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AGEM Meeting Recap

May 2022

AGEM Meeting Recap

  • The May monthly meeting took place in the third-floor Training Room at the Black Fire Innovation building and had both in-person and attendees via Zoom. AGEM President David Lucchese and Executive Director Daron Dorsey made welcoming remarks and noted that based on the new meeting format for the monthly gatherings, formal minutes of each are not being prepared and circulated. In lieu of those formal minutes, Executive Director Daron Dorsey will circulate a copy of the monthly meeting recap that is published by AGEM’s publication partners each month and work to make them available on the AGEM website going forward.
  • AGEM’s petition pushing for the approval of cloud computing regulations was formally approved by the Nevada Gaming Commission on April 21 and became effective immediately. The regulations were the result of collaboration between AGEM’s counsel, Dan Reaser, and Nevada Gaming Control Board staff and counsel. Dorsey gave special thanks to Reaser for all his efforts in representing AGEM throughout the process, along with the many AGEM member companies that supplied feedback and queries throughout the various stages.
  • AGEM plans to make limited political contributions during the 2022 election cycle, focusing mainly on the general elections in the fall while evaluating some small, targeted contributions in key legislative race primaries. AGEM’s officers and government affairs committee members are evaluating recommendations from AGEM’s outside government affairs consultant, Mike Alonso, on the potential contribution framework.
  • On the trade show front, AGEM had a presence at ICE 2022 in London and the Indian Gaming Tradeshow & Convention in Anaheim, California during the month of April. AGEM Director of Europe Tracy Cohen noted some key meetings with the European Casino Association and other potential new member engagements in London while Dorsey noted similar meetings and experience in Anaheim and highlighted comments from members and attendees about a successful conference and education track at the show in Anaheim. Brian Sullivan and Tom Nieman from Clarion Gaming attended the meeting in person, and gave brief overviews of the recent shows and that attendance was in line or exceeded expectations going into each show given the timing and location of each. As for future shows, Clarion confirmed that ICE 2023 is set for February 7-9, 2023 at the ExCeL location in London, but dates and locations for ICE 2024 and beyond remain under consideration with a decision expected sometime during summer 2022. Clarion also confirmed that the Indian Gaming Tradeshow & Convention locations for 2023 (San Diego), 2024 (Anaheim) and 2025 (San Diego) are established but that other show locations also remain under consideration. For both events, Clarion requested that any AGEM member companies who exhibit at the shows contact them directly with any comments or feedback and reiterated its goal of focusing on hosting successful events for its exhibitors.  
  • AGEM Director of Responsible Gaming Connie Jones was absent from the meeting, but Dorsey provided comments about Jones’ solid efforts to represent AGEM at the IMGL conference in Seattle, Washington in late April and the Nevada Council on Problem Gambling convention in early May.

AGEM INDEX

In April 2022, the AGEM Index fell by 92.98 points to 862.42, marking a 9.7 percent decrease from the prior month. Compared to one year ago, the index added 3.99 points for an annual growth rate of 0.5 percent. During the latest reporting period, 11 of the AGEM Index companies reported stock price declines, with only one company posting an increase. As a result, all 12 companies in the AGEM Index posted negative contributions to the overall index, ending a three-month period of upward growth. The largest negative contributor to the monthly index was Aristocrat Leisure Limited (ASX: ALL), which reported a 47.42-point index loss as a result of an 8.3 percent decline in stock price. Meanwhile, International Game Technology PLC (NYSE: IGT) contributed an 11.4-point loss to the index due to an 11.6 percent drop in the company’s stock price. Despite a 3.7 percent increase in stock price over the period for Konami Corp. (TYO: 9766), a weakened exchange rate between the United States dollar and the Japanese yen led to a 5.19-point loss for the index. In the latest reporting period, all three major U.S. stock indices observed negative growth. The Dow Jones Industrial Average decreased by 4.9 percent from March, while the S&P 500 fell by 8.8 percent. Meanwhile, the NASDAQ saw a 13.3 percent decline over the month.

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