Everi Holdings

Everi Holdings Inc., formerly Global Cash Access Holdings, Inc., was a company based in Spring Valley, Nevada that produced slot machines and provided financial equipment and services to casinos.

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 completed its initial public offering in September 2005, raising $240 million and listing on the New York Stock Exchange, with Kirk Sanford as president and chief executive officer at the time.[11][12][13]

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.[14] 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.[15][16]

Global Cash Access expanded into the slot machine business by purchasing Texas-based slot maker Multimedia Games for $1.2 billion in December 2014.[17][18] The company changed its name to Everi Holdings in August 2015, to reflect its broader business model.[19]

In 2022, Everi acquired Ecash Holdings (a provider of financial services for the gaming industry) for $24 million;[20] Intuicode Gaming, a developer of historical horse racing systems, for $25 million;[21] and mobile technology and e-commerce platform, Venuetize Inc.[22]

In 2024, Everi agreed to merge with the gaming and betting divisions of International Game Technology (IGT);[23] the combined company would be valued at $6.4 billion and would retain the IGT name.[23]

In July 2025, Apollo Global Management announced that it had completed the purchase of Everi and certain assets of IGT. Additionally, it was reported that a new venture will be formed by integrating the operations of the acquired companies.[24]

External links