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Best of Howard Stutz

Gaming Guru

Howard Stutz
 

Revenue rises at Global Cash Access

29 July 2015

Global Cash Access, which provides financial transaction equipment to the casino industry, grew revenue 42 percent in the second quarter to $206.4 million, thanks to its purchase of slot machine maker Multimedia Games at the end of last year.

However, the Las Vegas-based company said it lost $12.7 million in the three-month period that ended June 30 because of adjustments from the $1.2 billion transaction.

Global Cash said the net loss translated into a loss per share of 19 cents. A year ago the company had net income of $4.7 million and earnings per share of 7 cents.

Global Cash CEO Ram Chary said the company is looking to double its game development studios to expand the number of slot machine products it can offer through Multimedia Games.

"We expect these new initiatives will strengthen our ability to execute on gaming industry growth opportunities in the future," Chary said.