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By Altus Group | December 13, 2017

Authored by David C. Lennhoff, MAI, SRA, AI-GRS, and David J. Brooks, the Peer-Reviewed Article Valuation of Casinos: Risky Business was published in The Appraisal Journal – Summer 2017.


Traditional commercial real estate is usually valued directly by capitalizing real estate rent, comparing sales of real estate, or applying a cost approach. Valuing just the real property being used as a casino is not so easy. This is because casinos are never built speculatively, and then sold or rented. As a result, an appraiser tasked with valuing just the real property must begin with sales and revenues associated with the total assets of the casino business, and then extract the contribution of the tangible and intangible personal property. This article describes the appraisal problem and presents suggestions about how that problem can be solved.

Read the full article here: Valuation of Casinos_Lennhoff_Brooks_Summer2017

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