Shannon S. Okada, MAI

Managing Director, Gaming, Las Vegas

Consulting Experience

Shannon S. Okada, MAI, Managing Director of Gaming at HVS, has experience in performing appraisals and market studies for existing and proposed casinos, hotels, and resorts. Based in Las Vegas, he specializes in the evaluation of national and international gaming markets, having completed assignments for existing and proposed properties in gaming markets throughout the world, including the Americas, the Caribbean, Europe, the Middle East, and Asia. Shannon was first engaged to co-develop multifaceted models and projections for integrated casino-resort projects in Macau (now the world’s largest market for legalized gaming) in 2005. In 2007, he was one of the pioneer consultants in the then-developing gaming market in Singapore. In 2024, Shannon was instrumental in developing forecasts for the first proposed integrated casino-resort property in the United Arab Emirates (UAE).
 
Because of their large scale and variety of internal operations, most gaming assets have complex rights and interests that require thorough investigation and analysis. Shannon has been involved with the valuation of some of the largest and most complex casino operations in the world and possesses the expertise to identify the critical issues that affect a gaming asset’s value. Clients benefit from his extensive experience evaluating gaming assets, ranging from mixed-use, integrated casino-resort properties and full-service destination casinos, such as those found in Las Vegas, to riverboat complexes, racinos, and card rooms. Shannon is dedicated to meeting his client’s valuation needs, whether it's evaluating complex operating agreements and leases or identifying and managing the intangible business components of a casino. Clients trust his expertise to provide precise solutions for their investments.
 
Shannon has worked on appraisals and market studies for a variety of uses, including the following:

  • Financing asset sales transactions
  • Asset refinancing
  • Construction financing
  • Loan monitoring
  • Workouts and bankruptcy proceedings
  • Estate tax purposes
  • Ad valorem assessment purposes
  • Financial feasibility
  • Impact on property value because of expansion or renovation
  • Support for gaming operations
A sample of projects that Shannon has been involved with is presented below. A more comprehensive list of market-specific experience can be provided upon request.
 
Portfolio Valuations
  • Detroit Commercial Casinos (Detroit, Michigan)
  • Kyo-ya Hotels & Resorts U.S. Assets (Honolulu, Hawaii; Lahaina, Hawaii; & San Francisco, California)
U.S. Commercial Gaming Projects
  • MGM National Harbor (Oxon Hill, MD)
  • Harrah’s Resort Casino Hotel (Atlantic City, NJ)
  • Ocean Casino Resort (Atlantic City, NJ)
  • Resorts Casino Hotel (Atlantic City, NJ)
  • Resorts World New York City Casino (Jamaica, NY)
  • Del Lago Resort & Casino (Waterloo, NY)
  • Bellagio (Las Vegas, NV)
  • Caesars Palace (Las Vegas, NV)
  • J.W. Marriott and Rampart Casino (Las Vegas, NV)
  • MGM Grand (Las Vegas, NV)
  • Rio All Suite Hotel Casino (Las Vegas, NV)
U.S. Racetrack & Racino Projects
  • Prairie Meadows Casino, Racetrack, & Hotel (Altoona, IA)
  • Hollywood Casino at Kansas Speedway (Kansas City, KS)
  • Tioga Downs Casino Resort (Nichols, NY)
  • Hollywood Casino at Penn National Racecourse (Grantville, PA)
International Gaming Projects (Existing)
  • JW Marriott Parq Vancouver (Vancouver, BC, Canada)
  • City of Dreams Macau (Macau SAR, China)
  • Sands Macao (Macau SAR, China)
  • The Venetian Macao (Macau SAR, China)
International Gaming Projects (Proposed)
  • Casino Component of Proposed Resort (Moscow, Russia)
  • Proposed Wynn Al Marjan Island (Ras Al Khaimah, UAE)
  • Proposed Marina Bay Sands (Singapore)
  • Proposed Las Vegas Sands Development (Spain)
Shannon earned his MS in Hotel Administration from the University of Nevada in Las Vegas. He also holds MBA and JD degrees from Pepperdine University and a BBA in Marketing & Management from the University of Hawaii at Manoa. Shannon is a Designated Member of the Appraisal Institute (MAI).

Connect with Shannon on LinkedIn.