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Principal Biographies

Eugene Martin Christiansen – Chairman

Mr. Christiansen has been active as an executive and consultant to the commercial gambling and entertainment industries since 1976. In the area of commercial gambling, he has conducted studies of the economics, taxation, financial structure, and regulation of casino gaming, pari-mutuel wagering, and lotteries, and has counseled Manhattan and Washington, D.C. law firms in legal proceedings where gambling was an issue.

Representative work includes studies of the efficiency of a U.S. state lottery; estimates of the demand for casino gaming, lotteries, and pari-mutuel wagering in U.S. and foreign markets; the feasibility and revenue potential of off-track betting; the financial structure of the Atlantic City casino industry; the impact of gambling on U.S. Indian reservation lands on State-authorized gambling industries; analyses of gambling taxation; procedures to increase wagering and improve the efficiency of pari-mutuel betting operations; the changing nature of communications media and the implications of the changes for horse racing; the interrelationships among evolving consumer expectations, casino gaming, and other forms of entertainment; the evaluation of a proposed cable television network for a major U.S. telecommunications company; and assessment of acquisition prospects for a major equity fund.

Mr. Christiansen is the author of numerous articles dealing with casinos, horse racing, greyhound racing, jai alai, off-track betting, lotteries and related activities in trade, professional, and academic publications. He prepares authoritative statistical reports that are widely used domestically and abroad, including annual analyses of the gross wager of the United States which appears annually in International Gaming and Wagering Business magazine and other trade publications. These are recognized throughout the world as the most comprehensive and authoritative description of the gambling industries of the U.S. He is also a co-author of an influential academic study of gambling, The Business of Risk: Commercial Gambling in Mainstream America(University Press of Kansas, 1985).

Mr. Christiansen is a member of the advisory boards of the National Council on Problem Gambling and the Institute for the Study of Gambling and Commercial Gaming at the University of Nevada, Reno. He has also served on the faculty of that University's Executive Development Program.


Sebastian Sinclair – President

Mr. Sinclair has been an analyst at Christiansen Capital Advisors, LLC since 1993, in that capacity; he has conducted studies of the economics, financial structure, and valuation of existing and proposed gambling facilities. Mr. Sinclair has extensive experience in the development and application of quantitative computer models, and specializes in the competitive economics, business models, and the strategic financial analysis of legal gambling industries.

Illustrative current and recent projects include: An assessment of the prospects for Class II gaming devices at an Oklahoma racetrack; analysis of the potential and net impacts of video lottery terminals at a thoroughbred racetracks in Florida and New York; a detailed assessment of the market potential for an Indian gaming facility to be located in West Warwick Rhode Island, and the resulting net impacts upon racetracks and racetrack devices in that State; assessment of the prospects for, valuation, and strategic development of, Hialeah Park for the State of Florida; analysis of the potential and net impacts of video lottery terminals at a thoroughbred racetrack; the feasibility and likely financial performance of a casino cruise-to-nowhere to be berthed in Miami, Florida; The current analysis of, and five year forecast for, the worldwide market for casino gambling supplier industries through the development of a detailed economic input/output account model; a detailed sales model, historical and pro forma, for the gaming device market, that has since been adopted by the research analysts of many major financial institutions; advice and counsel to the research analysts at Salomon Smith Barney on various companies and industries; the development of a business model and assistance with the business plan of a major media company investing in new Internet businesses; and the appropriate valuation and strategy for the purchase of an ailing Las Vegas Strip property for a New York investment firm; include: the analysis and evaluation of international markets, and strategic advice on entering these markets, for a publicly traded Internet commerce concern; industry analysis and strategic advice to a major Australian telecommunications company planning to expand its business to the Internet; the development of a business model and assistance with the business plan of a major media company investing in new Internet businesses. Since 1994, Mr. Sinclair has directed the data collection, statistical analysis, and assessment of gambling industries in the “The Gross Annual Wager of the United States” published annually in International Gaming and Wagering Business (IGWB) magazine. These articles review wagering statistics, trends, new gambling products, and industry analysis.

Mr. Sinclair is the author of numerous professional articles dealing with the economic and financial aspects of legal gambling industries in trade and professional publications. Of particular note, is his widely cited and respected “By the Numbers” column published by IGWB. Mr. Sinclair authored a chapter assessing the prospects for Internet gambling that was recently published in “The Internet Gambling Report IV” edited by Anthony Cabot. Mr. Sinclair has leveraged his unique experience with computers and the Internet, and knowledge of legal gambling businesses to become one of the foremost experts in the world on the subject of Internet gambling. His opinion and comments regarding these and other gambling matters are often sought by the news media.

Mr. Sinclair has testified on various aspects of commercial gambling before State, local governments, and the US Congress. He has been a featured speaker at the World Gaming Congress and Expo, The Global Interactive Gaming Summit, Gaming Online, Investing in Online Gaming, and several other industry conferences.

Mr. Sinclair is a graduate of New York University.