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AGEM November 2023 Meeting Recap

November 2023

AGEM November 2023 Meeting Recap

  • Following the Nevada Gaming Control Board’s September workshop on modernizing the regulation of gaming technology in Nevada, NGCB Chairman Kirk Hendrick asked AGEM to participate in an industry working group to update Nevada policies and regulations surrounding any changes the NGCB implements. AGEM appreciates the ongoing engagement of its compliance committee colleagues in this effort and will update the membership on developments as they occur.
  • G2E Event Vice President Korbi Carrison gave a recap presentation of the recent 2023 show at the November AGEM meeting. She started by thanking everyone for their participation and reported that feedback from exhibitors and attendees was overwhelmingly positive, with most commenting that it was a good show with plenty of attendee traffic. Registration was improved for visitors and exhibitors, due to the rearrangement of the process, which saw double the amount of kiosks as well as improved assisted areas and the siting of additional kiosks outside of the main area. Initial data indicates that attendance was up 4.3 percent over the 2022 event and key buyers also increased by 1 percent. There was also improvement and growth in the European segment, which is important to many of the exhibitors. There were some issues reported with the movement of freight due to the disruption of the Formula 1 setup; however, RX is working with exhibitors and the contractor to ease these problems for next year and into the future.
  • In Mexico, the CONAMER process (National Commission for Better Regulation) has been initiated to potentially affect the existing regulatory policy surrounding gaming in the country. With the public comment period now closed, the industry awaits further actions from the government agencies to evaluate options for those companies affected by the potential changes. AGEM has engaged two member law firms in the country who continue to monitor the proceedings and provide analysis of the continuing landscape.
Forthcoming Events
  • With the holiday season upon us, AGEM will be hosting some annual member events. The AGEM McMonigle Cup golf tournament will be played on December 5 at Bear’s Best Golf Course in Las Vegas. Following this will be the AGEM Holiday Reception on December 14, beginning at 5 p.m. This will be held at Proprietor’s Reserve in Las Vegas, a venue utilized by many companies for corporate events. All members are welcome to attend with AGEM Director of Membership & Events Allison McCoy the point of contact for any questions surrounding both events.
  • In line with the plan to hold more member events beyond Las Vegas, AGEM will host a come-and-go cocktail reception during ICE 2024 in London. AGEM is finalizing details for a chance to catch up with international colleagues on the afternoon of Sunday, February 4 at 4:30 p.m. in an easily accessible location. Allison McCoy will be sending out invitations shortly so interested members can RSVP if they wish to attend. We hope those of you available and in London can stop by.
AGEM Index

The AGEM Index decreased by 44.35 points to 1,011.35 in October 2023, a 4.2 percent decline from the prior month. Compared to one year ago, the index was up 164.71 points, or 19.5 percent. During the latest month, eight of the 12 AGEM Index companies reported stock price decreases, which resulted in eight negative contributions and four positive contributions to the AGEM Index. The largest negative contribution to the monthly index was sourced to Aristocrat Leisure Limited (ASX: ALL), whose 5.7 percent decrease in stock price led to a 28.68-point loss for the index. Meanwhile, International Game Technology PLC (NYSE: IGT) saw its stock price fall by 16.2 percent, leading to a 20.94-point loss for the index. The largest positive contribution to the index was sourced to Agilysys (Nasdaq: AGYS), whose 29.7 percent increase in stock price resulted in a 16.44-point gain to the AGEM Index. Agilysys’ stock price increase was fueled by fiscal year 2024 second-quarter financial results that included a 22.8 percent year-over-year increase in net revenue. All three major U.S. stock indexes declined in October 2023. The NASDAQ declined by 2.8 percent over the month, while the S&P 500 fell by 2.2 percent. Meanwhile, the Dow Jones Industrial Average decreased by 1.4 percent from the prior month.

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