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Macquarie’s Beynon agrees with that sentiment, pointing to the relative stability of gaming companies through tough economic stretches such as the Covid-19 pandemic. Bankruptcies in the sector have been low relative to the broader market, he notes, and both land-based and digital companies have reason for optimism moving forward.

“It’s certainly not lost on us that this sector has underperformed for several years in a row just because it doesn’t have either the growth of say, tech companies, or the perceived free cash flow-insulated businesses, which we believe it does…We’ve thought there’s been value in the sector for a few years, particularly this year,” he told iGB.

Jess has covered the global gaming industry since 2022. A native of Reno, Nevada, he’d like to note that it’s Ne-va-da, not Ne-VAH-da.

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They must also evaluate their current technical safeguards to ensure alignment with regulator expectations and certification standards.

Safeguarding has reappeared as a focal point for the regulator. In July of this year, ANJ imposed a €500,000 ($572,797) fine on an unnamed online betting operator, referred to as Company X, for not adequately identifying and supporting customers exhibiting signs of problematic gambling. 

The fine followed an investigation that found Company X had failed to correctly identify 29 high-risk players at an appropriate risk level. Six players were missed entirely and 23 were misclassified at a lower risk tier. 

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Bergin also emphasized that the tribe had formally notified Interior twice about its launch timeline for the Preview Casino, providing regular progress updates without ever receiving a directive from federal officials to halt the project.

The conflict stems back to January 2025, when the outgoing Biden administration initially determined that the Vallejo parcel was eligible for gaming.

Interior temporarily rescinded that determination just two months later after newly appointed Secretary Doug Burgum raised concerns over whether the tribe’s historical connection to the land had been thoroughly evaluated.