The Las Vegas-based Commercial real estate giant CBRE Group (NYSE: CBRE) is in the process of acquiring Union Gaming, an investment bank centered in the gaming industry.
CBRE was founded in 2008 and has an office in Hong Kong. The firm deals with banking services that include advising mergers and acquisitions, offering feasibility and reviews studies, and debt and equity offerings.
Union Gaming and CBRE combined will form a global team that will serve in providing services globally. Union Gaming currently covers one of the robust casino companies in the world.
On the Las Vegas Strip, Union Gaming covers four casino operators and six in Macau. The six regional gaming in Macau is publicly traded real estate investment trusts (REITs).
The acquisition of Union Gaming appears to be an excellent idea when the gaming industry is full of activities. In the gaming industry, large-scale takeover in the casino has paused in the wake of coronavirus. Other activities that include property sale, asset sales, mergers, and debt and equities promotions are still active.
These activities are creating opportunities for investment banks such as Union Gaming. CBRE has advised on a $2 billion merger and partakes in the acquisition of capital worth $28 billion.
In 2021, Union Gaming has entered private placements with Full House Resorts (NASDAQ: FLL), MGM China, and Resorts World’s New York City casino. The firm has also entered into a financial deal for MGM Growth Properties (NYSE: MGP), VICI add Bally.
CBRE has not revealed if the Union Gaming acquisition will be accretive to earnings or when the purchase will be closed. CBRE is actively engaged in the sale of gaming properties. Thus it is clear that the acquisition of Union Gaming will bring something to the table. Union Gaming will solidify the CBRE position in the fast-growing global gaming sector.
