Shannon S. Okada, MAI

Consulting Experience

Shannon Okada, MAI, Managing Director of Gaming with HVS, has experience in virtually every node of casino-hotel operations, valuation, and development. Shannon, based in Las Vegas, 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. In 2007, Shannon was 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, is among the complex casino-hotel assignments he has undertaken. 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 is a Designated Member (MAI) of the Appraisal Institute. 

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
Advanced Hotel Appraising – 7 hours
Basic Hotel Appraising – 7 hours
General Demonstration Report Writing
Nevada Law – 3 hours
Rates and Ratios – 7 hours
Appraisal of Land Subject to Ground Leases – 7 hours
Basics of Expert Witness – 7 hours
Biennial USPAP Updates

Affiliations

Appraisal Institute – Designated Member (MAI)

State Certification

Hawaii
Nevada

Hotels Evaluated

Sample List for Illustrative Purposes

PORTFOLIO/COMPANY ANALYSIS
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
Hampton Inn & Suites Las Vegas South, Henderson
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
Hard Rock Hotel & Casino, 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 Airport, Las Vegas
Homewood Suites by Hilton Las Vegas and United Brotherhood of Carpenters International Training Center, Las Vegas
Howard Johnson on East Tropicana, Las Vegas
Hyatt Place, 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
Revel, 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
Ramada Spokane Airport and Indoor Waterpark, Spokane
 
INTERNATIONAL
 
Bahamas
Proposed Baja Mar Resort, Casino Component, Nassau
 
Canada
River Cree Resort & Casino, Edmonton
Lloydminster Entertainment Complex, Lloydminster
Casino Niagara, Ontario
Fallsview Casino Resort, 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 COVID-19 Pandemic Update

Nevada began its emergence from the COVID-19 pandemic shutdown on May 9, 2020, after Nevada’s Governor Steve Sisolak authorized certain businesses, including restaurants and retail establishments, to reopen with limitations. Nevada’s casinos were allowed to reopen on June 4, 2020, with restrictions. This article provides an update of the status of the Las Vegas market since Nevada’s casinos were allowed to reopen.

• September 4, 2020 By Shannon S. Okada

• Hotel Operations , Development & Construction , Gaming , Economic Trends and Cycles , COVID-19 , United States , North America , Las Vegas , Nevada

The Reopening of Las Vegas Casinos During the COVID-19 Pandemic

Governor Sisolak authorized certain businesses, including restaurants, barbershops, hair salons, and most retail businesses, to reopen with limitations beginning May 9, 2020, and Nevada began its emergence from the pandemic shutdown. Nevada’s casinos were allowed to reopen on June 4, 2020, with restrictions. While the pandemic is far from over, this article examines some of the differences observed in casinos in the Las Vegas market since reopening and what has been learned thus far.

• July 6, 2020 By Shannon S. Okada

• Gaming , Travel & Tourism , Convention, Sports, Entertainment , Economic Trends and Cycles , COVID-19 , Las Vegas , Nevada , United States , North America

The Importance of Sporting Events for the Las Vegas Market

Three U.S. major professional sports teams—the Vegas Golden Knights of the National Hockey League, Las Vegas Aces of the Women’s National Basketball Association, and Las Vegas Raiders of the National Football League—are based in Las Vegas. The importance of sporting events for the Las Vegas market extends beyond serving as the home for these professional teams. The return of sports will contribute to Las Vegas’ eventual recovery from the impact of the COVID-19 pandemic.

• June 29, 2020 By Shannon S. Okada

• Gaming , Travel & Tourism , Economic Trends and Cycles , COVID-19 , Las Vegas , Nevada , United States , North America

Major Las Vegas Development Projects Status Update

During the three years preceding the onset of the COVID-19 pandemic, Las Vegas had entered a cycle of new development after the prolonged recovery from the 2008 Great Recession. The ongoing construction of major demand generators throughout the closure period is important to the eventual recovery of the Las Vegas market. This article summarizes the available information regarding the status of major tourism-related projects in the Las Vegas market.

• June 22, 2020 By Shannon S. Okada

• Hotel Investments & Ownership , Development & Construction , Travel & Tourism , Economic Trends and Cycles , COVID-19 , Las Vegas , Nevada , United States , North America

Las Vegas Casino & Hotel Market Outlook 2019

Continuing development of numerous gaming, lodging, and entertainment venues will enable the Las Vegas market to retain its status as a premier destination. This article examines trends and market developments affecting the Las Vegas hospitality market.

• July 18, 2019 By Shannon S. Okada

• Development & Construction , Gaming , Travel & Tourism , Convention, Sports, Entertainment , Economic Trends and Cycles , Las Vegas , Nevada , United States , North America

Las Vegas Casino & Hotel Market Outlook 2017

Las Vegas had 42.3 million visitors in 2015, breaking the previous record set in 2014. The record for number of visitors was broken for the third consecutive year in 2016, with 42.9 million visitors.

• November 13, 2017 By Shannon S. Okada , Bomie Kim

• Development & Construction , Valuations & Market Studies , Travel & Tourism , Economic Trends and Cycles , North America , United States , Las Vegas , Nevada

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 , North America

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 , North America

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 , North America

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 , North America

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 , North America

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 , North America

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 , North America

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 , North America