Welcome to our dedicated page for Everi Holdings news (Ticker: EVRI), a resource for investors and traders seeking the latest updates and insights on Everi Holdings stock.
Everi Holdings Inc. (NYSE: EVRI), founded in 2015 from the merger of Global Cash Access and Multimedia Games, is a leading provider of entertainment and technology solutions for the casino, interactive, and gaming industries. The company's mission is to transform the casino floor experience for both patrons and operators through innovative and creative approaches.
Business Segments:
- Games: Offers gaming technology products including gaming machines, slot machines, leased gaming equipment, and more.
- Financial Technology Solutions (FinTech): Provides financial technology products that facilitate cash access at gaming facilities through ATMs, point of sale debit card purchases, and additional services.
Recent Achievements:
Everi recently announced the strategic merger with IGT's Global Gaming and PlayDigital businesses to create a comprehensive gaming and fintech enterprise. This merger is expected to drive significant long-term value for shareholders, enhance product offerings, and expand the company's global footprint.
Financial Performance:
For the quarter ended December 31, 2023, Everi reported revenues of $192.0 million, with recurring revenues increasing by 3%. Operating income was impacted by higher operating expenses due to recent acquisitions and an impairment charge related to customer relationship assets.
Products and Innovations:
Everi continues to introduce new gaming cabinets supported by innovative game themes, aiming to diversify its portfolio. In the FinTech segment, Everi is expanding its Digital Neighborhood to enhance mobile gaming and wallet solutions, targeting both gaming and non-gaming venues.
Leadership and Vision:
Michael Rumbolz, Everi's Executive Chairman, has recently been elected Chairman of the American Gaming Association, reflecting the company's strong leadership and industry influence. CEO Randy Taylor highlights ongoing investments in R&D and positive feedback for new product introductions as key to driving future growth.
Join Everi on social media for the latest updates and insights:
- Twitter: @everi_inc
- Instagram: everi_inc
- Facebook: EveriHoldingsInc
Everi Holdings Inc. (NYSE: EVRI) announced an agreement to acquire assets of VKGS LLC (Video King) for approximately $59 million, set to close within 60 days. This acquisition aims to enhance Everi's Games segment, leveraging Video King's established customer base and electronic bingo technology to expand its digital content market. Video King generated over $25 million in revenue in 2022, mainly from more than 50,000 installed electronic bingo tablets across various venues. The deal is expected to enhance Everi's Adjusted EBITDA and Free Cash Flow. Everi aims to leverage Video King's resources to introduce new gaming content and enhance player experiences through digital wallets and loyalty products.
Everi Holdings Inc. (NYSE: EVRI) has expanded its mobile app, Venuetize, with Phase Two of the Churchill Downs Racetrack experience, enhancing fan engagement for the Kentucky Derby. The app now includes a dedicated Kentucky Derby mode featuring live event engagement, ticket access, event maps, and alerts for Derby Week. Phase One, introduced in September, offers year-round racetrack functionalities such as ticketing, venue navigation, race calendars, and expert insights. Executives from both Everi and Churchill Downs express enthusiasm for this mobile-first initiative that aims to improve customer interaction and operational efficiency.
Everi Holdings Inc. (NYSE: EVRI) announced the first installation of its new Dynasty Vue™ gaming cabinet at Yaamava' Resort & Casino in Highland, California, on April 3, 2023. This innovative cabinet features a unique custom display and a 27-inch integrated top box, designed for enhanced player experience. The initial offering includes the Combo Cash™ Series with base themes Rockin' Reels™ and Secret Treasures™, allowing players to win up to $20,500. A ribbon-cutting ceremony is scheduled for April 4, 2023, to celebrate this launch, marking a significant step in Everi's gaming technology evolution.
Everi Holdings Inc. (NYSE: EVRI) unveiled its innovative mobile gaming solution, Vi™, at the Indian Gaming Tradeshow & Convention 2023 in San Diego. This all-in-one platform integrates Everi Digital games, the CashClub Wallet®, and player loyalty features, allowing players to engage in gaming across casino properties using their mobile devices. Vi utilizes geolocation for registered play in approved areas and connects with existing casino systems through Everi's Player Account Management. With access to nearly 70 games via the Spark™ Remote Game Server, Vi aims to enhance player interaction and create new revenue streams for casino operators.
Everi Holdings Inc. (NYSE: EVRI) announced its participation in the Indian Gaming Tradeshow and Convention from March 27-30, 2023, where it will showcase the innovative Dynasty Vue™ cabinet. This new gaming cabinet displays features that enhance player engagement, including a custom display and integrated 27-inch top box. Everi will also introduce over 20 new original game themes and several licensed themes. Notable game families include Combo Cash™ and Wild Wheel™. Everi aims to strengthen its position in the gaming industry by providing unique game content and advanced technology solutions.
Everi Holdings Inc. (NYSE: EVRI) announced the appointment of Debra Nutton to its Board of Directors, effective April 1, 2023. Ms. Nutton, an independent director with over 40 years of gaming industry experience, fills a vacancy on the Board, now consisting of nine members. Her previous roles include Executive Vice President of Casino Operations at Wynn Las Vegas and various senior positions at MGM Resorts. The Board expresses confidence in her leadership as the company seeks to leverage growth opportunities in the gaming sector.
Exacta Systems launches Everi's first Historical Horse Racing (HHR) games at Boston Billiards Club & Casino in Nashua, New Hampshire. Featured games include Patriot Extra Spin®, Triple Jackpot Gems Deluxe®, Wild Gems Extra Spin®, and Blazin' Gems Deluxe®, now available on Exacta Connect™. Exacta CEO Ross O'Hanley expressed excitement about the partnership, while Everi’s Dean Ehrlich highlighted a swift entry into the HHR market.
This collaboration enables Everi to reach a new gaming audience while leveraging Exacta's advanced system architecture. Everi Holdings Inc. is focused on innovation in gaming technologies and solutions.
Everi Holdings reported a 14% revenue increase to $205.4 million for Q4 2022, with FinTech revenues up 23% to $92.2 million. Games segment revenues rose 7% to $113.2 million, driven by higher unit sales. Recurring revenues accounted for 70% of total revenues. However, net income fell to $27 million compared to $89.4 million in Q4 2021, largely due to a prior year tax benefit. Adjusted EBITDA increased to $93.4 million, while Free Cash Flow saw an impressive rise to $41.7 million. For 2023, Everi forecasts net income of $88-$100 million and Free Cash Flow of $150-$160 million amid potential macroeconomic challenges.
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