Skill-based slot machine developer GameCo names new CEO

The former head of Goldman, Sachs & Co.’s global gaming division has been named CEO of Las Vegas-based GameCo.

Adam Rosenberg, who has advised gaming and leisure companies for the past 23 years and was the global head of gaming for Goldman Sachs’ Investment Banking Division for 16 years, was appointed CEO by GameCo’s board of directors, the company announced Thursday.

Rosenberg replaces Blaine Graboyes, who was denied a gaming license by the Nevada Gaming Commission in February.

Graboyes was accused of driving a small Ohio company he was consulting for into bankruptcy so that he could take abandoned software and systems for GameCo’s use. Commissioners voted 4-1 to deny him a license.

The license denial effectively banned Graboyes from the gaming industry and he was immediately removed by GameCo after the Feb. 18 decision.

Efforts to contact Graboyes have been unsuccessful.

As CEO, Rosenberg also will be joining the company’s board of directors, where he has been a board observer since 2018.

“Adam brings the ideal combination of sector expertise, financial acumen, strategic vision and proven leadership at a truly exciting time for GameCo,” said Robert Montgomery, chairman of GameCo’s board of directors. “His deep industry relationships, obvious passion and innate talent for anticipating what is changing around the delivery of game play and regulated gaming experiences make Adam the ideal choice to lead the GameCo team as the company expands beyond land-based gaming to pursue parallel market leadership in digital.”

At Goldman Sachs, Rosenberg helped to build and ultimately led the firm’s gaming industry coverage efforts worldwide. As global head of gaming, Rosenberg helped finance some of the largest integrated casino-resort projects in the world, and he advised or structured financings to support virtually all major merger and acquisition transactions consolidating legacy gaming technology companies from 2010-2014.

He joined Fortress Investment Group LLC as a partner in 2014, where he has been global head of Gaming & Leisure investing. During his time at Fortress, Fortress-affiliated funds supported GameCo by financing its growth through investments beginning in 2018.

“Having focused on the evolution of gaming technology companies throughout my career, I am proud to be leading GameCo’s efforts to provide the next generation of games to operating partners and players,” Rosenberg said in a release on his appointment.

“The global demand for differentiated gaming experiences is set for unprecedented growth, and the company is ideally positioned to lead an exciting new category at the intersection of video games, online wagering, and esports,” he said.

GameCo has developed skill-based slot machines that give players an edge to win more money if they play the game strategically.

Privately held GameCo is licensed in more than 30 jurisdictions, including Nevada, and offers single player and esports-style multiplayer games with a wide portfolio of sports, casual and arcade titles that also feature brand licenses from major studios and celebrities.

Rosenberg will be required to be scrutinized for suitability to hold a license for his new roles with the company.

This is a developing story. Check back here for updates.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.