Global Cash Access comes out strong in market debut

Global Cash Access comes out strong in market debut
Tags: Bank / Credit Union, Distributors / ISO / IAD, Public Companies, Retail / Off-Premises
September 26, 2005

MarketWatch: Global Cash Access attracted a premium in its stock-market debut Sept. 23. Global Cash Access also could benefit from efforts to rebuild gambling operations hit by hurricanes Katrina and Rita.

The Las Vegas operator of 4,300 ATMs at 960 gaming establishments traces its roots to a 1998 joint venture of Bank of America, First Data Corp. and two private investors. With $403 million in revenue for 2004, the company "is about eight times the size of its next largest competitor," Renaissance Capital said in its IPO of the Week column.

Sam M. Ditzion, president and chief-executive of Boston-based advisory firm Tremont Capital Group, said rival Cardtronics could be eyeing the Global Cash IPO with interest.