News

GMA’s View on Macau’s Casino Future

Turning Geopolitical Tension into Strategic Opportunity: GMA’s View on Macau’s Casino Future

As geopolitical tensions between the U.S. and China continue to evolve, the spotlight is once again on Macau—and the American casino operators who dominate its gaming landscape. In a recent article by iGaming Business, GMA Consulting’s founding partners offered insight into what U.S. operators bring to the table—and why that matters now more than ever.

“American casino owners have demonstrated that they know how to turn a gaming-centric market into a non-gaming success story with the gradual evolution of Las Vegas into a multi-faceted tourism destination,” write Steve Gallaway, Josh Swissman, and Kit Szybala, co-founders of GMA Consulting.

“It’s about more than just building the non-gaming—you must make money on the non-gaming in order for them to be sustainable into the future. Americans bring that know-how.”

As Chinese leadership continues to push for economic diversification in Macau, GMA sees this not just as a challenge, but as an opportunity for smart, experience-driven expansion. U.S.-based operators are uniquely positioned to deliver on these expectations, drawing from decades of transformation experience in markets like Las Vegas.

At GMA, we believe sustainable growth in Macau won’t come from simply adding entertainment or retail—it will come from strategically integrating non-gaming elements that generate meaningful, long-term revenue. That’s where American operational expertise can—and should—shine.

As the dynamics in Macau shift, we continue to guide clients in understanding, adapting to, and thriving within these evolving conditions.

For a more in-depth analysis of this topic, consider reading the original article on iGaming Business: US-China Trade Tensions Writing New Chapter for Macau Casinos.

GMA Assists with Building Cherry Rewards

Virgin Hotels Las Vegas Launches Cherry Rewards Loyalty Program in Partnership with GMA Consulting

Virgin Hotels Las Vegas has officially launched Cherry Rewards, a modernized resort loyalty program developed in partnership with GMA Consulting, as part of its broader initiative to take full control of casino operations and elevate the guest experience across the entire resort.

When the property’s leadership team assumed ownership of its casino operations, GMA Consulting was engaged to lead a complete redesign of the property’s loyalty offering—from program strategy and design to execution and technology integration.

Cherry Rewards is built on three core principles:

• Showcase the full resort experience, highlighting the property’s best-in-class amenities
• Deliver compelling rewards and benefits across all tiers of customer engagement
• Lead with clarity and transparency, ensuring members fully understand the program’s value proposition

To execute this vision, GMA Consulting conducted a detailed competitive review, designed a bespoke loyalty framework, created a high-impact promotional calendar, and collaborated closely with Virgin Hotels Las Vegas leadership and technology partners to ensure a seamless rollout.

“Cherry Rewards is a natural extension of our commitment to reimagining hospitality. In partnership with GMA Consulting, we’ve designed a loyalty program that celebrates our guests, brings clarity to rewards, and elevates every touchpoint across the resort experience—from the casino floor to fine dining.” Cliff Atkinson, President of Virgin Hotels Las Vegas.

The Cherry Rewards program has already shown strong early traction, with guest engagement and enrollment metrics exceeding launch benchmarks. GMA Consulting brings unmatched experience in loyalty strategy. Founding Partner Josh Swissman was one of the original architects of M life Rewards at MGM Resorts International, now known as MGM Rewards, one of the most widely recognized casino loyalty programs in the world. Seth Schorr, another GMA Founding Partner, has led the creation and revitalization of loyalty programs across multiple markets and property types.

While GMA is widely known for its work in feasibility studies, market research, and advanced analytics, the firm’s expertise in casino marketing, branding, and loyalty program development is at the core of its DNA. GMA has built and optimized programs for properties of all sizes, leveraging decades of operational experience and strategic insight.

“Cherry Rewards is a perfect example of how loyalty can enhance the entire guest experience—not just gaming,” said Josh Swissman. “Our goal was to design a program that’s intuitive, aspirational, and aligned with Virgin’s unique brand voice. We’re proud to partner with a forward-thinking property like Virgin Hotels Las Vegas.”

GMA and Virgin Hotels Las Vegas continue to collaborate on performance optimization strategies for Cherry Rewards as the program grows.

About GMA Consulting

GMA Consulting is a modern consulting firm created through the alliance of Global Market Advisors and The Strategy Organization. Founding Partners Matthew Chilton, Steve Gallaway, Seth Schorr, Josh Swissman, Kit Szybala, and Seth Young each have decades of deep-rooted experience in the hospitality, gaming, entertainment, sports, web3, iGaming and sports betting industries. In 2023, the firm also launched its Government Relations, Strategic Communications, and Talent Acquisition business units. The company’s client list spans the majority of public gaming companies, 85 Native American tribes, commercial and investment banks, and government agencies from around the world. For more information on GMA Consulting, please visit www.gmaconsulting.com.

About Virgin Hotels Las Vegas

Virgin Hotels Las Vegas is an integrated resort that delivers a vibrant and lively environment for travelers and locals alike. The off-Strip resort features 1,500 Chambers and suites across three towers, a 60,000-square-foot casino and sportsbook and a five-acre desert pool oasis. The property boasts several dynamic spaces for live music and entertainment, including the 4,600-capacity theater operated by AEG Presents, the intimate 24 Oxford showroom, The Shag Room, a unique and sexy cocktail lounge, and the multi-functional Event Lawn. Touting an exceptional portfolio of 12 food and beverage venues, Virgin Hotels Las Vegas is home to famed restaurants like the legendary Nobu, Michael and David Morton’s ONE Steakhouse, Kassi Beach House and Beach Club experience, Pizza Forte, Lucia Mexican Grill and more. Guests looking to make the most out of their visit can join Cherry Rewards, the property’s expansive rewards program where members can earn and redeem points on almost every dollar spent throughout the resort – from gaming to the resort pool, dining, and retail. Virgin Hotels Las Vegas is part of the Curio Collection by Hilton and has been consecutively awarded the AAA Four Diamond Award since its first year of operation. For more information, visit www.virginhotelslv.com.

GMA’s Perspective on Tourism and Security

In the Face of Crisis, Las Vegas Remains Resilient — GMA’s Perspective on Tourism and Security

On January 2, a shocking explosion outside the Trump International Hotel rattled the Las Vegas Strip. As authorities quickly responded and confirmed the incident was an isolated act, attention turned to what this meant for the city’s image and, more specifically, its tourism economy.

In an interview with the Las Vegas Review-Journal, Josh Swissman, Founding Partner and Managing Director at GMA Consulting, provided crucial perspective:

“You think about the number of people that come and stay in all the hotel rooms up and down the Strip. There really aren’t very many places in the world like that, and so security is a primary focus… probably more than most any other place in the country.”

Swissman’s insight underscores a key reality: while shocking, incidents like this are unlikely to derail Las Vegas’s tourism momentum. The Strip is not only built for spectacle but also engineered for high-security, high-density public activity. Hotels, casinos, and resorts in the region have invested heavily in private security systems and maintain daily coordination with law enforcement to stay ahead of evolving threats.

With CES—one of the world’s largest technology conferences—set to bring over 150,000 visitors to the city days after the explosion, the city’s resilience and readiness are on full display. At GMA, we believe this event is a reminder of how vital operational security, preparedness, and clear communication are—not just in crisis response, but in sustaining long-term consumer confidence.

Las Vegas has seen—and survived—far more. This latest test only reaffirms the city’s ability to adapt, respond, and thrive.

For a comprehensive account of the incident and subsequent responses, refer to the original article: Las Vegas Boosts Police Patrols After Trump Hotel Bombing.

AI Is Not the Future—It’s the Present: Seth Schorr

AI Is Not the Future—It’s the Present: GMA’s Seth Schorr on the Role of AI in Gaming

In a recent episode of the Gaming News Canada Show, Seth Schorr, CEO of Fifth Street Gaming and Founding Partner of GMA Consulting, shared candid insights into how artificial intelligence (AI) is reshaping the gaming industry—and why ignoring it is no longer an option.

“This is the greatest technological revolution in my lifetime,” said Schorr. “If you’re not leveraging AI as a business leader, you’re falling behind—hard stop.”

Throughout the wide-ranging conversation, Schorr detailed how AI is being deployed across casinos, online platforms, content creation, customer service, and responsible gaming. At GMA, AI is used not to replace people—but to empower them.

“Our analysts aren’t being replaced by ChatGPT,” Schorr emphasized. “They’re using AI to accelerate their work, allowing more time for building relationships, developing strategy, and serving our clients at a higher level.”

From personalized game development to predictive tools for identifying at-risk players, Schorr painted a picture of an industry where AI is not just a back-office tool—it’s embedded in the guest experience and operational infrastructure.

“AI is enhancing how we create, connect, and protect,” he said. “It’s helping us build better products and safer environments, while giving our teams the tools to work smarter.”

Whether it’s using Gamma to build decks in minutes, or working with clients to develop AI adoption plans, GMA is actively helping operators embrace this paradigm shift.

“If you’re still sitting on the sidelines, now’s the time to lean in,” Schorr concluded. “AI is not coming—it’s here. And it’s changing everything.”

Don’t miss the full conversation with Seth Schorr — a powerful look into how AI is already reshaping the future of gaming and what comes next:

👉 Watch the video now

Wildfires in Southern California: The Possible Ripple Effects

Wildfires in Southern California: GMA’s Josh Swissman on the Possible Ripple Effects for Las Vegas Tourism

As Southern California battles devastating wildfires—burning tens of thousands of acres and displacing thousands of residents—Las Vegas industry leaders are watching closely. With Californians historically making up about one-third of Las Vegas’s visitors, the concern is understandable: Will tourism take a hit?

Josh Swissman, Founding Partner and Managing Director at GMA Consulting, offered a balanced and empathetic perspective in a recent Las Vegas Review-Journal article.

“I do think they will be distracted from their normal sort of visitation or vacation patterns only because they’ve got so much of their lives and their homes to clean up and to rebuild.”

At the same time, Swissman noted Las Vegas’s unique role as a low-cost, accessible escape:

“Vegas also serves as a nice kind of quick respite and getaway to put, albeit temporarily, your concerns behind you. … If vacations are in the cards for those people and they’re being budget conscious, Vegas has always served as a nice, relatively low-cost destination.”

At GMA, we recognize the complexity of how large-scale events like these impact travel patterns. Emotional, logistical, and financial factors all play a role. While some visitors may understandably stay home to focus on recovery, others may seek brief relief from the chaos—especially when Las Vegas offers both affordability and proximity.

What remains clear is the strength of the relationship between Southern California and Southern Nevada. As resorts offer donations and flexible accommodations, the focus is rightly on relief—but the long-term recovery may bring new, nuanced visitor behavior.

We’ll continue tracking this dynamic closely and advising clients accordingly as Las Vegas balances compassion, resilience, and readiness.

For a detailed analysis, refer to the original article: Could Southern California fires affect Las Vegas tourism? Maybe.

Las Vegas Strip Declines Aren’t a Red Flag—They’re a Reset

Las Vegas Strip Declines Aren’t a Red Flag—They’re a Reset

Despite six consecutive months of slight year-over-year revenue declines on the Las Vegas Strip, analysts remain optimistic about the city’s overall performance heading into 2025. And at GMA Consulting, we agree.

Josh Swissman, Founding Partner and Managing Director at GMA, provided perspective in a recent CDC Gaming Reports article, emphasizing that these small dips are not only expected—but healthy.

“I said we were going to see that growth taper off, with months of flatness or slight declines, and that’s where we are right now,” Swissman explained. “I’m not overly surprised. But if we start to see continuing decreases, I’ll worry a bit more. For now, we’re in a good place. The industry and Vegas are healthy.”

At GMA, we see the current trend not as a downturn, but as a stabilization after two unprecedented years of post-pandemic growth. With Strip revenue down only 1% year-over-year, and visitation, convention attendance, and international air traffic all trending upward, the fundamentals remain strong.

Swissman also pointed out that broader macro factors—such as the certainty around national leadership and the lingering effects of regional events like California wildfires—may temporarily impact traveler behavior but won’t derail the Strip’s momentum long-term.

“I think you’re going to see this place of settling on the Strip—and in my mind, that’s not a bad thing.”

From our viewpoint, Las Vegas isn’t declining—it’s normalizing. And that provides a strong foundation for smart reinvestment, strategic growth, and long-term opportunity.

For a more detailed analysis, refer to the original article on CDC Gaming: Six Straight Monthly Declines on Las Vegas Strip Not Worrying Analysts.

What’s Next for Circus Circus?

What’s Next for Circus Circus? GMA’s Josh Swissman Weighs In on the Future of a Las Vegas Icon

The potential sale of Circus Circus—an enduring symbol of classic Las Vegas—has stirred conversations across the gaming and real estate sectors. With Phil Ruffin signaling that the 102-acre property may be on the market for a reported $5 billion, speculation is mounting about what could (or should) come next for this key section of the north Strip.

In an interview with the Las Vegas Review-Journal, Josh Swissman, Founding Partner and Managing Director at GMA Consulting, weighed in on what any serious redevelopment would require.

“At $50 million an acre, you’d be hard-pressed to build anything besides a luxury offering,” Swissman said. “So whatever the design is, it’s got to be at the upper end in terms of the price scale. And that sometimes makes it hard to have a family-oriented facility.”

Swissman’s insight strikes at the core of what’s at stake: the tension between nostalgia and economic reality. Circus Circus has long played the role of an affordable, family-friendly destination. But in today’s hyper-competitive luxury market—and given the rising land values along the Strip—maintaining that model may no longer be viable.

From GMA’s perspective, any future development on the site must be financially justifiable and strategically sound. Whether that means a luxury resort, subdivided parcels, or an entirely new use case, operators and investors must consider market saturation, customer acquisition costs, and long-term profitability.

As Swissman notes, “There are a lot of people who think that the days for entities like Circus Circus have come and gone.”

At GMA, we continue to advise clients on navigating these pivotal moments—where legacy, market dynamics, and vision intersect.

For a comprehensive analysis of this topic, refer to the original article: What would happen to Circus Circus if Ruffin decides to sell it?.

Josh Swissman Quoted on The Times (UK)

Vegas gambles on a shift from everyman appeal to high-end haven

When it opened in 1989, The Mirage hotel and casino was extravagant even by Las Vegas standards.
An imitation tropical paradise with an artificial volcano erupting outside the entrance, it ushered in the era of the mega-resort, with fine dining, luxury shopping, wild animals on show and performances from the magicians Siegfried and Roy as well as the world’s biggest musicians.

However, The Mirage closed its doors for the final time this week and will soon be knocked down and ­replaced by another sprawling resort, marking the next step in Sin City’s evolution from everyman getaway to a playground for the rich.

Click Here to read the full article.