Global Cash Access chief confirms name change
Ram Chary, chief executive of Global Cash Access (GCA), has revealed that the payment processing equipment provider is to change its name later this month.
Speaking in a conference call, Chary said that the name change will better reflect its place within the casino equipment manufacturing sector and will place more of a focus on its takeover of Multimedia Games last year.
As reported by iGaming Business, GCA paid $1.2 billion (€1.1 billion) to secure ownership of the gaming devices developer.
Chary confirmed the new corporate brand will be rolled out at the Global Gaming Expo in Las Vegas at the end of September, with the company also set to receive a new logo and New York Stock Exchange ticker symbol to complement the name change.
“Our new brand will provide us with the unique identity that conveys our intention to be a full-service supplier of casino gaming equipment and payment solutions,” Chary said according to the Las Vegas Review Journal newspaper.
Chary also noted that GCA plans to embark on an 18-month expansion to boost Multimedia Games’ research and development capabilities, which could in turn double the number of slot machine content studios that the firm uses to 16.
Chary added that the increased research and development costs and re-branding would have a “several million dollar” price tag for the firm this year.
“When we acquired Multimedia, we viewed the strategic rationale for the transaction, including the opportunity that exists to sell Multimedia's products into our significantly larger payments customer base,” Chary said.
“We want to be identified as the most strategic partner in the casino supply space to casino operators.”
Related article: Global Cash Access completes Multimedia buyout