Reflecting the gaming industry’s increased focus on contactless and
cashless solutions to facilitate player choice in funding options,
Everi Holdings Inc. (NYSE: EVRI) (“Everi” or the “Company”), a
gaming industry leader for cash access player funding, highlights
its current in-market solutions and its roadmap for near- and
mid-term cashless product implementations. Everi’s
cashless/contactless solutions, which include products that are
already live in casinos and
CashClub Wallet®, the
Company’s fully cashless integrated mobile solution that is
expected to be live in the first casinos in the fourth quarter of
2020, collectively demonstrate the Company’s positioning as an
industry innovator and leader for both cash and cashless funding
solutions to address the unique needs of the highly regulated
gaming industry.
“For almost two decades, our cash access
solutions have been at the forefront of innovative player funding
technology across the gaming industry,” said Chief Executive
Officer Michael Rumbolz. “In 2019, we facilitated more than 115
million transactions that delivered $30 billion of cash to casino
floors and generated $165 million in revenue for Everi. We
have a large base of casinos and other facilities using our fully
integrated FinTech network today, as well as our portfolio of
compliance services and loyalty products. We stand ready to
leverage the strengths of our current product suite, already live
on casino floors, with our deep development pipeline of products
and services to enhance our status as provider of choice in the
gaming industry well into the future. Our focused innovation and
breadth of integrated capabilities enables us to provide casino
patrons with a seamless transition to our cashless alternatives,
positioning us to meet players’ and casino operators’ preferences,
whether players want to select cash or a cashless funding
solution.
“In the near-term, we expect players’ choice for
funding on the casino floor will continue to favor existing cash
access solutions, such as ATM withdrawals or cash advances. Going
forward, and over time, adoption of cashless and contactless
funding solutions will grow, allowing players the ability to move
value across gaming and non-gaming venues within our customers’
land-based operations, but also into and out of a casino’s online
and sports wagering offerings, and finally back to the patrons’
checking, credit and debit accounts. These bi-directional funding
solutions are the hallmark of Everi’s CashClub Wallet ecosystem.
Players will have the opportunity to transfer funds into and out of
their wallet from the comfort of their own home before arriving at
their favorite casino. This will create additional opportunities
for new incremental transactions and provide tremendous value for
patrons,” added Rumbolz. “By providing cashless options for
players, we are creating new revenue opportunities for our
customers and Everi. With our superior solutions for cash and
cashless funding access, combined with our money transmitter
capabilities and our integration with third-party, cashless
wagering systems, we’re strategically positioned to provide
seamless, cost-efficient back-of-the-house functionality to solve
the unique regulatory needs of casino operators – creating a fully
integrated, multi-jurisdictional, on premise and online, cashless
financial- and loyalty-based ecosystem that will provide compelling
value for both casino operators and players.”
A Media Snippet accompanying this announcement
is available by clicking on the image or link below:
Everi’s extensive, integrated FinTech and
Loyalty product lines, including anti-money laundering (“AML”) and
other compliance services necessary in the regulated gaming
industry, provide unified and cost-efficient benefits on the casino
floor - both front- and back-of-house - enabling card-based and
mobile scenarios, while remaining agnostic to third-party
integrations. This one-source, bi-directional functionality of the
integrated CashClub Wallet makes it a convenient and cost-effective
solution for casino and resort operators who desire 360-degree
visibility and compatibility across their “On Premise and Online”
player amenities. Everi’s integrated offering of cash and cashless
options, together with their full suite of integrated products and
services, provides operators with a seamless and low-cost
transition for their patrons who switch from cash to cashless.
“Since the outbreak of COVID-19, the interest
from our casino customers for cashless and contactless player
funding technologies has greatly accelerated,” said Darren Simmons,
Executive Vice President and FinTech Business Leader. “As
players and casinos seek options that lessen interactions with
casino employees and reduce handling of cash, we provide technology
and solutions that are safer and support social distancing measures
to protect players and employees. We have the opportunity now to
reconcile the unique needs of the funding environment inside
casinos with the quickly-evolving financial and payment environment
outside the casino.”
“We’ve been innovating in this area for more
than 15 years, including with our present-day self-service,
cashless, gaming voucher platform,” added Simmons. “Everi is
addressing casinos’ demand for immediate options today, while also
developing the products that can establish a foundation to lead the
industry in its embrace of true mobile cashless gaming technology
in the future.”
Everi’s Cashless and Contactless
Products
Each of the solutions highlighted below offer a
convenient supplemental alternative to dispensing cash on the
casino floor, while preserving value for operators and continuing
to support a player’s choice of cash. Enabled by the Everi CashClub
Wallet solution, players have for the first time the ability to
move funding transactions bi-directionally: from gaming on the
casino floor to a casino’s online offerings, such as sports betting
and online gaming and back again, while also moving funds into the
casino and depositing funds back into the wallet upon the
conclusion of their casino experience. The hallmark of the Everi
CashClub Wallet solution is its ability to move funds into, across
and out of casinos without the need for handling of cash. This
expanded capability provides seamless funds movement for the casino
patron, while offering potential new transaction types to drive
increased revenue for casino operators and Everi based on the flow
of funds: whether to purchase a gaming voucher, fund a mobile
wallet, or deposit funds back to the player’s bank account. Each
solution helps lower operators’ costs by reducing cash handling,
cashier cage lines, and kiosk maintenance expense by lowering the
total load on the kiosk cash dispenser.
Product Highlights:
Digital CashClub
Wallet® mobile app solution
- Expected to be live by 2020 year-end
- Enhances the guest experience by allowing players to access
funds (cash or cashless) when they want, how they want and where
they want
- A white-label, integrated, cashless wallet app that
consolidates payment options to one source
- Secure PCI-certified, AML-integrated, multi-source payment
processing engine: ATM, debit cards, credit cards, bank accounts,
checks
- Allows players to store multiple payment methods, easily move
funds bi-directionally into and out of the casino, and manage their
spend limits
- Allows players to easily move funds both into and out of
electronic gaming machines (“EGMs”) on the casino floor
- Integrated with Everi’s loyalty solutions and with leading
third-party casino gaming systems
- Can be extended across casinos’ on-premise point-of-sale
systems and online platforms (F&B, hotel, retail, sportsbook,
online gaming and other offerings)
- Seamlessly integrate front-of-house gaming transactions with
back-of-house processes
- Integrated with existing cash access platform for easy account
creation for increased patron acceptance
- Funds can remain on the wallet or be cashed out via an
ATM/kiosk by tapping contactless technology or deposited back into
the player’s bank account or credit card (via ACH or OCT)
- If a player chooses, the Everi CashClub Wallet can also accept
cash deposits and provide cash access from self-service
devices
- Additional regulatory approvals, and / or field trials, may be
necessary in certain commercial jurisdictions
- For additional information, click here
Everi Mobile Wallet with Gaming
Voucher
- Ready for implementation in the third quarter 2020
- Extends the functionality of the QuikTicket® gaming voucher
platform by allowing a white-label, core version of Everi’s
CashClub Wallet mobile app to interface directly with a kiosk as
the source of funds for the purchase of a gaming voucher
- Players fund a casino-branded mobile wallet and use the mobile
wallet to purchase a gaming voucher from a kiosk
- Gaming vouchers dispensed from Everi kiosks can be used as
virtual currency for gaming in the same way a traditional gaming
voucher (Ticket In, Ticket Out) can be used among EGMs
- At the end of play, players can insert gaming vouchers into a
QuikTicket-enabled kiosk to transfer funds back to their mobile
wallet, enabling bi-directional movement. From there, the player
can elect to leave the funds in the mobile wallet for use at a
later time or transfer the funds back to their bank account or
credit card
- Approved for use in almost all tribal and commercial
jurisdictions
- For additional information, click here
A Media Snippet accompanying this announcement
is available by clicking on the image or link below:
About Everi Holdings
Everi (NYSE: EVRI) is a leading supplier of
imaginative entertainment and trusted technology solutions for the
casino, digital, and gaming industry. With a focus on both
customers and players, the Company develops entertaining games and
gaming machines, gaming systems and services, and is the preeminent
and most comprehensive provider of core financial products and
services, player loyalty tools and applications, and intelligence
and regulatory compliance solutions. Everi’s mission is to provide
casino operators with games that facilitate memorable player
experiences, offer seamless and secure financial transactions for
casinos and their patrons, and deliver software tools and
applications to improve casino operations efficiencies and fulfill
regulatory compliance requirements. Everi provides these products
and services in its effort to help make customers successful. For
more information, please visit www.everi.com, which is updated
regularly with financial and other information about the
Company.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains “forward-looking
statements” as defined in the U.S. Private Securities Litigation
Reform Act of 1995. In this context, forward-looking statements
often address our expected future business and financial
performance, and often contain words such as “goal,” “target,”
“future,” “estimate,” “expect,” “anticipate,” “intend,” “plan,”
“believe,” “seek,” “project,” “may,” “should,” “designed to,” “in
an effort to,” “will provide,” “look forward to,” or “will” and
similar expressions to identify forward-looking statements. These
statements are based upon management’s current expectations,
assumptions and estimates and are not guarantees of timing, future
events or performance. Actual results may differ materially from
those contemplated in these statements, due to risks and
uncertainties. Examples of forward-looking statements include,
among others, statements the Company makes regarding its ability to
execute on key initiatives and deliver ongoing improvements; regain
revenue momentum, generate positive Adjusted EBITDA and Free Cash
Flow; and improve the Company’s capital structure; integrate
acquisitions and achieve future growth; drive growth of the gaming
operations installed base and DWPU; continue expanding the portions
of the gaming floor the Company’s games address; and create
incremental value for its shareholders.
Forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are based only on our current beliefs, expectations and
assumptions regarding the future of our business, future plans and
strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent risks,
uncertainties and changes in circumstances that are often difficult
to predict and many of which are beyond our control. Our actual
results and financial condition may differ materially from those
indicated in forward-looking statements. Important factors that
could cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, without limitation, the impact of the ongoing COVID-19
global pandemic on our business, operations and financial
condition, our history of net losses and our ability to generate
profits in the future; our substantial leverage and the related
covenants that restrict our operations; our ability to generate
sufficient cash to service all of our indebtedness, fund working
capital, and capital expenditures; our ability to withstand
unanticipated impacts of a pandemic outbreak of uncertain duration;
our ability to withstand the loss of revenue during the closure of
our customers’ facilities; our ability to maintain our current
customers; our ability to compete in the gaming industry; our
ability to execute on mergers, acquisitions and/or strategic
alliances, including the timing and closing of acquisitions and our
ability to integrate and operate such acquisitions consistent with
our forecasts; our ability to access the capital markets to raise
funds; expectations regarding our existing and future installed
base and win per day; expectations regarding development and
placement fee arrangements; inaccuracies in underlying operating
assumptions; expectations regarding customers’ preferences and
demands for future gaming offerings; expectations regarding our
product portfolio; the overall growth of the gaming industry, if
any; our ability to replace revenue associated with terminated
contracts; margin degradation from contract renewals; technological
obsolescence; our ability to comply with the Europay, MasterCard
and Visa global standard for cards equipped with security chip
technology; our ability to introduce new products and
services, including third-party licensed content; gaming
establishment and patron preferences; our ability to prevent,
mitigate or timely recover from cybersecurity breaches, attacks and
compromises; the level of our capital expenditures and product
development; anticipated sales performance; employee turnover;
national and international economic conditions; changes in global
market, business and regulatory conditions arising as a result of
the COVID-19 global pandemic; changes in gaming regulatory, card
association and statutory requirements; regulatory and licensing
difficulties that we may face; competitive pressures in the gaming
and financial technology sectors; the impact of changes to tax
laws; uncertainty of litigation outcomes; interest rate
fluctuations; unanticipated expenses or capital needs and those
other risks and uncertainties discussed in our most recent Annual
Report on Form 10-K filed with the U.S. Securities and Exchange
Commission on March 2, 2020 and Form 10-Q filed August 4, 2020.
Given these risks and uncertainties, there can be no assurance that
the forward-looking information contained in this press release
will in fact transpire or prove to be accurate. Readers are
cautioned not to place undue reliance on the forward-looking
statements contained herein, which are based only on information
currently available to us and speak only as of the date hereof.
Contacts: |
|
Everi Holdings Inc. |
JCIR |
William Pfund |
Richard Land, James Leahy |
VP, Investor Relations |
212-835-8500 or evri@jcir.com |
702-676-9513 or william.pfund@everi.com |
|
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