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Casino gaming industry technology solution provider: Everi Holdings Inc. (EVRI)

Everi Holdings Inc. (NYSE: EVRI) was founded in 1998, formerly known as Global Cash Access Holdings, Inc., and changed to its current name in August 2015. It is headquartered in Vegas, Nevada, and employs 1,250 full-time employees. The United States, Europe, Canada, the Caribbean, Central America and Asia provide companies with technical solutions for the casino gaming industry.

Everi Holdings

Everi Holdings Inc. (EVRI):

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

Everi is a leading supplier of technology solutions for the casino gaming industry. The company provides a diversified product portfolio for casino operators, including innovative slot machines that power casinos, and casino operations and management systems that include comprehensive, end-to-end financial technology solutions, key intelligence products, and gaming operation efficiency technologies. Everi’s mission is to become a transformative force in casino operations by promoting novel player experiences, providing reliable protection and safety, and striving for customer satisfaction and operational excellence.

Everi Holdings Inc. operates through two divisions: Gaming (Games) and FinTech (FinTech). The company provides:

  • Gaming products, such as classic mechanical turntable gaming, video turntable games, core HDX, Empire MPX and Texan HDX, wide-area progressive gaming machines and slot tournament systems; and sales of player terminals, licenses, back-office systems and other related equipment.
  • Everi Holdings also provides cash deposit and withdrawal services; Casino Cash Plus 3-in-1 automatic teller machine, which is an automatic teller machine that can perform ATM cash withdrawal, POS debit card cash access transactions and credit card cash access transactions; check verification and customer credit Services; CashClub, which provides a single dashboard interface for gaming institutions to simplify credit and debit card cash access transaction processing and check credit transactions; fully integrated kiosks that can provide multiple functions for casinos; and other integrated kiosks solutions Program.
  • In addition, it also provides Everi Compliance, a set of compliance software that can assist in the development of anti-money laundering regulations; Central Credit, a credit bureau service for betting sponsors; non-ATM terminals, which perform authorization for credit card cash access and POS debit card transactions; Database services; Online payment processing solutions for game operators in the state, providing in-state and Internet-based gambling and lottery activities.

Everi Holdings Inc. (EVRI) History:

  • Global Cash Access was established in July 1998 as a joint venture of three payment processing companies: BA Merchant Services ( Bank of America has a majority stake), First Data and USA Processing Inc.. First Data contributed the assets of its gaming business, First Data Financial Services, which provides cash services to more than 800 gaming properties; it purchased the business from Ceridian Corporation earlier that year. BA Merchant Services invested 35 million US dollars in cash and, together with its existing gaming assets, owns 21% of the company.
  • The company underwent a recapitalization in March 2004 and repurchased First Data’s shares at a price of US$435 million. M&C International holds 95% of the company’s shares and the rest is owned by Bank of America. 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.
  • In September 2005, Global Cash Access went public on the New York Stock Exchange and raised US$240 million through an initial public offering.
  • In 2009, the gaming regulator recommended to refuse to renew the company’s operating license for the Arizona casino business because of allegations that Global Cash Access “misreported” that Visa cash advance transactions were retail business between 1999 and 2002 . Defrauded the bank of $26 million in transaction fees (reductions). In response, co-founders Karim Maskatiya and Robert Cucinotta, who were severely criticized by regulators, sold their 26% stake in the company, and GCA eventually paid Arizona $1 million to close the investigation.
  • Global Cash Access acquired Multimedia Games, a Texas-based slot machine manufacturer, for USD 1.2 billion in December 2014, thereby expanding its slot machine business.
  • In August 2015, Global Cash Access was renamed Everi Holdings to reflect its broader business model.
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