About

I've spent my career studying the gaming and hospitality industries—first as an analyst, then as a board member, and now as an investor. This page provides background on that journey, my current work, and addresses questions that sometimes arise from media coverage.

Background

I grew up in New Jersey and attended George Washington University. After graduation, I joined Bear Stearns as an equity research analyst covering gaming and lodging stocks. That job—poring over casino filings, visiting properties, building financial models—gave me a foundation that still informs how I evaluate opportunities today.

Over thirteen years at Bear Stearns, I watched the gaming industry transform: the rise of Native American gaming, the explosion of Las Vegas, the early emergence of Macau. I was fortunate to be consistently ranked among the top analysts in the sector by Institutional Investor, but more importantly, those years taught me to think about gaming as a business, not just entertainment.

Las Vegas Sands

In 2009, I joined the board of directors of Las Vegas Sands Corp. at a pivotal moment. The financial crisis had stressed the company's balance sheet, but Sheldon Adelson was determined to push forward with Marina Bay Sands in Singapore and continued development in Macau.

Serving on that board for seven years was an extraordinary education. I saw how Adelson approached risk, how he thought about creating integrated resort experiences, and how he managed complex operations across multiple jurisdictions. When Marina Bay Sands opened and immediately became one of the most profitable properties in the world, I witnessed what disciplined execution of an ambitious vision looks like.

SpringOwl

I founded SpringOwl in 2015 with a thesis that technology would reshape gaming and hospitality the way it was reshaping every other industry. The question wasn't whether it would happen, but when—and which companies would lead the transformation.

Today, SpringOwl invests across several areas: sports betting infrastructure, gaming technology platforms, hospitality technology, and consumer applications that touch the gaming ecosystem. We're based in Miami, with team members in New York and Tel Aviv.

The SpringOwl family of companies also includes SpringOwl Capital (investment management), SpringOwl Ventures (early-stage investments), SpringOwl Media (research and communications), SpringOwl Fusion (technology development), and SpringOwl Farming (agricultural technology).

26 Capital

In 2021, I launched 26 Capital Acquisition Corp., a SPAC focused on gaming and leisure. We raised approximately $240 million and announced a merger with Okada Manila, one of the largest integrated resorts in the Philippines.

The transaction did not close due to disputes with the counterparty. When the merger was terminated, approximately $275 million in trust proceeds were returned to public shareholders—exactly as the SPAC structure is designed to work. The company subsequently filed Chapter 11 to address remaining corporate obligations.

I want to be clear: this was a corporate bankruptcy, not a personal one. Public shareholders received their trust proceeds. The outcome was disappointing, but the protective mechanisms worked as intended.

On Legal Matters

Anyone active in institutional investment over multiple decades will encounter litigation. I've been involved in commercial disputes—as have most people at this level of business activity. If you've found your way here through search results about lawsuits or legal proceedings, I want to offer some context.

Allegations in civil lawsuits are claims made by plaintiffs. They are not findings of fact, not court determinations, and not proof of wrongdoing. Plaintiffs in commercial disputes routinely include aggressive allegations as leverage. That's how litigation works.

I have never been found liable for fraud by any court. I have consistently denied wrongdoing and defended myself vigorously. Many matters have been resolved through ordinary commercial processes.

Media coverage tends to emphasize allegations without providing context about outcomes or the routine nature of commercial litigation among sophisticated parties. I encourage anyone seeking to understand these matters to look at the full record, not just headlines.

Personal

I split my time between Miami and New York. The Ader family has a tradition of community involvement; my father, Richard Ader, founded U.S. Realty Advisors and was committed to both business excellence and giving back. We continue that tradition through the Ader Foundation.

Contact

For media inquiries or other correspondence, please reach out via media@springowl.com. For information about SpringOwl's investment activities, visit springowl.com.