The gaming industry has long recognized the vital role regulation plays in maintaining the integrity of our business. We are proud of the relationships our member companies have established with regulators in gaming states across the country because we understand a strong regulatory environment is essential to our existence.
The American Gaming Association (AGA), as the commercial casino industry’s trade group, has always been extremely interested in the evolution and refinement of the regulatory process, particularly as it pertains to the continuing changes in our industry. We recognize regulators face many challenges as gaming companies evolve and technology changes the gaming floor. Changes such as the way games are played, where they are played, and how payments are made have and will continue to require new regulations and monitoring.
In addition, there are some regulations that are outdated due to changes to the ownership structure of gaming companies, increased federal oversight of publicly-held gaming companies, and the nature of the boards who direct the companies.
With that in mind, the AGA commissioned and recently released a white paper that addresses the challenges above and recommends several broad-based regulatory reforms and state-specific improvements that we believe will help ensure the industry can keep pace with evolving financial and technological changes that our companies face today, while maintaining the highest level of regulatory integrity.
The recommendations in the paper focus on improving the licensing process, simplifying the gaming licensee’s ability to gain access to financing, reforming regulation of gaming machines and modifying or eliminating unnecessary red tape and reporting requirements.
We want to be clear: Our industry is proud of the regulatory framework in place and believes regulators are doing a great job. Our recommendations are simply aimed at making an excellent system even better by helping both gaming companies and regulators keep pace with evolving technology and processes.
The AGA has already begun efforts to encourage implementation of regulatory reform at the state level by delivering the final list of recommendations to regulators and enforcement officials in U.S. commercial casino jurisdictions. Several regulators have responded positively.
Ultimately, it is our hope that these recommendations are adopted so regulators and licensees will be freed from the burden of regulations that are no longer necessary.
There is no doubt that regulation is an important and vital part of the gaming industry, without it our industry would not be as strong. The AGA, state gaming associations and individual members are collaborating in the months ahead on our efforts to streamline and improve the rigorous and effective regulation that is a hallmark of our industry.