Las Vegas-based casino supplier Global Cash Access Holdings Inc. today said that Scott Betts, who has been CEO since October 2007, will retire effective Dec. 31.
Betts will remain an employee in a strategic planning role through March and will continue to serve as a board member, the company said.
David Lopez, president of the company since June, will assume the role of CEO once Betts departs that position. Lopez joined Global Cash Access (GCA) from casino supplier SHFL entertainment Inc., formerly Shuffle Master Inc.
"The board would like to thank Scott for his many years of service to GCA and for his leadership in guiding the company through an extremely challenging economic and regulatory environment," E. Miles Kilburn, chairman of the GCA board, said in a statement.
Among Betts' challenges was to distance the company in 2009 from two of its founders, who had been accused of wrongdoing by Arizona regulators. The founders, Robert Cucinotta and Karim Maskatiya, denied wrongdoing and have taken steps to clear their names.
Global Cash separately today reported a higher third quarter profit on an increase in revenue related mainly to the acquisition on Nov. 15, 2011, of assets of competitor MCA Processing LLC.
The company earned $7.3 million or 10 cents per share, up from $1.6 million or 3 cents in the 2011 third quarter. Revenue of $149.8 million was up from $136.9 million.
Global Cash separately announced a $40 million, two-year share repurchase program and boosted its full-year 2012 financial outlook. Adjusted annual EBITDA is expected to be between about $77 million and $80 million, up from its previous guidance of between $73 million and $77 million.
EBITDA is a profitability measure meaning earnings before interest, taxes, depreciation and amortization.
GCA operates casino ATM machines and provides other gaming cash and credit services. The company is also licensed to participate in Nevada's emerging online intrastate poker industry.
Distributed by MCT Information Services
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