Everi Holdings Inc., formerly Global Cash Access Holdings, Inc., is a company based in

Spring Valley, Nevada Spring Valley is an unincorporated town and census-designated place in Clark County, Nevada, United States, located west of the Las Vegas Strip. The population was 215,597 at the 2020 census. Spring Valley was formed in May 1981. History In 1 ...

that produces

slot machines A slot machine (American English), fruit machine (British English) or poker machine ( Australian English and New Zealand English) is a gambling machine that creates a game of chance for its customers. Slot machines are also known pejoratively ...

and provides financial equipment and services to

casino A casino is a facility for certain types of gambling. Casinos are often built near or combined with hotels, resorts, restaurants, retail shopping, cruise ships, and other tourist attractions. Some casinos are also known for hosting live entertai ...

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 The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank ...

First Data First Data Corporation is a financial services company headquartered in Atlanta, Georgia, United States. The company's STAR Network provided nationwide domestic debit acceptance at more than 2 million retail POS, ATM, and Online outlets for nea ...

, and USA Processing Inc. 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 Ceridian HCM is an American provider of human resources software and services with employees in the USA, Canada, Europe, Australia and Mauritius. It is a publicly traded company on the New York Stock Exchange. History Ceridian is a descenda ...

. BA Merchant Services contributed $35 million in cash, plus its existing gaming assets, for a 21 percent stake in the business. The company underwent a

recapitalization Recapitalization is a type of corporate reorganization involving substantial change in a company's capital structure. Recapitalization may be motivated by a number of reasons. Usually, the large part of equity is replaced with debt or vice versa. ...

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. Two months later, M&C sold a large portion of the company to a group of

private equity In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a t ...

firms led by Summit Partners for $316 million. GCA debuted on the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...

in September 2005, raising $240 million in an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

. 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 Visa most commonly refers to: *Visa Inc., a US multinational financial and payment cards company ** Visa Debit card issued by the above company ** Visa Electron, a debit card ** Visa Plus, an interbank network *Travel visa, a document that allows ...

cash advance A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the ot ...

transactions as retail purchases. 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. Global Cash Access expanded into the slot machine business by purchasing Texas-based slot maker Multimedia Games for $1.2 billion in December 2014. The company changed its name to Everi Holdings in August 2015, to reflect its broader business model. In February 2022, Everi acquired the Australia-based company, ecash Holdings Pty Ltd - a developer and provider of cash handling and financial payment solutions for the gaming industry. The deal was worth $23.54 USD million. In May 2022, Everi Holdings announced the company’s acquisition of Florida based historical horse racing (HHR) software developer and manufacturer, Intuicode Gaming. The deal is worth a total consideration of $25 million. In October 2022, Everi Holdings announced it had acquired the mobile technology and e-commerce platform, Venuetize Inc.

References

External links

* {{DEFAULTSORT:Everi Holdings Companies based in Spring Valley, Nevada Gambling companies established in 1998 1998 establishments in Nevada Companies listed on the New York Stock Exchange Gambling companies of the United States