachusetts Lottery in modifying its already successful business model while complying with state procurement laws, bonding requirements and intellectual property restrictions. During Egan’s tenure as General Counsel, the Massachusetts Lottery enjoyed five consecutive record breaking years in either gross sales or profits. In FY 2015, the Massachusetts Lottery topped the $5 billion mark in gross sales for the first time in its history.
Egan was also a member of Massachusetts Treasurer’s Online Task Force. He was responsible for identifying all legal and operational issues related to gaming on multiple platforms. He also has experience in the game development and marketing where advised the client on both legal and business strategy.
Egan believes the Lottery and Gaming Industry is on the verge of significant change based on changes in technology, changes in the legal environment and changing consumer patterns. He feels his wide-ranging experience in the industry make him uniquely qualified to advise clients on ways to evolve its business practices to remain relevant in the industry.
Michael C. Epps, Esq.
Senior Regulatory Associate
Michael C. Epps, Esq.Senior Regulatory Associate
Mike Epps is a New Jersey attorney. Mr. Epps recently opened The Epps Law Firm in Galloway, New Jersey, after serving for over nine years on the New Jersey Casino Control Commission. Mr. Epps has also served as a Senior Gaming Regulatory Specialist with Spectrum Gaming Group. As a member of the commission he and his colleagues were responsible for regulating all aspects of casino gaming in New Jersey. Mr. Epps also served as hearing officer in individual due process hearings. Mr. Epps has been a panelist at several gaming conferences and seminars speaking on topics including gaming regulations, technology, diversity and internet gambling. Mr. Epps has been called on to serve on various gaming industry panels at conferences. Mr. Epps has been called on to speak on the impact of gaming on the Atlantic City community. Mr. Epps spoken on internet gaming, the social impacts of gaming. As an Atlantic City native Mr. Epps has specific and personal knowledge of the impacts of casino gambling on a community.
Mr. Epps was appointed to the New Jersey Casino Control Commission by Acting Gov. Donald T. DiFrancesco and was sworn into office in January 2002. He was appointed to a second term in 2006 by Governor Jon Corzine.
The first Atlantic City native to serve on the Commission, Mr. Epps graduated from Atlantic City High School. He earned a Bachelor of Science degree in Broadcast Journalism from the University of Maryland, College Park and a Juris Doctorate from Howard University School of Law.
Mr. Epps is licensed to practice law in New Jersey and Pennsylvania. He currently serves as a commissioner and Vice Chairman of the Atlantic County Utilities Authority. Mr. Epps also serves on the Stockton University Foundation Board of Directors and the Board of Directors of Atlantic City Boys and Girls Club. Mr. Epps is also an active member of the Omega Psi Phi Fraternity, Inc., Upsilon Alpha Chapter.
Scott Fisher, PhD
Senior Associate Analyst
Scott Fisher, PhDSenior Associate Analyst
Scott Fisher has consulted on leisure industry development projects, from development project financial analyses to economic impact analyses, since 1994. He has experience with feasibility analyses, cash flow projections, ROI analyses, development planning, economic impact analyses and strategic positioning for a broad array of leisure developments. Fisher has provided strategic advisory services for existing operations looking to increase market share and operating margins. He and project staff have provided commercial operators, private developers and Native American tribes and First Nations with casino, hotel- and resort-related analyses, as well as demand modeling for golf course, marina, theatre, bowling alley, spa and other related leisure developments.
Fisher has worked for Spectrum on various engagements around the world.
Fisher earned an Executive MBA from Freeman School of Business, Tulane University. He also holds a MA and PhD in Economics from Tulane University and a BS in Mathematics/Economics from Union College in New York.
Senior Associate for Legal and Law Enforcement Services
Ted GroveSenior Associate for Legal and Law Enforcement Services
H. Theodore (“Ted”) Grove spent the majority of his legal career with the New Jersey Attorney General’s Office, where he served in a variety of assignments for 18 years. For the last seven years he was the Bureau Chief and Supervising Deputy Attorney General of the Casino Prosecutions Bureau, which exclusively handled all crimes committed in Atlantic City’s 13 casinos, including many sophisticated cheating schemes as well as substantial money laundering prosecutions.
As a State Prosecutor he was a member of the Atlantic City Money Laundering Task Force for 10 years, seven of which he served as co-chair of the joint federal-state Task Force.
After retirement from the Attorney General’s Office in 2007 he joined Spectrum, where he has assisted gaming regulators in West Virginia and Delaware in drafting expansive statutes and regulations as those states respectively transitioned from racinos into full table game casinos, analyzed the impact the expanded casinos would have on their law enforcement and criminal justice systems, and instructed regulators, police and prosecutors in the detection, investigation and prosecution of gaming crimes and related Bank Secrecy Act issues.
Grove completed a long-term assignment for the Casino Regulatory Authority of Singapore, which has retained Spectrum for regulatory and due diligence matters related to Singapore’s newly evolving casino industry.
Grove is a graduate of Delaware Law School, and is admitted to practice law in New Jersey and Pennsylvania.
Fredric E. Gushin
Fredric E. GushinManaging Director
Fredric Gushin founded Spectrum Gaming Group in 1993 after working 13 years for the New Jersey Division of Gaming Enforcement, where he was promoted to Assistant Director and Assistant Attorney General. At the DGE, Gushin oversaw for the State the openings of 12 Atlantic City casino hotels and managed civil and administrative litigation before the New Jersey Casino Control Commission. He has personally argued more than 50 cases before the Commission.
Gushin has worked with a variety of private-sector and governmental clients since founding Spectrum. He has advised private casino developers on operational and management issues and provided gaming expertise to a number of gaming jurisdictions over the years. He also served as a Commissioner with the Oneida Indian Nation Gaming Commission that regulates the Turning Stone Resort Casino near Syracuse, NY.
Gushin has worked with private sector clients throughout the United States, the Caribbean, South America, Asia and Europe on a wide range of issues. As Assistant Director and Assistant Attorney General of New Jersey’s Division of Gaming Enforcement, he oversaw all compliance related issues regarding New Jersey’s multibillion-dollar gaming industry including security and surveillance, development and compliance with accounting and internal control procedures and development of emergency plans to respond to incidents occurring in casino.
With Spectrum, Gushin has led engagements evaluating casino operations for compliance for private sector and governmental clients. He is a member of the Gerson Lehrman Group Council of Advisors, a global network of experts and industry professionals.
Gushin received his BA from the American University School of Government and Public Administration in 1970, his Juris Doctorate from Rutgers University in 1973, and his Masters from American University in 1979.
President & CEO - Spectrum Gaming Capital
Robert HellerPresident & CEO - Spectrum Gaming Capital
Robert Heller is co-founder and CEO of Spectrum Gaming Capital. He joined Spectrum from UBS Investment Bank where he was responsible for coordinating the bank’s gaming franchise globally. Previously, he was president of Heller Gaming & Leisure, a boutique investment banking and advisory firm specializing in casinos, hotels and resorts, operating since 2003. Prior to that, Heller spent 23 years in investment banking, having established and managed teams as a Managing Director of Lehman Brothers and Bear Stearns, and at Salomon Brothers.
In his work at UBS, domestically, Heller arranged transactions for MGM Resorts, Las Vegas Sands, Wynn Resorts, Penn National, Pinnacle Entertainment, Tropicana Entertainment, Boyd Gaming, Mohegan Sun and others. Internationally, he worked on transactions in Macau, the Philippines, Mexico and India. Other prior prominent clients in gaming, lodging and leisure included Harrah's Entertainment, Starwood Hotels & Resorts, Stations Casinos, IGT and Vail Resorts. Notable past transactions include the merger of Penn National and Hollywood Casino Corp., the sale of Caesars World Resorts, construction financing for the Borgata, the initial public offering for Vail Resorts, development financings for Mohegan Sun and Isle of Capri, the sales of Breckenridge and Steamboat ski resorts, the first commercial paper offering for Foxwoods, and the first public project financing for a riverboat casino (Hollywood Casino in Aurora, IL). In his boutique, Heller performed restructuring advisory work for institutional investor clients including Harbinger Capital and the Committee of Independent Lenders to Station Casinos.
As part of his efforts at Heller Gaming & Leisure, from 2004 to 2006, Heller was founding President and CFO of Baha Mar Resorts, Ltd., owner of the Cable Beach Resort in Nassau, Bahamas, a 2,000 room, three-hotel, golf resort complex with the Caribbean’s second largest casino. Baha Mar Resorts is currently constructing a $3bn redevelopment on its 1,000 acre assemblage. Heller coordinated the Baha Mar project at its onset including land assemblage, hotel acquisitions, operations, pre-development, arranged joint ventures, and raised almost $500 million in initial financings for the project.
Heller is a graduate of the City University of New York and began his career as a CPA with Price Waterhouse & Company. He is a frequent speaker at global industry events and has made presentations at gaming industry conferences throughout North America and in Europe, Asia and the Middle East. Heller is a former board member of the American Gaming Association, and has lectured at the NYU Real Estate Institute and at the Cornell Hotel School.
Steven M. Ingis
Vice President of Legal and Regulatory Services
Steven M. IngisVice President of Legal and Regulatory Services
Steven M. Ingis, Legal Advisor, is an attorney with 26 years of experience in casino gaming regulation. Prior to Spectrum, he was employed by the New Jersey Casino Control Commission from 1982 until his recent retirement in September, 2008. As Assistant General Counsel for the Commission, Ingis managed the Licensing Unit in the Office of the General Counsel, and was responsible for all casino employee and entity licensing matters.
During his tenure with the Commission, Ingis advised the agency in many of the Commission’s most notable licensing matters and represented the Commission in numerous court cases, including the recent denial of Tropicana Casino Hotel’s license renewal application. In this regard, he successfully argued the appeal from the Commission’s decision in the New Jersey Appellate Division.
For Spectrum, Ingis has been the lead attorney conducting license investigations and preparing the investigative reports in Maryland, Maine, Puerto Rico, and St. Lucia. He assisted in drafting the table games legislation in Delaware and testified regarding the regulation of casino gaming before legislative committees in New Hampshire and Pennsylvania.
Prior to joining the Casino Control Commission, Ingis served as an Assistant Morris County Prosecutor and a Deputy Attorney General in the New Jersey Division of Criminal Justice, in addition to being employed in private practice.
Ingis holds a BA in History with honors from Stony Brook and a law degree from New York University.
Vice President - Spectrum Gaming Capital
David IsaacsonVice President - Spectrum Gaming Capital
David Isaacson is Vice President at Spectrum Gaming Capital. Isaacson is an expert at analyzing gaming bank loans, high-yield and other forms of corporate debt. He was the co-author of our September 2013 Internet Gaming Presentation.
He joined SGC from Moody’s Investors Service where he covered a portfolio of gaming, lodging and cruise companies and, previously, as a Structured Finance Analyst covering asset backed securitizations. In his work at Moody’s, David was responsible for assigning rating recommendations, monitoring ratings and drafting credit related research on commercial casino companies, Native American casinos and gaming equipment manufacturers, and on the gaming and leisure industry generally.
David has an MBA from NYU’s Stern School of Business with a concentration in Corporate Finance and Accounting, and a Bachelor’s from Yeshiva University where he majored in Economics and graduated with honors.
E. Eugene Johnson
Senior Vice President, Marketing Research and Online Studies
E. Eugene JohnsonSenior Vice President, Marketing Research and Online Studies
Gene Johnson has over 20 years of experience in the gaming industry, including more than seven years with Atlantic City casinos. This experience ranges across the areas of MIS, Quality Assurance, Market Research, and Strategic Planning & Analysis. He also holds a CQA certification from the Quality Assurance Institute. He is a member of the American Society for Quality, the American Marketing Association, and the Qualitative Research Consultants Association. Johnson remains an active member of QRCA and was a speaker at that organization’s 2011 annual convention on the topic of identifying and analyzing attributes of attraction for gambling centric destination resorts.
In 1997 Johnson founded EE Johnson Research, a marketing research and consulting firm specializing in the casino industry, with secondary specialization in entertainment, tour and travel, financial services, and credit cards. The firm provides extensive experience and expertise in primary market research with a special focus on gambling motivation and behavior. Johnson has more than 25 years background in the field of gaming research and has been conducting focus groups with Atlantic City visitors since 1992. In 2012 his firm became part of Spectrum Gaming Group.
Johnson also has extensive experience in online gaming, having conducted a wide variety of research projects including industry profiles, competitive intelligence and analysis, influential attributes of attraction, player satisfaction, online loyalty club content and deployment, wallet share, creative concept testing, player development, software evaluation, website usability, online deposit process improvement, currency preferences, and VIP poker player satisfaction. In addition, Johnson has provided substantial marketing consulting as well as limited lobbying services to internationally based online gaming companies. Clients include the world’s largest online casino operator as measured by advertising spend and the world’s leading listed online gaming provider as measured by stock ownership.
Over his career, Johnson has managed and conducted extensive qualitative and quantitative research on gamblers of all types, including casino players, poker players, bingo and charitable game players, and online gamblers. In addition, EE Johnson Research has conducted qualitative research with general consumers, business customers and employees for a wide variety of government and commercial clients outside the gaming industry.
Johnson holds a BA from Washington College and an MBA from the University of Phoenix.
Vice President of Investigations - Spectrum-i
William KisbyVice President of Investigations - Spectrum-i
Bill Kisby served twenty-seven years with the New Jersey State Police, fifteen years of which were with the New Jersey Division of Gaming Enforcement Casino Intelligence Unit. Kisby later became Unit Supervisor of the Casino Intelligence Unit and also the New Jersey State Police South Unit, which monitors organized crime in southern New Jersey.
Kisby also served for five years as Adjunct Faculty with the Atlantic Community College, Casino Career Institute, where he taught a course regarding organized crime and the casino industry to law enforcement officers from jurisdictions involved in casino gaming throughout the United States and Canada. He has also testified before the President's Commission on Organized Crime regarding organized crime infiltration in the casino industry in New Jersey and as an expert on organized crime before the New Jersey Casino Control Commission.
He jointly developed gaming regulatory contracts with strategic alliance partners; obtained contracts to act as agents for worldwide gaming licensing investigations for the following governmental agencies; Puerto Rico Commissioner of Financial Institutions, Puerto Rico Tourism Company, Singapore Ministry of Home Affairs, U.S. Virgin Islands Division of Gaming Enforcement, St. Lucia Gaming Authority, Panama (Organization for American States), WV Lottery, ME Harness Racing Commission, MD Lottery Commission, DE Lottery Commission, OH Casino Control Commission and Kahnawake Mohawk Gaming Commission of Montreal, Canada.
Kisby was the Deputy Project Manager for Ohio, Pokagon, West Virginia, Puerto Rico and Singapore and is currently Investigation Coordinator for Spectrum’s current Massachusetts engagement. In that role Kisby coordinates all investigative teams and interacts with the Massachusetts Gaming Commission investigative personnel. Kisby also is beginning to conduct an update for the government of Singapore relative to the casino junket industry in Asia.
Director of Finance and Administration
Andrew KrimmelDirector of Finance and Administration
Andrew’s expertise is in the area of finance. His career began with working for one of the largest mutual fund families in the US based in Malvern, PA. While there, Andrew worked his way onto one of the company’s corporate finance teams providing analytical support and analysis to senior management and top executives. From there Andrew moved on to serve as the CFO for a boutique due diligence firm. He was responsible for coordinating health insurance, 401(k) plan, payroll and accounting along with human resource accountabilities. Andrew specialized in providing complex analysis and financial forecasting. Andrew’s ability to powerfully articulate the results of his forecasting and analysis shaped the decisions made by top level executives and led the company to enter its most profitable year. Andrew holds a Bachelor’s degree in Finance from the University of Pittsburgh.
Senior Construction Analyst
Patrick MaliaSenior Construction Analyst
Patrick J. Malia is a Spectrum Associate who specializes in providing regulatory and construction code consulting services as well as permit-expediting services throughout the country. Malia was previously Vice President and Regulatory Liaison for the Friedmutter Group, a large architectural firm specializing in casino and entertainment venues. He has been involved in various capacities in the construction industry for over 25 years.
Malia previously was employed as the Construction Official and Building Official for the City of Atlantic City, where he was responsible for supervising over 25 clerical personnel and Inspectors. Malia was responsible for the Inspections of the City’s casino and high-rise structures along with the plan review and inspection process for all buildings in the city.
Malia is licensed by the State of New Jersey Department of Community Affairs as a Construction Official, Building Official and Building Inspector and Fire Inspector for High-Rise and Hazardous Structures. He is also licensed by the International Code Council as a Building and Fire Inspector and Building Plans Examiner.
Malia holds a Bachelor of Arts degree from Rutgers University.
Vice President, Director of Government Affairs
Wayne MarlinVice President, Director of Government Affairs
Wayne Marlin has wide-ranging casino regulatory, government affairs and business development experience in the public, not-for-profit and private sectors.
Marlin served as Legislative Liaison and Public Information Officer for the New Jersey Division of Gaming Enforcement. He coordinated New Jersey’s first major reform of the Casino Control Act as well as several other key casino regulatory legislative initiatives. Marlin also has extensive regulatory experience in Casino Operations, Audit and Internal Controls and Casino Licensing.
Marlin held several senior executive staff public policy development positions in New Jersey state government including Special Assistant to the Attorney General and Director of Legislative Policy for the Department of Labor and Workforce Development. He is responsible for the successful effort to establish a permanent funding mechanism for one of the state’s most prominent programs, the Workforce Development Partnership Program.
At Spectrum, Marlin serves as Director of Government Affairs and Associate Regulatory Editor of Spectrum’s National Gaming-Regulatory Digest, a Gaming Industry Observer premium subscription publication.
Marlin graduated from the University of New Mexico with a BA degree in Political Science.
Kimberly K. McCabe
Vice President, AML Services
Kimberly K. McCabeVice President, AML Services
Kim McCabe heads Spectrum’s team of anti-money laundering (AML) professionals and is the founder of KMC, LLC, a professional consulting service firm specializing in the areas of compliance, audit, and performance improvement. She has more than 20 years’ experience in the gaming industry, including Consulting Director at McGladrey, LLP, more than thirteen years in various executive roles with Las Vegas Sands Corp. (LVSC) and six years with Nevada Gaming Control Board. McCabe has designed, authored and implemented compliance programs and internal control systems and has provided advisory services to clients on performance and business process improvement, strategic business planning and revenue optimization.
In her many roles at LVSC, she assisted with the successful licensing and openings of casino operations in the U.S. and Asia. She served as corporate vice president of compliance, executive director of information technology business solutions, executive director of casino marketing administration and corporate director of internal audit. In these various roles she was responsible for corporate compliance, I.T. development, casino marketing, surveillance and internal audit. Prior to LVSC she was with the State of Nevada Gaming Control Board where she worked as an audit agent.
Shawn K. McCloud
Senior Associate Analyst
Shawn K. McCloudSenior Associate Analyst
Shawn McCloud is a full-time faculty member with Fairleigh Dickinson University’s International School of Hospitality and Tourism Management and works with Spectrum as Senior Vice President of Analysis. He has more than two decades of extensive, and progressive, financial, marketing, and operations analysis in the casino gaming and hospitality industry.
McCloud has held various analytical roles throughout his career and his collective experiences span through all facets of gaming resort operations – covering all casino gaming, marketing, food & beverage, hotel/rooms, and all other general and administrative areas of organization - and his active involvement in operations has been performed at all levels - from front-line to executive/corporate levels – which gives him comprehensive knowledge, and a thorough understanding, of the full-circle of casino gaming and hospitality industry operations.
McCloud has extensive experience in customer database analytics; evaluation and formulation of database marketing programs, promotional offers, and marketing campaigns; strategic marketing planning; competitive marketing analysis and research; creating and implementing performance goals and related benchmarking tools and standards; creation of yield management models and related reporting; financial and strategic planning; budgeting and forecasting models; planning, organizing, and preparation of operating and capital budgets; labor performance and payroll analysis; establishment of effective complimentary guidelines and related reporting; preparation of litigation support and valuation models; research and preparation of economic impact, feasibility, and market impact studies relating to a multitude of gaming operations and jurisdictions; along with the creation of a multitude of ad-hoc analyses, management tools, and presentations.
In the past, McCloud held the positions of Vice President of Strategic Planning and Analysis with The Cordish Company / Gomes+Cordish Gaming Management; Vice President of Analysis with Spectrum Gaming Group; Executive Director of Financial & Marketing Analysis with Tropicana Casino and Resort in Atlantic City; and also a variety of finance related and analytical roles with both the Tropicana and Trump Taj Mahal in Atlantic City.
McCloud completed his graduate studies at the International School of Hospitality and Tourism Management at Fairleigh Dickinson University earning an MS in Hospitality Management Studies and he holds a BA in Economics from The Richard Stockton College of New Jersey.
Associate Vice President, Business Development – Latin America
Francisco NollaAssociate Vice President, Business Development – Latin America
Francisco “Paco” Nolla is a charter member of the International Association of Gaming Attorneys with extensive experience in management, development, regulation, licensing and consulting of the gaming, hospitality, entertainment, cruise ports and tourism industries.
Nolla began his gaming regulatory career by serving as an Assistant to the Director of the Legal Department in the Government of Puerto Rico’s Tourism Company where he supervised the applications and recommendations for tax exemptions for hotels in Puerto Rico. He was also the advisor to the Gaming Department for all matters related to casino enforcement, regulation, and licensing.
He later served as the Director of Law Enforcement for the Puerto Rico Gaming Department where he was responsible for the casino operations, supervision, licensing, Investigations, personnel training, and slot machine operation (at the time owned by the Government).
Nolla also served as liaison with the New Jersey Casino Control Commission, and the Nevada Gaming Control Board.
After leaving his Government duties he was hired as Vice President for Casino operations for the largest casino in Puerto Rico, The Condado Holiday Inn & Sands Casino. Later Nolla was the Director of Administration for the Condado Plaza Casino, and General Manager of the Palmas del Mar Casino.
In Dominican Republic he performed different positions as Consultant for the Casino Commission, where he drafted the slot machines law, consulted for the Lina Hotel & Casino, and acted as Vice president of operations for the Jack Tar Village Casino.
While working as Vice President for Development in Latin America for Carnival Hotels & Casinos Nolla was in charge of the team that developed the master plan for casinos and privatization recommendations for casinos to the Government of Panama.
He also advised the casino gaming industry and examined the legal, operational, licensing and law enforcement aspects of casino gaming in numerous Caribbean and Latin America countries including Puerto Rico, Dominican Republic, Venezuela, Ecuador, Peru, Costa Rica, Chile, Argentina, Uruguay, Panama, Colombia, Aruba, Curacao and Mexico.
Nolla previously served as Carnival Corporations Vice President of the Port Development Group where he assisted in the development and construction of the company’s first owned and managed cruise port and retail mall in Cozumel, Mexico.
Nolla holds a Juris Doctor Degree from Inter-American University in Puerto Rico and Bachelor Degree in Economic Science from the University of Puerto Rico.
He is currently Spectrum’s Miami-based consultant specializing in hotel-casinos, cruise ports development and tourism, and destination development throughout the Caribbean, Latin America and Mexico.
Michael J. Pollock
Michael J. PollockManaging Director
Michael Pollock oversees a broad portfolio of Spectrum services, including policy and impact studies for country, state and local governments, and financial and market studies for private-sector clients.
Pollock began analyzing the casino industry in 1978 and served as spokesman for the New Jersey Casino Control Commission from 1991 through 1996. He was a close advisor to the chairman, and oversaw the Office of Legislative Liaison. During this period of rapid deregulation, his charge was to maintain public confidence in the integrity of the regulatory system.
Pollock is the author of the award-winning book, Hostage to Fortune: Atlantic City and Casino Gambling, published by the Center for Analysis of Public Issues in Princeton. This book examines the impact of casinos on Atlantic City and New Jersey. He has testified before the International Tribunal at The Hague, the World Bank in Washington, DC, the U.S. Senate Indian Affairs Committee and the U.S. Senate Select Committee on Indian Gaming, and has been a featured speaker at the Congressional Gaming Caucus, a group of U.S. House of Representatives members from gaming jurisdictions. He has also testified before several legislative committees in the United States.
He has led Spectrum economic analyses in markets ranging from various locations in Europe to Pennsylvania, Louisiana and Indiana to Guam, Korea, Massachusetts, Illinois, Florida and Connecticut.
Pollock has won 20 journalism awards, and is the former editorial page editor of The Press of Atlantic City. Pollock is often cited by national media outlets, including The New York Times, Star-Ledger, BBC, ABC News and National Public Radio.
Pollock earned his MBA, with high honors, from Rutgers University, and has served as a member of the adjunct faculty of New York University, Rutgers University and Richard Stockton College of New Jersey.
Jay SarnoSenior Associate
Jay Sarno, a 25-year casino-industry veteran, is an expert in building the rigorous analytical models that provide solutions to complex data problems, from the initial assessment and monthly packages to many one-time special projects. His background is in finance, consumer marketing, direct sales management, business intelligence software, data warehouse implementations and statistical analysis.
Holding wide ranging positions from Vice President of Business Development & Corporate Compliance Officer for Bally’s ACSC system, Assistant General Manager of a casino to financial officer, Sarno’s experience includes working for Advanced Casino Systems, Hollywood Casino Corporation, Sands Atlantic City, and Golden Nugget Las Vegas.
Sarno received his BS in Finance with a Hotel Operations concentration at the University of Nevada-Las Vegas and received his MBA from Sacred Heart University in Connecticut. He has taught undergraduate and graduate level business coursework in the School of Professional Studies at Stockton University in New Jersey.
CFA, Senior Vice President - Spectrum Gaming Capital
Adam SteinbergCFA, Senior Vice President - Spectrum Gaming Capital
Adam Steinberg is Senior Vice President and Director of Research at Spectrum Gaming Capital. He joined Spectrum in 2014 from A.M. Steinberg Advisors, a corporate business development consultant providing strategic capital markets advice and solutions.
Prior to founding A.M. Steinberg Advisors, Mr. Steinberg was the Senior Vice President at FBR Capital Markets, where he was the high yield gaming, restaurant and leisure analyst, responsible for concise written research, as well as verbal trading recommendations. Mr. Steinberg has also held equity research positions at CIBC World Markets and Bear, Stearns & Co. At CIBC Mr. Steinberg conducted primary or secondary equity research coverage on over 20 publicly traded companies. He was the senior associate in a Wall Street Journal ranked equity research group., While at Bear, Stearns, Mr. Steinberg provided insightful, value-added research and analysis of company, industry, market, and economic trends, including comprehensive company reports, industry overviews, financial analysis, relative valuations, and a biweekly publication, as well as the annual Global Gaming Almanac. From October 2005 through May 2010, Mr. Steinberg was with Morgan Joseph where he held a variety of positions with increasing levels of responsibility, including as a Director in the Investment Banking Group and head of Morgan Joseph’s Gaming and Leisure Group, and the research analyst covering the gaming and leisure industries.
Previously Mr. Steinberg was Director of Business Evaluation at GTECH Corp., where he was responsible for providing objective and consistent business case evaluation capabilities and advice that resulted in the creation of value both strategically and economically from new business opportunities worldwide. At GTECH, Steinberg managed the $185 million acquisition of Spielo, a slot machine manufacturer, including due diligence, financial modeling and valuation.
Mr. Steinberg has more than 15 years experience in financial services. He is a widely quoted industry source, recognized for industry knowledge and stock-picking skills with multiple television appearances on CNBC and Bloomberg Television, and has been a featured speaker at industry conferences and tradeshows.
Steinberg is a Chartered Financial Analyst with an MBA in Finance from Cornell University and a BS in Accounting from Florida State University.
Senior Lottery Associate
Paul SternburgSenior Lottery Associate
Paul R. Sternburg brings 25 years of marketing, sales and management expertise as a senior consultant to Spectrum.
Having spent the past three years as the leader of the most successful lottery in the United States, Sternburg distinguished himself as one of the industry’s most imaginative and knowledgeable voices.
He was appointed Executive Director of the Massachusetts State Lottery in January 2011 where his leadership was absolutely essential to the organization’s record-breaking success. Under his leadership, the Lottery posted two consecutive years of record sales and two highest net returns in its 41 year sales history.
Sternburg, who has 17 years of experience with state lotteries, believes the industry is on the cusp of major innovation and change and is working with a talented industry to leverage technology and partnerships to help deliver revenue to good causes and facilitate responsible growth.
In addition to his work in the lottery industry, Sternburg has served as the business manager for R&B, soul and rock & roll musician Peter Wolf for over 25 years, and also for The J. Geils Band.
Beth SullivanLottery Associate
Beth Sullivan has played a key role in several Spectrum engagements, including its work for the Massachusetts State Lottery Commission. She has more than 20 years of marketing research and strategic planning experience across a range of industry types including consumer packaged goods, entertainment/gaming, financial services, technology, education, healthcare, travel/tourism and non-profit organizations. Her focus is on understanding client’s business objectives and conducting research that supports those objectives by yielding actionable findings/results.
Specific lottery/gaming experience includes conducting research to understand consumer behavior and optimize game performance/game design in several US markets, including Massachusetts, Virginia, Maine, Rhode Island, New Jersey, Maryland, Oregon, Michigan, Ohio, California and Illinois. Results have been used to identify new marketing opportunities, evaluate the relevance and impact of game changes as well as new game concepts, to determine strategies for growing existing products as well as to attract new player groups, and measure the impact of product and marketing initiatives.
Sullivan has experience with a wide spectrum of marketing research projects, including market opportunity assessments for new products/product changes, pricing and price sensitivity, product development and testing, positioning/branding development and testing, communications testing, target audience profiling, customer satisfaction, employee satisfaction and change management planning, web site development and testing, as well as tracking studies. The types of target audiences that she has worked with include all levels of business and medical professionals, a range of consumer types and internal senior management teams.
Sullivan has strong experience employing a wide range of qualitative and quantitative research techniques. Quantitative expertise includes evaluation and analysis of existing data as well as design, implementation and analysis of custom research studies using phone, mall, and internet-based data collection. Specific qualitative expertise includes design, facilitation and analysis of in-depth interviews (both over the phone as well as in-person), focus groups, triads, and “in-environment” interviewing (retail locations, business settings, home environments, and tourist venues).
Sullivan received her undergraduate degree from Brown University; she has performed graduate studies in the MBA program at Babson College.
Senior Associate – Europe
Andrew TottenhamSenior Associate – Europe
Andrew Tottenham is managing director of Tottenham & Co, an independent consulting firm specialising in strategic planning, feasibility studies and project development for the international gaming industry, and is the senior associate for Spectrum Gaming Group’s European operations.
Tottenham founded Tottenham & Co. in 1986, fostering its growth into one of the most prestigious management consulting firms specializing in the international gaming industry. Tottenham clients include blue chip gaming operators such as Las Vegas Sands, Sun International and Rank PLC, as well as suppliers such Deloitte, KPMG and IGT. The firm has also acted as advisers to the governments of Hungary and Switzerland. Andrew Tottenham has owned and/or managed casinos in the UK, Turkey, Spain and the Czech Republic. For five years, Tottenham was Managing Director Development Europe for Caesars Entertainment Inc; as such he was responsible for Caesars expansion into Europe, the Middle East and Africa. In addition, for almost three years, Tottenham was the In-Country Project Lead for Las Vegas Sands’ Madrid project.
Tottenham has provided expert testimony for numerous Government inquiries into the social and economic impact of gambling in the United States, United Kingdom and Europe. He has extensive experience of lobbying the European Commission and other European institutions on behalf of his clients.
In his role as a consultant and as MD Development for Caesars he has analysed the viability of casino resorts throughout the world, including but not limited to; Japan, Korea, Austria, France, Greece, Italy, Turkey, Spain, Portugal, Canada, and the USA. He has negotiated joint venture and management agreements in China (SMS lottery), Slovakia, the Netherlands, Spain, Slovenia, and the Czech Republic. Tottenham has also had involvement in the interactive gambling industry having project-managed the development of online casinos and an interactive TV gambling channel.
Tottenham was instrumental in the founding of a charity, The GREaT Foundation (now The Responsible Gambling Trust), which raised and distributed funds for research into and the treatment of problem gambling. In its first year, during which he was Chairman, the charity raised £5 million pounds from the UK gambling industry.
Douglas M. Walker
Senior Academic Affiliate
Douglas M. WalkerSenior Academic Affiliate
Doug Walker is a professor of economics at the College of Charleston, in Charleston, South Carolina. He also owns a consulting firm, Casinonomics Consulting, LLC. Walker is recognized as a top expert in the world on the economic and social impacts of casinos. He has worked with Spectrum on numerous engagements, including major projects in Florida, Iowa and Indiana.
Walker has written two books, the most recent of which is Casinonomics: The Socioeconomic Impact of the Casino Industry (2013, Springer). He has published more than 40 academic journal articles and book chapters on the economics of gambling. His papers have been published in journals such as Applied Economics, Contemporary Economic Policy, Growth and Change, International Gambling Studies, Journal of Gambling Studies, Journal of Health Economics, Public Choice, Public Finance Review, and Review of Regional Studies.
Walker serves as the Economics Editor for Gaming Law Review and Economics, a Regional Assistant Editor for International Gambling Studies, and he is on the Editorial Board of the UNLV Gaming Research and Review Journal.
Joseph S. Weinert
Executive Vice President
Joseph S. WeinertExecutive Vice President
Joseph Weinert has been analyzing the gaming industry since 1996. At Spectrum, he researches and directs studies for private- and public-sector clients worldwide. He has been the project leader for numerous projects in multiple domestic jurisdictions, as well as in the Czech Republic, Russia, Slovak Republic, Spain and United Kingdom.
Weinert works on an unusually broad range of projects, including market analyses (domestic and international), economic-impact studies, reasonableness analyses, litigation support, strategic planning, regulatory services, due diligence investigations, and Internet gambling, among other areas.
Weinert came to Spectrum after 18 years at The Press of Atlantic City, where for his last eight years he was responsible for the newspaper’s intensive coverage of the casino industry. He is a frequent speaker at industry conferences worldwide and has been quoted in prominent media outlets, including The Wall Street Journal, Financial Times, Barron’s, Forbes, New York Times, Washington Post, USA Today and CNN, among many others. In addition, he has testified before legislative committees in Massachusetts, New Jersey and Pennsylvania.
Weinert helps to organize Spectrum’s three nationally recognized conferences – the East Coast Gaming Congress, Florida Gaming Congress and Pennsylvania Congress. He is a member of the Advisory Board of the Eastern European Gaming Summit, held annually in Sofia, Bulgaria.
Weinert holds a BA in Journalism from Ohio Wesleyan University and a certificate for completing the Wharton Seminars for Business Writers at the University of Pennsylvania.