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 ...

that produces

slot machine A slot machine, fruit machine (British English), poker machine or pokie (Australian English and New Zealand English) is a gambling machine that creates a game of chance for its customers. A slot machine's standard layout features a screen disp ...

s and provides financial equipment and services to

casino A casino is a facility for gambling. Casinos are often built near or combined with hotels, resorts, restaurants, retail shops, cruise ships, and other tourist attractions. Some casinos also host live entertainment, such as stand-up comedy, conce ...

History

Global Cash Access was founded in July 1998 as a joint venture of three

payment processing A payment processor is a system that enables financial transactions, commonly employed by a merchant, to handle transactions with customers from various channels such as credit cards and debit cards or bank accounts. They are usually broken dow ...

companies: BA Merchant Services (majority-owned by

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

First Data First Data Corporation was a financial services company headquartered in Atlanta, Georgia, United States. The company's STAR Network provides nationwide domestic debit acceptance at more than 2 million retail POS, ATM, and at online outlets f ...

, 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. 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 Private equity (PE) is stock in a private company that does not offer stock to the general public; instead it is offered to specialized investment funds and limited partnerships that take an active role in the management and structuring of the co ...

firms led by

Summit Partners Summit Partners is an American investment firm based in Boston, Massachusetts. The firm focuses on investing in technology, healthcare, life sciences and other growth industries. Background Summit Partners was founded in 1984 by E. Roe Stamps ...

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, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...

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 investm ...

. 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: * Travel visa, a document that allows entry to a foreign country * Visa Inc., a US multinational financial and payment cards company ** Visa Debit card issued by the above company ** Visa Electron, a debit card ** Vi ...

cash advance 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 2022, Everi acquired Ecash Holdings (a provider of financial services for the gaming industry) for $24 million; Intuicode Gaming, a developer of

historical horse racing Historical horse racing (HHR), originally known as Instant Racing, is an electronic gambling product that allows players to bet on replays of horse races or dog races that have already been run, using terminals that typically resemble slot machi ...

systems, for $25 million; and mobile technology and e-commerce platform, Venuetize Inc. In 2024, Everi agreed to merge with the gaming and betting divisions of

International Game Technology International Game Technology PLC (IGT), formerly Gtech S.p.A. and Lottomatica S.p.A., is a multinational gambling company that produces slot machines and other gambling technology. The company is headquartered in London, with offices in Rome, ...

(IGT). The combined company would be valued at $6.4 billion and would retain the IGT name.

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 Slot machine manufacturers