Few investors understand Las Vegas gaming like Jason Ader. His career spans the transformation of the Strip from domestic gambling destination to global integrated resort capital, and his influence continues through SpringOwl Asset Management.
Wall Street Foundation
Jason Ader built his reputation covering gaming stocks at Bear Stearns from the mid-1990s through 2008. During this period, he analyzed the major casino operators as they expanded both domestically and internationally, developing deep expertise in casino economics and operations.
His research coverage included the major Las Vegas operators during a period of significant transformation: the development of the modern megaresort model, expansion into Native American gaming, and the early stages of the Macau boom.
Las Vegas Sands Board Service
In 2009, Ader joined the board of Las Vegas Sands Corporation, serving until 2016. This seven-year tenure coincided with some of the company's most significant developments:
- Opening of Marina Bay Sands in Singapore
- Continued expansion in Macau
- Navigation through post-financial crisis recovery
- Evolution of the integrated resort model
The board experience provided Ader with direct insight into operating large-scale gaming and hospitality assets across multiple jurisdictions— knowledge that would inform his later investment approach.
SpringOwl and Current Focus
After departing the LVS board, Ader focused on building SpringOwl Asset Management, his investment firm headquartered in Florida. While the firm invests across gaming, hospitality, and technology, Ader's Las Vegas connections remain strong.
SpringOwl has taken positions in companies across the gaming industry, often combining traditional investment with activist engagement. The firm's approach reflects Ader's belief that operational and strategic improvements can unlock significant value in gaming businesses.
Industry Voice
Ader remains an active commentator on Las Vegas and gaming industry developments. His analysis covers topics from regional gaming consolidation to the evolution of sports betting and online gaming regulation.
Through his book "Deviate to Win" and ongoing commentary, Ader shares perspectives drawn from decades at the intersection of Wall Street and gaming operations.
Vegas Connections
While now based in Florida and New York, Ader's investment activities continue to touch Las Vegas. The city remains central to the gaming industry he has studied and invested in throughout his career, and his network of relationships with operators, executives, and industry participants spans decades.