- Following an inquiry from some AGEM members to request an update to regulations so that cashless wagering systems can operate in the cloud, AGEM President Dave Lucchese and Executive Director Marcus Prater had a Zoom meeting in late July with Chairman Brin Gibson and Technology Division Chief Jim Barbee of the Nevada Gaming Control Board to present the general concept. The AGEM team presented a brief summary of what the proposed new regulation language might look like and were overwhelmed by the enthusiastic response of Chairman Gibson and Chief Barbee. The AGEM Compliance Committee is now putting together a list of proposals that could provide one of the most significant developments AGEM has spearheaded for the supplier sector, in terms of scope and scale. These positive moves reflect the chairman’s initial discussions with AGEM that he is open to new ideas and advancing technology on the casino floor.
- During the pandemic the Nevada Department of Employment, Training and Rehabilitation (DETR) was overwhelmed with fraudulent claims of unemployment and many employees in gaming and other industries found their names had been used for fraudulent applications. Since then, DETR had in some cases contacted the innocent parties to pay back what was erroneously paid out to the fraudsters, sometimes asking for tens of thousands of dollars. Many of the innocent parties have received letters from DETR acknowledging the mistake and absolving liability, but there are still a number who have not. AGEM state government counsel Mike Alonso has been working with an appointed director of DETR to ensure the final acknowledgment letters are sent out and also having DETR write to GCB Chairman Gibson, highlighting that gaming professionals caught up in the scam should not have any future issues with obtaining gaming licenses or approvals.
- AGEM members approved a contribution of $10,000 to support the Nevada Council on Problem Gambling. The Nevada Council on Problem Gambling is a nonprofit organization whose mission is to generate awareness, promote education and advocate for quality treatment and support resources for problem gambling in Nevada.
- AGEM welcomed three new members at the August Board of Directors meeting. Global Payments Gaming Services, approved as a Silver member, is based in Las Vegas and provides commerce solutions to global entertainment and gaming companies. New Bronze member Acres Manufacturing, also based in Las Vegas, specializes in connecting real-time machine and player data to advanced analytics and bonusing. New Associate member Fireplay Games, based in Omaha, Nebraska, focuses on innovation for the gaming industry, including implementing skill features for Class III games.
- The AGEM-AGA Golf Classic Presented by JCM Global, benefiting the International Center for Responsible Gaming (ICRG), will take place on September 28, at Cascata in Boulder City, Nevada. This continues to be a key event for AGEM, providing a fundraising boost for an event that has raised almost $3 million in donations for this very worthy organization.
In July 2021, the AGEM Index reported its first decline in eight months as it fell 70.06 points to 925.32 points. From a year-over-year perspective, however, the AGEM Index remained up 504.46 points (+119.9 percent). In the last month, only three of the 13 AGEM Index companies reported increases in stock price. The main contributor to the index was Crane Co. (NYSE: CR), whose 5.3 percent increase in stock price led to a 6.29-point gain for the AGEM index. Transact Technologies (NASDQ: TACT) and Galaxy Gaming Inc. (OTCMKTS: GLXZ) also marked stock price increases of 21.3 percent and 23.3 percent, respectively. At the end of the period, Transact Technologies added 0.67 points to the overall index while Galaxy Gaming Inc. added 0.49 points. The monthly decline in the index can be attributed to drops in stock price for most AGEM Index companies. The largest impacts to the index were driven by Scientific Games Corporation (NASDAQ: SGMS), which reported a 20.3 percent decrease in stock price that led to a 25.36-point index decline, and International Game Technology PLC (NYSE: IGT), whose 21.7 percent decrease in stock price equated to a 17.6-point loss for the index. In July, most companies in the AGEM Index experienced declines in their stock price from the prior month. However, 12 out of the 13 companies reported year-over-year gains on their stock values. Unlike the stocks that contribute to the AGEM Index, the major indices posted positive percentage changes. The S&P 500, the Dow Jones Industrial Average and NASDAQ grew by 2.3 percent, 1.3 percent and 1.2 percent, respectively.