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Overview of Everi Holdings Inc
Everi Holdings Inc (EVRI) stands as a multifaceted provider of innovative casino gaming and financial technology solutions. With a foundation built on decades of industry expertise, the company was born from the merger of two well-established entities—one specializing in global cash access systems and the other in multimedia gaming solutions. This unique combination has positioned Everi as a transformative force on the casino floor, intensifying its commitment to delivering engaging and secure experiences for both gaming patrons and operator clientele.
Operating across two core segments, Everi Games and Everi FinTech, the company offers a diversified portfolio that spans both traditional and digital realms. In its Games division, Everi delivers state‐of‐the‐art gaming technology products and services. This includes a broad range of gaming machines, slot systems, and leased gaming equipment, each designed to captivate players with engaging themes and interactive gameplay. Industry keywords such as "casino gaming", "financial technology" and "interactive gaming" are integral pillars that define Everi's identity in the market.
Core Business Segments
Everi Games: The gaming segment focuses on developing, manufacturing, and supporting a wide array of gaming products including video slot machines, mechanical cabinets and custom interactive game content. The company’s robust product lineup is tailored to meet the evolving needs of land-based operators, iGaming platforms and bingo venues. By continually refreshing its portfolio with innovative themes and high-quality interfaces, Everi ensures that both new and existing customers have access to engaging entertainment options.
Everi FinTech: Complementing its gaming initiatives, Everi FinTech delivers cutting-edge financial access solutions that address the critical need for seamless and secure cash handling and electronic payment systems on the casino floor. Products in this segment include automated teller machines (ATMs), point-of-sale debit card systems and various financial software platforms designed to improve operational efficiencies and enhance regulatory compliance. These solutions facilitate faster transactions and contribute to improved patron experiences, a key driver for customer loyalty and operational excellence.
Strategic Industry Position and Value Proposition
Everi Holdings Inc has cemented its standing as a comprehensive technology partner in the gaming and entertainment sectors by integrating its dual-area expertise. The company is recognized for:
- Innovative Product Offerings: By consistently introducing new gaming themes, advanced hardware, and integrated digital solutions, Everi ensures that its clients can offer fresh and captivating experiences on both physical and digital casino platforms.
- Robust Technical Infrastructure: Its proprietary technology solutions streamline financial transactions and improve the operational efficiency of gaming floors, thereby reducing friction and enhancing overall service quality.
- Industry Expertise and Transparency: With years of experience in casino operations, Everi leverages deep technical know-how and an operating culture centered on respect and transparency to build trust with both operators and patrons.
- Integrated Solutions Approach: By providing a seamless blend of gaming content and financial technology, the company uniquely addresses the diverse needs of gaming venues, ensuring enhanced patron engagement and operational efficiency.
The company’s focus on delivering reliable, secure, and efficient gaming and FinTech solutions has driven it to become a critical partner for casinos, iGaming operators and hospitality venues. Its commitment to quality and continuous innovation is evident in its expansive product portfolio and strategic market positioning, with solutions that span from traditional land-based gaming to cutting-edge digital platforms.
Market Dynamics and Competitive Landscape
Everi operates in a competitive environment where technological advancements and evolving consumer preferences dictate market trends. Its strategic focus on both hardware-based gaming systems and digital financial transaction technologies allows the company to balance legacy systems with modern innovations. This dual focus is critical in addressing varied operational needs, ranging from enhancing in-casino experiences to facilitating seamless digital wagering on online platforms.
Key competitive advantages include a broad product offering, a history of dependable service within the gaming industry and a commitment to using advanced technology to solve operational challenges. Competitors must contend with the seamless integration of services and high-quality user interfaces that Everi delivers consistently, thereby setting benchmarks in both areas of gaming and financial technology.
Innovation and Integration of Digital Solutions
In addition to traditional gaming equipment, Everi provides digital solutions that extend the company’s reach into online and mobile ecosystems. This includes custom-branded online games, remote game servers and mobile-first applications that enhance player engagement in the iGaming and bingo markets. By integrating media-rich interactive content with secure transaction systems, Everi ensures a cohesive experience for players across multiple platforms. The company’s digital initiatives are further complemented by its investment in proprietary platforms that enable flexible product deployment and real-time content updates.
Operational Excellence and Customer Focus
Everi’s operational model centers on customized solutions tailored to the unique requirements of each client. Whether through advanced financial technology that speeds up cash access or interactive gaming hardware that attracts players, Everi’s approach is geared toward solving operational challenges and boosting engagement. The company maintains a rigorous focus on quality, regulatory compliance and constant innovation, all of which contribute to a reliable and secure gaming environment.
Owing to a culture that values transparency and respect, Everi has built long-standing relationships with casino operators and gaming venues globally, ensuring that its solutions are aligned with the operator’s goals and customer expectations. The integration of robust security protocols and regulatory safeguards also reinforces the trust that operators place in Everi’s offerings.
Industry-Specific Keywords and Technical Terminology
Early in the description, terms such as "casino gaming", "financial technology" and "interactive gaming" are used deliberately to underscore Everi’s domain expertise. Other technical terms such as "automated teller machines", "point-of-sale systems", "remote game servers" and "mobile-first applications" further illustrate the depth and breadth of Everi’s product portfolio and the technological sophistication of its offerings.
Frequently Asked Questions (FAQs)
Everi Holdings Inc addresses common investor questions with clarity and depth, covering its core business segments, market positioning and product innovations.
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.
MGM Resorts International (NYSE:MGM) and BetMGM have launched MGM Riches, their first custom omnichannel slot experience. This multi-denomination, multi-level progressive slot game features two themes: 'MGM Riches Triple Ruby' and 'MGM Riches 5x Sapphire.' Players can access this game online via BetMGM and at MGM properties in 15 U.S. states, with an upcoming launch in West Virginia. This initiative integrates MGM Rewards and BetMGM Rewards, allowing players to earn Tier Credits and redeem rewards across both platforms. The launch aims to enhance the gaming experience and engagement for customers.
Everi Holdings Inc. (NYSE: EVRI) announced the construction of a new facility in Las Vegas intended to consolidate its production and distribution operations currently split between Las Vegas and Austin, TX. This 182,500-square foot facility, set to be completed by October 2023, will enhance operational efficiencies in manufacturing gaming machines and FinTech products. The transition will incur approximately $4.5 million in expenses. The facility will emphasize environmental sustainability, aiming for a 3 Green Globes rating, and is designed to support employee wellness. 35 employees affected by the transition will have relocation options.
Everi Payments Inc., a subsidiary of Everi Holdings (NYSE: EVRI), has achieved SOC 2 Type 1 audit certification, demonstrating effective controls over the security and data privacy of its FinTech and loyalty platforms. This certification, crucial for customer assurance, evaluates five trust principles: security, availability, processing integrity, confidentiality, and privacy. CEO Randy Taylor emphasized this milestone reflects Everi's commitment to security. The certification ensures robust protection against unauthorized access, enhancing trust among casino operators. Customers can request a copy of the audit certification.
Everi Holdings Inc. (NYSE: EVRI) has announced a strategic partnership with 1839 Labs to enhance fan engagement and operational efficiency at sporting venues. This collaboration will start with the Balaton Gate Motor Speedway in Hungary, a new FIA-grade racetrack scheduled to open this Spring. The aim is to deploy Everi’s Venuetize platform for mobile-first fan experiences, targeting growth in motorsports markets like Formula 1 and MotoGP. Executives from both companies emphasize the potential for new revenue streams and improved guest interactions through innovative mobile technology and IoT applications.
Everi Digital has partnered with Caesars Sportsbook & Casino to provide its acclaimed online gaming content for real-money gaming operations. This collaboration will utilize Everi's Spark™ Remote Game Server, featuring nearly 70 engaging titles, including popular games like Triple Jackpot Gems®. Everi aims to expand its reach across North America, integrating its content into over 80 online casinos. This agreement underscores Everi Digital's position as a leading supplier in the iGaming sector, promising enhanced gaming experiences for players. The partnership is expected to benefit both companies by leveraging Everi's innovative gaming solutions.
Everi Holdings Inc. (NYSE:EVRI) will release its 2022 fourth quarter and full year results before the market opens on March 1, 2023. The company will host a conference call and webcast at 11:00 a.m. ET that same day. Investors can access the call by dialing (201) 689-8471 and a replay will be available after 2:00 p.m. ET until March 8, 2023. The webcast can be found on www.everi.com under “Investors” and “Events & Contact.” Everi is a leading provider of gaming technology solutions and financial technologies in the casino industry.
Everi Holdings Inc. (NYSE: EVRI) announced on January 10, 2023, that it has been selected by the British Columbia Lottery Corporation (BCLC) to supply its Anti-Money Laundering (AML) compliance solution. This agreement enhances their existing partnership and allows Everi to support BCLC's gaming operations across British Columbia. The Everi Compliance solution is deployed in over 600 gaming properties and is recognized as a leading AML software in the gaming sector. This collaboration is aimed at ensuring high compliance standards amidst BCLC's expansion in casino and online gaming.
Everi Holdings Inc. reported a record-breaking third-quarter revenue of $204.3 million, up 21% from $168.3 million in 2021. Net income surged 339% to $29.4 million, or $0.30 per diluted share. Recurring revenues rose 9% to $143.6 million, while non-recurring revenues increased 64% to $60.7 million. Free Cash Flow was $43.9 million, down from $56.3 million due to shifts in interest payment timing. The company narrowed its 2022 guidance for net income, Adjusted EBITDA, and Free Cash Flow, signaling steady operational performance going forward.
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