Cash Systems (MM) (NASDAQ:CKNN)
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Cash Systems, Inc. (NASDAQ: CKNN), a provider of cash access solutions
for the gaming industry, today announced the signing of a Letter of
Intent to provide Cash Systems powercash product to
American Gaming Group LLC’s first casino
project, The Wildwood Casino. Cash Systems previously announced that it
had secured an agreement to provide its full line of cash access
services including all-in-1atm services, casinopc
for cash advance services, and ecash checking to The
Wildwood Casino.
This is the second location to agree to deploy Cash Systems powercash
product and is the first non-Native American casino. Prior to
deployment, powercash will be subject to regulatory
approval, the development of the required interface between Cash Systems
and Wildwood Casino’s slot accounting and
player tracking system and the execution of a definitive agreement
between Cash Systems and American Gaming Group, LLC.
powercash includes patented technology that will change
the way casino players purchase credits on the casino floor. Once
patrons have enrolled in the casino player’s
club program and with the Company's enrollment application software they
will be able to purchase credits from their desired credit, debit or
checking accounts while sitting at the gaming device. Players will be
able to request funds from the designated financial account, purchase
credits and transfer those credits into their player’s
club account and then transfer down to the gaming device the amount of
credits that they want to use. Casino patrons will no longer have to
worry about bringing cash to the casino with powercash.
powercash is the next evolution for the gaming floor. By
reducing the dependency on cash and tickets, the gaming floor becomes
even more dynamic for the casino patron. Moving from game to game is
easier and faster by only having to use their casino player’s
club card to access their credits. Safe and secure since any credits
that are left on the gaming device are automatically transferred back to
the players account simply by removing their casino player’s
club card.
Additionally, powercash is the first product that has the
ability to touch every aspect of the casino facilities through the
Company’s suite of products such as tablecash
and play-n-shop. Patrons can use their player’s
club card to make purchases in the retail shops, restaurants, spa, hotel
and any of the entertainment facilities offered by a casino resort
property.
"powercash is the first cash access technology that
allows a truly cashless casino floor while at the same time adhering to
the principles of Responsible Gaming. This Letter of Intent with
American Gaming Group represents another major milestone in our
deployment of this cashless technology. The American Gaming Group
understood the value of implementing powercash on the
gaming floor and wanted to make sure they were first in the
marketplace," said Michael Rumbolz, CEO of Cash Systems.
Mr. Rumbolz further states, “Working together
with American Gaming Group, we will be presenting the powercash
technology to the regulators for approval for deployment at The Wildwood
Casino”.
"We look forward to finalizing our agreement with Cash Systems for powercash
and once approved by the regulatory authorities, implementing powercash
in our casino. powercash will allow us to offer our
patrons the most complete gaming experience. We believe the powercash
technology with all of its benefits will take the patrons experience to
another level, said Eddie Lynn, Vice President and General Manager,
American Gaming Group, LLC.
Mr. Lynn furthers states, With the competitive environment we will be
faced with in Cripple Creek, we were looking for ways to enhance the
Wildwood player club program and set it apart from all other player club
programs. We believe powercash is the technology that will
give us the competitive edge," said Eddie Lynn, Vice President and
General Manager, American Gaming Group, LLC.
The Wildwood Casino will be the first new constructed casino to open in
Cripple Creek, Colorado since 2006. Located approximately 45 minutes
from Colorado Springs, Colorado, the Wildwood Casino will be the first
casino encountered by visitors as they enter the city of Cripple Creek.
The property will encompass over 50,000 sq. ft. with 25,000 sq. ft.
dedicated to gaming. The one level casino will have over 700 state of
the art slot machines with full ticket in ticket out capability and 14
table games. The Wildwood Casino will be the largest single level casino
in the Cripple Creek market. Wildwood Casino will also offer to their
casino patrons an upscale restaurant, Maverick’s,
a casual café, Fireside Kitchen and a
bar/lounge with entertainment capability. The property is complimented
by a large covered parking area.
Wildwood Casino will offer hotel rooms at the near by Gold King Mountain
Inn which consists of 67 rooms complete with a spa, 25 meter pool and a
fully equipped gym and sauna.
The Wildwood Gas Station and Mini-Market will open at the same time as
the Wildwood Casino giving the casino an additional competitive edge in
the Cripple Creek market place.
All three facilities are owned by the American Gaming Group, LLC and is
affiliated with American Gaming Enterprises.
About Cash Systems, Inc.
Cash Systems, Inc., located in Las Vegas, with additional offices in San
Diego and Minneapolis, is a provider of cash-access and related services
to the retail and gaming industries. Cash Systems' products include its
proprietary cash advance systems, ATMs and check cashing solutions.
Please visit http://www.cashsystemsinc.com
for more information.
This press release may contain forward-looking statements, including the
Company's beliefs about its business prospects and future results of
operations. These statements involve risks and uncertainties. Among the
important additional factors that could cause actual results to differ
materially from those forward-looking statements are risks associated
with the overall economic environment, the successful execution of the
Company's plan of operation, changes in the Company's anticipated
earnings, continuation of current contracts, gaming and other applicable
regulations, and other factors detailed in the Company's filings with
the Securities and Exchange Commission, including its most recent Forms
10K and 10Q. In addition, the factors underlying Company forecasts are
dynamic and subject to change and therefore those forecasts speak only
as of the date they are given. The Company does not undertake to update
any forecasts that it may make available to the investing public.