Everi to supply fintech for Resorts World Las Vegas: analyst
A brokerage is raising by 4.3 percent its estimate on second-quarter earnings before interest, taxation, depreciation and amortisation (EBITDA) for casino equipment maker and financial technology (fintech) supplier Everi Holdings Inc.
The revision – from US$74.9 million to US$78.1 million – reflected factors including “healthy regional gaming backdrop” in the United States market, with “continued ship share gains”, said analyst David Bain, of Riley Securities Inc.
The analyst also noted Everi’s performance in the fintech segment was “rolling” in the second quarter.
“Checks cite Everi will be the fintech provider for Resorts World’s US$4.3-billion Las Vegas Strip property scheduled to go live on June 24,” wrote Mr Bain.
That was a reference to Resorts World Las Vegas (pictured), a new gaming property in Las Vegas, Nevada, in the U.S., promoted by a unit of Malaysia’s Genting group, which received approval for key executives from state regulators recently.
Mr Bain also noted in his memo: “We believe Everi continues in advanced-stage discussions with several multi-property, multi-jurisdictional operators about digital wallet installations.”
He added: “Several of the operators already have online operations in certain [U.S.] states.”
In early May, Everi reported first-quarter net income of just over US$20.5 million, compared to a net loss of nearly US$13.5 million in the prior-year quarter.
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