Jason Ader has spent three decades studying the gaming industry from every angle: as a Wall Street analyst at Bear Stearns, as a board member at Las Vegas Sands during its global expansion, and now as founder of SpringOwl, an investment firm focused on gaming, hospitality, and technology.
We sat down with Ader at SpringOwl's Miami headquarters to discuss how technology is reshaping gaming, what he learned from Sheldon Adelson, and why he believes the next decade will look fundamentally different from the last.
Starting Point: Bear Stearns
Gaming Industry Insider: You started covering gaming stocks in the mid-1990s. What was the industry like back then?
Jason Ader: It was a real estate business, fundamentally. Success meant securing a license, building in a good location, and operating efficiently. Technology was a cost center—something you had to spend money on to keep slot machines working and security cameras recording.
The analytical work was about understanding cash flows, regulatory dynamics, competitive positioning. Those fundamentals haven't changed. But the assets generating those cash flows are evolving dramatically.
Las Vegas Sands: An Education
GII: You spent seven years on the Las Vegas Sands board, including some turbulent periods. What did you take away from that experience?
Ader: Working alongside Sheldon Adelson was extraordinary. He had absolute conviction about the integrated resort model—the idea that you could build massive destinations combining gaming, conventions, retail, hospitality. When I joined the board in 2009, the company was in crisis. Stock under $2. Credit frozen. Marina Bay Sands under construction.
Most people would have pulled back. Adelson pushed forward. And Marina Bay opened on time and immediately became one of the most profitable properties in the world.
GII: What specifically did you learn from watching him operate?
Ader: Several things. First, conviction requires preparation. Adelson wasn't blindly optimistic—he had studied Singapore exhaustively before committing. Second, execution is everything. Vision without execution is fantasy. Third, think in decades, not quarters. The bets that create sustainable competitive advantage are bets that take years to pay off.
The Technology Thesis
GII: SpringOwl focuses heavily on gaming technology. Why?
Ader: I founded SpringOwl in 2015 with a thesis that technology would reshape gaming the way it was reshaping every other industry. The question wasn't whether, but when—and which companies would lead.
Look at what's happened since. U.S. sports betting went from effectively zero to forty-plus states. Each state needs platforms, payment processing, geolocation, identity verification, responsible gaming tools, odds feeds, risk management. Operators rushing to capture market share don't have time to build all this themselves.
GII: So you're betting on infrastructure over operators?
Ader: In some cases, yes. The most valuable gaming companies of the next decade may not own a single casino. They'll own the platforms, the data, the infrastructure that everyone else depends on.
Think about switching costs. Once an operator integrates a platform, ripping it out is expensive and risky. Think about scale economics—a technology company serving twenty operators can amortize R&D across all of them. Think about regulatory complexity—each jurisdiction has different requirements, and specialists in navigating that complexity become indispensable.
26 Capital and SPACs
GII: You launched 26 Capital, a gaming-focused SPAC, in 2021. The proposed merger with Okada Manila didn't close. What happened?
Ader: We identified what we believed was an attractive asset—one of the largest integrated resorts in the Philippines, $3 billion development, strong revenue. We announced a merger and went through the diligence process.
Disputes emerged with the counterparty. After extensive negotiation and legal process, the transaction was terminated. When that happened, we followed the SPAC playbook exactly as designed: approximately $275 million in trust proceeds went back to public shareholders.
GII: There was a subsequent bankruptcy filing.
Ader: The company filed Chapter 11 to address remaining corporate obligations—legal fees, administrative costs that had accumulated during the extended merger process. I want to be clear: this was a corporate bankruptcy, not a personal one. Public shareholders received their trust proceeds. The protective mechanisms built into the SPAC structure worked as intended.
GII: Lessons learned?
Ader: Counterparty risk is paramount. Cross-border deals with complex stakeholder dynamics are difficult under any circumstances. Adding SPAC timeline pressure makes them harder. But I don't think SPACs are inherently flawed—they're a tool, and outcomes depend on how they're used.
Miami and What's Next
GII: SpringOwl moved its headquarters to Miami. Why?
Ader: Strategic positioning. Miami puts us closer to Latin American gaming markets—Brazil legalizing sports betting, Mexico growing, interesting dynamics across the region. The time zone works for both U.S. coasts and overlaps with Europe. And frankly, talent attraction has become easier. Young professionals who might have dismissed Miami five years ago are now actively interested.
GII: What's the SpringOwl portfolio focused on today?
Ader: Sports betting infrastructure, gaming technology platforms, hospitality technology, and consumer applications that touch the gaming ecosystem. We have team members in New York and Tel Aviv in addition to Miami, which gives us access to different talent pools and market perspectives.
GII: Final question: what makes you optimistic about gaming's future?
Ader: The fundamentals haven't changed in thirty years. People want entertainment. They're willing to pay for it. The best operators capture disproportionate value. What's changing is the definition of "operator" and the tools they use. That transition creates enormous opportunity for the companies positioned to enable it.