Everi sees record revenues in 2nd quarter
Las Vegas-based gaming technology company Everi Holdings rode its games and financial tech segments to record revenues this spring.
Everi reported a quarterly record $172.6 million in revenues during the second financial quarter, up 33 percent from $129.7 million in the pre-pandemic second quarter of 2019.
More than three-fourths of Everi’s revenues during the second quarter, spanning April through June, came from the company’s recurring revenue operations in games and financial technology, Chief Operating Officer Randy Taylor told investors Wednesday on an earnings call.
“These operations are performing beyond our initial expectations, and are providing exceptional growth in today’s environment,” Taylor said. “While the casino industry has rebounded solidly from the depths of the pandemic, we believe our performance reflects our growth focus, and consistent operating execution.”
Taylor attributed Everi’s game revenues of $99.3 million to more higher-earning premium gaming machines on casino floors and a 49 percent increase in slot machine sales from the first quarter. An atypically high number of casinos expanded or opened during the second quarter, which benefited machine sales, he said.
Everi’s financial tech business segment generated $73.2 million in revenues for the quarter, the company reported. Executives touted the company’s “digital neighborhood” of integrated fintech products, such as its digital CashClub Wallet product to fund a night spent on the casino floor.
The digital wallet is live at 10 casinos across multiple states and comprising both commercial and tribal gaming, Everi CEO Mike Rumbolz said.
“Operationally, our excellent performance clearly demonstrates that the complementary nature of our games and fintech segments has never been stronger,” he said.
The company also set quarterly records in net income and free cash flow, Everi reported. Net income totaled $36.2 million for the quarter, more than six times the second-quarter 2019 total of $5.5 million. Free cash flow for the quarter was $39.2 million compared with $7 million in the same period two years ago.
Shares of Everi Holdings, Inc., traded as $EVRI on the New York Stock Exchange, fell 86 cents to $22 at closing time Wednesday.
Contact Mike Shoro at mshoro@reviewjournal.com or 702-387-5290. Follow @mike_shoro on Twitter.
