AGEM January 2026 Recap
• The AGEM monthly meeting covered several key topics, including the recent change in federal legislation regarding tax policy and gaming winnings withholding thresholds changing from $1,200 to $2,000. Draft guidance and new IRS forms were issued by the Treasury Department in late December 2025, and following that, AGEM released an industry notice picked up in the gaming trade press to highlight the ongoing policy and process changes that might be required while many state and local regulations remain unchanged. (See page 39.) Future adjustments are expected in the coming years on this issue, so AGEM will continue monitoring this item for its members.
• Following the AGEM December 2025 meeting, in which Nevada Gaming Control Board Chairman Mike Dreitzer and newly appointed Chief of the Technology Division Jeremy Eberwein discussed proposed changes in Nevada’s gaming regulatory environment as well as significant overhauls to gaming technology approval processes, a subsequent workshop was held on December 16. At that time, plans were outlined for improving approval and certification timelines as well as encouraging an open-door policy for industry feedback. AGEM supports these ongoing initiatives and intends to continue dialogue with the NGCB to discuss further improvements with the aim to keep Nevada competitive with other U.S. jurisdictions for product deployment and innovation.
• AGEM members received a presentation by Kasra Ghaharian, director of research at the International Gaming Institute at the University of Nevada, Las Vegas, regarding the AI Industry Survey conducted in partnership with KPMG. This important survey aims to benchmark AI adoption, opportunities, challenges and governance across the global gambling sector. It includes a 15-minute survey, and participating companies will receive a private report comparing their AI maturity to industry averages, with AGEM members also getting a collective summary. All responses are confidential, ethically approved and reported in aggregate, with data collection expected to finish by March and results shared by June. AGEM members were encouraged to participate to help define AI’s role in gaming.
Forthcoming Events
• The American Heart Association’s Las Vegas Go Red for Women Luncheon will be held on February 20 at the Canyon Gate Country Club (Las Vegas). AGEM is once again a proud sponsor of the worthwhile event, and there are some tickets available for those that are interested. Please contact Allison McCoy ([email protected]) for more details.
• JP Morgan will be hosting a 2026 Global Market M&A and Corporate Finance Outlook on February 25. This midday event is by invitation only for AGEM members and is aimed to be informative and targeted. If you would like more information about this event, please contact Allison McCoy. • The February AGEM meeting will take place via Zoom on February 10 at 8 a.m. PT.
Recent Events
The annual AGEM McMonigle Cup Golf Tournament took place on December 11 at Arroyo Golf Club in Las Vegas. The two-person team event saw a full house of players from AGEM member companies participate. AGEM Associate Member KPMG took home the 2025 title through the efforts of Rick Arpin and Doug Kulikowski. Once again, the event proved very popular with the members and everyone had a great day.
AGEM Index
The AGEM Index fell by 75.93 points to 1,831.68 in December 2025, a 4 percent decrease from the prior month. Compared to one year ago, the index rose 17.1 percent, or 266.86 points. During the latest month, seven of the 10 AGEM Index companies reported stock price decreases, which pulled the overall index value down despite positive contributions by three companies. The largest negative contributor to the monthly index was Konami Corp. (TYO: 9766), whose 10.5 percent decrease in stock price led to a 64.20-point loss to the index. Meanwhile, Crane NXT, Co. (NYSE: CXT) saw its stock price decrease by 16.4 percent, leading to a 14.12-point decrease for the index. The largest positive contributor to the index was Light & Wonder Inc. (NASDAQ: LNW), whose 3 percent increase in stock price resulted in an 8.01-point gain to the AGEM Index. In December, two of the three major U.S. stock indices decreased from the prior month. The NASDAQ fell by 0.5 percent over the month, while the S&P 500 experienced a 0.1 percent decrease. Meanwhile, the Dow Jones Industrial Average rose by 0.7 percent from the prior period.
