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AGEM Meeting Recap

April 2022 Meeting

AGEM Meeting Recap

AGEM April 2022 Meeting Recap

  • The April monthly meeting took place at Ainsworth Game Technology and had both in-person and attendees via Zoom. AGEM’s Secretary Tom Jingoli made welcoming remarks and noted AGEM’s appreciation to Ainsworth for hosting the AGEM meeting and allowing Executive Director Daron Dorsey to keep an office within the Ainsworth facility while awaiting completion of AGEM’s new office at the Black Fire Innovation facility, currently scheduled for completion in May.
  • AGEM’s petition pushing for the approval of gaming technology in the cloud continues to see success. The latest version of the proposed regulations is supported by the Nevada Gaming Control Board members and staff and was scheduled to be on the April 21 Nevada Gaming Commission agenda for adoption. AGEM’s counsel, Dan Reaser, represented AGEM at the hearing and remains in dialogue with commissioners and staff on the matter.
  • AGEM looks forward to continuing work alongside the American Gaming Association in combating unregulated gaming machines in United States markets. The continued collaboration is aimed at federal, state and local enforcement efforts and will be a focus of AGEM for the years to come.
  • On the trade show front, the ICE 2022 London show was under way as of the meeting time, with AGEM’s Director of Europe Tracy Cohen representing the association for the week. With the Indian Gaming Tradeshow & Convention scheduled for the week of April 18-22 in Anaheim, California, Brian Sullivan from Clarion Gaming joined the meeting remotely and gave a brief overview of the upcoming convention. Sullivan noted the show is on track for success with many AGEM member companies exhibiting and updated AGEM attendees that the show will require proof of vaccination or negative test results for entry due to local health regulations.
  • On the responsible gaming front, AGEM’s Director of Responsible Gaming Connie Jones provided attendees with an upcoming schedule of events and conferences where AGEM will be both sponsoring and participating. Those include the International Masters of Gaming Law (IMGL) conference in Seattle, Washington in late April and the Nevada Council on Problem Gambling convention in early May.
  • On the membership front, Daron Dorsey and Tom Jingoli updated the membership that FY2023 membership invoices will be generated and circulated in the weeks to come in a more automated format than in prior years. Jingoli also noted that a 10 percent increase in dues across all membership levels was recommended and approved by the officers and Board of Directors. Dorsey also requested the membership review and to confirm their respective company contacts for AGEM membership and committee assignments in order to assist AGEM with efforts to update association records.

Forthcoming Events

  • AGEM will once again be a co-title sponsor of the 23rd AGA/AGEM Golf Classic Presented by JCM Global on May 11. Per organizers at JCM, this year’s event has already sold out its golf spots and is poised to be a great success for a worthy cause, the International Center for Responsible Gaming.  

AGEM INDEX

In March 2022, the AGEM Index improved by 2.45 points to 955.40, marking a 0.3 percent increase from the prior month. Compared to one year ago, the index added 191.27 points for an annual growth rate of 25 percent. During the latest reporting period, nine of the AGEM Index companies reported stock price declines, with three posting an increase. Those results translated to seven companies posting negative contributions to the index and five companies reporting positive contributions. The top contributor to the monthly index was Konami Corp. (TYP: 9766), which reported a 22.39-point index gain as a result of a 19.6 percent increase in stock price. Crane Co. (NYSE: CR) reported an 8.74-point gain to the index due to a 7.1 percent increase in the company’s stock price. The largest negative contribution to the index was sourced to International Game Technology PLC (NYSE: IGT), whose 19.4 percent decline in stock price led to a 19.41-point decrease in the AGEM Index. In the latest reporting period, all three major U.S. stock indices trended upwards after two consecutive months of negative growth. The S&P 500 increased by 3.6 percent, while the NASDAQ rose by 3.4 percent. Meanwhile, the Dow Jones Industrial Average observed a 2.4 percent increase over the month.

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