Kirk Sanford

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Kirk Sanford

Kirk Sanford (born December 31, 1966) is the former Chief Executive Officer & President of Las Vegas, Nevada based Global Cash Access Inc (NYSE:GCA), the leading provider of cash access products and related services for the worldwide gaming industry. He also served as a Director of the Board of Directors. In 2006, Business Week magazine named him one of the Top 100 Most Influential CEO’s Under 40.

Global Cash Access

GCA provides products and services to over 1,100 gaming establishments worldwide, including all of the largest gaming companies like MGM Mirage, Harrah’s Entertainment, Boyd Gaming, Station Casinos, Penn National, and Trump Casinos. With operations in North America, Latin America, Europe, the United Kingdom, and Asia, GCA processed over 80 million transactions and dispensed more than $21 billion in cash in 2007 alone. Mr. Sanford was one of the original founders of Global Cash Access Inc on May 1, 1995, and was later appointed President and [1] Chief Executive Officer on February 25, 1999. In July 1999, he completed the acquisition of Central Credit from Cendant Corp, the world’s largest provider of gamblers' credit information to casinos, and assumed the role as Chief Executive Officer and President. Mr. Sanford previously was a senior executive running a merchant payment joint venture between Bank of America Merchant Services and USA Processing.

Business Development

  • May 1995, GCA began operations as a 50/50 joint venture with Bank of America and M&C International under the name Global Cash Access (GCA).
  • July 1998, First Data, whom acquired Comdata’s Gaming (Comchek) Division in 1996, merged the business to form Global Cash Access, LLC, a joint venture 58% owned by First Data and 42% by Bank of America and M&C International. The Telecheck and Western Union gaming divisions which were wholly subsidiaries of First Data were also contributed to the venture.
  • July 1999, Central Credit was acquired [2] from Cendant Corp, the world’s largest provider of gamblers' credit information to casinos.
  • August 2000, GCA acquired Innoventry, a subsidiary of Wells Fargo Bank, a provider of ATM services to casinos throughout the US.
  • September 2000, First Data and M&C acquired Bank of America’s ownership interest in GCA and Bank of America’s casino ATM business.
  • March 2004, M&C became 95% owner of GCA by Redeeming First Data’s interest [3] in GCA through a $435 million leverage buyout with bank debt and a high yield bond financing. Bank of America, the lead banker, bought 5% of GCA at the time of the bond offering.
  • May 2004, Summit Partners,[4] Tudor Investments, HarbourVest Partners, and the GM Pension Fund bought 55% of GCA.
  • September 2005, GCA went public on the NYSE [5] at a $1.2 billion valuation.
  • May 2006, a secondary stock offering was completed.[6]
  • October 2007, Mr. Sanford retired [7] at age 40 to pursue other interests and spend time with his wife and three kids.
  • 2008, Mr. Sanford launched Sightline Acquisition Corp. a privately held investment fund that specializes in distressed business and real estate related assets.

Related links

  1. Global Cash Access
  2. Business Week Magazine
  3. Macau Business Magazine
  4. American Executive Magazine
  5. Global Cash Access Recapitalized in $316 Million Investment
  6. LV casino credit company sold for $44 million
  7. Kirk Sanford detailed profile
  8. Business Solutions Magazine
  9. GCA Initial Public Offerings (IPO) | Deal Data

Personal and Blog Links

  1. LinkedIn Profile
  2. ZoomInfo Profile
  3. Kirk Sanford Blog
  4. More Kirk Sanford News
  5. Kirk Sanford - Sightline Payments

References