{"id":167348,"date":"2021-03-15T10:41:15","date_gmt":"2021-03-15T17:41:15","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=167348"},"modified":"2021-03-15T11:50:23","modified_gmt":"2021-03-15T18:50:23","slug":"everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/","title":{"rendered":"Everi Credit Rating Lifts as Fitch Sees Restored EBITDA Levels in Late 2021"},"content":{"rendered":"

Gaming device manufacturer and FinTech purveyor Everi Holdings (NYSE:EVRI) can return to earnings before interest, taxation, depreciation and amortization (EBITDA) levels last seen prior to the coronavirus pandemic late this year, says Fitch Ratings.<\/p>\n

\"Everi
An Everi cashless machine at Sunset Station Casino in Henderson, Nevada. Fitch raised the company’s credit rating. (Image: Las Vegas Review-Journal<\/em>)<\/figcaption><\/figure>\n

The research firm made that forecast in a recent report while boosting the Las Vegas-based company’s credit rating to \u201cB+\u201d from \u201cB\u201d. That’s still well into junk territory. Boosted by strength from regional gaming clients<\/a>, Everi is on the path to meet its leverage goal of 3.0x-3.5x.<\/p>\n

As a result, Fitch expects Everi’s EBITDA to recover toward pre-pandemic levels by year-end 2021, aided in part by the company’s cost cutting initiatives during the pandemic,\u201d says the research firm. \u201cEveri’s FCF generation during second-half 2020 was stronger than initially expected at the onset of the pandemic.\u201d<\/p><\/blockquote>\n

Shares of Everi are higher by 9.41 percent year-to-date, as investors wager that an ongoing recovery<\/a> in the US gaming industry will boost demand for the company’s gaming machines.<\/p>\n

Cash Gaming Big Everi Driver<\/h2>\n

At the onset of the coronavirus pandemic in early 2020, Everi was pushed to the brink. But there’s an emerging silver lining for the company.<\/p>\n

\n

As is the case with myriad other industries, gaming is becoming increasingly cashless<\/a> — a move that was budding prior to the pandemic, and one that was hastened by the arrival of COVID-19. Science indicates cash itself isn’t a great transmitter of the virus. But at a time when businesses are looking for any way to bolster health and safety protocols on behalf of employees and guests, the move away from the hard currency is sensible for casino operators.<\/p>\n<\/div>\n

That’s a positive, long-ranging catalyst for Everi, because its fintech unit is an increasingly prominent part of its overall business mix.<\/strong><\/p>\n

\u201cAbout 54 percent of Everi’s EBITDA comes from gaming and 46 percent from FinTech,\u201d said Fitch. \u201cAbout two-thirds of the gaming revenue is generated on a participation basis, whereby Everi earns fees based on games performance. FinTech revenues mostly come from ATM and cash advance service fees, which are tied to contracts with generally three- and five-year terms and high renewal rates.\u201d<\/p>\n

Fintech Competition<\/h2>\n

While Everi has procured some lucrative cashless gaming contracts with large tribal clients, it doesn’t have a monopoly on that technology in the gaming industry, meaning it must contend with fierce competition. Still, Fitch sees the company meeting that challenge.<\/p>\n

\u201cNew, cashless technologies employed by other participants in the gaming and FinTech industries represent a long-term risk to disintermediate Everi’s cash access services (roughly one-third of total revenues),\u201d according to the research firm. \u201cHowever, the company’s diverse FinTech product portfolio, investments made in new technologies, and its own cashless solutions (including maintenance of money transmitter licenses) reduces this risk.\u201d<\/p>\n

With major gaming markets, including Nevada, embracing electronic payments over hard bills, there’s ample opportunity for Everi to capture a solid market share.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gaming device manufacturer and FinTech purveyor Everi Holdings (NYSE:EVRI) can return to earnings before interest, taxation, depreciation and amortization (EBITDA) levels last seen prior to the coronavirus pandemic late this year, says Fitch Ratings. The research firm made that forecast in a recent report while boosting the Las Vegas-based company’s credit rating to \u201cB+\u201d from […]<\/p>\n","protected":false},"author":46,"featured_media":167350,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,69293],"tags":[],"acf":[],"yoast_head":"\nEveri Credit Rating Boosted, Helpd by Leverage Target, Fintech Biz<\/title>\n<meta name=\"description\" content=\"Everi credit rating gets a lift as gaming machine demand bounces back, cashless gaming takes off.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Everi Credit Rating Boosted, Helpd by Leverage Target, Fintech Biz\" \/>\n<meta property=\"og:description\" content=\"Everi credit rating gets a lift as gaming machine demand bounces back, cashless gaming takes off.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-15T17:41:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-15T18:50:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/everi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1050\" \/>\n\t<meta property=\"og:image:height\" content=\"700\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/\",\"url\":\"https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/\",\"name\":\"Everi Credit Rating Boosted, Helpd by Leverage Target, Fintech Biz\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/everi.jpg\",\"datePublished\":\"2021-03-15T17:41:15+00:00\",\"dateModified\":\"2021-03-15T18:50:23+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Everi credit rating gets a lift as gaming machine demand bounces back, cashless gaming takes off.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/everi.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/everi.jpg\",\"width\":1050,\"height\":700,\"caption\":\"An Everi cashless machine at Sunset Station Casino in Henderson, Nevada. Fitch raised the company's credit rating. (Image: Las Vegas Review-Journal)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Everi Credit Rating Lifts as Fitch Sees Restored EBITDA Levels in Late 2021\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Everi Credit Rating Boosted, Helpd by Leverage Target, Fintech Biz","description":"Everi credit rating gets a lift as gaming machine demand bounces back, cashless gaming takes off.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Everi Credit Rating Boosted, Helpd by Leverage Target, Fintech Biz","og_description":"Everi credit rating gets a lift as gaming machine demand bounces back, cashless gaming takes off.","og_url":"https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2021-03-15T17:41:15+00:00","article_modified_time":"2021-03-15T18:50:23+00:00","og_image":[{"width":1050,"height":700,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/everi.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/","url":"https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/","name":"Everi Credit Rating Boosted, Helpd by Leverage Target, Fintech Biz","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/everi.jpg","datePublished":"2021-03-15T17:41:15+00:00","dateModified":"2021-03-15T18:50:23+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Everi credit rating gets a lift as gaming machine demand bounces back, cashless gaming takes off.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/everi.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/everi.jpg","width":1050,"height":700,"caption":"An Everi cashless machine at Sunset Station Casino in Henderson, Nevada. Fitch raised the company's credit rating. (Image: Las Vegas Review-Journal)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/everi-credit-rating-boosted-helpd-by-leverage-target-fintech-biz\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Everi Credit Rating Lifts as Fitch Sees Restored EBITDA Levels in Late 2021"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/167348"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=167348"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/167348\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/167350"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=167348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=167348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=167348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}