AGEM Board of Directors Actions for January 2021
- The 2021 AGEM monthly board meeting kicked off with the election of AGEM Officers, after a slate was presented to members at the December meeting. A motion was carried to confirm the new board, which consists of the new President David Lucchese, Everi, who will serve a two-year term. Also new to the board is Vice President Elaine Hodgson, Incredible Technologies, who joins Vice President Tom Jingoli, Konami; Vice President Luke Orchard, IGT; Vice President Bob Parente, Scientific Games; Secretary Eric Fisher, Crane Payment Innovations (CPI); Treasurer Hector Fernandez, Aristocrat; and General Counsel Daron Dorsey, Ainsworth, who will all serve one-year terms.
- Following his appointment in November, the new chairman of the Nevada Gaming Control Board, J. Brin Gibson, introduced himself to the AGEM membership with a short presentation at the recent board meeting. Along with Technology Chief Jim Barbee, Chairman Gibson shared some of the items they plan to work on this year along with a view of the important issues the industry needs to focus on to aid recovery as we start to emerge from the pandemic. The importance of technology and innovation as well as focusing on data protection and cybersecurity will be paramount as the industry moves more towards online platforms and potentially cloud-based technology. He reiterated the GCB is focused on working with and supporting suppliers to spearhead recovery, and looks forward to establishing an effective partnership that will ensure the industry emerges stronger.
- Discussions recently reached a positive and solid conclusion regarding AGEM’s contract with Reed Expo and American Gaming Association (AGA) in relation to the Global Gaming Expo trade show. AGEM’s contract, previously reviewed every 10 years, allowed AGEM to have a strong influence on certain aspects of the show, but no say in major decisions. The new terms of the contract will now be reviewed every five years, and includes an addendum that accomplishes multiple items that will benefit AGEM’s members, who ultimately are the main financial contributors to the show. A steering committee will be established with two members each from AGEM, AGA and Reed who will meet four times a year to decide major issues that ultimately shape the show.
- AGEM suspended the collection of 2020 fiscal year renewal dues from existing members last April in light of the pandemic and the unprecedented challenges with which the global gaming supplier industry was confronted. AGEM was able to sustain the lack of income up until now but has made the decision to reinstate membership dues from April 1.
- NevadaWorksTogether.com and TheManufacturingInstitute.org remain active resources for gaming employees impacted by the virus to explore opportunities in other industries. Nevada Industry Excellence has secured funding for a new training program that gives up to $2,700 per hire for cross-training gaming employees to work in new industries. This funding is also available to gaming suppliers that hire employees from outside the industry.
- The organizers of the NIGA trade show have made the decision to postpone the 2021 event originally slated to take place in April in San Diego, but have not determined future dates. Possibilities include moving the dates to June in New Orleans or July in Las Vegas.
The AGEM Index improved by 60.18 points in December to 691.9 points, a 9.5 percent gain from November 2020. Overall, the majority of AGEM Index companies reported gains in stock price over the month, with nine trending positively and four moving negatively. The AGEM Index’s growth was due in large part to an increase in the stock price of International Game Technology PLC (IGT). The company’s stock grew 34.6 percent and contributed 20.13 points to the AGEM Index’s December gain. Additionally, the stock price for Crane Co. (CR) increased 11.7 percent, which led to an index contribution of 8.86 points. The major stock indices also performed well, as the NASDAQ and the S&P 500 climbed by 3.5 percent and 1.2 percent, respectively, while the Dow Jones Industrial Average grew by 0.5 percent.