Thursday, March 11, 2004 | 11:12 a.m.
Casino ATM supplier in deal
The nation's largest provider of casino ATMs today completed a $435 million leveraged buyout of its majority owner's interest in the company.
Global Cash Access of Las Vegas, which provides ATMs, credit card services and other electronic transfer services to about 70 percent of the U.S. casino industry, bought the 67 percent interest owned by First Data Corp.
First Data is a Denver-based provider of global payment services including Western Union money transfer centers and TeleCheck check guarantee services. In a statement Wednesday, First Data Chief Executive Charlie Fote said the company was selling its stake to focus on its core business. The company, which had been a passive investor in Global Cash, will continue to provide services to the gaming industry.
M&C International Inc. now owns about 95 percent of Global Cash, with Bank of America Corp. owning the remainder. M&C International is comprised of Global Cash managers Karim Maskatiya and Robert Cucinotta. Global Cash, which has offices in Las Vegas and Atlantic City, will retain its management and staff.
Game Financial Corp., a competitor to Global Cash, was sold in a separate deal last week.
The Phoenix-based owner of Game Financial Corp., which offers check cashing, cash advances and ATMs to casinos, last month agreed to sell the company to check cashing services company Certegy Inc. of Georgia for about $43 million.
Game Financial owner Viad Corp. also owns GES Exposition Services of Las Vegas, a major tradeshow operator.
New service to North Dakota announced
Las Vegas-based Allegiant Air will begin nonstop round-trip air service twice a week between Las Vegas and Bismarck, N.D., beginning May 3. A spokesman said the new Bismarck flights would operate Fridays and Mondays.
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