Maine Office (207)
688-4500About Christiansen Capital Advisors, LLC
Since 1988, the
principals and staff of Christiansen Capital Advisors, LLC have
performed studies of the economics, management, operations,
taxation, and regulation of leisure and entertainment businesses in
more than fifty states, provinces, and foreign countries, with
particular focus on gaming and wagering.
The subjects of these studies have included
sports, entertainment, communications, casinos, sports wagering,
lotteries, and all segments of the racing and pari-mutuel wagering
industries. These
projects have included:
§
Advising clients
on alternative gaming and leisure strategies in legal proceedings,
in legislative efforts, and before regulatory agencies;
§
Optimizing
gambling privilege tax rates and assessing the impacts of changing
tax rates on government and industry revenues;
§
Assessing the
overall economic contribution of commercial gambling industries to
countries, states, and individual localities;
§
Assessing the
degree of gaming saturation and potential for growth in various
markets;
§
Estimating the
revenue potential and economic feasibility of new projects;
§
Assessing the
value of existing gambling facilities;
§
Evaluating the
economic impact of the development of commercial gambling located on
U.S. Indian lands on non-tribal state-regulated wagering industries.
§
Advising State
governments and lotteries on issues associated with lottery
operational efficiency and product analysis as well as options
related to privatization/valuation.
With nearly 50 years of combined
principal and associate experience in gambling, no other firm can
match CCA’s experience in this sector of the economy.
Unlike general consulting firms, CCA has experienced
specialists in gambling and related forms of leisure.
CCA is regularly cited as an authority on gambling in the
news media and enjoys an unrivalled reputation for integrity,
detail, knowledge, and skill in assessing existing and new gambling
markets and investments.
CCA has advised numerous racing and gaming commissions, State lotteries, gaming or wagering licensees and license applicants, vendors, law firms, and investment banks.
Listed in this company overview is a selection
of major studies Christiansen Capital Advisors has undertaken across
various segments of the domestic and international gaming and
leisure economy.
Public Domain Feasibility Studies – Casino, Racino/VLT Projects
Project Type: VLT Consulting
Client:
The
Time Period: Spring 2004, 2006 and 2008
Role:
CCA provided the Kansas Lottery with a series of studies
evaluating the impacts of expanded gaming.
CCA provided revenue projections for multiple scenarios of
VLT gaming including recommendations for the best locations in the
State to site gaming facilities vis-à-vis maximizing receipts to the
State of
Status: 2004/2005/2006/2008 reports: completed.
Christiansen Capital Advisors was the successful bidder of Kansas Lottery RFP No. 06694. The underlying project and subsequent updates included the following analyses:
- Evaluate whether the expansion of gaming in
the State of
- If expansion of gaming in
- Evaluate in economic terms the impact of various gaming venue(s) scenarios;
- Evaluate and made recommendations as to which city/cities and/or area(s) of the State expanded gaming should be located, and what level of gaming activity each market could bear. Particular emphasis was given to the type of facility gaming being considered (e.g., stand-alone casinos, existing pari-mutuel facilities, existing Kansas Lottery retailer outlets, etc.), the expected impact on other gaming venues in the vicinity of each, and the expected impact of other leisure and entertainment developments in the vicinity of each.
“The Feasibility of Electronic and/or Casino
Gaming in
Hyperlink to Report:
Contact the
“The Feasibility of Electronic and/or Casino
Gaming in
Hyperlink
to Report:
Contact the
“The Feasibility of Electronic and/or Casino
Gaming in
Hyperlink
to Report:
“The Feasibility of Gaming in
Hyper Link to Report:
Contact the
CCA assisted the State of
Client:
State of
Time Period:
2005
Role:
CCA worked with
the State of
The objective of this project was to explore
options that might increase resources for programs supported by the
New Jersey State Lottery via the installation of player gaming
terminals (“VLT devices”) at The Meadowlands.
The rationale for authorizing gaming devices outside
CCA submitted a White Paper to the Office of the
Treasurer -
“A Market and Potential Revenue
Analysis of a Video Lottery Terminal Facility at The Meadowlands and
Review of Potential Impacts on the Atlantic City Gaming Industry”.
March 2005.
Hyperlink to Reports:
Project Type:
VLT and Pari-Mutuel Consulting
Client:
State of
Time Period:
2007
Role:
CCA was awarded
RFQ – “Video Lottery Terminal (“VLT”) Market Feasibility Consultant
Services” for the Office of Treasurer issue in March 2007.
Status: Completed
CCA provided the Office of the Treasurer with
a review, assessment, and analysis of the complex
interrelationship between declining pari-mutuel racing (and
purses) in
Hyperlink to Report:
Project Type: Casino Consulting
Client:
Forest City/Harrah’s
Time Period:
2007
Role:
Provide an
independent assessment of the revenue potential and economic impact
of a Category II stand-alone slot machine facility located in
Status: Completed
CCA provided Forest City Enterprise (with
Harrah’s) with a demand analysis (and economic impact study) for a
proposed Category II facility located in
Hyperlink to Report:
Project Type: Casino Consulting
Client:
Isle of
Capri Casinos, Inc
Time Period:
April, 2009
Role: CCA
was retained by Isle of Capri Casinos Inc. –
Status:
Completed
CCA was asked to provide Isle of Capri with
an update of a September 2007 memorandum delineating the
estimated revenue potential of expanded gaming in
Project Type:
Casino (Riverboat) Consulting
Client:
CPG Gaming, LLC
Time Period:
Fall 2008
Role:
CCA provided CPG Gaming with
two studies in support of an application for a 10th
Status: Completed
CCA provided CPG Gaming with an impact analysis – “Supply and Demand for Gaming in the Chicago Market: An Evaluation of the Revenue Potential and Impact on the Chicago Gaming Market of a Casino in Country Clubs Hills”. This report included an overview of the current Chicago gaming market, measures of market saturation, and estimates for demand for casino gaming in the Country Club Hills area along with the effect on the overall Chicago gaming market of locating a 10th license at Country Club Hills.
Project Type:
Casino Consulting
Client:
Revel Entertainment Group, LLC
Time Period:
2006 and 2007
Role: CCA
performed a demand and impact analysis and subsequent revised
analysis of the
Status:
Completed
The possibility of allowing a resort
casino/leisure facility(s) to be constructed on the Bader Field
property has been controversial.
The Bader Field property is positioned at an “intercept”
location vis-à-vis all other
Project Type:
VLT Consulting
Client:
Churchill Downs, Inc.
Time Period:
2006
Role: An
analysis of the feasibility and
pro forma revenues and
statutory expenses of slot machine gaming at
Status:
Completed
- In Scenario One CCA assumed that
- In Scenario Two CCA assumed that only
one slot machine gaming facility, with 5,000 slot machines,
would be opened at Scioto Downs (i.e., that no slot machines
would be installed at Beulah Park).
CCA also assumed that, excluding
Project Type:
Casino Consulting
Client:
Wimar Tahoe
Corporation d/b/a
Time Period:
December, 2006
Role:
Provide Columbia
Entertainment with an independent third party analysis and market
feasibility study assessing the revenue potential of slot machine
gaming at a Category II facility in
Status: Completed
CCA provided Wimar Tahoe Corp with a demand
analysis for a Category II license application for a proposed
facility in
Client:
Silver Point
Capital
Time Period:
2006
Role:
Performed
an independent third party analysis and market feasibility study
assessing the revenue potential of slot machine gaming at a Category
II facility in
Status: Completed
Christiansen Capital Advisors, LLC provided
an independent assessment of the revenue potential of a proposed
Category II stand-alone slot machine facility to be located in
Project Type:
Casino Consulting
Client:
Magna Entertainment Corp
Time Period:
2005
Role: An
analysis of the feasibility and
pro forma revenues and
statutory expenses of a new type of Class II machine to be located
at
Status:
Completed
CCA was asked by Magna to provide an
independent assessment of the revenue potential of machine
gaming at
Project Type:
Casino Consulting
Client:
Magna
Entertainment Corp
Time Period:
December, 2004
Role:
Performed an
analysis of the feasibility and
pro forma revenues and
statutory expenses including the economic impact of slot machine
gaming at a Category II facility located at The Meadows in
Status: Completed
CCA provided Magna with an independent
assessment of the revenue potential of slot machine gaming at
The Meadows Racetrack in the
Project Type:
Casino Consulting
Client:
Delaware North Companies, Inc.
Time Period:
October, 2004
Role: An
assessment of the revenue potential and feasibility of a slot gaming
facility in
Status:
Completed
CCA’s analysis included estimates of
pro forma revenue for
gaming devices at a Category II facility in
- An assessment of demand in the market for
slot machine operations in
- A review of the market demographics including population and per capita income;
- A review of possible demand constraints on the machine business; including types of games allowed, and payouts;
- A review of the experience and performance of other slot machine operations in other comparable markets;
- An assessment of existing and potential future competition in the market and the anticipated timing of such developments as well as estimated projections for revenues and statutory expenses.
Project Type:
Casino Consulting
Client:
Harrah’s Entertainment, Inc
Time Period:
2004
Role:
An analysis of gaming supply and demand in the
Status:
Completed
CCA provided Harrah’s with an analysis of
gaming supply and demand in the
Project Type:
Casino Consulting
Client:
Boyd Gaming
Time Period:
2001
Role:
In support of the financing efforts of Boyd Gaming
Corporation, CCA performed a market analysis and feasibility of the
hotel at The Borgata,
Status:
Completed
CCA developed for Boyd Gaming an assessment
of the casino rooms market in
Additionally, CCA provided an assessment of the observed impacts of up-scale accommodations, mixed retail, name-brand food and beverage, and broadening the consumer gaming franchise include entertainment in this market.
Project Type: State/Tribal Casino
Consulting
Client:
State of
Time Period:
2009
Role:
CCA provided
consulting services to The Florida House of Representatives
regarding the proposed gaming compact between the Seminole Tribe of
Florida and the State of
Status: Completed
This project included:
- A review, analysis and assessment of the
proposed gaming compact;
- Detailed analysis of the financial aspect of
the proposed gaming compact;
- Recommendations as to what financial or
economic provisions should be included in a gaming compact
between the Seminole Tribe and the State;
- Provide testimony and advice to the Legislature.
Project Type:
Tribal Gaming Consulting
Client:
Cherokee Nation
Enterprises
Time Period:
2000-2003
Role:
From 2000 through 2003, CCA provide Cherokee Nation Enterprises
(“CNE”) with a series of impact studies and advice with respect to
gaming projects under consideration by CNE .
After 2003, CNE opted to conduct its own in-house analyses.
Status: Completed
Included below are the major studies undertaken by CCA on behalf of CNE:
- In 2000, CCA conducted a preliminary assessment of the market demand and potential revenues for gaming devices incorporating elements of skill in and around four Oklahoma metropolitan areas;
- At CNE’s request, CCA provided CNE with an assessment of the value of Will Rogers Downs, assuming a range of gaming options CNE might employ if it were to purchase this racetrack (without offering an opinion as to the current regulatory constraints associated with such options). These options included: card rooms, expanded gaming devices, auto racing, Internet betting, digital television, and an entertainment option.
- CCA
provided CNE with additional advise and counsel concerning
gaming developments in
- CCA conducted a 2003 update of its original
Project Type:
Casino Consulting
Client:
ASA Stone Creek
and the Morongo Band of
Time Period:
2001
Role:
For ASA Stone Creek and the Morongo Band of Mission
Indians, a detailed feasibility analysis and project plan for the
redevelopment of Casino Morongo in light of regulatory changes
within the State of
Status: Completed
CCA undertook an extensive study for ASI Stone Creek and the Morongo Tribe assessing the market demand and potential revenues for an expanded Casino Morongo. This project included:
- An assessment of the market demand for casino gaming at a proposed expanded Morongo facility;
- Advice and counsel on alternative plans for the casino’s development that could boost the properties position in the market;
- Feasibility and assistance with the business plan for the project;
- Assistance with the master project plan.
1997 – “The Current and Prospective Market for
Casino Gambling in
1996 – “Assessment of the Proposed Casino Venture at the Port of Miami” Prepared for Mansur & Company to assess the existing and potential markets for a cruise-to-nowhere ship to be berthed at the Port of Miami focusing on the pro forma financial projections.
1996 – “Southeastern Iowa Casino Market
Analysis” Prepared for Iowa Racing and Gaming Commission to
assess the existing and potential markets for casino gaming in
1995 – “
1995 – “Supply, Demand and the Merger of
Gaming & Entertainment Companies”. By Eugene Martin Christiansen
and Julie Brinkerhoff-Jacobs. Prepared for the World Gaming Congress
& Expo,
1995 – “A Tale of Two Cities: Destinations, Entertainment and the Hospitality Industry. By Eugene Martin Christiansen. Presentation prepared for the The Real Estate Institute 17th Annual International Hospitality Industry Investment Conference.
1995 – “Potential Casino Gaming Win (Revenues)
from the Markets of
1995 – “Undiscovered Country: Interactive
Gambling on Planes, Train, and in Your Home.
By Eugene Martin Christiansen, Presented to the AIC
Interactive Gaming and Wagering Conference,
1994 – “Casinos and
1994 – “Gaming and Commercial Entertainment:
An Inquiry Into Their Respective Natures and the Prospect For Their
Marriage” by
1990 – “Casino Gaming, New Racetracks, Off-Track Betting and Inter-Track Wagering, Teletheaters, Greyhound Racing, Sports Betting, Lotteries and Wagering Statistics – Recent CCA Articles by Eugene Martin Christiansen and Will E. Cummings. Articles and gambling statistics by Christiansen and Cummings 1986-1990.
Project Type:
Economic Impact Analysis
Client:
Time Period:
2001, 2004, 2006
Role:
CCA conducted a series of studies for the Town of West Warwick,
Rhode Island evaluating the revenue potential and impacts of a
resort casino.
Status:
Completed
In Phase I, CCA reviewed the economic impacts on the Town, excluding the issue of taxes in lieu of tax payments or other town projected revenues. CCA focused on the impacts to citizens of the Town both as residents and employees. This review included:
§ An analysis of potential gambling revenue, visitation, and likely community impacts of the proposed facility;
§ The estimated net impacts on restaurants and retail in the downtown area;
§ An assessment of the net effects of increased visitation to the Town;
§ An estimate of the direct and indirect impacts on The Town during the construction phase of the casino development;
§ An estimate of the direct and indirect impacts of the casino resort;
§ An assessment of the impacts of the purchase of goods and services by the casino resort and an estimate of how much of that spending may be directed toward local vendors;
§ CCA provided the town with estimates of the cost of increased public services, including transportation and other municipal infrastructure (e.g. water and sewer), law enforcement, emergency medical services, and fire protection.
In Phase II, CCA utilized its industry
experience, knowledge, and the findings derived from the work
conducted above to provide the Town with strategic advice and
assistance in securing the best revenue sharing agreement between
representatives of the proposed casino, the State of
§ Consultation on the magnitude of the proposed revenue sharing formula(s) for the Town derived from CCA’s estimates of gambling revenues associated with the proposed facility.
§ Information on other local revenue sharing arrangements for similar developments in other jurisdictions, in both percentage and absolute terms.
§ Negotiation support and strategic advice with respect to securing a revenue sharing agreement between the Town, the Tribe, and the State.
§ Revised economic impact analysis.
Hyperlink to Report:
http://grossannualwager.com/CCA West Warwick
Demand Report 2002.pdf
Hyperlink to Report:
http://grossannualwager.com/CCA%20West%20Warwick%20Demand%20Report%202004.pdf
Hyperlink to Report:
http://grossannualwager.com/CCA%20West%20Warwick%20Economic%20Impact%20Report%202004.pdf
Project Type:
Economic Impact Analysis
Client:
CPG
Gaming, LLC
Time Period:
Fall 2008
Role:
CCA provided CPG Gaming with
an economic impact analysis in support of a 10th riverboat license
to be located in
Status: Completed
CCA preformed an economic impact analysis in
support of CPG Gaming’s application:
“The Economic Impact of a New Gaming Facility Located
In The Country Club Hills Sections of
Project Type:
Economic Impact Analysis
Project Type:
Casino Consulting
Contact:
David Satz
Time Period:
2007
Role:
Provide an economic impact
of a Category II stand-alone slot machine facility located in
Status: Completed
CCA provided Harrah’s with an economic impact
analysis on the
Project Type:
Economic Impact Analysis
Client:
Magna Entertainment
Time Period:
2004
Role:
CCA provided Magna
Entertainment Corp. with a market study and a statement of economic
impacts with respect to the proposed “Gaming Revenue Act of 2004”,
which would authorize slot machines at California racetracks and
cardrooms participating in the initiative.
This study evaluated the long term economic consequences to
Status: Completed
CCA’s analysis included:
- The benefits to California localities of allowing gaming development on non-Indian land where it is subject to taxation by the State of California and its local governments, subject to State and local environmental laws, subject to local zoning laws, and accountable for the public sector infrastructure costs resulting from any development, viz., parking, traffic, road and other transportation network, water, sewage, police, fire, environmental impact and similar development-related public sector costs;
- An independent assessment of overall demand
in the market for gaming at the participating card rooms and
racetracks in
- A review of the experience, performance and distance-adjusted per capita spending at racinos and comparable gaming facilities in other comparable markets;
- An Economic Impact Statement – CCA reviewed,
tested, and analyzed the direct economic impacts of the proposed
legislation, focusing on the long term economic consequences to
the State of
- An evaluation of the direct impacts to State and local governments and local economies and industries;
- A detailed statement of direct, indirect and induced regional and statewide economic impacts utilizing CCA's proprietary input/output model, IMPLAN models, and CCA’s detailed knowledge of casino, racino and racetrack economics.
Additionally, CCA prepared a detailed assessment
of the likely future for horse racing in
- A detailed statistical review of escalating purse structures in jurisdictions with gaming machines;
- A description of the increasing importance of export simulcasting to the survival of racetracks today;
- A commentary on the trend of increasing supply of gaming devices at racetracks, its impact upon purse structures, the ability to attract quality horses, and what it means for pari-mutuel racing in California.
Project Type:
Economic Impact Analysis
Client:
Boyd Gaming
Time Period:
2005
Role:
Economic Impact Analysis,
Status:
Completed
CCA performed an economic impact and market
feasibility study including estimates of the
pro forma revenue
potential and statuary expenses of slot machine gaming at a
Category II facility in
Project Type:
Economic Impact Studies
Client:
Magna Entertainment Corp
Time Period:
December, 2004
Role:
CCA performed an economic
impact analysis (as well as an analysis of the feasibility and
pro forma revenues and
statutory expenses) in support of a Category I facility located at
The Meadows Racetrack in
Status: Completed
Pursuant to State requirements in applying for a
Category 1 slot machine facility license, CCA was asked by Magna
Entertainment Corporation to provide an independent assessment of
the economic impact of a proposed Category I slot machine facility
at The Meadows in
CCA’s Economic Impact Report included the following:
- An analysis providing an indication of how much Pennsylvania personal income was flowing to gaming facilities in other States (export spending);
- Community impacts including local vs. export spending, direct substitution effect, direct destination effect, and costs to local governments of increased visitation due to the addition of the racino facility;
- The economic impacts including both county and state direct, indirect, and induced wage and employment impacts, State fiscal impacts, and aggregate impacts.
Project Type: Lottery Consulting
Client:
State of
Time Period: 2010
Role:
Consulting services for the State of
Status: Ongoing
CCA is part of a team to
provide the State of
The team
is currently providing consulting services relating to the proper
structure of the management relationships, assisting in drafting a
request for proposal, developing selection criteria and tools and
assisting in the valuation of offers and support in contract
negotiations.
The tasks associated with this ongoing project include:
-
Initial Review of the Lottery Industry and Economic and
Non-Economic Factors Impacting the Transaction.
The Team is currently conducting a review and assessment
of all relevant factors, including issues facing the lottery
industry in general and the Illinois Lottery in particular, as
well as economic and non-economic factors impacting the value
and structuring of the proposed transaction, in support of a
management agreement and performance expectations that will best
serve the Illinois Lottery and extract the maximum value for the
State of Illinois;
- Development of the Request for Proposal (RFP)
-
Negotiation, Contracting and
Implementation.
The Team will be providing strategic, financial, technical and
transactional advice, as needed, during the contract
negotiations and implementation of the management agreement.
Project Type: Lottery Study Including Privatization
Client:
Time Period: 2009
Role:
Consulting and research into optimization of the
Status: completed
CCA was the winning response to RFP CFROPD-08-R-003 “Consulting Services – Lottery Privatization”. The tasks associated with this RFP include an in-depth analysis of the value of the District’s lottery system and an evaluation of the benefits, if any, as well as the issues associated with privatizing its lottery system.
The tasks associated with this ongoing project include:
Lottery Analysis
-
Review and analyze the District’s current lottery system and
advise the District of any inherent risks such as competitive
and market pressures that may contribute to declining lottery
revenues in the future;
-
Analyze and quantify if there are any substantial untapped
revenues or unrealized value in the District’s current lottery
system;
-
Advise the District of potential strategies for unlocking the
unrealized value of the lottery system, including
advantages/disadvantages of each strategy and associated
potential economic benefits;
Valuation Context
The
valuation study assesses the current social and regulatory
environment in the
Project Type:
Lottery Consulting
Client: La Francaise Des Jeux (“LFDJ”)
Time Period: 2009
Role: CCA
provided LFDJ with an independent third party overview of the
CCA’s review included:
- The estimated market size and growth potential by major game type and a description of primary distribution channels for lottery products, the estimated consumer base for lottery products and consumption per capita, and key factors that explain that growth, or lack thereof going forward;
- A description of lottery regulation in the US, including: the relationship with State administrations, the level of contribution to public funding, a review of the status of Internet lottery programs in various States, an evaluation and review of the ratio of lottery sales to prizes in various States, and a review of the consistency of regulation among the various State lotteries.
Project Type:
Lottery Study including VLT Analysis
Client:
Time Period: 2008
Role: CCA
was awarded a “Professional/Personal Services Agreement” with the
State of
Status: Completed 2008
This project, in part, included:
- An analysis of the current and historical
performance of the Hoosier Lottery and its product portfolio
compared to other forms of gambling within
- Evaluating new lottery games or products that might be added to the Lottery’s offering; including Hot Lotto™, a $50 instant ticket, add-on games, and the bundling of Hoosier Lottery products;
- Evaluating and recommendations toward new sales and marketing strategies for the Hoosier Lottery;
- Reviewing the current retailer network, including identification of regions of the State that would benefit from additional retail penetration, and an analysis of new ITVM machines available from vendors and their placement.
- Review and analysis of the Lottery’s existing on-line ticket system with recommendations for new software and equipment;
- A review and analysis of the Hoosier Lottery’s existing vendor contracts (which are up for rebid in 2009) as well vendor contracts in other States.
- Recommendations for increased revenue efficiency; including paring Lottery administrative costs and recommendations for inclusion in the Request for Proposals in the Hoosier Lottery’s upcoming re-bid of its vendor contracts.
- Base Case and Upside pro forma projections for a period of 10 years for each recommendation in made the final report.
Project Type:
Lottery Study including VLT Analysis
Client:
The State of
Time Period: 2007
Role: Consulting and research into the performance of, likely prospects for, and ways to improve the operation of the Illinois Lottery, including the evaluation of VLTs.
Status: Completed March 2007.
CCA’s analysis of the Illinois Lottery included:
An analysis of the current and historical
performance of the Illinois Lottery compared to other forms of
gambling within
- Payout Ratios,
- New Game Innovation,
- Retail Relationships,
- Advertising Effectiveness,
- Sales, Operating Expenses, and Government Revenues.
CCA further provided a business review and description of the Illinois Lottery highlighting those areas for additional penetration, operational improvements, revenue maximization and margin expansion. The analysis also included a qualitative review of the last three years’ historical financial performance and key drivers of this performance.
Finally, based upon the foregoing analysis, CCA developed pro forma financial projections for the Illinois Lottery for a period of ten years. CCA developed three sets of projections including a base case, a moderate case with the assumption of slight operational improvements, and an upside case including the potential of newly incorporated or authorized games.
Project Type:
Lottery Study including VLT Analysis
Client:
The
Time Period: 2006
Role: CCA
was the winning response to “RFP #
Status:
Completed
This project, in part, included:
- An analysis of the MSLC’s current gaming product portfolio compared to other State lotteries identifying weaknesses and strengths in its offerings;
- An assessment and recommendations of potential new lottery products with estimates of changes in MSLC revenues associated with the introduction of new lottery products including a cost-benefit analysis of all recommended scenarios,
- A review and analysis of the introduction of a second monitor game, to complement the current MSLC Keno monitor game. Focus was on the Daily Race Game, but included a discussion of other monitor games available in the marketplace as well as estimated potential revenues and the effect, if any, these games would have on other gaming venues within Massachusetts, particularly the racing industry;
- An evaluation of the introduction of electronic instant tickets or electronic game cards, the effect that these products would have on the sales of other current Lottery offerings, and the potential for revenue enhancement;
- An evaluation of the introduction of electronic gaming devices, commonly referred to as video lottery terminals (VLT’s) in the Commonwealth for potential revenue enhancement and prepared estimates of cannibalization of existing MSLC games, particularly instant tickets.
- A review of the MSLC’s current public relations/advertising campaigns and promotional strategies with recommendations for optimizing promotional expenditures.
CCA Early Lottery
Stu dy
For The
Connecticut Department of Revenue Services
– Project completed April
1992
Scope of work included an extensive study for the Connecticut Division of Special Revenue examining the current status of all types of gambling (including the lottery) legal in Connecticut, the competitive threats facing Connecticut gambling industries (including the soon-to-be opened Foxwoods casino at Ledyard), and ten alternative future options regarding legal gambling (including privatization of State-owned off-track betting facilities). This study included both telephone and intercept surveys. CCA's projections for the performance of Foxwoods and its impacts proved to be close to actual results after Foxwoods opened.
Selected Pari-mutuel Consulting Engagements
Project Type:
Pari-mutuel Consulting
Client:
Harrah’s Entertainment
Time Period:
2009
Role:
The Economic Impact of
Greyhound Racing and an Analysis of Purses and Purse Supplements
Associated with Greyhound Racing in
Status:
Completed
CCA provided Harrah’s with an economic impact
analysis of
Project Type:
Pari-mutuel Consulting
Client:
Friends of
Time Period:
2004-2005
Role: Eugene Christiansen and Christiansen Capital Advisors served as a Team Member and consultant providing material support to Friends of New York Racing in the preparation of a report outlining recommendations with respect to the future of NYRA (New York Racing Association).
Status:
Completed
Tim Smith formed the Friends of New York Racing
in association with a wide range of
Friends of New York Racing associates and staff
reviewed a great deal of material relating both to pari-mutuel
wagering in
Additionally, the report recommended that the New
York City OTB organization be merged with the new NYRA structure and
that VLTs be authorized at
The report concluded that these
recommendations represent the only practical way of ensuring the
viability of the
Project Type:
Pari-mutuel Consulting
Client:
Magna
Entertainment
Time Period:
2004
Role:
Pari-mutuel
CCA
provided Magna Entertainment Corp. with a market study and a
statement of economic impacts with respect to the proposed “Gaming
Revenue Act of 2004”, which would authorize slot machines at
California racetracks and cardrooms participating in the initiative.
(See Economic Impact Section).
This comprehensive analysis included a broad review of
pari-mutuel racing in
Status: Completed
As part of this engagement, CCA provided Maga with:
- An analysis of the increasing importance of export simulcasting to the survival of pari-mutuel racing;
- An assessment of the increasing supply of
VLTs at tracks in the
Project Type:
Pari-mutuel Consulting
Client:
Penn National Gaming
Time Period:
2004
Role: An
independent valuation of Pocono Downs the revenue potential for
gaming devices at this facility.
Status:
Completed
CCA was asked by Penn National to provide an
independent valuation of Pocono Downs.
Pocono Downs has been a profitable harness racetrack and
off-track betting operation situated on 400 acres of land in
Project Type: Pari-mutuel
Consulting
Client:
Churchill Downs, Inc.Time
Period:
October, 2003
Role:
Estimates of the Demand
for Pari-Mutuel Betting and Machine Gaming at
Status:
Completed
CCA was retained by Churchill Downs to estimate
the demand for live Thoroughbred pari-mutuel racing, pari-mutuel
betting on simulcast racing, telephone betting on horse racing and
machine gaming at
CCA prepared projections of the pari-mutuel betting (“handle”), pari-mutuel revenue (“takeout”) and machine win (“gross gaming revenue”) likely to be generated by Pittsburgh Palisades Park under the following scenarios:
- Scenario One assumed
- Scenario Two assumed
- Scenario Three assumed
Project Type:
Pari-mutuel
Client:
Joseph Lasinger -
Time Period:
October, 2002
Role:
Eugene Christiansen was asked to evaluate an application for a
pari-mutuel license for a new
Status:
Completed
Eugene Christiansen and CCA staff successfully
provided expert advice and counsel to Chester Downs and Marina, LLC
in support of their harness racing application in
The specific tasks CCA performed on behalf of Chester Downs and Marina, LLC include:
- Mr. Christiansen opined on the reasonableness of pro forma financial projections and other aspects of the application as well as the viability of the pari-mutuel project;
- CCA advised Chester Downs of any changes that in its opinion should be made to the application to enhance its reasonableness and the viability of the pari-mutuel project;
- CCA prepared a report for the Pennsylvania Harness Commission containing Mr. Christiansen’s opinion;
- Mr. Christiansen appeared and testified at a
public hearing on
Christiansen Capital Advisors,LLC (formally –
Christiansen Cummings Associates) has a long and distinguished
record in preparing evaluations and analyses of pari-mutuel
industries in the
2000 – “A Strategic Plan for the New York
Racing Association, Inc.”
In partnership with Price Waterhouse Coopers (“PwC”), Christiansen Capital Advisor (Christiansen Cummings Associates) prepared an assessment of the New York Racing Association (NYRA) pari-mutuel horse racing operation including on-track horse racing, simulcasting, and telephone deposit account wagering.
CCA and PwC then prepared a strategic plan for the New York Racing Association, evaluating potential racetrack acquisitions in other states, the acquisition or merger with the New York City Off-track Betting Corp and Internet betting operations.
In preparing the strategic plan, CCA and PwC made a detailed assessment of the New York Racing Association’s financial condition and made recommendations for improving their performance and financial condition.
1999 – “Preliminary Assessment of the Likely
Impacts on Calder Race Course, Inc from the Introduction of Video
Lottery Terminals (VLTs) Under the Auspices of the
1997 – “Simulcasting Strategy for
1997 – “Off-Track Betting in the
1993 – “Review of the Experience with Video Gaming Devices at Pari-Mutuel Facilities”. Prepared for Southland Racing Corporation.
1993 – “Summary of Pari-Mutuel Taxation in the
1993 – Racing into the 21st Century, A Plan to Reform, Restructure and Revitalize the Horse Racing, Pari-Mutuel Wagering and Breeding Industry in New York State” A report to the Governor and Legislature of the State of New York. Prepared for the Advisory Commission on Racing in the 21st Century.
1992 – “Summary of Pari-Mutuel Taxation in the
1991 – “Summary of Pari-Mutuel Taxation in the
1990 – “An Assessment of the Market Potential
and financial Prospect of Ellis Park”. Prepared for the
1990 – “Summary of Pari-Mutuel Taxation in the
1989 – “Summary of Pari-Mutuel Taxation in the
Project Type: Litigation Support
Client:
Contact: Karey Lunau, Barrister
Role: Christiansen Capital Advisors, LLC is currently engaged by Conway Davis to provide valuation services in connection with ongoing property tax litigation concerning gambling properties in the Province of Ontario, Canada.
Status: Ongoing
Project Type:
Litigation Support
Client:
Ballard, Sphar, Andrews, & Ingersoll, LLP,
Contact: Raymond A Quaglia,. Partner
Role: Proprietary – Gambling tax litigation
Status: Completed
Project Type:
Litigation Support
Client:
Contact: Fred Tulley, Esquire
Role: Proprietary
Status: Completed
Project Type:
Litigation Support
Client:
Mayer, Brown, Rowe & Maw LLP,
Contact: Michele Odorizzi, Esq.
Role:
CCA was engaged by Mayer,
Brown to provide expert services concerning P.A. 94-0805. CCA
conducted a review and analysis of racing in
Status: Completed
Project Type:
Litigation Support
Client:
United States Department of
Justice, Tax Division, Civil Trial Section, Southern Region
Time Period:
2006
Role:
Assist the DOJ on issues
relating to
Status: Completed
Project Type: Litigation Support
Client:
Hill,
Role:
Assessing whether Gulfstream violated
Time Period: 2003
Status: Currently on appeal
Project Type:
Litigation Support
Client:
Ehrilich Foley & Serwer,
P.C.,
Time Period: 2002
Role:
Valuation of Motor City Casino as of
Project included expert report and signatory on opinion letter. Deposition taken of Eugene Christiansen.
Status: Settled
Project Type:
Litigation Support
Client:
Time Period: 2002
Role: Valuation of Army Bingo Concession (Charitable Bingo Associates, Inc. dba Mr. Bingo v. US Army) included expert report and signatory on opinion letter. Deposition and testimony provided by Eugene Christiansen.) Tried; undecided.
Status: Settled.
Project Type:
Litigation Support
Client:
Foley & Lardner LLP,
Time Period: 2002
Role:
Valuation of an unbuilt
Status: Settled.
Project Type:
Litigation Support
Client:
Time Period: 2002
Role:
Role: Assessment of the Impacts of Indian Gaming on
Status: Ongoing.
Project Type:
Litigation Support
Client:
Sutherland Asbill & Brennan
Role:
CCA was engaged by
Sutherland Asbill & Brennan as an expert witness in a suit brought
by the Department of Justice (DOJ) against United Tote, which had
acquired AutoTote, one of three totalizator (pari-mutuel wagering)
system vendors then supplying the
Time Period: 1991
Status: Completed
Eugene Martin Christiansen – Chairman
Mr. Christiansen has been active as an executive
and consultant to the commercial gambling and entertainment
industries since 1976.
In the area of commercial gambling, he has conducted studies of the
economics, taxation, financial structure, and regulation of casino
gaming, pari-mutuel wagering, and lotteries, and has counseled
Representative work includes studies of the efficiency of a U.S. state lottery; estimates of the demand for casino gaming, lotteries, and pari-mutuel wagering in U.S. and foreign markets; the feasibility and revenue potential of off-track betting; the financial structure of the Atlantic City casino industry; the impact of gambling on U.S. Indian reservation lands on State-authorized gambling industries; analyses of gambling taxation; procedures to increase wagering and improve the efficiency of pari-mutuel betting operations; the changing nature of communications media and the implications of the changes for horse racing; the interrelationships among evolving consumer expectations, casino gaming, and other forms of entertainment; the evaluation of a proposed cable television network for a major U.S. telecommunications company; and assessment of acquisition prospects for a major equity fund.
Mr. Christiansen is the author of numerous
articles dealing with casinos, horse racing, greyhound racing, jai
alai, off-track betting, lotteries and related activities in trade,
professional, and academic publications.
He prepares authoritative statistical reports that are widely
used domestically and abroad, including annual analyses of the gross
wager of the
Mr. Christiansen is a member of the advisory
boards of the National Council on Problem Gambling and the Institute
for the Study of Gambling and Commercial Gaming at the
Sebastian Sinclair – President
Mr. Sinclair has been an analyst at Christiansen Capital Advisors, LLC since 1993, in that capacity; he has conducted studies of the economics, financial structure, and valuation of existing and proposed gambling facilities. Mr. Sinclair has extensive experience in the development and application of quantitative computer models, and specializes in the competitive economics, business models, and the strategic financial analysis of legal gambling industries.
Illustrative current and recent projects include:
An assessment of the prospects for Class II gaming devices at an
Oklahoma racetrack; analysis of the potential and net impacts of
video lottery terminals at a thoroughbred racetracks in Florida and
New York; a detailed assessment of the market potential for an
Indian gaming facility to be located in West Warwick Rhode Island,
and the resulting net impacts upon racetracks and racetrack devices
in that State; assessment of the prospects for, valuation, and
strategic development of, Hialeah Park for the State of Florida;
analysis of the potential and net impacts of video lottery terminals
at a thoroughbred racetrack; the feasibility and likely financial
performance of a casino cruise-to-nowhere to be berthed in Miami,
Florida; The current analysis of, and five year forecast for, the
worldwide market for casino gambling supplier industries through the
development of a detailed economic input/output account model; a
detailed sales model, historical and
pro forma, for the gaming
device market, that has since been adopted by the research analysts
of many major financial institutions; advice and counsel to the
research analysts at Salomon Smith Barney on various companies and
industries; the development of a business model and assistance with
the business plan of a major media company investing in new Internet
businesses; and the appropriate valuation and strategy for the
purchase of an ailing Las Vegas Strip property for a New York
investment firm; include: the analysis and evaluation of
international markets, and strategic advice on entering these
markets, for a publicly traded Internet commerce concern; industry
analysis and strategic advice to a major Australian
telecommunications company planning to expand its business to the
Internet; the development of a business model and assistance with
the business plan of a major media company investing in new Internet
businesses. Since
1994, Mr. Sinclair has directed the data collection, statistical
analysis, and assessment of gambling industries in the “The Gross
Annual Wager of the
Mr. Sinclair is the author of numerous professional articles dealing with the economic and financial aspects of legal gambling industries in trade and professional publications. Of particular note, is his widely cited and respected “By the Numbers” column published by IGWB. Mr. Sinclair authored a chapter assessing the prospects for Internet gambling that was recently published in “The Internet Gambling Report IV” edited by Anthony Cabot. Mr. Sinclair has leveraged his unique experience with computers and the Internet, and knowledge of legal gambling businesses to become one of the foremost experts in the world on the subject of Internet gambling. His opinion and comments regarding these and other gambling matters are often sought by the news media.
Mr. Sinclair has testified on various aspects of commercial gambling before State, local governments, and the US Congress he has been a featured speaker at the World Gaming Congress and Expo, The Global Interactive Gaming Summit, Gaming Online, Investing in Online Gaming, and several other industry conferences.
Mr. Sinclair is a graduate of