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AGEM October 2023 Recap

October 2023

AGEM October 2023 Recap

Due to G2E in Las Vegas there was not a monthly AGEM board gathering for October 2023. AGEM hopes all its members and their teams had a successful G2E event experience in Las Vegas. The next monthly AGEM meeting will take place via Zoom on November 14, at 8 a.m. PST.

  • AGEM Executive Director Daron Dorsey and its outside counsel, Dan Reaser, attended and presented at the Nevada Gaming Control Board’s September 27 workshop on modernizing the regulation of gaming technology in Nevada. AGEM and its Compliance Committee prepared and proposed an updated framework for the Nevada process after numerous meetings with board members and staff. The proposal and surrounding discussions were constructive, with AGEM being asked by NGCB Chairman Kirk Hendrick to participate in the small working group to draft, revise or update Nevada policies and regulations on any changes the board agrees to implement.
  • AGEM held a member reception on September 27 at Panevino Ristorante in Las Vegas. The gathering was well-attended by the membership, and AGEM is making further plans for future events, including gatherings outside Las Vegas at industry events.
  • AGEM announced the recipients of its 2023 Memorial Awards commemorating Jens Halle and Peter Mead—the late Bob Manz (Jens Halle Award) and Victor Rocha (Peter Mead)—and presented them at G2E.
  • Dorsey and AGEM Director of Europe Tracy Cohen met with leadership of the European Casino Association during G2E and agreed to continue growing and expanding the relationship between the organizations.
Forthcoming Events

The AGEM McMonigle Cup golf tournament will be played on December 5 at Bear’s Best Golf Course in Las Vegas. AGEM Director of Membership & Events Allison McCoy is the point of contact for any questions surrounding the event.

AGEM Index

The AGEM Index decreased by 51.38 points to 1,055.7 in September 2023, a 4.6 percent decline from the prior month. Compared to one year ago, the index was up 315.92 points, or 42.7 percent. During the latest month, 11 of the 12 AGEM Index companies reported stock price decreases, which resulted in 11 negative contributions and one positive contribution to the AGEM Index. The largest negative contribution to the monthly index was sourced to Konami Corp. (TYO: 9766), whose 6.7 percent decrease in stock price led to a 16.5-point loss for the index. Meanwhile, Light & Wonder Inc. (Nasdaq: LNW) saw its stock price fall by 7 percent, leading to a 11.5-point loss for the index. The lone positive contribution to the index was sourced to Ainsworth Game Technology (ASX: AGI), whose 5.2 percent increase in stock price resulted in an 0.24-point gain to the AGEM Index. All three major U.S. stock indices declined in September. The NASDAQ declined by 5.8 percent over the month, while the S&P 500 fell by 4.9 percent. Meanwhile, the Dow Jones Industrial Average decreased by 3.5 percent from the prior month.

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