During 2008, macro-economic events caused gaming revenues in most markets to decline. More importantly, negative GDP growth, changes in consumer spending, and a trend toward the de-leveraging of the economy have changed the economics of gaming and caused a historical decline in gaming industry valuations.

      For the near term, gaming firms can no longer rely on outsized EBITDA multiples, financial leverage, growth and real estate development options, or the "private equity put" to drive valuation of their entities. Rather, gaming firms will spend the next few years focusing on organic growth, efficiencies, asset divestiture, and reorganization/recapitalization in order to grow the value of their entities.

      Our mission at Morowitz Gaming Advisors, LLC is to provide gaming firms and gaming investors with services, tools, analysis, training, and research that will allow them to operate optimally, earn above market returns on investment, and ultimately grow the value of their investments in the gaming sector.