The Las Vegas Sun reports that Las Vegas-based Global Cash Access Holdings Inc., which places ATMs at casinos, has agreed to settle a complaint filed by Arizona regulators so that it can continue to operate in that state.
According to the news report, the Arizona Department of Gaming this summer recommended Global Cash be barred from doing business in the state because of charges brought against Global Cash for defrauding banks by miscoding cash-advance transactions. Global Cash was also accused of a pattern of misleading regulators and of failing to be forthcoming with them.
Global Cash CEO Scott Betts says the legal issues won't affect its operating:
The agreement confirms GCA has sufficiently addressed the concerns in (the agency) notice. This has been a significant event for the company.
Global Cash also said it would buy back shares held by the founders Karim Maskatiya and Robert Cucinotta, who were pinpointed in some of the allegations.
Global Cash serves about 20 Indian casinos in Arizona that generate around 5 percent of its revenue in the state.
