Team

GGH’s founding principals have extensive industry contacts & experience and collectively offer over 40+ years of relevant broad-based and industry-focused expertise developed across the full array of disciplines and involving the breadth of products & services described herein.

Carlton L. Geer

Carlton L. Geer is a founding member of GGH, a boutique merchant advisory & investing firm that specializes in servicing the casino gaming & hospitality sectors globally. GGH has 3 main offices located in Las Vegas, New York, and Atlantic City. The GGH platform provides clients with a “one-stop” shop and holistic perspective regarding investments in the hotel and casino sectors. This perspective is dervived from the synergies of the partners’ collective experience with core industry consulting, operational assessment, asset/property management, commercial real estate brokerage (sell/buy-side) & services, investment banking, corporate/leveraged acquisition finance, capital markets, M&A/financial advisory, project finance, development, and pre-development services, etc. Prospective GGH clients include major global financial institutions; public and private companies; various US, European, and Asian investor groups; certain high net worth individuals & families and distressed debt/property investors. Carlton is also a licensed real estate Broker in Nevada.
 
Mr. Geer was the founding member of the Global Gaming Group (GGG) at CB Richard Ellis (CBRE) in October 2001. Under his leadership the group grew to eleven members including three dedicated gaming analysts for the consulting/ advisory practice, three advisors for gaming transactions and a new gaming resort retail division. Carlton successfully completed over $4 billion in operating gaming property and land transactions over a 7.5 year period. GGG is a dedicated business unit of CBRE worldwide and completed assignments in Singapore, the Philippines, Belize and St. Croix as well as maintaining a robust consulting and transaction practice in the United States. Carlton received CBRE’s Innovation Award for 2005 for his success in defining, developing and successfully executing the gaming market practice for the Company. He was also a three time Recognition Recipient as a top producer at CBRE and was inducted into the Colbert Coldwell Circle in 2006. Carlton was recruited by CBRE for his gaming industry expertise and provides over 20 years of practical gaming industry experience encompassing all areas of operations within hotel casinos. He is thoroughly familiar with all aspects of the casino industry including operations, marketing, and administration. Mr. Geer’s executive talents and hotel and gaming management experience were a critical component in developing CBRE’s Global Gaming Group capabilities in both its consulting and M & A practices. During his tenure at CBRE, the Global Gaming Group successfully completed more operating casino property transactions than any other entity, including investment banks. Transactions included: the Sahara Hotel Casino in Las Vegas, the Las Vegas Hilton, Flamingo Laughlin, Horseshoe Las Vegas, Caesar’s Tahoe, Reno Hilton, Gulfport Grand, along with many others.
 
Mr. Geer has managed properties with annual gaming revenues ranging from $45MM to $200MM with profiles as diverse as a Riverboat and a 1,075-room hotel casino. He is a “Systems Thinker” in developing and implementing innovative business processes and practices that enhance operational effectiveness and efficiency in achieving optimum profitability. Carlton Geer was President/CEO of the Showboat Mardi Gras Casino in East Chicago, IN from January 1998 through August 1998 at which time Showboat Corporation was acquired by Harrah’s Entertainment. He was formerly President/CEO of the Showboat Hotel Casino in Las Vegas, NV from August 1996 through January 1998. Mr. Geer was the General Manager of the Peppermill Hotel Casino in Reno, NV from January 1993 through April 1996. He is responsible for the financial turn-around of two failing casino properties (Showboat) and maintains multi-jurisdictional experience including Reno, Las Vegas, and East Chicago, Indiana. Mr. Geer has a diverse knowledge of casino operations, from land-based hotel casinos to riverboats in major competitive markets.
 
Mr. Geer earned a Bachelor of Science Degree from the School of Hotel Administration at Cornell University in Ithaca, New York.
 

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Michael S. Kim

Michael S. Kim is a founding member of GGH, a boutique merchant advisory & investing firm that specializes in servicing the gaming & hospitality sectors globally. GGH has 3 main offices located in Las Vegas, New York, and Atlantic City. The GGH platform provides clients with a “one-stop” shop and holistic perspective regarding investments in the hospitality and gaming sectors. This perspective is dervied from the synergies of the partners’ collective experience with core industry consulting, operational assessment, asset/property management, commercial real estate brokerage (sell/buy-side) & services, investment banking, corporate/leveraged acquisition finance, capital markets, M&A/financial advisory, project finance, development, and pre-development services, etc. Prospective GGH clients include major global financial institutions; public and private companies; various US, European, and Asian investor groups; certain high net worth individuals & families and distressed debt/property investors.
 
Prior to founding GGH, Michael was Managing Director, Corporate Finance - Real Estate, Gaming, Lodging & Leisure based in New York with SG Americas Securities LLC (”SGAS”), SOCIETE GENERALE Corporate & Investment Banking’s (“SG CIB”) registered US broker-dealer subsidiary. As head of Gaming, Lodging & Leisure, globally, Michael had specific responsibility for overseeing SG CIB’s activities worldwide in these industries including client coverage, allocation of investment capital & portfolio management, new business origination, strategic planning, and providing corporate finance and M&A advisory services to clients in these sectors. SG CIB’s total capital to these industries was historically invested across a variety of assets including senior secured/unsecured bank & mortgage loans, institutional first & second-lien debt, acquisition finance, high-yield bridge loans, mezzanine, public and private convertible, preferred and common equity. While at SG CIB, Michael was actively involved in the origination, structuring and execution of over 100 separate capital markets transactions raising in excess of $40 billion for primarily gaming, lodging & leisure companies in the form of senior secured bank loans, mortgage/asset-backed and corporate high-grade & high yield debt securities, institutional first/second lien, mezzanine, preferred and common equity distributed via publicly-registered, 144A and direct private placements as well as traditional leveraged & syndicated loan product offerings. As a lifetime industry-oriented investment banker, Michael has also spear-headed the origination and execution of numerous domestic and cross-border strategic and M&A advisory assignments (both private and public, buy-side and sell-side), LBOs and re-capitalizations for real estate, gaming, lodging & leisure clients totaling in excess of $20 billion. Upon joining SG CIB in 1996, Michael was one of the founding members of Société Générale Securities Corporation, one of SGAS’ predecessor entities and Société Générale’s original US broker-dealer unit formed to facilitate its original entry into the US securities business.
 
Prior to joining SG CIB, Michael worked in both the Financial Institutions Group & Real Estate Investment Banking divisions for Salomon Brothers Inc where he was actively involved in the origination, structuring and execution of a variety of capital-raising transactions including public and 144A corporate high-grade & high-yield debt, convertible/preferred stock and common equity (including IPOs and secondary share offerings), project financing, CMBS and mezzanine placements for banks, thrifts, S&Ls, insurance companies, mortgage banks, specialty finance companies, REITs, and real-estate intensive gaming & lodging companies with specific responsibility for coverage of the hotel REIT sector. Michael also performed financial and M&A advisory work for numerous public and private gaming, lodging & real estate companies, individuals, limited partnerships and financial institutions with respect to the recapitalization of their balance sheets or asset portfolios including extensive experience in the valuation, disposition and securitization of non-performing loans and distressed real estate assets through advisory work involving the Resolution Trust Corporation. Prior to joining Salomon Brothers, Michael also worked at J.P. Morgan.
 
Michael graduated from Yale University with a BA in Economics and BA in Political Science – International Relations.

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Cory H. Morowitz

Cory Morowitz is Managing Partner of Morowitz Gaming Advisors, LLC, a gaming consultancy, and a partner in GGH with Global Gaming & Hospitality, LLC. He is the publisher and editor of the Morowitz Quarterly (on hiatus), and previously Industry Director of the Wharton Program for Gaming Executives. He is also a former adjunct professor on staff at Drexel University where he developed and taught a Masters Level course called “Casino Financial Analysis.” Mr. Morowitz received his Masters of Business Administration from the Wharton School of the University of Pennsylvania in 1996. He received his undergraduate degree with honors from the State University of New York, College at Oneonta, in Business Economics in 1981. For over thirty years Mr. Morowitz has advised gaming and other business clients on operations improvement, market entry and expansion, strategy, and finance. He has testified numerous times on valuation and business litigation.
Mr. Morowitz is the author of a number of continuing education and masters level courses as follows:
• Accounting and Financial Analysis for Non-Accountants in the Hospitality Industry
• Financial and Operations Analysis Techniques for Gaming Industry Professionals
• Operations Management Techniques for Gaming and Hospitality Executives
• Family Business Value Management – Growing the Value of Your Family Business
• Ultimate Budgeting for Gaming Industry Professionals
• Forecasting and Analysis Techniques for Gaming Industry Professionals
• Drexel University – Casino Financial Analysis (Hospitality Masters Program)
Mr. Morowitz lectures frequently on the topic of business valuation and business growth. He has presented at the following venues:
• Global Gaming Expo (G2E) in 2002 and 2003 - budgeting and forecasting
• Global Gaming Expo (G2E) 2006 – Revenue Management
• Global Gaming Expo (G2E) 2007 – Education and Gaming
• Global Gaming Expo (G2E) 2008 – Sustainable cost cutting
• Global Gaming Expo (G2E) 2008 – Succession planning
• Global Gaming Expo (G2E) 2009 – Restructuring the Gaming Industry
• Global Gaming Expo (G2E Asia) 2011 – Sustainable Cost Management
• Global Gaming Expo (G2E) 2012 – Managing Corporate Cash
• Gaming & Technology Conference in Atlantic City - 2000-2003
• UNLV – Quarterly Seminars on Gaming Management
• Hospitality Finance and Technical Professionals – 2001 Keynote Speaker on Finance and Strategy
• Wharton School - Guest lecturer for Marketing Strategy Class, fall 2005, 2006, 2007 and 2010
• Rutgers Family Business Forum – Frequent lecturer on business growth and valuation
• Ultimate Budgeting for Gaming Industry Finance Professionals – 2004 and 2005 Atlantic City Convention Center and 2006 in Las Vegas at Green Valley Ranch and Venetian and in 2007 at UNLV
• Drexel University, Casino Financial Analysis – Spring Quarter, 2011, Adjunct Professor and course developer
As Industry Director of the Wharton School Program for Gaming Industry Executives, Mr. Morowitz was responsible for conception and development of a comprehensive training program for senior gaming industry executives at the World’s premier business school. Mr. Morowitz is the publisher of the Morowitz Quarterly (currently on hiatus), an award winning gaming industry strategy and finance newsletter. He is also the author of numerous articles, studies and white papers. His articles have been published in The Morowitz Quarterly, Gaming Industry Observer and Global Gaming Business magazine. Previously, Mr. Morowitz was appointed Chief Financial Officer of a public gaming firm during its transition through bankruptcy. Mr. Morowitz was part of a team of executives that successfully reorganized the firms’ debt from $130 million to less than $26 million, preserved three Indian gaming contracts and the successful emergence from bankruptcy. Mr. Morowitz and his associates typically consult to the gaming industry on financial and strategic issues. Here is a sampling of the types of projects he has consulted on:
• Feasibility and market impact studies for new casinos in almost every U.S. market
• Consultant and expert witness on major Atlantic City tax appeal case
• Consultant on implementation of new customer service system that has revolutionized slot service in the gaming industry.
• Determination of optimal customer service windows for new casino in Atlantic City
• Design and implementation of employee scheduling and service systems in casinos
• Market impact study for Delaware racino industry quantifying the impact of Pennsylvania gaming on existing racinos
• Impact study on implementation of sports wagering in Delaware and testified to legislative committee
• Study on behalf of market leading Atlantic City operator of internet gaming potential for the state of New Jersey
• Internal audit and accounting outsourcing to Native American tribes and casinos throughout the United States
• Pre-opening activities including budgets and internal controls for several casinos in eastern U.S.
• Investment optimization analysis for new casinos
• Valuation analysis for termination of Indian Gaming contract rights and assistance with negotiation and buyout of partner
• Stock buyback analysis for a public gaming firm
• Part of three man team to lead a public gaming firm through bankruptcy reorganization and successful emergence from bankruptcy while keeping three tribal gaming management contracts in force
• Co-developed and launched a slot machine with Sands Casino and Alliance Gaming
• Strategic analysis for a Nevada based gaming firm whereby we quantified the impacts of closing one of its three casinos.
• Developer of a gaming floor optimization product
• Accounting due diligence for several casino acquisitions
• Analysis of the impacts of a tax on promotional gaming credits on Pennsylvania casinos and the state of Pennsylvania
• Strategic scenario and options analysis for a Midwest casino in order to quantify the strategic options associated with its two gaming licenses
• Strategic planning facilitations for executive management teams of several casinos throughout U.S.
• Buy side due diligence for several casino transactions

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John M. Rynkiewicz

John Rynkiewicz received his Bachelor Science in Accounting in 1993 from Northeastern University and has completed several Masters Courses in corporate finance and management science at Rutgers University. He received his certification as a valuation analyst (CVA) from the National Association of Certified Valuation Analysts in 2002.
 
Mr. Rynkiewicz began his career at the legacy Boston, Massachusetts office of Coopers & Lybrand L.L.P. He has practiced for over ten years, concentrating on complex financial accounting and tax engagements for companies throughout the world. He is the former controller of a $20 million privately held company and has a thorough understanding of the workings of a closely held business.
 
Mr. Rynkiewicz has taught numerous courses throughout the United States on various statistical tools and quantitative methods, including regression analysis, simulation and linear programming. He has worked on a variety of gaming and consulting projects including:
  • Financial and strategic analysis of a share buyback for publicly traded gaming firm
  • Option pricing analysis for consulting entity acquired by a publicly traded firm
  • Labor studies and scheduling models for some of the largest casino operations in the world
  • Valued minority interest of privately held riverboat gaming investment company
  • Financial and market impact studies for various casinos
  • Developed models to quantify the impact of new slot legislation in Pennsylvania and Maryland
  • Valuation of gaming junket operator
  • Analyzed feasibility of new transportation program for large casino
  • Developed gravity models and market studies for various tribes contemplating hotel/casino expansion

Strategic Affiliations

Through a variety of dedicated and carefully selected strategic affiliations with other casino and hotel experts, GGH also offers our clients a comprehensive & integrated service platform which can be customized to their particular needs, considerations & objectives.

For more information on the GGH team and its affiliates please contact us at info@gghsp.com.

 

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