Additionally, one of the requirements was to find a name whose domain name wasn't already taken.
Wait, what? A domain?
Well, yes and no. Domains have been exceedingly problematic in the past and have big search implications. So for now we would only use gamecouncil.com to redirect to gaming.stackexchange.com, a la Ask Different. We would use gamecouncil.com in advertising and so on, but the site will still live at the same address. We’re hoping that this gives the site an identity without all the pain associated with changing domains.
Unfortunately, most real words have already been taken; but you'll notice we managed to snag Arqade.com :)
For more information, here is the original thread requesting name ideas, and here was the thread announcing the new name.