Everi Holdings

Last updated
Everi Holdings Inc.
FormerlyGlobal Cash Access Holdings, Inc.
Company type Public
NYSE:  EVRI
Russell 2000 Component
Industry Financial services, gaming
Founded1998
Headquarters
Spring Valley, Nevada
,
United States
Products Slot machines, automated teller machines
Revenue$808 million [1]  (2023)
$179 million [1]  (2023)
$84 million [1]  (2023)
Number of employees
2,200 [2]  (2023)
Website everi.com

Everi Holdings Inc., formerly Global Cash Access Holdings, Inc., is a company based in Spring Valley, Nevada that produces slot machines and provides financial equipment and services to casinos.

Contents

History

Global Cash Access was founded in July 1998 as a joint venture of three payment processing companies: BA Merchant Services (majority-owned by Bank of America), First Data, and USA Processing Inc. [3] [4] First Data contributed the assets of its gaming business, First Data Financial Services, which provided cash services at over 800 gaming properties; it had purchased the business earlier in the year from Ceridian Corporation. [5] [6] BA Merchant Services contributed $35 million in cash, plus its existing gaming assets, for a 21 percent stake in the business. [7]

The company underwent a recapitalization in March 2004, repurchasing First Data's shares for $435 million, leaving M&C International with a 95% share of the company, with Bank of America owning the rest. [8] [9] Two months later, M&C sold a large portion of the company to a group of private equity firms led by Summit Partners for $316 million. [10]

GCA debuted on the New York Stock Exchange in September 2005, raising $240 million in an initial public offering. [11] [12]

In 2009, gaming regulators recommended denying renewal of the company's license to do business in Arizona casinos, because of allegations that Global Cash Access had defrauded banks out of $26 million in transaction fees between 1999 and 2002, by miscoding Visa cash advance transactions as retail purchases. [13] In response, co-founders Karim Maskatiya and Robert Cucinotta, who had been sharply criticized by the regulators, sold their 26 percent interest in the company, and GCA ultimately paid $1 million to Arizona to settle the investigation. [14] [15]

Global Cash Access expanded into the slot machine business by purchasing Texas-based slot maker Multimedia Games for $1.2 billion in December 2014. [16] [17] The company changed its name to Everi Holdings in August 2015, to reflect its broader business model. [18]

In 2022, Everi acquired Ecash Holdings (a provider of financial services for the gaming industry) for $24 million; [19] Intuicode Gaming, a developer of historical horse racing systems, for $25 million; [20] and mobile technology and e-commerce platform, Venuetize Inc. [21]

In 2024, Everi agreed to merge with the gaming and betting divisions of International Game Technology (IGT). [22] The combined company would be valued at $6.4 billion and would retain the IGT name. [22]

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References

  1. 1 2 3 Form 10-K: Annual Report (Report). Everi Holdings Inc. February 29, 2024. pp. 66–69.
  2. ↑ Form 10-K: Annual Report (Report). Everi Holdings Inc. February 29, 2024. p. 16.
  3. ↑ "First Data Financial Services, BA Merchant Services, USA Processing form gaming funds transfer joint venture" (Press release). First Data. July 24, 1998. Retrieved 2015-09-07– via PR Newswire.
  4. ↑ David Strow (July 2, 1999). "LV casino credit company sold for $44 million". Las Vegas Sun. Retrieved 2015-09-05.
  5. ↑ "First Data acquires Ceridian's Gaming Services unit" (Press release). First Data Corporation. January 19, 1998. Retrieved 2015-09-07– via PR Newswire.
  6. ↑ Form 10-K: Annual Report (Report). First Data Corporation. March 24, 1999. pp. 7, 15 – via EDGAR.
  7. ↑ Form 10-Q: Quarterly Report (Report). BA Merchant Services. November 16, 1998. p. 10 – via EDGAR.
  8. ↑ Aldo Svaldi (March 11, 2004). "First Data cashes in casino chips". Denver Post– via NewsBank.
  9. ↑ "Global Cash Access completes more than $435 million buyout of First Data Corp. interest" (Press release). Global Cash Access. March 10, 2004 – via BusinessWire.
  10. ↑ "GCA sells majority interest for 2nd time in 2 months". ATM Marketplace. May 19, 2004. Retrieved 2015-09-05.
  11. ↑ "Global Cash, North Pointe begin trading". Associated Press News Service. September 23, 2005 – via NewsBank.
  12. ↑ "Global Cash's shares trade above asking price". Cardline. September 30, 2005 – via NewsBank.
  13. ↑ Steve Green (June 22, 2009). "Arizona regulators say Vegas company should lose license". Las Vegas Sun. Retrieved 2015-09-07.
  14. ↑ Steve Green (November 20, 2009). "Vegas company to pay $1 million to settle Arizona case". Las Vegas Sun. Retrieved 2015-09-07.
  15. ↑ Form 10-Q: Quarterly Report (Report). Global Cash Access. August 10, 2009. p. 18 – via EDGAR.
  16. ↑ Howard Stutz (December 18, 2014). "Gaming regulators approve buyout of Multimedia Games by Global Cash Access". Las Vegas Review-Journal. Retrieved 2015-09-05.
  17. ↑ "Global Cash Access completes acquisition of Multimedia Games" (Press release). Global Cash Access. December 19, 2014. Retrieved 2015-09-05– via GlobeNewswire.
  18. ↑ Howard Stutz (August 13, 2015). "Everi Holdings will replace Global Cash Access this month". Las Vegas Review-Journal. Retrieved 2015-09-05.
  19. ↑ "Everi agrees to acquire ecash Holdings for $23.54m". SBC Americas. 2022-02-08. Retrieved 2022-02-08.
  20. ↑ "Everi Holdings Acquires Historical Horse Racing Manufacturer Intuicode". Casino.org. 3 May 2022. Retrieved 11 May 2022.
  21. ↑ "Everi agrees Venuetize acquisition". www.gamblinginsider.com. Retrieved 2022-10-06.
  22. 1 2 Richard N. Velotta (February 29, 2024). "Gaming giant IGT returning to Las Vegas in $6.2B merger with Everi". Las Vegas Review-Journal. Retrieved 2024-03-03.
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