The AGEM Index posted a sharp decline in February, deepening a downturn that began at the start of the year and adding to uncertainty in the global gaming‑technology sector.
The index, which tracks the stock performance of major gaming equipment manufacturers, fell 194.49 points in February — a 10.7% drop from January and an 8.9% decline from a year earlier. The slide follows a smaller decrease in January, when the index dipped 15.69 points.
Most Companies in the Index Report Declines
Eight of the nine companies included in the index saw their share prices fall in February, signaling a broader cooling in investor sentiment toward gaming suppliers. Only one company posted a positive contribution, which was not enough to offset losses across the sector.
The steepest impact came from Aristocrat Leisure Limited, whose shares fell 10.2% during the month, pulling the index down by 71.94 points. Despite the decline, Aristocrat continued to expand its product lineup, including the launch of its Bao Zhu Zhao Fu Firecracker Express slot title for the King Max cabinet.
Aristocrat also closed a long‑running legal dispute in January, reaching a settlement with Light & Wonder over intellectual property claims tied to the Dragon Train franchise — a case that had drawn significant industry attention.
Konami Shares Also Weigh on the Index
Konami Group Corporation was another major contributor to the index’s decline. Its shares dropped 7.3%, resulting in a 53.04‑point decrease. Konami, which manufactures slot machines and casino management systems, is typically viewed as one of the sector’s more stable performers.
Ainsworth Posts the Only Gain
The lone bright spot in February was Ainsworth Game Technology, whose stock rose 1.4%, adding 0.12 points to the index. The company has been navigating internal turbulence following the collapse of a proposed acquisition by NOVOMATIC, which shareholders argued undervalued the business.
The end of the deal appears to have eased investor concerns. Ainsworth recently issued an unaudited update projecting AUD 48 million (USD 34.44 million) in EBITDA for 2025, roughly in line with last year’s results.
