AGEM March Meeting Recap
- The March monthly meeting saw new AGEM Executive Director Daron Dorsey introduce himself in person and via Zoom to the members. He told members he was looking forward to serving AGEM and was excited to be taking the organization forward in its next chapter. He also thanked Marcus Prater for his leadership and for the smooth transition he has recently provided and will continue to do in the next few months. Dorsey and President David Lucchese noted that the format of the monthly gathering will be adjusted slightly going forward. While industry-related matters and relevant topics will continue to be open for broad, general discussion among the group, the only difference will be that each monthly meeting will not also serve as formal Board of Directors (BOD) meeting. The more formal BOD/Voting Member meetings will now instead take place three to five times per year and conform with AGEM’s corporate governance requirements. Ultimately, this plan and adjusted format are both aimed at making AGEM’s monthly gathering process more efficient and beneficial for all involved.
- AGEM’s petition pushing for the approval of gaming technology in the cloud was heard at the February Nevada Gaming Control Board meeting. The petition was well received and recommended for formal adoption by the Nevada Gaming Commission subject to minor revisions discussed and agreed to by GCB staff at the February meeting. These technical advancement adjustments aim to be beneficial for the overall industry, and AGEM is proud to have been able to help in facilitating the proposed changes.
- Art Paikowsky, the new president of the International Center for Responsible Gaming (ICRG), was present with Connie Jones, AGEM’s executive director of responsible gaming, and gave a brief in-person presentation about the ICRG during the meeting. After having joined the ICRG on October 1, 2021, he explained his learning curve after having never previously worked in the gaming industry, but commented about his excitement and enthusiasm to bring his extensive fundraising experiences in other industries to the ICRG. Paikowsky noted the great amount of research and education opportunities in gaming as the industry is growing exponentially in new spaces such as sports betting and online gaming. Paikowsky also stated the ICRG’s goal of continued engagement with the industry and its recent decision to amend its bylaws to add AGEM’s Executive Director Daron Dorsey, and the American Gaming Association President and CEO Bill Miller, to its board of directors.
- AGEM will have a small stand at the ICE London 2022 show being held April 12-14. Tracy Cohen, AGEM’s director of Europe, will represent AGEM at the show and be available on stand N1-240 to meet with existing members, potential new ones and industry colleagues.
- AGEM will once again be a co-title sponsor of the 23rd AGA/AGEM Golf Classic Presented by JCM Global on May 11. The event provides important fundraising for the ICRG which has so far raised over $2 million for this very worthy cause. This year’s event will feature a high-profile operator representative as a keynote speaker and will also see more operators taking part in the tournament.
In February 2022, the AGEM Index improved by 27.08 points to 952.95, marking a 2.9 percent increase from January. Compared to one year ago, the index added 201.16 points for an annual growth rate of 26.8 percent. During the latest reporting period, nine of the AGEM Index companies reported stock price increases, with three posting a decline. As a result, eight companies posted positive contributions to the index, while one posted no change and the remaining three companies had negative contributions. The top contributor to the monthly index was International Game Technology PLC (NYSE: IGT), whose 14.4 percent increase in stock price led to a 17.29-point gain for the index. Scientific Games Corporation (Nasdaq: SGMS) reported a 10.51-point contribution to the index as a result of a 9.1 percent increase in overall stock price. The largest negative contribution to the index was sourced to Aristocrat Leisure Limited (ASX: ALL), whose 7.6 percent drop in stock price resulted in a 17.49-point decrease in the AGEM Index. In the latest reporting period, all three major U.S. stock indices declined once again. The S&P 500 declined 3.1 percent, while the NASDAQ fell by 3.4 percent. The Dow Jones Industrial Average experienced the largest dip among major U.S. stock indices with a 3.6 percent decline in February 2022.