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TRIBAL Government Gaming www.tribalgovernmentgaming.com Annual Industry Report 2026 • $10 A GGB Publication 2026 TRIBAL CASINO DIRECTORY Prediction Problem Tribes fight sports prediction markets Class II surges as a viable and profitable choice for tribal gamingTRIBAL GOVERNMENT GAMING 2026 3 CONTENTS TRIBAL Government Gaming 2026 A GGB Publication FEATURES 10 Time for an Upgrade? Proactive capital investment is vital to attract and retain your best guests. By Marjorie Preston 22 The Prediction Market Scam Tribal gaming operators are joining commercial casinos in the fight against emerging prediction markets, which the industry considers illegal gambling. By Matt Rybaltowski 26 Front Money Real estate investment trusts are the newest funding source for tribal operators, providing financial stability and new opportunities for gaming tribes. By Jess Marquez 28 Legislative Bulletin Tribes and lawmakers navigate legal challenges including online betting and prediction markets. By Patrick Evans COMPANY PROFILES 31 Ainsworth Game Technology 32 Aristocrat Gaming 33 BMM Innovation Group 34 Cuningham 35 GLI 37 HBG Design 39 Koin 41 Morse Watchmans 43 Novomatic Americas 47 R2Architects 48 TBE Architects COLUMNS 6 IGA Safeguarding Sovereignty David Z. Bean 8 EDUCATION Saluting the Patriarchs of Tribal Gaming Dr. Katherine Spilde 14 NIGC Tribal Gaming: Innovation & Integrity Dustin Thomas 24 PURCHASING Navigating Volatile FF&E Markets Carl Long DEPARTMENTS 4 Editor’s Letter 30 Tribal Government Gaming 2026 Directory 23rd Annual Edition 16 COVER STORY The Class II Edge Class II gaming has matured to the point Class II slots compete favorably with their Class III counterparts. To tribal gaming operators, this means profits and leverage in negotiations with states. By Frank Legato 10 264 TRIBAL GOVERNMENT GAMING 2026 W hat a tough year for Indian Country. In addition to the two key leaders who left us in 2025, IGA Chairman Ernie Stevens Jr. and former Sycuan Chairman Danny Tucker (see Kate Spilde’s excellent tribute on page 8), we also lost former U.S. Senator Ben Nighthorse Campbell, a true warrior for tribal nations. All three made tribal sov- ereignty the foundation for their life’s work in Indian Country. And now that core value is being threatened. Everyone in Indian Country understands that tribal sovereignty is the key to the future as well as the survival of Indian nations. Native American nations are not like states. They are individual nations that deserve to be treated as such. The U.S. government recognized their importance in many ways, including the Indian Gaming Regulatory Act, passed in 1988. Government-to-government relations must be respect- ed and maintained. But the emergence of prediction markets has rocked that relationship to the core. States and tribal nations have reached agreements on gaming—state compacts—that define how gaming is presented within the states and on tribal lands. These compacts were negotiated in good faith. They are the essence of government-to-government relations. But now the federal government and the prediction markets have come between that relationship. Let’s step back for a moment and examine what prediction market companies have to offer. They’re not new. Investors have been using them since 1988 to trade contracts on the popular vote of the presiden- tial election. They’ve evolved since then while becom- ing more widely known when correctly predicting the 2024 election of President Donald Trump. Licensed sportsbooks are prohibited from taking bets on elections. That opened the door for companies like Kalshi, the leading market-maker and the most belligerent of its cousins. Soon after the 2024 election, Kalshi began taking “trades” on sporting events. Since then, it has been joined by dozens of other companies that rushed into this space. bet.” Now, defenders of prediction markets will use lots of word salad to say otherwise. But trades are bets, and there’s no way around it. Kalshi and its ilk are currently taking bets in states where sports betting is illegal or where you need a license to conduct sports betting. These companies are conducting illegal gambling in all those states by violating state laws. And regulations? The markets are supposedly “regulated” by something called the U.S. Commodity Futures Trading Commission (CFTC), a quasi- governmental organization that is supposed to have five members. It currently has only one, the chairman. Most of its staff members have quit, so the companies offering sports betting are effectively unregulated. But even if the CFTC were fully staffed, it has no expertise in regulating sports betting or licensing operators, unlike state and tribal gaming commissions, which are regulatory experts. This is a straight-on attack not only on tribal sovereignty but also state sovereignty. The federal government is proposing that the ineffective regulations of the CFTC trump any state laws and regulations. And we don’t use the word “trump” lightly, because the current administration is behind this attack. Not only has this administration installed a CFTC chairman who is clearly a cheerleader rather than a regulator, but the son of the president is a paid adviser to and investor in several of the prediction market companies, including Kalshi. If the administration’s views prevail, tribal sovereignty will be significantly eroded, and what comes next? At a time when three significant leaders of tribal gaming and Native American rights have exited the stage, we need some heroes to emerge. One of the positive things is that this doesn’t rest only on the shoulders of Native Americans. This is an attack on all Americans who value the rule of law and the right to decide what happens in their communities. It’s time to step up and oppose prediction markets and all they stand for. It’s time to defend our nations and states to ensure that the federal government fol- lows the Constitution, which never mentions gaming. Therefore, as it has during the entire existence of the United States, it’s a states’—and tribal—rights issue. Tribal Troubles GGB Frank Legato, Editor-in-Chief flegato@ggbmagazine.com Robin Harrison, Publisher robin.harrison-millan@worldgamingbusiness.com Roger Gros, Editor-at-Large rgros@ggbmagazine.com Marjorie Preston, Editor mpreston@ggbmagazine.com Gary Rotstein, Copy Chief gary.rotstein@worldgamingbusiness.com Monica Cooley, Art Director mcooley@ggbmagazine.com Terri Brady, Sales & Marketing Director tbrady@ggbmagazine.com Columnists David Z. Bean • Carl Long Dr. Katherine Spilde • Dustin Thomas Contributing Editors Jess Marquez • Matt Rybaltowski • Patrick Evans _____ EDITORIAL ADVISORY BOARD Rino Armeni, President, Armeni Enterprises • Dike Bacon, Principal/Partner, HBG Design • Lauren Bates, President, Global Gaming Women • Mark A. Birtha, Senior Vice President & General Manager, Hard Rock International • Brendan Bussmann, Principal, BGlobal Advisors • Alex Dixon, Senior Advisor, Board of Directors, Resorts World Las Vegas • Daron Dorsey, Executive Director, Association of Gaming Equipment Manufacturers • Sally Gainsbury, Director at Gambling Treatment & Research Clinic & Professor of Psychology, University of Sydney • Stephen Martino, Vice President & Chief Compliance Officer, MGM Resorts International • Bill Miller, President and CEO, American Gaming Association • Walt Power, CEO, Grand Ho Tram • Rob Russell, Senior Gaming Analyst, Regulatory Management Counselors PC • James Siva, Chairman, California Nations Indian Gaming Association/ Vice Chairman, Morongo Band of Mission Indians • Michael Soll, President, International Center for Responsible Gaming • Kresimir Spajic, CEO, Allwyn Digital • Katherine Spilde, Executive Director, Sycuan Institute on Tribal Gaming, San Diego State University —————— GGB Magazine 702-248-1565 • www.ggbmagazine.com The views and opinions expressed by the writers and columnists of GLOBAL GAMING BUSINESS are not necessarily the views of the publisher or editor. Copyright 2026 Clarion Digital Media LLC GLOBAL GAMING BUSINESS is published monthly by Clarion Gaming International, LLC. Printed in Nevada, USA. Email: subscriptions@ggbmagazine.com Official Publication BY ROGER GROS, EDITOR-AT-LARGE EDITOR’S LETTER TRIBAL Government Gaming 2026 Unregulated opportunists are threatening the legal gaming industry. Tribal and commercial operators must fight back.6 TRIBAL GOVERNMENT GAMING 2026 s chairman of the Indian Gaming Association, my responsibility is clear and unequivocal. I defend tribal sovereignty and protect the statutory framework governing tribal government gaming at the direction of our tribal leaders. That responsibility continues as we carry forward the disciplined leadership and advocacy established by the late Ernie Stevens Jr. While leadership transitions occur, the mission remains unchanged: preserving the legal framework that has allowed tribal governments to build stable, self-sustaining economies under federal law. Indian gaming is not a commercial enterprise driven by shareholder returns. It is government gaming conducted by sovereign nations. Revenues from tribal gaming are government revenues that fund essential public services, infrastructure and economic diversification. In fiscal year 2024, tribal gaming generated $43.9 billion in revenue, supporting nearly 700,000 American jobs and contributing billions in compact payments and related revenues to state and federal governments. These figures underscore that tribal gaming is not only critical to Indian Country but also to regional and national economies. The legal authority for tribal gaming is grounded in the Indian Gaming Regulatory Act. IGRA established a carefully balanced framework among federal oversight, tribal sovereignty and state interests. For more than three decades, tribal governments have negotiated compacts with states, developed robust regulatory bodies, implemented strict compliance standards and ensured consumer protections that rival those in any other segment of the gaming industry. Tribal gaming is widely recognized as the most regulated form of gaming in the United States. This statutory framework has produced stability, accountability and economic growth. However, it is now being challenged by emerging platforms seeking to redefine gambling products as financial instruments. The most pressing issue before Congress concerns sports event contracts and prediction markets operating under the Commodity Futures Trading Commission. These products, listed on derivatives exchanges, function in substance as sports wagering. These platforms do not operate under tribal-state compacts. They are not licensed by state gaming commissions. They do not share revenue with tribal governments or states. They do not adhere to uniform consumer protection standards. Instead, they claim authorization under the Commodity Exchange Act, a statute historically designed to regulate futures and derivatives markets for risk management. This raises a clear legislative question: Did Con- gress intend the CEA to authorize nationwide sports betting through financial exchanges without regard to tribal sovereignty, state authorization or negotiated compacts? If commodities law is interpreted this way, it effectively circumvents the framework Congress established under IGRA and disrupts the jurisdictional balance between sovereign governments. It is important to emphasize that this issue is not a dispute between the tribal and commercial gaming sectors. Both operate under defined regulatory systems. Both sectors comply with rigorous licensing standards, auditing requirements and consumer safeguards. The present concern is different, as entities attempt to bypass both tribal and state regulatory systems entirely by positioning gambling products as financial contracts. This approach undermines regulatory parity and creates instability in the broader gaming marketplace. In response, IGA has engaged directly with Congress, federal agencies and policymakers to seek legislative clarification. We are coordinating closely not only with tribal organizations and regional tribal gaming associations but also with the American Gaming Association. The alignment between the tribal and commercial gaming sectors on this issue reflects a shared commitment to lawful, regulated gaming under clear jurisdictional authority. This unified advocacy sends a strong message: Gambling policy must remain within the authority of sovereign governments and the statutory frameworks enacted by Congress and state legislatures. Any expan- sion of gambling authorization should occur through deliberate legislative action, not administrative reinter- pretation of unrelated financial statutes. Safeguarding Sovereignty IGA urges Congress to adopt clarifying language affirming that the CEA does not authorize sports wagering, event contracts or casino-style gaming products outside the established gaming framework. Such clarification is necessary to preserve the integrity of IGRA, uphold tribal-state compacts, protect state regulatory authority and maintain consistency in consumer protections nationwide. The stakes are significant. Tribal gaming supports governmental services, infrastructure investments and economic stability across many regions of the country. State budgets similarly rely on regulated gaming revenues and negotiated agreements. Allowing unregulated sports event contracts to operate nationally without compacting, licensing or revenue-sharing would erode those revenue bases and destabilize longstanding agreements among sovereign governments. Our position remains disciplined and focused. Tribal gaming operates under a federal statutory framework established by Congress. Any changes to that framework must be enacted by Congress. Regulatory agencies should not expand gambling authorization beyond what Congress intended through reinterpretation of commodities law. Following the leadership example set by Chairman Stevens, we continue to prioritize legislative engagement, strategic coordination and legal clarity. Protecting tribal sovereignty requires sustained advocacy, strong partnerships and unwavering attention to statutory intent. Indian gaming is the lawful exercise of sovereign governmental authority. Preserving that authority is fundamental to federal Indian law, the integrity of tribal-state compacts and the economic stability of tribal nations and surrounding communities. IGA will continue working with Congress, federal agencies, tribal governments, regional associations and the AGA to ensure that federal statutes are properly interpreted, regulatory integrity is maintained and tribal sovereignty is defended without compromise. David Bean is chairman of the Indian Gaming Association. INDIAN GAMING ASSOCIATION Amid unprecedented challenges to tribal gaming, Indian Country stands strong, resolute—and united BY DAVID Z. BEAN8 TRIBAL GOVERNMENT GAMING 2026 A t the 2025 Indian Gaming Association Tradeshow, IGA Chairman Ernie Stevens Jr. named the first Matriarchs of Tribal Government Gaming. During the awards ceremo- ny, he spotlighted women who helped shape tribal gaming over decades of service. Likewise, former Sycuan Chairman Danny Tucker, who was also IGA vice chairman and chairman of the California Nations Indian Gaming Association (CNIGA), shared credit with women leaders, recounting early struggles to create and sustain the tribal gaming industry. Tragically and suddenly, we lost both leaders within weeks last year. As Indian Country struggles with these losses, there is more value than ever in highlighting the values they stood for. Just as they elevated our matriarchs, it’s critical to highlight the patriarchs of tribal government gaming, especially regarding education. Chairman Ernie Stevens Jr. As IGA chairman, Ernie Stevens Jr. emphasized education as essential to the sustainability, integrity and sovereignty that underlies tribal gaming. He insisted that tribal gaming be framed not only as an economic engine but as a learning platform for communities to build knowledge, professional skills and self-determination. He returned to school himself, earning a master’s degree, and was a proud supporter of Haskell Indian Nations University, among other institutions. One of Chairman Stevens’ most visible contributions was his role in expanding IGA’s educational initiatives, particularly through the annual Indian Gaming Tradeshow & Convention and IGA’s Commissioner Training programs. As the industry expanded, he ensured that these events went far beyond networking to provide struc- tured education on regulatory compliance, tribal governance, finance, workforce development and emerging technologies. By bringing together tribal leaders, vendors, regulators, educators and industry experts, he created a space where tribes could learn from one another and strengthen their capacity to manage gaming operations effectively. In his work with states and the federal govern- ment, Chairman Stevens helped ensure that tribal leaders, policymakers and the broader public un- derstood gaming as a tool of self-governance, rather than a federal entitlement. From the Brookings Institution to Harvard’s Kennedy School of Gov- ernment, his educational focus empowered tribes to defend their rights, negotiate more effectively with states and develop gaming enterprises aligned with their cultural values. Through sports and youth engagement, Chair- man Stevens supported leadership development within Indian Country. His support for events like the Chairman’s Golf Classic to benefit the Native Forward Scholars Fund helped create scholarships and support services for American Indian and Alaska Native students, reducing financial barriers to college and cultivating future leaders. Chairman Daniel Tucker Like Chairman Stevens, Chairman Daniel “Danny” Tucker of the Sycuan Band of the Kumeyaay Nation nurtured intertribal learning networks through his role as IGA vice chairman and chairman of the CNIGA. In the formative years of tribal government gaming, which included contentious compact nego- tiations, these organizations hosted conferences and policy forums that provided continuing education for tribal leaders and attorneys—sharing political updates and casino best practices and translating le- gal documents and findings into practical guidance. Chairman Tucker viewed education as a sov- ereignty tool. In the 1990s, tribes needed staff and leaders who understood not only casino operations and hospitality, but also legal and regulatory frame- works, the government-to-government context and the community responsibilities that differentiate tribal and commercial gaming. Chairman Tucker spearheaded the Sycuan Tribe’s partnership with San Diego State Univer- sity, which created the Sycuan Institute on Tribal Gaming (SITG). The institute, launched more than 20 years ago with a $5.5 million endowment from the tribe, was designed to meet the tribal gaming industry’s increasing need for trained profession- Saluting the Patriarchs of Tribal Gaming als immersed in the purpose, history and culture of tribal gaming—many being retrained from the commercial industry in nearby Nevada. By putting tribal gaming expertise inside a university setting, Sycuan elevated tribal casino operations management to a serious academic sub- ject—one that could be taught, evaluated, improved and replicated. The vision for SITG is that knowl- edge-building efforts preserve institutional memory and turn personal experience into materials future leaders can actually study. Upholding their Legacy These patriarchs shaped the next generation of leaders by modeling responsibility, cultural pride and service. By mentoring youth, they influenced future leaders by encouraging education while grounding it in cultural identity, showing that success and tradition can coexist. Their successors, IGA Chairman David Bean and Sycuan Chairman Cody Martinez, demonstrate the same commitment. Chairman Bean has commit- ted himself to fulfilling Chairman Stevens’ focus on education and knowledge-sharing. Chairman Martinez emphasizes learning within the Sycuan community itself, supporting early education, cultur- al enrichment programs and community services that strengthen tribal identity and civic engagement. His leadership ties economic success from tribal enter- prises back into educational investments that benefit Sycuan members and tribal stakeholders. These patriarchs laid foundations that all tribal leaders and students can continue to develop—link- ing gaming success with educational opportunity and community well-being. Together, their leadership reflects a continuum in which tribal sovereignty, economic innovation and education reinforce each other for current and future generations. Dr. Katherine Spilde is a professor and chair of the Sycuan Institute on Tribal Gaming in the L. Robert Payne School of Hospitality & Tourism Management at San Diego State University and a leading authority on casino gambling legalization, regulation and operations. Spilde can be reached at kspilde@sdsu.edu. EDUCATION In 2025, Indian Country lost two champions: Ernie Stevens Jr. and Danny Tucker. Both upheld education as a pillar of tribal gaming. BY DR. KATHERINE SPILDEA LIBRARY BUILT TO ENTERTAIN From proven player favorites to bold new titles, our deep game portfolio delivers something for every floor and every player. 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