Friday, July 2, 1999 | 11:32 a.m.
Central Credit Inc., a Las Vegas provider of gamblers' credit information to casinos across the world, has been sold by parent company Cendant Corp. for $44 million in cash.
The company was purchased by a joint venture between First Data Corp. of Atlanta and M&C International. These companies are already partners in Global Cash Access of Sunnyvale, Calif., which provides electronic funds transfer services to the gaming industry.
Central Credit was founded in 1956 and employs 68 people in Las Vegas. It has been sold numerous times since its founding, and was purchased by Cendant in 1995.
"My understanding is that we will be a standalone (company), operating business as usual," said Pamela Shinkle, Central Credit president and chief operating officer. "I don't believe there's going to be much change."
In a statement, GCA Chief Executive Kirk Sanford hinted that the companies would closely integrate and market their products to the industry.
"It is our vision to have the existing products and services of Central Credit and GCA made available through a single platform, thus increasing the speed and efficiency by which our customers can access information," Sanford said.
Cendant indicated that the sale was part of an overall strategic plan to "divest non-strategic assets." Cendant did not offer further comment.
GCA markets itself as the nation's largest cash access services company catering to the gaming industry, operating in 1,200 casinos in the United States, Canada and the Caribbean.
Though headquartered in Sunnyvale, GCA's main sales office is in Las Vegas, where it employs about 20.
GCA employs about 250 worldwide. It was founded in 1998 by Bank of America, First Data and USA Processing Inc., in which M&C is a major shareholder. Bank of America was not involved in the Central Credit buyout.
Central Credit provides credit information on casino patrons. It has about 300 clients in North America, the Caribbean, Europe, South America and Asia, and claims to be the world leader in its industry.
The transaction is expected to close in the third quarter of this year.