The Nevada Gaming Commission Thursday granted a license to Light & Wonder Director and Chairman of the Board James Odell, who appeared by video conference from Australia. Odell was last licensed in Nevada in 2010 with Aristocrat, where he served as CEO from 2009 to 2017. He has received approval in 59 other jurisdictions around the world.
Commission member Brian Krolicki, who chaired the meeting, said the world has changed dramatically since 2010 and sought Odell’s views on the gaming space.
“Nevada retains the lead in terms of regulatory control,” Odell said. “It’s been a fascinating 14 years in the industry. The main thing I would say is how the industry has globalized. We think a lot more about online gaming. Individuals interact and multitask on so many screens. It’s extraordinary to look at the younger generation. It’s no longer about visiting a casino to play games with your friends or your family and have a nice dinner.”
Regulatory challenges accompany changes in technology, but one of the advantages of strong regulations is that operators can monitor early development in technology to ensure their responsibility as a company, Odell said.
“The technology adoption has been faster and the product is quicker to come out,” Odell said. “There’s more product. My side of the industry, producing games and the quality of product coming out, is multiple times stronger than 15 years ago. The entertainment that players are getting from it is extraordinary. For us, it’s keeping on top of our global technology and controlling it in a matter that’s acceptable to us and to the various regulations, with online gaming in particular. We need very good controls. We’re not allowed to do real-money gaming in Australia and we can do it in only certain states in the U.S.”
Odell said the industry came through COVID extraordinarily strongly and showed its contributions to the community as part of the entertainment landscape, but challenges lie ahead. “Keeping in touch with this new technology and younger generation is something we have to do at all times. It’s accelerated the need to make quick decisions and be alert and interact (with regulators) to make sure we’re on the right side with what’s really happening.”
Commissioners noted the strength of the company, whose stock price has risen nearly $50 in two years to close at $93.10 on Thursday. Its 52-week high is $115, its low $67.71.
Earlier this week, Aristocrat was granted a preliminary injunction in U.S. district court against Light & Wonder deploying its Dragon Train game, citing intellectual-property issues. The stock traded at more than $112 on Monday. The Commission didn’t mention the court case.
