Assessment of the Loss of Value Due to Government Expropriation


The Claimant was a large privately-owned gaming company that had acquired an exclusive license to operate casinos, slot machine halls, and lottery activities in the Respondent’s jurisdiction, and it operated these businesses for over a decade. The Respondent ultimately revoked the Claimant’s gaming license based on its position that the Claimant had allegedly violated the regulatory framework in place in its jurisdiction.

Our Role

Secretariat professionals were engaged by the Claimant to quantify the economic damages it allegedly sustained in connection with its ICSID claim against the government that revoked its gaming license.


We prepared a valuation of the Claimant’s gaming license as at the revocation date using the discounted cash flow method, based on a robust financial model that incorporated the forecasted revenues, costs and economic assumptions in 2013. We also considered market-based valuation methods to test the reasonability of our conclusions under our primary valuation approach. We testified on valuation and economic damages issues at a hearing held at the ICC in Paris.

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