AGEM August 2022 Meeting Recap
- Over the past few months, AGEM’s Compliance, Responsible Gaming, Mexico and Government Affairs Committees have been meeting to update and discuss some of the key working initiatives. The Compliance Committee met recently, and the consensus among the group was to focus on trying to work more closely with the Pennsylvania Gaming Control Board, with a goal of making the gaming lab approval time for land-based and online innovations and products shorter and easier from an administrative standpoint. The Responsible Gaming Committee shared its responsible gaming concerns, including problem gambling risks associated with payment systems, potential regulations surrounding social games and a discussion on potentially establishing an advisory committee that would add more weight to industry initiatives. Finally, the Government Affairs Committee is reviewing and finalizing political contribution and donation strategy for Nevada. AGEM also plans to sponsor a cocktail reception at the National Black Caucus of State Legislators conference being held in Las Vegas November 28 to December 2.
- Executive Director Daron Dorsey will be meeting in the coming weeks with Nevada GCB Technology Division Chief Jim Barbee and GCB Member Britnee Watkins, the board member now tasked with oversight responsibility for the Technology Division. These communications follow AGEM’s goal of providing an ongoing dialogue with regulatory stakeholders on current issues affecting the supplier sector and AGEM’s desire to arrange for annual or twice-yearly interface between regulatory stakeholders and AGEM members, whether at monthly meetings or via the Compliance Committee.
- The Clarion/ECA Symposium took place in London recently at Les Ambassadeurs Casino. AGEM’s Director of Europe Tracy Cohen was in attendance along with a group of around 35 attendees, consisting of decision-makers representing both casino operators and suppliers. The format of the day followed a dynamic agenda consisting of an “open space” allowing participants to personally set their own talking points with a focus on paving the way for the industry’s success and to secure post-pandemic growth. The event provided a day full of high-level discussions, inspirational exchange and fruitful networking.
- The AGEM Board of Directors/Voting Member Meeting was slated for August 31. This was the second meeting of FY23 with the more formal meeting format to conform with AGEM’s corporate governance requirements as a nonprofit corporation. At press time, the executive director and officers were finalizing the agenda to be sent out to attendees prior to the meeting. Items for discussion include an update of AGEM’s financial performance and overall operations, along with a discussion of the organization’s proposed charitable, philanthropic and advocacy initiatives.
- The first stand-alone AGEM Holiday Reception will take place on November 17, 2022, at Panevino Ristorante in Las Vegas. Historically, this event immediately followed conclusion of the AGEM/McMonigle Cup golf tournament, but it was decided to hold a midweek “after work” event where people could meet and socialize in an informal atmosphere at a convenient venue. If this new format is successful, it could be adopted for similar events every quarter or twice yearly to provide a collaborative environment for networking among members outside of trade shows.
The AGEM Index rose by 51.54 points in July 2022 to 862.93, rebounding 6.4 percent from the previous month. Compared to one year ago, the index was down 62.39 points, or 6.7 percent. During the latest month, 10 of the 12 AGEM Index companies reported stock price increases, which resulted in 10 positive contributions to the AGEM Index and two negative contributions. The largest positive contributor to the monthly index was Crane Co. (NYSE: CR), which reported a 13.76-point gain to the index as a result of a 13 percent increase in its stock price. Aristocrat Leisure Limited (ASX: ALL) contributed an 11.6-point gain to the index due to a 2.7 percent increase in its stock price. The largest negative contribution to the index was sourced to PlayAGS Inc. (NYSE: AGS), whose 8.1 percent decline in stock price equated to a 0.27-point loss for the AGEM Index. All three major U.S. stock indices saw month-over-month increases in July 2022 after slipping across the board in the prior period. The NASDAQ rose by 12.3 percent from June, while the S&P 500 rose by 9.1 percent. Meanwhile, the Dow Jones Industrial Average grew 6.7 percent over the month.