AGEM Board of Directors Actions for October 2021
- Following the announcement earlier this year that AGEM Executive Director Marcus Prater will be moving on in 2022, the officers embarked on an extensive search for his replacement. This recently concluded, and after being ratified by the membership, it was announced that industry veteran Daron Dorsey will become the new executive director effective March 1, 2022. Dorsey has been an officer and general counsel of AGEM since 2016 but has resigned his post as officer until he takes up his new position. In line with AGEM bylaws, he is replaced by Ainsworth Chief Operating Officer Ryan Comstock. Over the next five months, Prater and Dorsey will work on a lengthy list of handover items to ensure a smooth transition.
- AGEM’s initiative to change regulations in Nevada to allow for cloud-based gaming technology is progressing, with regulatory counsel Dan Reaser submitting a formal document to Chairman Brin Gibson and Chief of Technology Division Jim Barbee for review and comments. A period of public comment will follow before it can be moved up to the Nevada Gaming Commission to vote. These are positive moves, and a result of the GCB welcoming any new technology discussions. AGEM looks forward to continuing its good working relationship with the commission.
- The Global Gaming Expo concluded, and initial feedback from AGEM members at the October meeting was favorable. Attendance was down around 50 percent from pre-pandemic levels, but generally it was felt that visitors were high quality and ready to do business. It was seen as the first big event to bring the industry together, and was carried out successfully and safely. Positive changes noted by members included lower sound levels from exhibitors as well as smaller crowds that made conference and education sessions more conducive.
- The AGEM Memorial Awards presentation took place at G2E on the show floor on October 6. Sebastian Salat is the recipient of the 2021 Jens Halle Memorial Award Honoring Excellence in Commercial Gaming Professionalism, and Alan Feldman is the recipient of the 2021 Peter Mead Memorial Award Honoring Excellence in Gaming Media & Communications. Due to travel restrictions, Salat could not be there in person, but gave a very emotional acceptance, via video link. Feldman was able to attend in person to collect his award. The whole ceremony can be viewed by visiting the AGEM website: agem.org/News.
- The newly named Bob McMonigle Memorial AGEM Cup Golf Tournament and Holiday Reception will take place November 30 at Southern Highlands Golf Course, Las Vegas. This annual event is the only social gathering that AGEM hosts, and it is therefore fitting that it has been renamed in honor of AGEM’s first president.
- AGEM members recently approved funding for two forthcoming events. The National Council of Legislators from Gaming States (NCLGS) will receive a $5,000 sponsorship for its winter and summer meetings. The Executive Development Program (EDP) Gender Diversity Scholarship sponsored by European Casino Association, partnering with AGEM, Clarion Events and the EDP, will receive $3,200 from AGEM to sponsor one of four scholarships to be awarded for this year’s virtual event.
The AGEM Index continued its upward trend in September 2021, rising 33.86 points to a new high of 1,046.74. Over the past year, the AGEM Index has nearly doubled from 525.44 points in September 2020. The monthly rise in the index was driven by gains from five companies, which overcame negative index contributions by the other seven companies in the AGEM Index. The top contributor to the monthly index was International Game Technology, PLC (NYSE: IGT), whose 22.5 percent increase in stock price led to a 23.2-point gain for the index. Scientific Games Corporation (Nasdaq: SGMS) was also a significant contributor to the overall growth in the index, adding 22.67 points as the result of a 14.8 percent rise in stock price. The largest negative contributor to the index was Konami Corporation (TYO: 9766), whose 7.1 percent drop in stock price led to a 12.14-point decrease in the AGEM Index. All three major U.S. stock indices decreased over the month, with the NASDAQ and the S&P 500 experiencing declines of 5.7 percent and 5 percent, respectively. The Dow Jones Industrial Average experienced a 4.3 percent decline.