Shannon S. Okada

Consulting Experience

Based out of Las Vegas as HVS Senior Vice President and Associate Director of Gaming, Shannon Okada has earned a reputation as one of the world’s most seasoned authorities on casino real estate and market dynamics. Shannon’s experience in virtually every node of casino-hotel operations, valuation, and development allows you to clearly understand every potential impact on your asset’s feasibility or value. When it comes to complex casino, hotel, and mixed-use assignments, count on Shannon to deliver conclusions you can take to the bank.

Shannon has performed appraisal and feasibility assignments for full-service hotels, resorts, and casino operations in markets across the Americas, the Caribbean, Europe, and Asia. In 2005, he was engaged to co-develop multifaceted models and projections for hotel-casino projects in Macau, now the world’s largest market for legalized gaming. Working out of HVS San Francisco in 2007, Shannon was also one of the pioneer consultants in the then-developing gaming market in Singapore. His hundreds of engagements in Nevada have taken him to markets and submarkets across the state. The appraisal of the Harrah’s Entertainment Portfolio, comprising nine properties in Las Vegas, Lake Tahoe, and Atlantic City, numbers among the complex casino-hotel assignments under Shannon’s belt.

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 in Malibu and a BBA in Marketing & Management from the University of Hawaii at Manoa.

Shannon was born in Honolulu and spent his childhood amidst the natural beauty of Oahu. Before embarking into hospitality, Shannon spent more than ten years as an attorney at law in California and Hawaii. His professions (and occasional vacations) have taken him from the Alaskan tundra to the Royal Ascot in London. He first visited Las Vegas at the age of seven, and the awe has never left. As a resident of Vegas, he remains all in for the city’s appeals, from the magnificent buffets to the tension of the table games.

Employment History

2009 - present
HVS Consulting & Valuation
Las Vegas, Nevada
Associate Director Gaming & Vice President Consulting & Valuation

2004 - 2008
HVS Consulting & Valuation
San Francisco, California
Assistant Vice President, Consulting & Valuation & Associate Director, Gaming
(Hotel-Motel Valuations, Market Studies, Feasibility Reports)

2003 - 2004
UNIVERSITY OF NEVADA
Las Vegas, Nevada
Graduate Assistant

Summer, 2003
PARIS LAS VEGAS
Las Vegas, Nevada
Intern

1993 - 2002
TATEISHI & ASSOCIATES
Wailuku, Hawaii
Attorney at Law

1991 - 1993
ROBERT ALLEN KENNEDY, A PROFESSIONAL LAW CORPORATION
Westlake Village, California
Attorney at Law

Education

M.S., Hotel Administration, University of Nevada, Las Vegas, Nevada

M.B.A., J.D., Pepperdine University, Malibu, California

B.B.A., Marketing & Management, University of Hawaii at Manoa, Honolulu, Hawaii


Other Specialized Training Classes Completed:

Uniform Standards of Professional Appraisal Practice – 15 hours
Basic Appraisal Procedures – 30 hours
Basic Appraisal Principles – 30 hours
General Applications – 40 hours
General Appraiser Income Approach – 39 hours
Advanced Income Capitalization – 40 hours
Report Writing and Valuation Analysis – 40 hours
Advanced Applications – 40 hours
Business Practices and Ethics – 4 hours
General Appraiser Market Analysis and HBU – 35 hours
Statistics, Modeling and Finance – 15 hours
General Appraiser Report Writing and Case Studies – 30 hours
Advanced Income Capitalization – 35 hours
USPAP Updates – 2010, 2012, 2015
Advanced Market Analysis and HBU – 30 hours
Advanced Concepts & Case Studies – 35 hours
Ad Volorem Tax Consultation – 3 hours
Introduction to Expert Witness Testimony – 7 hours
Laws and Regulations for California Appraisers – 4 hours
Quantitative Analysis – 35 hours

State Certification

California
Nevada

Hotels Appraised

Sample List for Illustrative Purposes

PORTFOLIO ANALYSIS/COMPANY
AmericInn International LLC
Extended Stay Hotels
Great Wolf Lodge
La Quinta
Lone Star/Hyatt Select-Service
Motel 6
Value Place
Ashford 19 Trust Portfolio
Kyo-ya Portfolio
Value Place Portfolio

ALABAMA
Marriott Mobile, Mobile
Victoryland, Quincy’s 777 Casino, and Oasis Hotel, Shorter

ALASKA
Alyeska Prince Hotel, Girdwood

ARIZONA
Ramada Inn, Phoenix
Firesky Resort, Scottsdale
Mondrian, Scottsdale
Proposed Scottsdale Waterfront, Scottsdale
Xona Resort Suites, Scottsdale
Country Inn & Suites, Tempe
Holiday Inn Express, Tucson

CALIFORNIA
Four Seasons Aviara, Carlsbad
Hilton Hotel North/Glendale, Glendale
Thunder Valley, Lincoln
Heritage House, Little River
Embassy Suites LAX-North, Los Angeles
Holiday Inn Airport, Los Angeles
Hilton Hotel Universal City, Los Angeles
Le Meridien at Beverly Hills, Los Angeles
Los Angeles Airport Marriott, Los Angeles
Inn at Marina del Rey, Marina del Rey
Ritz-Carlton Huntington Hotel & Spa, Pasadena
San Sevaine Redevelopment Project, San Bernardino
Hilton San Diego Airport Harbor Island, San Diego
Leased Land–495 Geary Street, San Francisco
Palace Hotel, San Francisco
Ramada Inn - Union Square, San Francisco
Sheraton Hotel, San Francisco
Fairmont San Jose, San Jose
Four Points Barcelo, San Rafael
Sierra Suites, Santa Clara
Lodge at Sonoma Renaissance, Sonoma
Best Western Greentree, Victorville
Inn at Venice Beach, Venice

COLORADO
Colorado Grand Casino, Cripple Creek

CONNECTICUT
Dolce Norwalk, Norwalk

DISTRICT OF COLUMBIA
Courtyard by Marriott Washington Embassy Row
Four Seasons Georgetown
Proposed Hampton Inn
St. Regis Washington DC
Westin Washington DC City Center

FLORIDA
Proposed Flagler Dog Track & Magic City Casino, Miami
Hyatt Regency Grand Cypress, Orlando
Safety Harbor Resort & Spa, Safety Harbor

HAWAII
Ohana Waikiki West, Honolulu, Oahu
Royal Hawaiian, Honolulu, Oahu
Sheraton Moana Surfrider, Honolulu, Oahu
Sheraton Princess Kaiulani, Honolulu, Oahu
Sheraton Waikiki, Honolulu, Oahu
Condominium-Hotel (Proposed), Kaanapali, Maui
Maui Coast Hotel, Kihei, Maui
Sheraton Maui, Lahaina, Maui
Hyatt Regency Waikiki, Waikiki
Moana Surfrider Westin Resort & Spa, Waikiki
Royal Hawaiian, Waikiki
Sheraton Waikiki, Waikiki

ILLINOIS
Harrah’s Joliet Casino & Hotel, Joliet
InterContinental Chicago O’Hare, Rosemont

KANSAS
Hollywood Casino at Kansas Speedway, Kansas City
Wyndham Garden Hotel, Overland Park

KENTUCKY
Marriott Hotel, Covington

LOUISIANA
Marriott New Orleans at the Convention Center, New Orleans

MISSOURI
Renaissance Grand Hotel, St. Louis
Renaissance St. Louis Suites, St. Louis

MONTANA
St. Mary Lodge & Resort, St. Mary

NEVADA
Holiday Inn Express, Elko
Proposed Fairfield Inn by Marriott, Elko
Hyatt Regency Lake Las Vegas, Henderson
Airport Inn, Las Vegas
Bellagio, Las Vegas
Caesar’s Palace, Las Vegas
Fairfield Inn, Las Vegas
Flamingo Las Vegas, Las Vegas
Hampton Inn Tropicana, Las Vegas
Harrah’s Las Vegas Casino & Hotel, Las Vegas
Holiday Inn Express Las Vegas The Lakes, Las Vegas
Homewood Suites by Hilton Las Vegas and United Brotherhood of Carpenters International Training Center, Las Vegas
JW Marriott Las Vegas Resort & Rampart Casino, Las Vegas
Las Vegas Hilton, Las Vegas
Mandarin Oriental, Las Vegas
MGM Grand Las Vegas, Las Vegas
Mirage, Las Vegas
New York-New York, Las Vegas
Planet Hollywood, Las Vegas
Proposed The Plaza, Las Vegas
Proposed Resorts World Las Vegas, Las Vegas
Residence Inn, Las Vegas
SLS Las Vegas, Las Vegas
Harrah’s Laughlin, Laughlin
Hampton Inn Las Vegas/North Speedway, North Las Vegas
SpringHill Suites Las Vegas North Speedway, North Las Vegas
Hampton Inn & Suites Reno, Reno

NEW JERSEY
Harrah’s Casino, Atlantic City
Proposed Casino-Hotel, Atlantic City
Showboat Casino, Atlantic City
Resorts Casino Hotel, Atlantic City
North Maple Inn, Basking Ridge
Hamilton Park Conference Center, Florham Park
Hilton Short Hills, Short Hills

NEW MEXICO
Inn of Anasazi, Santa Fe

NEW YORK
Proposed Resorts World New York, Jamaica
Monticello Casino and Raceway, Monticello
Tioga Downs, Nichols
Saratoga Gaming & Raceway, Saratoga Springs
Tarrytown House, Tarrytown
Proposed Lago Resort & Casino, Tyre

OHIO
Embassy Suites Hotel Cleveland-Rockside, Independence

OKLAHOMA
Proposed Hotel, Kingston

OREGON
Shilo Inn, Klamath Falls

PENNSYLVANIA
Parx Casino, Bensalem
Sands Casino Resort Bethlehem, Bethlehem
Harrah’s Philadelphia, Chester
Hollywood Casino at Penn National, Grantville
Rivers Casino, Pittsburgh
Meadows Racetrack & Casino, Washington

PUERTO RICO
El San Juan Resort & Casino, Carolina
Waldorf Astoria El Conquistador Resort, Fajado
Condado Plaza Hilton, San Juan

TENNESSEE
Hotel Preston, Nashville

TEXAS
Hampton Inn Amarillo East, Amarillo
Holiday Inn Express, Arlington
Quality Inn & Suites, Bryan
Fairmont Dallas, Dallas
Sheraton Dallas DFW Airport, Irving
Salado Creek/Arena District, San Antonio

UTAH
Marriott Hotel, Salt Lake City

WASHINGTON
Iron Horse Casino, Spokane

INTERNATIONAL

Bahamas
Proposed Baja Mar Resort, Casino Component, Nassau

Canada
River Cree Resort & Casino, Edmonton
Lloydminster Entertainment Complex, Lloydminster
Casino Niagara, Ontario
Niagara Fallsview Casino Resort, Ontario

Chile
Proposed Casino-Hotel, San Francisco de Mostazal

Ireland
Proposed Tipperary Venue, Tipperary

Lao PDR
Savan Vegas Casino Hotel, Savannakhet

Netherlands Antilles, NA
Renaissance Curacao Resort & Casino, Curacao

Panama
Proposed Casino Component of Panama Bay Hotel-Casino, Panama City

People’s Republic of China
Altira Macau, Macau SAR
City of Dreams, Macau SAR
Grand Waldo Hotel & Casino, Macau SAR
Proposed Las Vegas Sands Macao Expansion, Macau, SAR
Proposed Macao Studio City, Macau SAR
Sands Macao, Macau SAR
Venetian Macao, Macau SAR

Russian Federation
Proposed Casino Component of Resort, Moscow

Singapore
Proposed Marina Bay Sands

Spain
Proposed Las Vegas Sands Spain, Madrid

My Articles

Las Vegas Casino & Hotel Market Outlook 2016

Las Vegas received more than 42.3 million visitors in 2015, an all-time high. Year-to-date data points to a new high this year. Diversification in the area’s attractions, however, brings a shift in how visitors spend their dollars in the city.

• November 21, 2016 By Shannon S. Okada , Bomie Kim

Las Vegas Casino & Hotel Market Outlook 2015

Las Vegas remains a premier destination: over 41.1 million people visited in 2014, an all-time high. The market continues to benefit from its variety of demand generators, including gambling, dining, entertainment, convention/meetings, and shopping.

• October 19, 2015 By Shannon S. Okada

In Focus: Las Vegas Casino & Hotel Market Outlook 2014

Las Vegas is well positioned for growth with major new hotel openings in 2014. New gaming, arena, convention, and entertainment developments are also part of the city’s evolution and will define Las Vegas' future landscape.

• June 30, 2014 By Shannon S. Okada

Las Vegas Casino and Hotel Market Outlook 2013

Visitors to Las Vegas increased (over 39,700,000 in 2012), exceeding 2007’s previous record. Clark County annual gaming revenue also increased in 2012 as the industry continues its modest recovery, and the lodging market exhibited positive trends.

• April 29, 2013 By Shannon S. Okada

• Gaming

Las Vegas Casino and Hotel Market Outlook 2012

Visitor volume is the single-largest determinant of Southern Nevada's economic health, driving hotel occupancy, average daily room rates, and gaming revenue. All experienced modest increases in 2011 and are expected to continue to improve in 2012.

• February 21, 2012 By Shannon S. Okada

Las Vegas Casino and Hotel Market Outlook 2011

Although the Las Vegas market has historically weathered periods of economic decline and downturns in visitation and is beginning to show signs of improvement, the rate and extent of a future recovery are uncertain at this time.

• February 3, 2011 By Shannon S. Okada

• Gaming , Valuations & Market Studies , Economic Trends and Cycles

Las Vegas Casino and Hotel Market Outlook 2010

The impact of the downturn in the national and worldwide economies, and the resulting decrease in consumer consumption, was strongly felt by the Las Vegas gaming-tourism industry in 2009. Has the bottom been reached?

• January 26, 2010 By Shannon S. Okada

• Gaming , Valuations & Market Studies , Economic Trends and Cycles

The Status of the Gaming Industry: A Recap of 2008

The effects of the challenging economic conditions in 2008 on major gaming markets, as well as other significant events and developments impacting these markets, are briefly summarized in this article.

• January 26, 2009 By Shannon S. Okada

• Hotel Operations , Gaming , Valuations & Market Studies

Las Vegas Casino and Hotel Market Outlook 2009

The downturn in the national and worldwide economies, and the resulting decrease in consumer consumption, has reduced visitation to the Las Vegas market in 2008 to levels not seen since 2004.

• January 26, 2009 By Shannon S. Okada

• Hotel Operations , Gaming , Valuations & Market Studies , Economic Trends and Cycles

The Impact of Gaming Tax Rates on Casino and Racino Development and Operations

Taxation of gaming enterprises should take into consideration marketwide factors and dynamics rather than simply comparing the different gaming tax rates between jurisdictions.

• January 30, 2008 By Shannon S. Okada

• Gaming , Valuations & Market Studies , Property Tax

New York Racinos: Casinos of Convenience

This paper considers the performance and relative competitive positioning of the eight current New York racinos, the initial impact the addition of VLT gaming has had upon host racetracks, and implications for further study.

• January 23, 2007 By Shannon S. Okada

• Gaming , Valuations & Market Studies , Economic Trends and Cycles

Forecasting Market-wide Gaming Revenue (Win) for the Macau Special Administrative Region

Forecasting gaming revenue for the Macau SAR over the next five to seven years will be particularly challenging primarily due to the current extraordinarily high win per unit per day (WPUPD) and the unprecedented anticipated growth in supply.

• January 25, 2006 By Suzanne R. Mellen , Shannon S. Okada

• Gaming , Valuations & Market Studies

Extracting Value From Hotels in Hawaii Through Conversion

In this article, the authors discuss why the current trend of converting the use of transient lodging facilities in Hawaii to alternative uses is so appealing to developers.

• January 20, 2005 By Shannon S. Okada , Stephen E. O'Connor

• Asset Management , Development & Construction , Architecture & Interior Design