Union Gaming Group establishes office in Hong Kong

Las Vegas based casino industry advisor Union Gaming Group has opened a second office in Asia to service a potentially growing market.

The company, which established an equity research office in Macau in 2011, said it formally received approval to offer investment banking services in Hong Kong by the Special Administrative Region’s Securities and Futures Commission.

In a statement, Union Gaming Managing Director Rich Moriarty said the focus for gaming industry expansion over “the next 20 years belongs to Asia.”

Macau is the world’s largest gaming market with nearly three dozen large and small casinos, including properties operated by Wynn Resorts Ltd., Las Vegas Sands Corp., and MGM Resorts International. Las Vegas Sands and Genting Berhad operate casinos in Singapore.

Gaming development is taking place in the Philippines, Vietnam, and South Korea, while Japan is debating casino legalization.

“We want to make sure that our commitment to the region fully reflects the opportunity that we believe exists,” Moriarty said.

Union Gaming Securities Asia Ltd. named Carrie Yu as a the office’s director. She formally worked with JP Morgan Asset Management in New York, where she was responsible for covering the global gaming sector. Union Gaming said it will maintain its equity research division, headed by Grant Govertsen, in Macau.

Union Gaming has equity research offices in Las Vegas and New York.