Tottenham & Co has advised gaming operators, suppliers, investors, developers, and governments across five continents for nearly four decades. Our work spans every stage of the gaming project lifecycle and every sector of the industry.
Integrated resort development is among the most complex undertakings in the global real estate and hospitality industries. It requires simultaneous command of regulatory strategy, government relations, financial structuring, master planning, operator selection, and project management — across multiple geographies and stakeholder groups.
The firm has been involved in integrated resort projects at values ranging from hundreds of millions to several billion dollars, leading pre-development programmes in Europe, the Middle East, and Asia Pacific. Our engagements have involved managing large cross-functional teams of architects, planners, lawyers, financial advisers, hotel operators, and government relations specialists across multiple geographies simultaneously.
Our engagement typically begins at the earliest stages of project conception and continues through the point at which a development receives the governmental, legislative, and regulatory approvals required to proceed.
What this typically involvesLead Consultant and In-Country Project Lead for the pre-development of a first-phase €6 billion integrated resort — leading negotiations with national, regional, and municipal governments at Minister level and securing a comprehensive package of fiscal, legislative, and regulatory measures.
Led the acquisition of London Clubs International plc (US$570 million) and negotiated the joint venture, development and operating agreements for the €640 million Caesars España integrated resort, securing legislative change, €16 million in government subsidies, and all required approvals.
Lead Gaming Consultant on a US$5 billion integrated resort development, creating the development strategy and managing a large cross-functional international advisory team across all pre-development disciplines.
Project Manager for the casino licence bid under Japan's IR legislation — building and leading the multi-national project team and engaging directly with the Prefectural Government at Governor level.
International gaming operators and developers; sovereign wealth funds and state development authorities; hotel and hospitality groups entering gaming; private equity firms backing resort development projects.
Tottenham & Co has been producing commissioned market surveys and feasibility studies for the gaming industry since 1987. Our research covers land-based casino markets, integrated resort developments, and online gaming across more than twenty-five jurisdictions on five continents. We provide the authoritative, independent analysis that boards, investment committees, and governments require before major decisions are made.
Our market surveys assess the revenue potential, regulatory environment, competitive landscape, and consumer economics of a given market — delivered as standalone research commissions or as the analytical foundation for a broader development or investment mandate. Feasibility studies bring together market research, financial modelling, site analysis, and regulatory assessment into a comprehensive evaluation of whether a proposed gaming development is viable and on what terms.
Our assessments draw on nearly four decades of first-hand operating and advisory experience across every gaming sector — giving our analysis a depth of practical context that desk-based research alone cannot provide. Clients include national government ministries, sovereign wealth funds, international operators, private equity firms, and leading advisory firms.
What this typically involvesComprehensive state-by-state US market entry strategy covering regulatory infrastructure, market sizing, competitive positioning, and optimal entry sequencing across multiple target states for an established European operator.
Feasibility studies and economic impact assessments for proposed casino and resort developments on behalf of government ministries and state bodies across Europe, the Middle East, Africa, and the Americas.
Market analyses and entry strategies for operators and investors evaluating opportunities across more than twenty-five jurisdictions, encompassing both land-based casino and online gaming markets.
Gaming operators evaluating new markets; private equity and venture capital firms assessing gaming investments; government bodies considering casino liberalisation; international law firms and accountancy practices requiring gaming sector expertise for client mandates.
Gaming is a specialised industry in which conventional financial due diligence frequently misses the operational and regulatory risks that determine investment outcomes. Tottenham & Co provides the gaming-specific operational analysis that equity investors, debt providers, and strategic acquirers need alongside their financial advisers.
The firm has conducted buy and sell side due diligence assignments for private equity firms, debt providers, and strategic investors across multiple geographies — reviewing management strategy, business plans and financial projections, identifying risks and red flags, assessing management capability, and advising on value creation opportunities. We provide ongoing advisory support throughout the investment committee process and, where appropriate, post-acquisition.
Our work covers the full spectrum of gaming businesses: land-based casino groups, online operators, integrated resort developers, gaming technology companies, and diversified gaming conglomerates.
What this typically involvesBuy-side gaming due diligence for the acquisition of Groupe Joa, a French casino group operating 22 casinos across France. Tottenham & Co provided continued post-acquisition advisory support. The business was subsequently sold to Blackstone and Kings Park Capital at a substantial gain.
Gaming due diligence in support of a debt financing evaluation for a significant European casino group operating across multiple jurisdictions, including regulatory framework review and assessment of management capability and business plan credibility.
Operational due diligence assignments across European and international gaming assets for private equity firms, debt providers, and strategic investors, covering land-based casino groups, online operators, and diversified gaming businesses.
Private equity firms acquiring or exiting gaming businesses; debt providers and credit funds financing gaming assets; strategic acquirers evaluating gaming targets; management teams preparing for sale processes; international law firms advising on gaming M&A.
Gaming regulation is among the most technically complex and politically sensitive areas of government policy. Effective advisory in this space requires not just an understanding of regulatory frameworks, but the credibility and experience to engage productively with governments, regulators, and industry bodies at the highest levels.
The firm has advised national government ministries on the development of gaming legislation and the design of licence tender processes, engaging at Minister level across multiple jurisdictions. Tottenham & Co has chaired two of the UK's most significant gaming industry associations during periods of major legislative change, and has represented the industry before Parliamentary committees.
We work with both sides of the table — advising operators on regulatory strategy and compliance, and advising governments on policy design and implementation — bringing a balanced perspective that few advisers can offer.
What this typically involvesAdvised the Hungarian Ministry of Finance on the development of gaming legislation and regulations, and advised the Hungarian State Lottery company on the gaming product market. Designed and managed the implementation of a competitive tender process for eight casino licences.
Strategic advisory to the Swiss Ministry of Finance on gaming regulatory matters, drawing on international best practice across comparable European jurisdictions.
As Chairman from 2008 to 2011, developed the industry funding formula for research, education, and treatment of problem gambling, secured industry commitments of £5 million per year, and negotiated the tripartite framework with the UK Gambling Commission and DCMS — removing the threat of a statutory levy.
As Chairman of the Interactive Gaming, Gambling and Betting Association (2003–2005), guided the industry through the passage of the UK 2005 Gambling Act, gave evidence to the Parliamentary Cross-Party Scrutiny Committee, and grew association membership from 20 to 55 members.
Government ministries and regulatory bodies designing or reforming gaming frameworks; gaming operators seeking licences in new jurisdictions; industry associations navigating regulatory change; international law firms advising gaming clients on regulatory strategy.