Who We Are

Global Market Advisors (GMA) is the world’s leading gaming, entertainment, sports, hospitality research and consulting firm. The company is well-regarded for its independence and quality of thought leadership. The company’s market experience extends throughout all regions of the Americas, Eastern and Western Europe, Australia, and Asia. GMA’s clients consist of the majority of public gaming companies, numerous private entities, more than 75 Native American tribes, commercial and investment banks, and government agencies from around the world. The global capabilities of GMA are enhanced by its multi-office footprint, staff associate network, and strategic partnerships. GMA is a Limited Liability Corporation with offices in Las Vegas, Denver, and Singapore.

Meet the Team

Steve Gallaway

Managing Partner

Steve Gallaway is Managing Partner at Global Market Advisors. His areas of expertise include gaming market assessments, hotel and casino feasibility studies, operational reviews and marketing analysis.

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Mr. Gallaway has spent his entire career in the gaming and hospitality industry, starting as a valet attendant and eventually rising to chief operating officer and managing partner of a casino in Colorado. Prior to forming GMA, he served as senior vice president of a hospitality consulting firm where he honed his craft in the fields of gaming market assessments and feasibility analysis. During the span of his career, Steve developed hands-on experience in operations management, organizational development, project development, business development, process improvement, contract negotiations, employee development, and customer service training.

In 2005, along with Andrew Klebanow, Mr. Gallaway formed Gaming Market Advisors. In 2014 the firm was rebranded as Global Market Advisors, reflecting the company’s evolution as an international gaming, tourism and hospitality consulting firm.

Mr. Gallaway has completed over 300 feasibility studies, with a strong focus on international gaming operations and integrated resort development. Mr. Gallaway has worked on more than 60 projects in Asia, Western and Eastern Europe, the Caribbean, Central America, Canada, and Australia. His knowledge and understanding of emerging markets, particularly those in Asia, has led him to advise institutional investors on new market opportunities in that region, as well as an advisor on established markets. Today, Steve’s clients include most public gaming companies, investment banks, private developers and government institutions.

Mr. Gallaway is a visiting lecturer at the University of Nevada Reno’s School of Continuing Education where he teaches a class on casino feasibility analysis and marketing measurement. He is a periodic contributor to Global Gaming Business Magazine and Indian Gaming Magazine, and has spoken at G2E Las Vegas and the Asian Gaming Congress.

Mr. Gallaway graduated from Boston College with a B.A. in Economics.

Bob Boughner

Senior Partner

Bob Boughner brings to GMA substantial experience in the gaming and hospitality industry. Prior to joining GMA as a Senior Partner, Bob served as Executive Vice President and Chief Business Development Officer of Boyd Gaming Corporation (NYSE: BYD). While at Boyd, he served in a variety of senior executive positions, including general manager of various properties, Senior Vice President of Administration, and Chief Operating Officer. In July 1996, he was elected to the Company’s Board of Directors and remains on the board today.

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In 1998, Mr. Boughner was appointed Chief Executive Officer of Borgata where he directed the design, development and operations of the $1.6 billion integrated resort in Atlantic City. The Borgata Hotel Casino and Spa and The Water Club at Borgata became one of the most successful gaming destinations in North America.

Boughner led much of Boyd’s expansion into new markets and played key roles in the acquisition of several gaming properties across the United States. He has overseen the design and development of numerous gaming, dining, nightlife and entertainment venues. Boughner also has extensive experience in various administrative disciplines including Information Technologies, Human Resources, Risk Management and Regulatory Compliance.

Bob is active in civic and industry affairs. He served two terms on the Board of Directors of the Las Vegas Convention and Visitors Authority (LVCVA). He was appointed by the Governor of New Jersey and served on the Board of the Casino Reinvestment and Development Authority. In the private sector, Boughner served for twenty years as a Director of Bank of Nevada, formerly BankWest. He currently serves on the board of Southwest Gas Corporation (NYSE:SWX).

In 2007, as a part of Boughner’s philanthropic activity, he and the Hotel College at the University of Nevada Las Vegas (UNLV) established the Bob Boughner Career Services Center at UNLV to assist students in the pursuit of employment in the hospitality, tourism and gaming industry.

Bill Bryson

Senior Legal Counsel

Bill Bryson has practiced law in New York and Taipei for over 25 years, and is recognized as a leading lawyer in the fields of gaming, hospitality, real estate development, mergers and acquisitions and financial transactions. 

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Bill has extensive experience in the representation of local and foreign hospitality industry clients in their operations and investments, both in Taiwan and throughout Asia.  Bill has represented casino gaming companies, gaming machine manufacturers and consultants to the industry in Taiwan and 38 other jurisdictions on a variety of issues, including:

  • Corporate Structuring
  • Taxes
  • Employment Issues
  • Marketing Restrictions
  • Internet/Interactive Gaming
  • Debt Collection
  • Gaming Development

In connection with prior and ongoing efforts by Taiwan to legalize casino gaming, Bill has represented several gaming industry clients in connection with possible gaming development projects in Taiwan. These representations have involved due diligence on potential joint venture partners, negotiation of joint venture and deal documentation, due diligence on potential casino gaming locations, reviewing and commenting on draft laws and regulations, and preparing background materials for, and participating in, client lobbying efforts and meetings with government officials.

Bill has been acknowledged by Chambers Asia Pacific as a leading gaming lawyer in the region, and by Chambers Global as a leading lawyer in the global gaming industry. He has been a speaker at both the Asian Gaming Congress and G2E Asia, and currently serves on the Advisory Board of the Center for Research on Gaming and Lotteries, a division of the School of Business Administration at the National Taiwan University of Science and Technology.
Bill has also represented non-gaming interests in the hospitality industry, including both local hotel owners and foreign management companies. Bill’s roles in such representations have included assisting local owners in the negotiation of letters of intent, hotel operation agreements, management agreements, franchise agreements, technical services agreements, and pre-opening services agreements. He has assisted foreign management companies in similar transactions, as well as in termination scenarios (including related hand-over issues) and owner insolvency proceedings.

Bill’s merger and acquisitions, financing and real estate experience includes many “first of a kind” deals in Greater China, including the first-ever sale/leaseback of a commercial building in Taiwan, the first multi-jurisdiction acquisition of non-performing loans in Taiwan, the first acquisition of non-performing loans in China by a foreign investor, the first cross-border limited recourse financing led by Taiwanese banks, the first acquisition of a listed local shipping company by a foreign investor, the first acquisition of a substantial stake in a local financial holding company by a Japanese bank, the largest (by value) acquisition of commercial real estate by a foreign investor in Taiwan, and the acquisition of a local Internet Service Provider by an American internet company.  Bill has been acknowledged as a leading lawyer in M&A, real estate, and finance by Chambers Asia Pacific, Asia Pacific Legal 500, and AsiaLaw magazine’s Leading Lawyers Survey.

Along with his gaming, hospitality and transactional experience, Bill also brings with him extensive experience in public advocacy.  As a member of the Government Relations Committee of the American Chamber of Commerce in Taipei, as well as his roles as Chairman of the Private Equity Committee and member of the Travel and Tourism Committee, Bill has, for the past 20 years, been a regular and central member of the Chamber’s advocacy efforts on behalf of foreign companies in Taiwan. Bill’s advocacy experience includes working with both local and US government officials on issues of importance to American companies in Taiwan, reviewing and revising draft legislation and regulations, developing advocacy strategies for both clients and industry groups, and being an editor of the Chamber’s annual Taiwan White Paper, a collection of position papers produced by the Chamber’s industry Committees. Bill’s efforts on behalf of foreign companies in Taiwan have been recognized by the American Chamber of Commerce with two Outstanding Achievement Awards.

Bill is a graduate of Duke University (B.A, Cum Laude, 1980) and Tulane University School of Law (J.D., Magna Cum Laude, 1984). He is licensed in the States of New York (1988) and Illinois (1984). While at Tulane, Bill took courses in both civil law and common law systems, a curriculum which, when combined with Bill’s 26 years of working in Asia, has made Bill and expert in identifying and reconciling, in a project or transactional context, the different approaches taken by civil law systems and common law systems to the drafting of new laws and regulations and the interpretation of existing laws and regulations.

John English

Partner, Managing Director of Sports Betting & Technology

John English is the Managing Director of Sports Betting and Technology at Global Market Advisors. Mr. English specializes in global business development for the regulated gaming industry, with emphasis on technology, content, and distribution, as well as public relations and contract negotiation in regulated gaming. Mr. English’s work history contains an extensive background in gaming, including lottery, AWP, slot machines, table games, sweepstakes, systems, and race and sports betting both digital and live.

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Mr. English has been involved in many successful developments in the industry. One of Mr. English’s endeavors was previously an equity partner with American Wagering Incorporated, the first company to receive Nevada Gaming Control Board approval for mobile sports betting within the state of Nevada. Mr. English also created the first betting app in the United States to be distributed from the App Store through Apple. Additionally, he created the first kiosk sports betting device (SBX) to gain regulatory approval and to be mass released. Furthermore, Mr. English created Million Dollar Ticket which was licensed by the State of Nevada for a bonus game played in restricted gaming locations.

Mr. English has developed worldwide relationships as he has spent a great deal of his career in jurisdictions such as Asia, Canada, United Kingdom, South America, and Mexico. Mr. English was instrumental in the acquisition of American Wagering by William Hill, the world’s largest bookmaker, who received Nevada Gaming Commission approval.

Mr. English joined Betfair and TVG, a London listed company in late 2013 to oversee the development of Asia and the Americas.  Most recently, he was the Founder and the President of WEBE Worldwide, a global operator, developer, and distributor of sports betting, social, casino, and lottery products for the regulated gaming industry. With offices in US and China, WEBE specialized in operating land based, mobile, and online sportsbooks as well as developing new and innovative gaming content and convenience betting platforms. As President, John’s duties were to lead the company’s growth, innovations, and maintenance while WEBE sought to revolutionize industry standards.

Mr. English’s work product has been featured on television and radio numerous times as well as in hundreds of articles worldwide.

Jeff Smith CPA

Managing Director, Racing

Jeff Smith is a seasoned sports, entertainment, and gaming executive with expertise in venue management and success in working with regulators and lawmakers. Throughout his career, Jeff Smith has guided organizations through rapidly changing business environments. His leadership has enabled companies to capitalize on opportunities requiring significant change in strategies, markets, and scale.

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In 2001, Mr. Smith joined the senior management of Centaur Gaming with the responsibility to position the company for growth. As the company’s representative to regulators, Mr. Smith won a reversal of the sanctions within seven months, allowing the pursuit of gaming related opportunities in several states and Canada. During his tenure, Centaur grew from a few employees and no operations into a company that raised $1 billion in capital, generated annual revenues of $250 million, and had more than 1,000 employees.

Mr. Smith also negotiated the purchase of Hoosier Park and supported legislative efforts to allow the incorporation of 2,000 slot machines. Smith played a key role in transforming Hoosier Park Racing & Casino into a successful, fully integrated racing, gaming, dining, and entertainment destination.

From 1983 to 2001, Jeff Smith performed several key roles at Churchill Downs Inc. and was instrumental in the company’s evolution from a single-location operation to the premier, multi-state industry leader. During a period of great change in the industry, Mr. Smith personally worked on many of the most significant industry innovations. Through Smith’s progressive leadership responsibilities during his 18-year tenure, Churchill Downs successfully navigated new business paradigms, including technological opportunities, market expansion, introduction of gaming and facility enhancements to maximize the entertainment experience.

Mr. Smith graduated from the University of Kentucky with a B.A. in Accounting and earned his CPA (Kentucky).

Kit Szybala

Partner, Executive Director of Operations

Kit L. Szybala serves GMA as a Partner and the Executive Director of Operations.  At GMA, Mr. Szybala oversees the output and quality of GMA’s feasibility studies, due diligence assignments, and market assessments.

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He has created over 150 robust financial models in various markets. In addition to these financial models, Mr. Szybala has written a multitude of extensive, analytical reports, including feasibility studies, impact and cannibalization studies, gaming market assessments, and strategic planning assessments.

Kit has in-depth experience in various markets with broad knowledge of markets in North America, India, Japan, and Australia.  Recently, he completed a white paper entitled “Gaming in India: An Evaluation of the Market’s Potential” and assisted in the completion of the white paper entitled “Japan Integrated Resorts.”

Mr. Szybala is a visiting lecturer on casino feasibility analysis at the University of Nevada, Reno’s School of Continuing Education and a periodic contributor to Global Gaming Business Magazine. He also frequently speaks at industry conferences and events.

Mr. Szybala graduated from Southern Methodist University as a Hunt Leadership Scholar with a B.B.A. in Finance, B.A. in International Studies – European Concentration, and minor in History.

Ray Cho

Senior Research Consultant

Dr. Cho is an interdisciplinary expert in data science and responsible gambling policy. During his 15-year hospitality and gaming career, he held various leadership roles in operations and corporate management. He has a Ph.D. in hospitality from the University of Nevada Las Vegas, where before that, he earned an MBA and an MS. Dr. Cho’s academic appointments include roles as visiting professor and postdoctoral associate. He is currently a project coordinator in the Center for Gambling Studies at the Rutgers School of Social Work. His research has been published in Cornell Hospitality Quarterly, Computers and Human Behavior, and the International Journal of Gaming, Hospitality, and Tourism. He has presented his research in Japan, Korea, Hong Kong, Singapore, Macau, and throughout the United States. Originally from Hawaii, Dr. Cho earned a BA from the University of Wisconsin-Madison.

Clay Peister

Strategic Partner, iGaming and Database Marketing Specialist

Clay Peister is known throughout the industry for his database marketing and iGaming prowess.  Having served as VP of Casino Marketing for Wynn in Macau, and worked for Crown Resorts, Sands China, Melco Resorts and Venetian Las Vegas, Clay brings with him years of experience in the industry.  Today, Mr. Peister focuses his times in assisting clients in developing and implementing iGaming strategies and bringing modern day marketing practices by integrating AI and other proprietary programs developed by Clay to casinos.

Kirk Saylor CPA

Partner, Casino Operations and Finance

Kirk Saylor has accumulated over 25 years of gaming and casino industry experience in both finance and operations. His latest endeavor involves the development and renovation of a small casino property in Cripple Creek, Colorado. As an owner and also CFO/COO of this small casino property, Mr. Saylor is actively involved in all aspects of running the property both operationally and financially.

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Prior to starting up this small casino company Mr. Saylor was actively pursuing the improvement of his golf game and bike riding skills for a period time as well as staying sharp mentally by providing consulting services to various entities and individuals. Prior to playing golf and bike riding Mr. Saylor served as Executive Vice President and Chief Operating Officer for Majestic Star Casinos from May of 2006 to August of 2008. Saylor’s overall responsibility was to oversee all aspects of the Company’s operations both day-to-day and corporate-wide expansion and growth. Mr. Saylor opened lines of communication with not only the operating properties, but the corporate team as well. He built the majority of the infrastructure necessary to effectively operate a multi jurisdictional gaming company. He also served as a Director on the company’s Board of Directors.

Prior to joining Majestic Star Casinos, from October of 2004, Mr. Saylor served as the Chief Financial Officer of Olympia Gaming, the gaming arm of Olympia Land Corporation. Prior to that, and since 1998, he was the Senior Vice President and Chief Financial Officer of Horseshoe Gaming Holding Corp.

While at Horseshoe, Mr. Saylor was instrumental in the company’s growth, helping to increase its value ultimately to $1.45 billion. He was also responsible for securing financing of more that $1.0 billion including the successful refinancing of a significant portion of Horseshoe’s debt. As Senior VP and Chief Financial Officer, Mr. Saylor was an integral part of the executive team responsible for not only acquisitions, but the ultimate sale of the Company to Harrah’s Entertainment in 2004.

Mr. Saylor is well-experienced in dealing with the investment community, having networked with them for many years throughout his professional career. He served as Senior Vice President and Chief Financial Officer for Lone Star Casino Corp., as Corporate Controller and Chief Accounting Officer for Alliance Gaming, Inc., and as the Financial Reporting Manager for the Golden Nugget, Inc.

Mr. Saylor is a CPA and spent over six years with the public accounting firm of Laventhol & Horwath working predominantly in the gaming industry.

Mr. Saylor holds a Bachelor’s degree in Business Administration from the University of Nevada, Las Vegas. He is also a member of the American Institute of Certified Public Accountants. Mr. Saylor currently resides in Steamboat Springs, Colorado with his wife of 27 years.

Strategic Partners

Differential Labs

Differential Labs is the leading AI company for the gaming and hospitality industry that is based in Denver, Colorado.

Tottenham & Co.

Experienced. Knowledgeable. Above all, specialist. These are three key attributes of international gaming consultancy Tottenham & Co, founded close to 30 years ago by Andrew Tottenham.

Clarion Gaming

Clarion Gaming provides a full range of services to the entire spectrum of the global gaming industry, including exhibitions, conferences, technical training, research, and digital information.

Thought Leadership

The partners of GMA have authored hundreds of articles, white papers, academic papers, and research reports relating to all aspects of the gaming, entertainment, sports, and hospitality sectors. The company additionally responds to media outlets from around the world including major print, television, radio, internet, and trade outlets. GMA is widely respected for its thought leadership around the globe.

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