Executives at Global Cash Access Holdings Inc. said they are seeing positive signs ahead, particularly in international markets, but revenue continued to decline in the fourth quarter of 2010.
The Las Vegas company, which provides cash access and related products to casinos through automated teller machines, point of sale debit card transactions, credit card cash advances and check-warranty services, on March 8 reported revenue of $137.8 million for the quarter, down 7.4% from a year earlier.
Global Cash Access swung to a loss of $259,000 for the quarter from a $7.2 million profit.
Scott Betts, Global Cash Access' president and chief executive, said during a conference call with analysts that the quarter's results were in line with pre-announced results released earlier this year.
Betts said its recent agreement to provide cash-access services to Galaxy Casino SA in Macau, which is scheduled to open in May, is "an important step in getting that business growing."
"Our ability to offer innovation on both the payments as well as the kiosk side was instrumental in getting this contract," he said. "We now have a product suite that gives us the ability to offer services others cannot."
As such, Betts said Global Cash Access is in a good position to gain ground in Macau "as many of the original cash-access contracts come up for renewal over the next 12 to 16 months."
In addition, the company has signed substantially all of the top London casino operators.
Betts said Global Cash Access expects to relaunch its cash-access business in the U.K. in the next 30 days.
