The client operates upscale, interactive entertainment venues including bar/restaurants at 22 locations nationwide. The venues also typically include entertainment areas with electronic and traditional table games, point of sale equipment, and lounge areas with TVs, with live entertainment stages at some locations. After acquiring the company, the client contracted CRS to determine the fair market value as well as the remaining useful lives (RULs) of the acquired assets.
CRS was brought in to perform the valuation more than three years after the acquisition. Since COVID reshaped the landscape and value of entertainment assets, our appraisers were challenged to analyze what assets had been in place and the value of these assets pre-COVID. We completed independent valuations of each location (plus on other locations being built at the time of sale) based on lists provided by the client, which had to be updated / corrected based on our due diligence findings. We then aggregated thousands of assets to come up with a total valuation and average RUL for each asset category.
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