AGEM Board of Directors Actions for May 2021
- The AGEM monthly meeting for May kicked off with Executive Director Marcus Prater sharing some positive industry news with the membership. He reported that gaming activity in Nevada during March produced the highest revenues since 2013, with regional casino revenues right across the U.S. also on the rise. As a result of the overwhelming numbers of casino staff being vaccinated at a few of the largest Las Vegas Strip casinos, 100 percent capacity is now being allowed. Casinos in Macau also reported hotel occupancy at or above 90 percent, another positive trend. Suppliers too are starting to see improvements, and it certainly seems like a corner has been turned. Indeed, there is also a possibility that the AGEM June monthly meeting may be the first in-person get-together since last March. A decision will be made by the board in the next few weeks depending on progress and the lifting of restrictions.
- AGEM members were informed Brittnie Watkins, an attorney with the Las Vegas law firm Pisanelli Bice PLLC, was recently named by Governor Steve Sisolak to the Nevada Gaming Control Board. She replaces Terry Johnson, whose term ended in May and who has been a board member since November 2012. AGEM welcomes Brittnie to the NGC and looks forward to working with her.
- Gaming reform measures Assembly Bill 7 and Assembly Bill 8 from the Nevada Gaming Control Board were finally passed by the state legislature’s lower house at the end of April. Among other things, AB 7 would amend processes for the Nevada Gaming Commission’s approval of new casino games, while AB 8 would allow digital signatures for redemption of wagering vouchers. Separately, the Gaming Control Board scheduled but then postponed a May 13 workshop to discuss draft regulations to allow for online casino games. It is expected this will now be rescheduled after the legislative session.
- Following the release by the Japan Casino Regulatory Commission (JCRC) of draft regulations, the AGEM Officers and Compliance Committee has been collating feedback regarding the wording of technical standards as well as considering best practices from other gaming jurisdictions around the world. Due to the close working relationship AGEM has developed with the JCRC, a shared folder has been established with the commission where AGEM can place documents at any time.
- AGEM members recently approved and welcomed three companies for membership. New Bronze member Play’n GO, with hubs in the U.K., Malta, Sweden, Hungary and the Philippines, is a leading software development company to operators in the gambling industry. Fantalooks, based in Incheon, South Korea, which supplies customized display solutions to the casino, sports betting and amusement machine industries, was approved as an Associate member, along with Theatro, based in Richardson, Texas, which provides software solutions that enable employees in gaming, hospitality and retail to provide outstanding customer experiences, while driving employee productivity and operational profitability.
- AGEM Associate member The Innovation Group will once again co-sponsor its annual recognition program, the Emerging Leaders of Gaming’s “40 Under 40,” along with GGB Magazine. ELG was created to support young executives on the path to industry leadership through education, networking and other career development opportunities. Nominations are currently open, with information available from the Global Gaming Business website at ggbmagazine.com/40-under-40-nominations.
The AGEM Index increased by 94.3 points to 858.43 points in April 2021, a 12.3 percent gain from March 2021. In the last month, the majority of AGEM Index companies reported increases in stock price, with 11 posting positive contributions and two recording negative contributions to the index. The AGEM Index’s April 2021 growth was driven by a 51.9 percent increase in the stock price of Scientific Games Corporation (Nasdaq: SGMS), which rose from $38.52 to $58.52. The stock was responsible for 49.89 points of the AGEM Index’s monthly growth. Another significant index contributor in April was Aristocrat Leisure Limited (ASX: ALL), which added 30.91 points due to an 8.2 percent stock price gain from $34.35 to $37.17. The major stock indices also performed well over the month as the Nasdaq and the S&P 500 experienced monthly gains of 5.4 percent and 5.2 percent, respectively, while the Dow Jones Industrial Average grew by 2.7 percent.