▌ Who builds it
Allen Khatchatrian
Founder, GGR Data Gaming & leisure investing Los Angeles
Five years underwriting and financing gaming real estate at a publicly traded REIT, three in investment banking, and now on the buyside in lower middle market gaming and leisure. GGR Data is the dataset that work kept requiring, built once and built properly.
▌ Why this exists
Built for practitioners, out of the work I kept having to do by hand.
- Every deal meant pulling a dozen regulators’ monthly reports together by hand.
- Portfolio monitoring was tedious, and it ate days each time to compile across every jurisdiction.
- The industry never had a centralized database of it.
GGR Data is that work, done once and kept current, for the people in the sector who still do it by hand.
▌ Gaming transactions
Acquisitions closed at MGM Growth Properties while I was there, 2017 to 2022. Consideration in $ millions, as disclosed.
| Property | Location | Closed | Consideration |
|---|---|---|---|
| MGM Springfield | Springfield, MA | Oct 2021 | $400 |
| MGM Grand Las Vegas / Mandalay Bay JV | Las Vegas, NV | Feb 2020 | $4,599 |
| Park MGM | Las Vegas, NV | Mar 2019 | $638 |
| Empire City Casino | Yonkers, NY | Jan 2019 | $625 |
| MGM Northfield Park | Northfield, OH | Jul 2018 | $697 |
| National Harbor | Prince George's County, MD | Oct 2017 | $1,188 |
| Total | $8,147 |
And the company itself: MGM Growth Properties’ ~$17.2B sale to VICI Properties in April 2022.
MGM Growth Properties 2017–22 · Rothschild & Co 2022–25 · Entertainment Leisure Management 2025–
▌ What that means for the data
Property-level data
State totals don’t clear an investment committee. Every figure resolves to the individual property and rolls up to the operating company that owns it, which is the level at which assets are actually underwritten.
Primary sources only
Every figure comes from the regulator’s filing or the SEC document itself. Nothing is estimated, interpolated or filled in from a third party. Where a jurisdiction doesn’t publish, the cell stays blank and says so.
Standardized across jurisdictions
Thirty-eight jurisdictions, three verticals, one format. Definitions, calendars and naming are normalized on the way in, so a comparison between two states means what you’d expect it to mean.
Reconciled before it’s published
Every number is checked against the source and against public benchmarks before it appears. A dataset used to price an asset has to tie out every month, without exception.
▌ On independence
GGR Data is built entirely from the public record. Every figure originates in a state regulator's published filing or a public company's SEC documents. The database holds no confidential, client or employer information, and nothing that is not already available to any member of the public willing to collect it.
There are no operator relationships behind the numbers, no modelled numbers, and no promotional agenda — the sector experience above informs how the data is structured, never what it says.
▌ Elsewhere
Writes on gaming and hospitality equities — valuation work, transaction structure and the state-level data behind both.
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