Cory Morowitz, CPA, MBA
Cory Morowitz has over twenty years of diversified financial, gaming and consulting experience. As Chairman and Managing Member of Morowitz Gaming Advisors, Mr. Morowitz has worked on a variety of projects including pre-opening and expansion activities of one of the first Racino projects in the United States for which he implemented a budgeting system and prepared capital budgeting analyses for various expansions of the facility. Mr. Morowitz also worked on the pre-opening activities including design of internal controls and pre-opening budgets for a chain of slot parlors in South Carolina. Mr. Morowitz has prepared feasibility studies and related projects for a number of tribal facilities located throughout the United States. Most recently, Mr. Morowitz prepared an impact study of proposed competition for a tribal facility in Michigan, and was the co-author of multiple economic impact studies for the Casino Association of New Jersey whereby he quantified the impact of various tax proposals and the opening of racinos on the casinos and economy of the Atlantic City region. These studies were partly responsible for the reduction in proposed tax increases of approximately $40 million to the Atlantic City casino industry and ending a proposed amendment that would have allowed for Racino development in New Jersey.
More recently, Mr. Morowitz and his team completed a financial impact study for the Delaware VLT industry quantifying the impact of new slot legislation in Maryland and Pennsylvania on the operations of Delaware casinos. Mr. Morowitz and his team also completed a feasibility study of a proposed gaming facility in Pennsylvania. As a result of this study, the team gained a thorough understanding of the northeast gaming market.
Previously, Mr. Morowitz was appointed Chief Financial Officer of Capital Gaming International, a public company, during its transition through chapter eleven bankruptcy proceedings. During his tenure, Mr. Morowitz was part of a three-person team that successfully re-negotiated the company's debt from $130 million to $22 million while maintaining the company's existing Indian gaming management contracts, preserving over $100 million of gross gaming revenues and the eventual successful emergence from chapter eleven bankruptcy.
Mr. Morowitz is the author of four courses on financial, accounting and service management for gaming enterprises and has trained over three hundred gaming managers throughout the United States and Canada. Mr. Morowitz has also consulted with a number of gaming firms, both public and private, in the areas of capital budgeting, strategic planning and financial securities design. Finally, in the gaming arena, Mr. Morowitz is the developer of a successful slot machine that is distributed by Alliance Gaming.
Mr. Morowitz is also the CEO of Morowitz Gaming Advisors' parent company Morowitz & Company, LLC. Mr. Morowitz is a Certified Public Accountant, has written numerous articles and white papers, and has presented at a number of conferences and forums. He holds a Master of Business Administration from the Wharton School of the University of Pennsylvania.