New Facility in Las Vegas to
Consolidate Production and Distribution Facilities Currently
Located in Las Vegas, NV and
Austin, TX
LAS
VEGAS, Feb. 28, 2023 /PRNewswire/ -- Everi
Holdings Inc. (NYSE: EVRI) ("Everi" or the "Company") announced
today that it has begun construction of a new facility that upon
completion will consolidate the manufacturing, assembly and
distribution of its gaming machines currently done in Austin, TX with its self-service fully
integrated cash access kiosks, loyalty kiosks and other FinTech
products currently assembled in Las
Vegas. The new Las Vegas
facility, which will adhere to high levels of environmental and
sustainable stewardship during construction and operation, is
expected to streamline production and simplify supply chain
processes and the distribution of completed products to
customers.
The Company currently expects it will record approximately
$4.5 million of expense in 2023
related to planned closure and exit costs, relocation, employee
retention, and other associated costs for transition of production
to the new facility.
The new 182,500-square foot leased facility is located in
Las Vegas, the epicenter of the
U.S. Gaming industry. In addition to production, receiving and
shipping, the new facility will include space to co-locate lab
facilities for both Games and FinTech businesses, house service and
customer installation teams and administrative staff, and have room
for future expansion to accommodate expected growth in the
business.
Built for environmental sustainability and as an
employee-friendly workplace
The building is expected to be
completed in October 2023 and is
being built to Everi's specifications to encompass high levels of
environmental sustainability and create an employee-friendly
working environment. The facility is anticipated to meet the
certification level of 3 Green Globes science-based rating system
established in accordance with the Green Building Initiative, which
demonstrates outstanding success in resource efficiency, reducing
environmental impacts and improving occupant wellness. The building
will utilize such elements as low-water landscaping,
energy-efficient windows, automated LED lighting, high-efficiency
plumbing, energy-usage tracking, and solar powered energy to lessen
the environmental impact of the building. Occupant wellness
features include energy-efficient HVAC that will provide
four-season thermal comfort to employees throughout the building,
including the manufacturing and distribution areas, low-VOC
interior products, shaded parking for all employees, electric
recharging stations for vehicles, and waste recycling containers.
Assembly of the Company's FinTech products at the current
Las Vegas facility is expected to
transition to the new facility shortly after completion of the
building. Production of gaming machines currently done in
Austin is expected to transition
to the Las Vegas facility in
stages over six months following its completion to ensure seamless
distribution of products to customers.
"As we assessed our near- and long-term operational needs, it
was clear that streamlining all of our manufacturing, assembly and
distribution processes into a single facility designed to our
specifications would best serve the needs of our large and growing
casino customer base," said Randy
Taylor, President and Chief Executive Officer of Everi.
"Having all of our FinTech and Gaming products assembled and
shipped from one new, modern, environmentally-friendly facility in
Las Vegas will provide for
operational efficiencies while also helping us continue to meet our
goals of providing excellent customer service throughout the entire
product ordering process."
There are 35 employees affected by the transition, and they are
being offered the opportunity to relocate to Las Vegas or to apply for other positions
within the Company.
"We have the highest regard for our Austin employees who will be impacted by this
initiative. We greatly value their contributions and will strive to
make any transition as painless as possible," Taylor
concluded.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains "forward-looking
statements" as defined in the U.S. Private Securities Litigation
Reform Act of 1995. In this context, forward-looking statements
often contain words such as "intends," "anticipates," "seek,"
"expect," "plan," "believe," "goal," "target," "future,"
"estimate," "may," "should," "well positioned" or "will" and
similar expressions to identify forward-looking statements.
Forward-looking statements in this press release include, among
other things, statements with respect to the anticipated timing for
the completion of the transaction and the expected benefits of the
transaction, including market share and future operating and
financial results.
The forward-looking statements in this press release are subject
to additional risks and uncertainties, including those set forth
under the heading "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our
filings with the Securities and Exchange Commission (the "SEC"),
including, without limitation, our Annual Report on Form 10–K for
the fiscal year ended December 31,
2021, and subsequent periodic reports, and are based on
information available to us on the date hereof. These cautionary
statements qualify our forward-looking statements, and you are
cautioned not to place undue reliance on these forward-looking
statements. Any forward-looking statement contained herein speaks
only as of the date on which it is made, and we do not intend, and
assume no obligation, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
This press release should be read in conjunction with our most
recent reports on Form 10–K and Form 10–Q, and the information
included in our other filings with the SEC. Understanding the
information contained in these filings is important in order to
fully understand our reported financial results and our business
outlook for future periods.
About Everi
Everi's mission is to lead the gaming
industry through the power of people, imagination, and technology.
As one of the largest suppliers of technology solutions for the
casino floor that also has an expanding focus in adjacent
industries, our commitment is to continually develop products and
services that provide gaming entertainment, improve our customers'
patron engagement, and help our customers operate their businesses
more efficiently. We develop entertaining game content, gaming
machines, and gaming systems and services for land-based and
iGaming operators. Everi is a leading innovator and provider of
trusted financial technology solutions that power casino floors,
improve casinos' operational efficiencies, and fulfill regulatory
compliance requirements. The Company also develops and supplies
player loyalty tools and mobile-first applications that drive
increased patron engagement for our customers and venues in the
casino, sports, entertainment, and hospitality industries. For more
information, please visit www.everi.com, which is updated regularly
with information about the Company.
Investor Relations Contacts:
Everi Holdings
Inc
|
JCIR
|
William
Pfund
|
Richard Land, James
Leahy
|
SVP, Investor
Relations
|
212-835-8500 or
evri@jcir.com
|
702-676-9513 or
william.pfund@everi.com
|
|
|
|
Everi Media
Relations
|
|
Dona Cassese
|
Mike Young
|
VP,
Marketing
|
Corporate
Communications Specialist
|
(702) 556-7133 or
dona.cassese@everi.com
|
(702) 518-9179 or
mike.young@everi.com
|
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SOURCE Everi Holdings Inc.