Everi_Holdings

Everi Holdings

Everi Holdings

Add article description

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.

Quick Facts Formerly, Company type ...

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]

References

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

This article uses material from the Wikipedia article Everi_Holdings, and is written by contributors. Text is available under a CC BY-SA 4.0 International License; additional terms may apply. Images, videos and audio are available under their respective licenses.