First Data cashes in casino chips
Sells 67% interest in service for bettors

By Aldo Svaldi
Denver Post Business Writer

First Data Corp. has cashed in its interest in Global Cash Access, a company that provides systems used to disburse cash and provide other services to casino gamblers.

Greenwood Village-based First Data netted $435 million by selling its 67 percent interest in GCA Holding Corp., a company it founded in 1998 with Bank of America and M&C International Inc.

"Selling our majority stake in GCA enables us to sharpen our focus on our core competencies and business segment growth," Charlie Fote, First Data chairman and chief executive, said in a statement.

The company recently completed a nearly $7 billion acquisition of Concord EFS.

First Data spokeswoman Mary Walker said GCA will continue to provide Western Union Money Transfers and TeleCheck check-guarantee services after the sale.

M&C will own slightly more than 95 percent of GCA's parent holding company, while Bank of America will control the remainder.

Las Vegas-based Global Cash Access provides cash-disbursement services to patrons of about 70 percent of the gaming establishments in the United States, Canada, the Caribbean and Europe. Its network includes credit and debit cards, automated teller machines and money-transfer services. The company also owns Credit Central, which helps casinos determine whether to extend markers to gamblers.

Source: Denver Post