Everi Slot Machines
Everi Holdings Inc is a holding company that was founded as Global Cash Access Holdings, Inc in 1998. The company’s name was later changed to Everi Holdings Inc in August 2015 and it currently has its headquarters in Las Vegas, Nevada. Not only does Everi manufacture slot machines, but they also provide financial equipment and services to casino operators. The company focuses on two segments of the gambling industry; games and payments.
Everi provides these technology solutions for casinos in the United States, Europe, Canada, the Caribbean, Central America, and Asia. No other supplier in the gambling industry processes more cash access transactions than Everi, with over 100 million transactions worth $25 billion in 2017.
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Antony & Cleopatra
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Everi Company History
Everi Holdings Inc was formerly known as Global Cash Access Holdings (GCA) until 2015. Global Cash Access had initially acquired Multimedia Games, Inc in December 2014. On August 24, 2015, Global Cash Access changed its name to Everi Holdings, Inc to reflect the company’s broader image and goals.
Global Cash Access, Inc. (GCA)
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Founded in July 1998, Global Cash Access Inc (GCA), is a company that provides Automated Teller Machines (ATMs) and other payment solutions to casino operators. It is also dedicated to providing video and mechanical reel gaming content and technology solutions, integrated gaming payment solutions, and compliance and efficiency software. It is licensed in over 150 different gaming jurisdictions and is the first payment company to have been awarded a Class I license by the Nevada Gaming Commission.
As we mentioned earlier, Everi operates through two segments. The company’s games business provides:
a. Comprehensive content, electronic gaming units, and systems for Native American and commercial casinos, including the award-winning TournEvent slot tournament solution
b. The central determinant system for the video lottery terminals installed at racetracks in the state of New York.
The company’s payments business provides:
a. Access to cash at gaming facilities through ATM cash withdrawals, credit card cash access transactions, point of sale (POS) debit card transactions, and check verification and warranty services.
b. Integrated cash access devices and related services, such as slot machine ticket redemption and jackpot kiosks to the gaming industry.
c. Products and services that improve credit decision making, automate cashier operations, and enhance patron marketing activities for gaming establishments.
d. Compliance, audit, and data solutions.
e. Online payment processing solutions for gaming operators in states that offer intrastate, internet-based gaming, and lottery activities.
Multimedia Games, Inc. (MGAM)
Multimedia Games, Inc (MGAM) is a company that develops and distributes gaming technology. MGAM’s roots in the bingo market made it a pioneer in what has become the Class II gaming space. The company is the creator and supplier of comprehensive systems, content and electronic units for Native American and commercial casinos.
Multimedia Games also supplies the central determinant system for the video lottery terminals (VLT) installed at horse racetracks in the state of New York and is focused on pursuing market expansion and new product development for commercial and tribal casinos and VLT markets.
Global Cash Access acquired Multimedia Games and all outstanding common stock of the company, in December 2014. Global Access announced at the time of the acquisition that it would continue to leverage MGAM’s existing technology and manufacturing facilities in Austin, Texas.
Global Cash Access Inc. Rebrands as Everi Holdings
Global Cash Access Holdings Inc announced that it would be changing its corporate name to Everi Holdings Inc, with the change becoming official on August 24, 2015. The organization-wide rebranding, together with the company’s new logo and new corporate name, perfectly reflect the company’s successful transition to a full-service casino gaming equipment and payment solutions provider, focusing on a wide range of opportunities to address customers’ casino floor and technology needs.
Concurrent with the August 24, 2015 name change, the company began to trade under a new ticker symbol, “EVRI”, on the New York Stock Exchange (NYSE). To accentuate the re-branding effort and celebrate the new ticker symbol, company representatives rang the opening bell at the New York Stock Exchange on the big day, August 24, 2015.
According to Ram V. Charry, President and Chief Executive Officer of Global Cash Access, “The transition to the powerful Everi brand reflects our belief that we are a dynamic, growing organization delivery gamin, security and intelligence solutions to casino operators, and engaging games and transactional security to patrons. The Everi brand is an important asset for us to use, as we address new opportunities and expand the company’s market share.”
He further stated that Everi offered a remarkable range of product solutions to casino operators, that included a growing portfolio of innovative and exciting games titles, the award-winning and perennial favorites, TournEvent and TournEvent of Champions, the central system for video lottery terminals being installed at different facilities across New York, and an array of secure, technology-enhanced payments solutions that helped get cash to the game floor.
Vice President, Marketing and Promotions of GCA, Linda Trinh, also said that Everi’s identity showed confident possibilities which adequately represented GCA’s commitment to casino operators to keep their casino floor running and buzzing while providing patrons with exciting and engaging gameplay. “We’re excited to show off our new corporate identity and to deliver on the promise that ‘Everi Powers the Casino Floor”, she added.
New logo mark and trademarks were introduced for Everi Holdings by the company at the Global Gaming Expo which held in Las Vegas, on September 29th – October 1, 2015. All of the company’s successful concurrent sub-brands, including TournEvent and TournEvent of Champions for the Games business and CashClub, CentralCredit, and Everi Compliance (formerly NEWave) for the Payments business, will continue to be supported.
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When Dickens wrote Tale of Two Cities in the Spring of 1859 and penned the classic line “it was the best of times, it was the worst of times,” it’s as though he was looking into the future and describing 2020? That’s certainly how Dean Ehrlich, the Executive Vice President and Games Business Leader at Everi must be feeling. Just a few years ago, Everi was under the radar except in the Class II world. Today, Everi slot products are now rated #1 in several categories of the national databases. The September 2020 Eilers-Fantini Performance Report says the company’s “Player Classic” is the top-rated mechanical reel in the industry, and their “Empire Flex” is the #1 portrait cabinet. That’s the good news. Then there’s COVID-19. As we all know, it forced casinos worldwide to shut down. Like most suppliers, with no incoming revenue in the dark days following March and the need to keep their folks safe, Everi furloughed most of their team. However, with reopenings, they have recalled most of their employees and are optimistically looking ahead. We talked with Ehrlich this month about the difficulties of navigating this very unusual year: |