Join us for the latest edition of Considerations, a collection of thematic reports from XST Capital Group’s senior advisors, designed to provide actionable insights on timely industry topics. In this edition, senior advisor Andrei Scrivens, who brings a rare dual perspective as a private equity investor turned gaming operator, shares his thoughts on how PE went from steering clear of the sector to treating it as an institutional mainstay.

Drawing on more than 25 years across investing, operating, and advisory roles, including his tenure as CEO and CFO of Affinity Interactive after leading its take-private acquisition, Andrei unpacks what’s actually happening inside PE firms as they evaluate gaming deals. He lays out the different flavors of private equity, venture, growth, and buyout, and the distinct calculus each brings to the sector, then digs into the forces pulling institutional money toward gaming: durable consumer spend even in downturns, the margin profile of digital platforms vs. physical casinos, opportunities to consolidate a fragmented supplier landscape, and the growing value of player data. He also gives an inside look at the licensing gauntlet that still sets gaming apart from other PE targets, and why clearing that bar can be as much of an asset as a burden.

The result is a candid, insider’s read on how sophisticated capital is sizing up gaming right now – useful whether you’re a founder weighing institutional partners or an operator trying to understand who’s writing checks and why. We hope you enjoy the read. Stay tuned for future editions of Considerations covering other prominent topics across the industry. Thanks for joining us and please feel free to reach out if you have any feedback.

Read the full report here: Considerations