Analysts Gamble on New Venture

Three former analysts from Deutsche Bank, Bill Lerner, Rich Moriarty and Grant Govertsen, have launched a new boutique research and advisory firm for the gaming sector, based in Las Vegas.

The firm, Union Gaming Group, is billed as 'the only independent research organization located in the world's gaming capital' and says all three founders have deep relationships with the investment community, corporate managements, governments and other parties important to the global gaming business.

Lerner spent 13 years on Wall Street in sell side research, most recently as Managing Director and Senior Gaming & Lodging Analyst at Deutsche Bank Securities. Earlier he worked for ten years at Prudential Securities and Deutsche Morgan Grenfell.

Moriarty spent 12 years on Wall Street in institutional equity sales, most recently as Director, Institutional Client Group at Deutsche Bank Securities in its North American Headquarters. This followed nine years at Lehman Brothers and Susquehanna International Group.

Govertsen has spent five years on Wall Street as a gaming analyst. Prior to joining Deutsche Bank he worked at a number of boutique economic consulting firms, on feasibility and market studies related to gaming and real estate developments.

'The global gaming industry, despite current sentiment, is alive and well', says Moriarty, adding: 'we understand the importance of working side-by-side with the leaders in industry and government from the global hub of the business'.

According to Lerner, the group has been created 'in response to the growing call for independence in research, very specific market insight, and unbundling of fees'. According to the Las Vegas Sun (www.lasvegassun.com ) Lerner says that as one of the top lenders to the gaming industry, it is difficult for Deutsche and other investment banks to publish the kind of independent research the new firm can, and that 'Wall Street firms are taking a very negative and narrow view of the casino industry that doesn't reflect the industry's long-term potential.'

A temporary web site is at www.uniongaminggroup.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.