AGEM May 2023 Recap
- Some of the AGEM officers and Executive Director Daron Dorsey recently met with Nevada Gaming Control Board Chairman Kirk Hendrick and GCB division chiefs to open discussions on how to streamline processes and fulfill Governor Joe Lombardo’s executive order to state agencies on reducing unnecessary or unneeded regulations affecting Nevada businesses. Hendrick agreed a working group should be set up with various stakeholders to review current processes and regulations to find ways to speed up approval processes by aligning them with practices adopted in other jurisdictions. AGEM is creating a proposed matrix and roadmap of some of the easier issues to resolve dealing with games, devices and gaming platforms. The second, more complex stage will focus on system and associated equipment products and require a working group to look at these issues. There is no doubt the project is a work in progress, but all sides are optimistic that some of the challenges currently faced by the supplier sector will be improved as Hendrick is an advocate for positive change.
- AGEM intends to maintain a dialogue and discussions with the Pennsylvania Gaming Control Board and its executive director, Kevin O’Toole, like those ongoing in Nevada. Dorsey is scheduled to meet with O’Toole and PGCB staff to discuss how the industry and PGCB can work together and improve the processes surrounding product approvals and deployment. AGEM members are encouraged to provide comments and details of current conditions that will enable meaningful engagement with an important regulatory authority for AGEM members.
- At the recent monthly meeting, AGEM members received an update on the Nevada legislative session. Dorsey outlined several bills relating to the gaming industry that are being considered in the legislature. AGEM and its government affairs professionals remain in contact with stakeholders and legislators on remaining bills that received first house passage.
- The recent 24th Annual AGEM-AGA Golf Classic Presented by JCM was yet again a successful event with 144 registered golfers taking part. This continues to be a key event for AGEM by providing a fundraiser for the International Center for Responsible Gaming (ICRG), with millions of dollars raised since its existence. Plans are already under way for the 25th anniversary event with details being announced later this summer.
- The Canadian Gaming Summit will take place June 13-15 at the Metro Toronto Convention Centre. The show is now run by SBC, which organizes some of the largest international events in the sports, betting and gaming industries, so the event will no doubt have a different look and feel than previous editions. AGEM will again sponsor the event with a cocktail reception on the conference’s opening day.
- The International Association of Gaming Advisors 2023 International Gaming Summit will be held at the Culloden Estate & Spa, Belfast, Northern Ireland June 20-22. The event brings together leaders from all global gaming sectors with an unparalleled opportunity to meet and discuss the most prominent issues facing gaming.
The AGEM Index increased by 25.71 points in April to 971.52, a 2.7 percent increase from the prior month. Compared to one year ago, the index was up 109.1 points, or 12.7 percent. During the latest month, six of the 12 AGEM Index companies reported stock price increases, which resulted in six positive contributions to the AGEM Index and six negative contributions. The largest positive contribution to the monthly index was sourced to Crane NXT, Co. (NYSE: CXT), whose 20.1 percent increase in stock price led to a 12.39-point gain to the index. Konami Corp. (TYO: 9766) also saw its stock price increase by 10.2 percent, which led to a 11.16-point gain for the index. The largest negative contribution to the index was sourced to Everi Holdings Inc. (NYSE: EVRI), whose 11.4 percent decrease in stock price resulted in a 3.54-point loss for the AGEM Index. All three major U.S. stock indices saw month-over-month increases for the second consecutive period in April. The Dow Jones Industrial Average increased by 2.5 percent from March, while the S&P 500 grew by 1.5 percent. Meanwhile, the NASDAQ increased by 0.04 percent from the prior period. Note: In April, Crane NXT, Co. separated from Crane Company. The listed stock price prior to that date is a pro forma calculated estimate.