The AGEM Index dropped 6.1 percent month-on-month in September to 1,811.01, its first monthly decline since March, as Light & Wonder and Aristocrat Leisure weighed it down.
AGEM Index closed September at 1,811.01, down 6.1% month-on-month and its first monthly fall since March. Eight of the nine gaming suppliers in the Association of Gaming Equipment Manufacturers index lost share value. Light & Wonder subtracted 39.12 points after a SciPlay leadership announcement, and Aristocrat Leisure accounted for 46.60 points.
- AGEM Index: September’s First Monthly Decline
- Aristocrat and Light & Wonder Carry the Drag
- The SciPlay Leadership Announcement
- Gaming Suppliers Lag US Market Indices
The AGEM Index fell to 1,811.01 at the end of September, down 118.24 points from the prior month. It is the first decline recorded since March, which means the gaming supplier complex has been holding its ground through a series of firmer months.
Every company in the index posted a negative contribution, and eight of the nine suppliers saw share prices fall during the month. The two largest names account for most of the move, with Aristocrat Leisure and Light & Wonder together removing 85.72 points. Light & Wonder’s 16.8 percent decline alone subtracted 39.12 points.
AGEM Index: September’s First Monthly Decline
The Association of Gaming Equipment Manufacturers compiles the index from the share prices of nine gaming suppliers. All nine companies made negative contributions to the index, a result the body did not report before this fall. That is the first time in the recent run the group has moved as one, and it is a cleaner signal than a single-name move.
Year on year, the index was down 114.20 points to 1,811.01, or 5.9 percent lower than the September 2025 close. The monthly decline of 6.1 percent is steeper, which puts September at the bottom of the recent range rather than simply extending a broader correction.
For suppliers, a broad-based index decline usually points to demand rather than company-specific news. Nine of nine contributors is a harder read than a two-name drop, and the pattern is worth watching as the next quarterly cycle of land-based casino buildouts comes into view.
Aristocrat and Light & Wonder Carry the Drag
Aristocrat Leisure subtracted 46.60 points, the largest single contribution to the fall. Light & Wonder followed with 39.12 points. The two names together account for 85.72 points of the 118.24-point decline, so roughly seven in every ten points of the monthly fall traces back to just those two share prices.
The combination matters because the two suppliers represent opposite sides of the hardware business. Aristocrat remains the traditional casino table and slot manufacturer with a strong land-based footprint across Asia. Light & Wonder competes in online and hybrid channels, and its 16.8 percent monthly decline is the steepest single-name move in the index.
AGBrief has covered gaming equipment supplier results across the region.
The SciPlay Leadership Announcement
AGEM attributed part of the fall to an announcement that the chief executive of its social casino business would step down at the end of October. The outgoing executive had led SciPlay, which operates in the social casino segment and is not a conventional real-money supplier.
Leadership transitions in gaming businesses rarely produce a sharp move on their own, and the announcement alone may not explain a 16.8 percent fall. AGEM linked it to the broader weakness, however, rather than treating it as an isolated event.
The timing is the useful part. A successor announcement should follow in the coming weeks, and any uncertainty about who leads SciPlay after the handover will sit alongside the supplier share prices through the next quarter. If the leadership change is accompanied by a larger strategy review, the index could fall further before the next monthly print.
Gaming Suppliers Lag US Market Indices
September was not a flat month for US equities, and the AGEM Index still underperformed the three major benchmarks. The Dow Jones Industrial Average fell 4.3 percent, the S&P 500 slipped 0.5 percent, and the Nasdaq gained 1.9 percent. Gaming suppliers posted the only broad-based weakness.
That contrast is the important read. The Nasdaq’s 1.9 percent gain shows that the wider technology complex held up, so the fall is not a general retreat in risk appetite. It is specific to gaming equipment manufacturers, which points at casino supply volumes rather than capital markets sentiment.
For the region, the pattern has a direct consequence. Land-based casinos are still adding gaming equipment in Asia, and a broad supplier decline signals that operators are moving more carefully. That is a slower order book, not a collapse, and the next monthly AGEM Index print will show whether the trend continued.
Frequently Asked Questions
What is the AGEM Index and how did it perform in September?
The AGEM Index tracks the share prices of nine gaming equipment manufacturers compiled by the Association of Gaming Equipment Manufacturers. It closed September at 1,811.01, down 118.24 points and 6.1 percent month-on-month, with all nine suppliers making negative contributions.
Why did the AGEM Index fall for the first time since March?
Eight of the nine gaming suppliers saw share prices fall during the month, and the two largest names, Aristocrat Leisure and Light & Wonder, contributed 85.72 points together. Every company in the index posted a negative contribution, which is a broader signal than a single-name decline.
How much did Light & Wonder affect the AGEM Index?
Light & Wonder shares fell 16.8 percent during September, subtracting 39.12 points from the index. Aristocrat Leisure was the largest single contributor to the decline with 46.60 points, taking the two names to 85.72 points of the total 118.24-point fall.
What triggered Light & Wonder’s 16.8 percent decline?
AGEM linked the fall to an announcement that the chief executive of its social casino business, SciPlay, will step down at the end of October. The announcement alone may not explain the decline, but AGEM cited it alongside the broader weakness rather than treating it separately.
How does the AGEM Index compare to major US stock indices?
The AGEM Index underperformed the Dow Jones, S&P 500 and Nasdaq in September. The Dow fell 4.3 percent, the S&P 500 slipped 0.5 percent, and the Nasdaq gained 1.9 percent. Gaming suppliers were the only broad-based weakness, pointing at the equipment market rather than general sentiment.
What does the AGEM Index decline mean for gaming suppliers?
A broad-based fall across nine suppliers usually points at demand for gaming equipment rather than company-specific news. With nine of nine contributors negative, operators appear to be moving more carefully on orders, which is a slower order book rather than a collapse. The next monthly print will confirm the trend.
This article has been thoroughly researched and reviewed by the CasinoBait editorial team to ensure accuracy and relevance for Asian casino players.
