AGEM Board of Directors Actions for July 2021
- The first AGEM in-person monthly meeting in 15 months took place in July at Black Fire Innovation, which is part of the Harry Reid Research and Technology Park in Las Vegas overseen by the University of Nevada, Las Vegas. This impressive new facility will become AGEM’s worldwide headquarters once the new office space is completed. The meeting was attended in person by 20 individuals and also almost 60 members via Zoom and on the phone. All monthly meetings will take place here from now onward, and it is hoped the number of physical attendees will grow in the coming months.
- Following an inquiry from some AGEM members to request an update to regulations so that cashless wagering systems can operate in the cloud, a meeting has been scheduled with the Nevada Gaming Control Board, headed by Chairman J Brin Gibson, who will be joined by Jim Barbee, chief of the Technology Division. Other topics will also be presented for discussion and members will receive an update at the August monthly meeting.
- After 15 months of activity, AGEM was pleased to announce to members that a fully agreed Global Gaming Expo contract has been finalized with the American Gaming Association and Reed Expo that sees the three organizations partner for at least the next six years. This new agreement provides clarity for AGEM members regarding discounts on booth space depending on member status (Gold, Silver, Bronze and Associate) as well as related cost savings on exhibit space.
- AGEM members approved a contribution of $5,000 to support the G2E Chairman’s Reception. This is a lower sponsorship than previous years, which reflects the reduced budget AGEM has available due to the pandemic. The event is held during G2E and runs alongside the AGA’s Hall of Fame event.
- The Clarion Events team including Alex Pratt, Kate Chambers, Stuart Hunter and Brian Sullivan gave a call-in update to members regarding the National Indian Gaming Association and ICE 2022 shows. Chambers was recently appointed executive adviser to once again work closely with the land-based sector to ensure Clarion is delivering return on investment for exhibitors. Pratt, group managing director, spoke to members about Clarion’s ICE charter that focuses on cost containment and pricing initiatives following a detailed assessment of supplier feedback. Clarion also plans significant investment to drive growth and add value.
- AGEM welcomed BDO USA as an associate member in the July meeting. BDO delivers assurance, tax and financial advisory services to clients throughout the country and around the globe. They offer numerous industry-specific practices, world-class resources, and an unparalleled commitment to meeting clients’ needs, currently serving more than 400 publicly traded domestic and international clients. This brings the current membership to 174 companies, based in 22 countries.
- Korbi Carrison, Reed event director for G2E, shared an update with members regarding the forthcoming show in October. Attendee registration was planned to open by the end of July along with information regarding the conference program. Planning for the virtual component of G2E is under way and details will be shared concerning portions of the show that will be virtual as well as in-person. For exhibitors, the online manual has been released, which reflects Reed’s robust cost-containment initiative that sees show service costs being held flat as per 2020 show prices. Health and safety information continues to be reviewed in the run-up to G2E as restrictions in Nevada evolve and other Reed shows provide feedback.
The AGEM Index continued its upward trend since October 2020 and reached a new high during the latest period. The index increased by 25.5 points to 1,005.2 points in June 2021, a 2.6 percent gain from May 2021. One year ago, the AGEM Index measured at 407.31 points. From that reporting period, the index has grown 597.89 points (+146.8 percent). In the last month, seven of the 13 AGEM Index companies reported increases in stock price. The AGEM Index’s June 2021 growth was due in large part to an 11.3 percent increase in the stock price of Inspired Entertainment, Inc. (Nasdaq: INSE). The stock was responsible for 13.8 points of the AGEM Index’s monthly growth. Another significant index contributor was Scientific Games Corporation (Nasdaq: SGMS), which added 9.6 points due to a 6.8 percent rise in its stock price. Most of the stocks in the AGEM Index recorded triple-digit growth rates over the past year, with Scientific Games Corporation leading the way with a 400.9 percent improvement for its stock price since June 2020. The major stock indices reported mixed performances. The NASDAQ and the S&P 500 grew by 5.5 percent and 2.2 percent, respectively. Meanwhile, the Dow Jones Industrial Average experienced a 0.1 percent decline.