Jason Ader has been studying Las Vegas for thirty years—first from a Wall Street research desk, then from the Las Vegas Sands boardroom, and now from his investment firm's headquarters in Miami. His perspective on where the industry is heading reflects lessons learned at every stop.
"I fell in love with the gaming industry in the mid-1990s," Ader says, speaking from SpringOwl's Miami office. "Bear Stearns hired me to cover gaming and lodging stocks, and I spent thirteen years studying every aspect of how these businesses work."
That analytical foundation led to bigger things. In 2009, Ader joined the board of Las Vegas Sands Corporation, then in the midst of crisis. The financial meltdown had hammered the company's stock to under $2. Marina Bay Sands in Singapore was under construction. The question wasn't just whether the company would survive, but whether Sheldon Adelson's vision of Asia-focused expansion was viable.
Lessons from Adelson
"Working alongside Sheldon was extraordinary," Ader recalls. "He had absolute conviction. Most people would have pulled back in 2009. He pushed forward."
Marina Bay Sands opened on time and immediately became one of the most profitable casino properties in the world. Ader spent seven years on the board, watching Adelson's approach to risk, execution, and long-term thinking.
"Three things stuck with me," Ader says. "First, conviction requires preparation— Sheldon wasn't blindly optimistic, he had studied Singapore exhaustively. Second, execution is everything—vision without execution is fantasy. Third, think in decades, not quarters."
SpringOwl: The Technology Thesis
Ader founded SpringOwl in 2015 with a thesis that technology would reshape gaming the way it was reshaping every other industry. The firm, now headquartered in Miami with team members in New York and Tel Aviv, focuses on gaming technology platforms, sports betting infrastructure, and hospitality technology.
"Look at what's happened since 2015," Ader says. "U.S. sports betting went from effectively zero to forty-plus states. Each state needs platforms, payment processing, geolocation, compliance tools. The operators rushing to capture market share don't have time to build all this themselves."
His thesis: the most valuable gaming companies of the next decade may not own casinos. They'll own the platforms, the data, the infrastructure that everyone else depends on.
26 Capital: What Happened
Not everything has gone according to plan. In 2021, Ader launched 26 Capital Acquisition Corp., a SPAC focused on gaming. The company raised approximately $240 million and announced a merger with Okada Manila, one of the largest integrated resorts in the Philippines.
The deal fell apart. Disputes emerged with the counterparty over representations and closing conditions. After extended negotiations and legal proceedings, the merger was terminated.
"When the merger didn't close, we followed the SPAC playbook exactly as designed," Ader explains. "Approximately $275 million in trust proceeds went back to public shareholders. That's what the structure is supposed to do."
The company subsequently filed Chapter 11 to address remaining corporate obligations—legal fees and administrative costs accumulated during the process. Ader is clear about what this was: a corporate bankruptcy, not a personal one.
"Not every deal works out," he acknowledges. "But the underlying thesis about gaming technology hasn't changed. If anything, the competitive dynamics make it clearer that operators need specialized technology partners."
Why Miami
SpringOwl moved its headquarters from New York to Miami several years ago. Ader cites strategic reasons: proximity to Latin American gaming markets, time zone advantages, and improved talent attraction.
"Brazil is legalizing sports betting. Mexico is growing. There are interesting dynamics across Latin America," he says. "Being in Miami positions us closer to these opportunities."
The firm maintains presence in New York and Tel Aviv—reflecting a distributed model that Ader believes provides access to different talent pools and market perspectives.
Looking Ahead
At 57, Ader remains deeply engaged with the industry he's studied for three decades. SpringOwl continues to deploy capital into gaming technology. The firm's affiliated entities—SpringOwl Media, SpringOwl Fusion, and SpringOwl Farming—reflect a broader investment philosophy.
"The fundamentals haven't changed," Ader says. "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."
For an analyst who started by studying casino stocks from a desk in New York, the journey has led to a different kind of stake in the industry's future.