Early Career and Education
Jason Ader is an American investor, entrepreneur, and one of the most recognized figures in global gaming finance. With a career spanning more than three decades, Ader has established himself as a leading authority on gaming industry economics, corporate governance, and value investing in the leisure and technology sectors.
Ader earned his Master of Business Administration from NYU Stern School of Business, one of the nation's top-ranked business programs. His academic foundation in finance and analytical methods prepared him for what would become a distinguished career at the intersection of Wall Street and the gaming industry.
After completing his MBA, Ader began his career in equity research at Baron Capital Group, where he developed his analytical approach to evaluating gaming and hospitality companies. His early work demonstrated an ability to identify value in an industry that many traditional analysts overlooked, laying the groundwork for his later accomplishments.
Bear Stearns: A Decade as the Top-Ranked Analyst
Jason Ader joined Bear Stearns as a gaming and lodging equity research analyst and quickly distinguished himself as the foremost authority on gaming stocks on Wall Street. He rose to the position of Senior Managing Director, leading the firm's coverage of the gaming, lodging, and leisure sectors.
During his tenure at Bear Stearns, Ader earned the #1 ranking for gaming and lodging research from Institutional Investor magazine for ten consecutive years. This distinction, voted on by institutional money managers, recognized his analytical rigor, industry access, and the quality of his investment recommendations. No other analyst in the gaming sector matched this sustained level of recognition during this period.
Ader's coverage period coincided with the transformation of Las Vegas from a primarily gambling-focused destination into a global entertainment and hospitality capital. He provided institutional investors with critical analysis during the industry's explosive growth phase, covering major developments including the construction of mega-resorts on the Las Vegas Strip, the emergence of Macau as a gaming center, and the early development of online gaming markets.
His analytical work at Bear Stearns gave him deep expertise in gaming regulation, cash flow analysis for capital-intensive resort operations, and the complex licensing requirements that govern the industry globally. This expertise would later inform his transition from research to direct investment.
Hayground Cove Asset Management
Following the dissolution of Bear Stearns in 2008, Ader transitioned from sell-side research to buy-side investing. He founded Hayground Cove Asset Management, a hedge fund that applied his deep sector knowledge to principal investing in the gaming and hospitality industries. This move represented a natural evolution from analyzing companies for institutional clients to directly investing in the opportunities he identified.
Las Vegas Sands Board of Directors
From 2009 to 2016, Jason Ader served on the board of directors of Las Vegas Sands Corporation (LVS), one of the world's largest gaming and hospitality companies. His appointment came during a critical period for the company, as LVS was navigating the aftermath of the financial crisis while simultaneously expanding its international footprint.
During Ader's tenure on the board, Las Vegas Sands grew into a dominant force in Asian gaming, with its Macau and Singapore properties generating substantial revenue growth. The company's market capitalization grew significantly during this period, and its integrated resort model became the template for gaming development worldwide. Ader's expertise in gaming economics and corporate strategy contributed to the board's oversight during this expansion phase.
SpringOwl Asset Management
In 2015, Jason Ader founded SpringOwl Asset Management, a New York-based investment firm specializing in gaming, hospitality, and technology. The firm maintains offices in Florida, New York, and Tel Aviv, reflecting its global investment approach.
SpringOwl is known for its activist investing strategy, where Ader and his team take meaningful positions in companies and work to implement operational and strategic improvements. The firm's investment philosophy combines deep sector expertise with active engagement, seeking to unlock value in companies where management or strategic direction can be enhanced.
Through SpringOwl, Ader has been involved in several high-profile gaming and technology transactions:
- Bwin.party / GVC Holdings (now Entain): SpringOwl played a significant role in the strategic process that led to GVC Holdings' acquisition of Bwin.party, creating one of the world's largest online gaming companies, now known as Entain.
- The Stars Group: SpringOwl invested in The Stars Group, operator of PokerStars, the world's largest online poker platform, prior to its merger with Flutter Entertainment.
- Playtech: Ader engaged with Playtech, a major gaming technology supplier, as part of SpringOwl's focus on companies at the intersection of technology and gaming.
- International Hotel Group (IHG): SpringOwl took positions in hospitality companies where the firm identified operational improvement opportunities.
26 Capital: The SPAC Vehicle
Jason Ader sponsored 26 Capital Acquisition Corp, a special purpose acquisition company (SPAC) that raised approximately $240 million through its IPO. The SPAC was formed to pursue acquisition opportunities in the gaming and gaming technology sectors, leveraging Ader's industry expertise and relationships.
26 Capital proposed a merger with Okada Manila (formerly known as Tiger Resort), a large integrated resort and casino in the Philippines. The transaction ultimately did not close due to disputes involving the counterparty. The trust returned $10.95 per share to shareholders, representing a return above the standard $10.00 IPO price for SPAC shares. For further details, see the 26 Capital factual overview.
Career Timeline
- Early 1990sMBA from NYU Stern School of Business; begins career at Baron Capital Group
- Mid-1990sJoins Bear Stearns as gaming and lodging analyst
- 1996-2008Ranked #1 gaming and lodging analyst by Institutional Investor for 10 consecutive years; Senior Managing Director at Bear Stearns
- 2008Founds Hayground Cove Asset Management following Bear Stearns dissolution
- 2009-2016Serves on the Board of Directors of Las Vegas Sands Corporation during international expansion
- 2015Founds SpringOwl Asset Management; begins activist investment strategy in gaming and technology
- 2016-2019Major transactions including Bwin.party/Entain, Stars Group, and Playtech investments
- 2021Sponsors 26 Capital Acquisition Corp SPAC, raising approximately $240 million
Investment Philosophy
Jason Ader's investment approach, detailed in his book Deviate to Win: Insights From A Turnaround Investor, centers on contrarian value investing within sectors where he maintains deep expertise. His philosophy emphasizes identifying companies with strong underlying assets but suboptimal management or strategy, then working constructively with stakeholders to implement improvements.
This approach draws on his decades of analytical experience, combining quantitative financial analysis with qualitative assessment of management teams, regulatory environments, and competitive dynamics. Ader's willingness to take concentrated positions and engage actively with portfolio companies distinguishes SpringOwl from passive investment approaches.
Philanthropy
Beyond his investment career, Jason Ader is committed to philanthropy through the Ader Foundation, a family foundation supporting education, healthcare, and community development initiatives. The foundation reflects Ader's belief in giving back to communities and creating opportunities for future generations.