| Everi Holdings Inc. | |
| Former Name: | Global Cash Access Holdings, Inc. |
| Type: | Public |
| Traded As: | Russell 2000 Component |
| Industry: | Financial services, gaming |
| Founded: | 1998 |
| Hq Location City: | Spring Valley, Nevada |
| Hq Location Country: | United States |
| Products: | Slot machines, automated teller machines |
| Revenue: | $808 million[1] |
| Revenue Year: | 2023 |
| Operating Income: | $179 million |
| Income Year: | 2023 |
| Net Income: | $84 million |
| Net Income Year: | 2023 |
| Num Employees: | 2,200[2] |
| Num Employees Year: | 2023 |
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.
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.