Executives at gaming equipment company Everi Holdings Inc. believe cash is not leaving the gaming industry anytime soon.
While revenues from cash access services — including ATM, cash advance and check services — remained flat this past quarter, “cash is still strong” for the company, according to executive vice president Darren Simmons.
“If you look at what we do from a volume standpoint by transaction type, cash is still a very strong transaction type,” Simmons said during a call to investors Tuesday. “It provides a lot of flexibility for the consumer.”
The Las Vegas-based company, formerly known as Global Cash Access Holdings, Inc., reported its sixth consecutive quarter of positive net income.
Overall revenue, net income and earnings per share rose during the second quarter, while revenue from cash access services remained flat at $39.7 million. The company said higher interchange costs in certain ATM transactions offset increased same-store transactions and dollars processed.
Simmons said cash systems are still in demand, and “our customers want to be able to support all forms of payment and make it convenient for their customers however they want to access their funds to have their gaming experience.”
Still, the company has begun to address digital forms of payment. Everi offers a quick ticket that eliminates cash without making players completely rely on a digital transaction, and CEO Michael Rumbolz said the company is developing an e-wallet.
Everi stock closed at $11.11 on Tuesday, up $0.11 or 1 percent.
Everi Holdings Inc.
Second-quarter revenue and earnings for Las Vegas-based gaming equipment manufacturer Everi Holdings. (NYSE: EVRI).
2Q 2019: $129.7 million
2Q 2018: $118.7 million
2Q 2019: $5.5 million
2Q 2018: $1.5 million
Earnings per share
2Q 2019: 7 cents
2Q 2018: 2 cents