#1 Ranked Analyst
Institutional Investor, 10 consecutive years
LVS Board Director
Las Vegas Sands Corp., 2009-2016
SpringOwl Founder
Gaming & technology investment firm
Bwin.party Deal
Orchestrated takeover (now Entain Plc)
Stars Group & Playtech
Strategic investments in gaming technology
30+ Years
In gaming, hospitality & investment
Career Timeline
1991-2003
Wall Street Analyst: Baron Capital & Bear Stearns
Jason Ader began his career at Baron Capital before joining Bear Stearns, where he became a Managing Director and the firm's senior gaming and lodging analyst.
- Ranked #1 gaming and lodging analyst by Institutional Investor for 10 consecutive years
- Covered the transformation of Las Vegas from gambling destination to integrated entertainment resort market
- Developed deep expertise in gaming regulation, cash flow analysis, and management evaluation
2003-2009
Principal Investor: Hayground Cove Capital
Transitioned from analyst to principal investor, launching Hayground Cove Capital backed by Bear Stearns.
- Applied analytical expertise to direct investment in gaming and hospitality companies
- Built track record as an active investor and corporate governance advocate
2009-2016
Board Director: Las Vegas Sands Corp.
Served as independent director of Las Vegas Sands Corp. (NYSE: LVS), one of the world's largest gaming companies.
- Contributed to governance of a company operating in Las Vegas, Macau, and Singapore
- Participated in capital allocation decisions at massive scale
- Gained firsthand experience in cross-border regulatory relationships and the integrated resort model
2009-Present
Founder: SpringOwl Asset Management
Founded SpringOwl, an investment firm focused on gaming, hospitality, and technology companies.
- Led investment in Amaya/Stars Group (poker/online gaming)
- Took stake in Playtech prior to its becoming a takeover target
- Orchestrated Bwin.party takeover (company now known as Entain Plc, a FTSE 100 constituent)
- Invested across gaming technology, hospitality technology, and consumer platforms
2021-2023
SPAC: 26 Capital Acquisition Corp.
Launched a gaming-focused SPAC targeting acquisition opportunities in the gaming and leisure sector.
- Raised approximately $240 million in IPO
- Proposed merger with Okada Manila did not close due to counterparty disputes
- Trust mechanism returned $10.95/share to shareholders—above the $10 IPO price
- Ader was the single largest lender to 26 Capital and lost more than any other individual
2024-Present
Continued Investment & Active Defense
Continuing gaming and technology investment activities through SpringOwl while vigorously defending against all civil claims.
- Active investment in gaming and hospitality technology companies
- Defending all civil claims related to 26 Capital through proper legal channels
- Focused on technology-driven opportunities in regulated industries
Investment Philosophy
Throughout his career, Jason Ader has maintained consistent investment principles:
- Invest alongside your investors. In 26 Capital, Ader was the single largest lender—putting more at risk than any other individual.
- Seek structural protection. The SPAC trust mechanism protects investor capital when deals don't proceed—and it worked as designed for 26 Capital shareholders.
- Understand regulation. Gaming is among the most regulated industries. 30 years of operating in this space requires ongoing compliance with securities laws, gaming regulations, and fiduciary standards.
- Focus on technology transformation. From gaming analytics to online wagering to hospitality technology, Ader's career has tracked the intersection of traditional industries and technological innovation.
Current Focus
- SpringOwl Asset Management — Continuing gaming and technology investment activities
- Gaming technology — Focused on technology-driven opportunities in the gaming and hospitality sectors
- Legal defense — Vigorously defending against all civil claims related to 26 Capital through proper legal channels
Industry Recognition
- #1-ranked gaming and lodging analyst by Institutional Investor (10 consecutive years)
- Board director of Las Vegas Sands Corp. (NYSE: LVS)
- Featured in GGB Magazine, Crain's New York Business
- Recognized as a leading voice in gaming industry investment and governance