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. 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

2018 - Present
HVS Consulting & Valuation
Las Vegas, Nevada
Managing Director Gaming Consulting & Valuation

2009 - 2018
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
Intermediate Income Approach Case Studies – 4 hours
Essential Elements of Disclosure and Disclaimers – 5 hours
Evaluations, Desktops and Other Limited Scope Appraisals – 4 hours
Laws for NV Appraisers – 3 hours
Managing Appraiser Liability – 6 hours
Supervisor Trainee Course for NV – 4 hours
That's a Violation – 4 hours
Biennial USPAP Updates

Affiliations

Appraisal Institute – Designated Member (MAI)

Hotels Evaluated

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
Extended Stay America Portfolio (3 Properties)
Kyo-ya Portfolio
Motel 6 Portfolio (3 Properties)
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
Lucky Dragon, 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
Rio All Suite Hotel & Casino, Las Vegas
SLS Las Vegas, Las Vegas
Westin Las Vegas Hotel & Spa, 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
Proposed El Vigía Hotel and Residences, a Tribute Portfolio Resort, Ponce
Condado Plaza Hilton, San Juan
Proposed 1,000-Room Hotel & Casino San Juan, 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
JW Marriott Parq Vancouver, Vancouver
 
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

HVS Las Vegas Casino and Hotel Market Outlook 2023

Las Vegas’s 38.8 million total visitors in 2022 was roughly 91.3% of 2019 levels and only 4.1 million below the peak number of visitors in 2016. Gaming revenue for Clark County in 2022 was $12.8 billion, a new record for the market. Statistics from the Las Vegas Convention and Visitors Authority reflect 43.6 million total occupied room nights for Las Vegas in 2022, 20.6% more than in 2021. This article examines the latest trends and developments relevant to the Las Vegas hospitality market.

• March 16, 2023 By Shannon S. Okada

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

HVS Las Vegas Casino and Hotel Market Outlook 2022

The number of visitors to Las Vegas exceeded 32.2 million in 2021, which was 10.7 million below the peak number of visitors in 2016. However, gaming revenue in Clark County in 2021 was $11.5 billion, which was approximately $600 million above the prior peak achieved in 2007. Occupied rooms in Las Vegas grew 70.7% in 2021, compared to 2020, from 21.2 million to 36.2 million; total occupancy for the year was 66.8%.

• March 7, 2022 By Shannon S. Okada

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

HVS Las Vegas Casino & Hotel Market Outlook 2021 Mid-Year Update

The Las Vegas market benefited from pent-up demand, government stimulus checks, limited international travel options, increased vaccination rates, and the easing of COVID-19 restrictions during the first half of 2021. However, major COVID-19 metrics notably surged during the summer, and indoor masking rules have been reimplemented in Clark County.

• September 1, 2021 By Shannon S. Okada

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

HVS Las Vegas Casino & Hotel Market Outlook 2021

The impact of the COVID-19 pandemic on the Las Vegas economy has been extremely harsh given the market’s reliance on visitation and conventions. Following five consecutive years of accommodating more than 42 million visitors, Las Vegas hosted just over 19 million people in 2020 (the lowest number of visitors since 18.1 million in 1989). Continued weak performance is anticipated through the first half of 2021.

• February 25, 2021 By Shannon S. Okada

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

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