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Best of Chris Sieroty

Gaming Guru

Chris Sieroty
 

Betts to retire as CEO of Global Cash Access

9 November 2012

LAS VEGAS -- Scott Betts will retire as CEO of Global Cash Access Holdings Inc. on Dec. 31.

Betts, who served as CEO since October 2007, will remain an employee in a strategic planning role through March and will continue to serve as a board member, according to the company.

David Lopez, president of the Las Vegas-based company since June, was named CEO on Wednesday, the company said. Lopez joined Global Cash Access in June after 14 years with casino supplier SHFL Entertainment Inc., formerly Shuffle Master Inc.

Global Cash Access, which operates casino ATM machines and other cash and credit services, posted higher third-quarter earnings on an increase in revenue related to its purchase of MCA Processing LLC. The company bought MCA Processing on Nov. 15, 2011, for an undisclosed amount.

The company earned $7.3 million, or 10 cents per share, up from $1.6 million, or 3 cents per share, in the third quarter of 2011.

Revenue increased 9.4 percent to $149.8 million from $136.9 million.

In August, Global Cash Access was licensed to provide online payment services for Nevada's emerging online intrastate poker industry.

Shares of Global Cash Access closed up 62 cents, or 9.06 percent, at $7.46 on the New York Stock Exchange. Volume was 1.74 million shares, more than four times normal volume.