Las Vegas-based Global Cash Access Holdings Inc (GCA) announced on Thursday that its name will change to Everi Holdings Inc effective August 24. On the same day, the firm will begin to trade under a new ticker symbol – ‘EVRI’ – on the New York Stock Exchange, it said in a press release.
The rebranding, including a new logo and corporate name, reflects “the company’s successful transition to a full-service casino gaming equipment and payment solutions provider focusing on a broad range of opportunities to address customers’ casino floor and technology needs,” the firm stated.
GCA – originally a specialist in cash processing technology and related services to the gaming industry – in December completed the US$1.2-billion acquisition of Multimedia Games Holding Co Inc, a gaming equipment supplier to the casino industry.
After the deal, GCA changed its organisational structure to include two divisions. One includes its payment business. The other division features what was Multimedia Games’ business of supplying systems, content and electronic gaming units for casinos.
“The transition to the powerful Everi brand reflects our belief that we are a dynamic, growing organisation delivering gaming, security and intelligence solutions to casino operators and engaging games and transactional security to patrons,” Ram Chary, president and chief executive of GCA, said in a statement included in the release.
“The Everi brand is an important asset for us to use as we address new opportunities and expand the company’s market share,” he added.
GCA last month posted a year-on-year revenue increase of 42 percent for the second quarter of 2015, to US$206.4 million. In remarks made in July, Mr Chary confirmed that the company plans to double its game development studios from eight to 16 studios.
Linda Trinh, vice president of marketing and promotions of GCA, said in Thursday’s press release: “We see Everi’s identity to be one of confident possibilities that represents our commitment to casino operators to keep their casino floor running and buzzing, while giving patrons exciting and engaging game play.”
The firm said it would introduce the new logo and trademarks for Everi Holdings at the Global Gaming Expo (G2E) in Las Vegas in September. All of the company’s current sub-brands, including for the games and payments segments, “will continue to be supported”, GCA added.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia