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UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549


Form 10-K


|           |  |                                                                                             
|---------- |  | --------------------------------------------------------------------------------------------
|(Mark One) |  |                                                                                             
|þ          |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934    
|          
|           |  | For the fiscal year ended December 31, 2004                                                 
|          
|OR        
|          
|o          |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
|          
|           |  | For the transition period
    from           to                                             

Commission File
Number


GLOBAL CASH ACCESS, INC.


(Exact name of Registrant as specified in its charter)


|                                                                    |  |                                            
|------------------------------------------------------------------- |  | -------------------------------------------
|Delaware                                                            |  | 94-3309549                                 
|(State or other jurisdiction of
     incorporation of organization) |  | (I.R.S. Employer
    Identification Number)

3525 East Post Road, Suite 120, Las Vegas, Nevada
89120


(Address of principal executive offices including Zip
code)


(800) 833-7110


(Registrants telephone number, including area code)


Securities registered pursuant to Section 12(b) of the
Act:


None


Securities registered pursuant to Section 12(g) of the
Act:


None


þ o


þ


o þ














---










GLOBAL CASH ACCESS, INC.


ANNUAL REPORT ON FORM 10-K


FOR FISCAL YEAR ENDED DECEMBER 31, 2004


TABLE OF CONTENTS


|              |  |                                                                                                                      |     |      |     |  |  | 
|------------- |  | -------------------------------------------------------------------------------------------------------------------- | --- | ---- | --- |  |  | 
|              |  |                                                                                                                      |     | Page |    
|              |  |                                                                                                                      |     |      |    
|Part I       
|Item 1:       |  | Business                                                                                                             |     |      | 2   | 
|Item 2:       |  | Properties                                                                                                           |     |      | 14  | 
|Item 3:       |  | Legal Proceedings                                                                                                    |     |      | 14  | 
|Item 4:       |  | Submission of Matters to a Vote of Security
    Holders                                                              |     |      | 15  | 
|Part II      
|Item 5:       |  | Market for Registrants Common Equity,
    Related Stockholder Matters and Issuer Purchases of Equity
    Securities |     |      | 15  | 
|Item 6:       |  | Selected Financial Data                                                                                              |     |      | 16  | 
|Item 7:       |  | Managements Discussion and Analysis
    of Financial Condition and Results of Operations                            |     |      | 17  | 
|Item 7A:      |  | Quantitative and Qualitative Disclosures
    About Market Risk                                                       |     |      | 45  | 
|Item 8:       |  | Financial Statements and Supplementary
    Data                                                                      |     |      | 46  | 
|Item 9:       |  | Changes in and Disagreements with
    Accountants on Accounting and Financial Disclosure                             |     |      | 79  | 
|Item 9A:      |  | Controls and Procedures                                                                                              |     |      | 79  | 
|Item 9B:      |  | Other Information                                                                                                    |     |      | 79  | 
|Part III     
|Item 10:      |  | Directors and Executive Officers of the
    Registrant                                                               |     |      | 79  | 
|Item 11:      |  | Executive Compensation                                                                                               |     |      | 82  | 
|Item 12:      |  | Security Ownership of Certain Beneficial
    Owners and Management and Related Stockholder Matters                   |     |      | 87  | 
|Item 13:      |  | Certain Relationships and Related
    Transactions                                                                   |     |      | 89  | 
|Item 14:      |  | Principal Accountant Fees and Services                                                                               |     |      | 100 | 
|Part IV      
|Item 15:      |  | Exhibits and Financial Statement
    Schedules                                                                       |     |      | 101 | 
|Signatures    |  |                                                                                                                      | 104 |     
|Exhibit Index |  |                                                                                                                      |     |     
|EXHIBIT 4.3  
|EXHIBIT 10.25
|EXHIBIT 21.1 
|EXHIBIT 31.1 
|EXHIBIT 31.2 
|EXHIBIT 32.1 
|EXHIBIT 32.2 



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PART I









|        |         
|------- | --------
|ITEM 1. | BUSINESS

Overview




2



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Our Business






| |                     
| | --------------------
| | ATM Cash Withdrawals



3



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| |                                                              
| | -------------------------------------------------------------
| | Credit Card Cash Advances and POS Debit Card
    Transactions







| |                                         
| | ----------------------------------------
| | Check Verification and Warranty Services









4



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| |               
| | --------------
| | Central Credit





| |      
| | -----
| | Other



Our Products and Services




|                                  |  |                      |  |                                
|--------------------------------- |  | -------------------- |  | -------------------------------
|Cash Access Products and Services |  | Information Services |  | Cashless Gaming Products       
|                                  |  |                      |  |                                
| Casino Cash Plus 3-in-1 ATM     |  |  Central Credit     |  |  TODD                         
| QuikCash                        |  |  QuikCash Plus Web  |  |  EDITH                        
| Automated Cashier Machine       |  |  QuikReports        |  |  3-in-1 Enabled QuickJack Plus
| Check verification and warranty |  |  QuikMarketing      |  |                                
| QuikCredit                      |  |                      |  |                                
| Money transfers                 |  |                      |  |                                

Cash Access Products and Services




Casino Cash Plus 3-in-1 ATM


5



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QuikCash


Automated Cashier Machine (ACM)


Check verification and warranty services


QuikCredit


6



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Money transfer


Information Services






| |                               
| | ------------------------------
| | Improve Credit Decision-Making

Central Credit




| |                            
| | ---------------------------
| | Automate Cashier Operations

QuikCash Plus (QCP) Web




| |                         
| | ------------------------
| | Enhance Patron Marketing



7



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QuikReports


QuikMarketing.


Cashless Gaming Products




TODD Ticket-Out Debit Device


EDITH Electronic Debit Interactive Terminal
Housing


3-in-1 Enabled QuickJack Plus


8



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Customer Service




Intellectual Property










9



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Sales and Marketing










Competition








10



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Regulation






| |                  
| | -----------------
| | Gaming Regulation







11



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| |                              
| | -----------------------------
| | Financial Services Regulation

Anti-Money Laundering.






Fund Transfers.


Credit Reporting.


12



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Debt Collection.


Privacy Regulation


ATM Operations.


Check Cashing.


Lending.


Network and Card Association Regulation.


13



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| |                 
| | ----------------
| | Other Regulation







Employees









|        |           
|------- | ----------
|ITEM 2. | PROPERTIES








|        |                  
|------- | -----------------
|ITEM 3. | LEGAL PROCEEDINGS





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|        |                                                    
|------- | ---------------------------------------------------
|ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS






PART II







|        |                                                                                                                 
|------- | ----------------------------------------------------------------------------------------------------------------
|ITEM 5. | MARKET FOR REGISTRANTS COMMON EQUITY, RELATED
    STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES











15



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|        |                        
|------- | -----------------------
|ITEM 6. | SELECTED FINANCIAL DATA



|                                                                                      |                                               |                                  |         |         |         |   |         |         |         |   |         |         |         |      |         |         |         |   |         |         |         | 
|------------------------------------------------------------------------------------- | --------------------------------------------- | -------------------------------- | ------- | ------- | ------- | - | ------- | ------- | ------- | - | ------- | ------- | ------- | ---- | ------- | ------- | ------- | - | ------- | ------- | ------- | 
|                                                                                      |                                               | For the Years Ended December 31, |        
|                                                                                      |                                               |                                  |        
|                                                                                      |                                               | 2000                             |         |         | 2001(1) |   |         | 2002    |         |   | 2003    |         |         | 2004 |        
|                                                                                      |                                               |                                  |         |         |         |   |         |         |         |   |         |         |         |      |        
|                                                                                      |                                               | (Dollars in thousands)           |        
|Income Statement Data:                                                                |                                               |                                  |         |         |         |   |         |         |         |   |         |         |         |      |         |         |         |   |         |        
|Revenues                                                                              |                                               |                                  |         |         |         |   |         |         |         |   |         |         |         |      |         |         |         |   |         |        
|                                                                                      | Cash advance                                  |                                  | $       | 170,792 |         |   | $       | 174,787 |         |   | $       | 182,754 |         |      | $       | 186,547 |         |   | $       | 209,962 |        
|                                                                                      | ATM                                           |                                  |         | 33,634  |         |   |         | 110,074 |         |   |         | 119,424 |         |      |         | 132,341 |         |   |         | 158,433 |        
|                                                                                      | Check services                                |                                  |         | 26,997  |         |   |         | 26,614  |         |   |         | 29,412  |         |      |         | 26,326  |         |   |         | 23,768  |        
|                                                                                      | Central Credit and other                      |                                  |         | 10,216  |         |   |         | 10,152  |         |   |         | 10,303  |         |      |         | 10,500  |         |   |         | 10,840  |        
|                                                                                      |                                               |                                  |         |         |         |   |         |         |         |   |         |         |         |      |        
|                                                                                      |                                               | Total revenues                   |         |         | 241,639 |   |         |         | 321,627 |   |         |         | 341,893 |      |         |         | 355,714 |   |         |         | 403,003 | 
|Cost of revenues                                                                      |                                               |                                  | 147,900 |         |         |   | 203,274 |         |         |   | 216,658 |         |         |      | 232,463 |         |         |   | 270,112 |        
|                                                                                      |                                               |                                  |         |         |         |   |         |         |         |   |         |         |         |      |        
|Gross profit                                                                          |                                               |                                  | 93,739  |         |         |   | 118,353 |         |         |   | 125,235 |         |         |      | 123,251 |         |         |   | 132,891 |        
|Operating expenses                                                                    |                                               |                                  | (38,250 | )       |         |   | (54,270 | )       |         |   | (57,649 | )       |         |      | (45,430 | )       |         |   | (45,322 | )      
|Depreciation and amortization                                                         |                                               |                                  | (11,084 | )       |         |   | (16,838 | )       |         |   | (11,820 | )       |         |      | (14,061 | )       |         |   | (13,548 | )      
|                                                                                      |                                               |                                  |         |         |         |   |         |         |         |   |         |         |         |      |        
|Operating income                                                                      |                                               |                                  | 44,405  |         |         |   | 47,245  |         |         |   | 55,766  |         |         |      | 63,760  |         |         |   | 74,021  |        
|Interest expense, net(2)                                                              |                                               |                                  | (1,177  | )       |         |   | (5,082  | )       |         |   | (4,933  | )       |         |      | (5,450  | )       |         |   | (32,025 | )      
|                                                                                      |                                               |                                  |         |         |         |   |         |         |         |   |         |         |         |      |        
|Income before income tax (provision) benefit and minority
    ownership loss          |                                               |                                  | 43,228  |         |         |   | 42,163  |         |         |   | 50,833  |         |         |      | 58,310  |         |         |   | 41,996  |        
|Income tax (provision) benefit                                                        |                                               |                                  | (637    | )       |         |   | (442    | )       |         |   | (1,451  | )       |         |      | (321    | )       |         |   | 212,346 |        
|                                                                                      |                                               |                                  |         |         |         |   |         |         |         |   |         |         |         |      |        
|Income before minority ownership loss                                                 |                                               |                                  | 42,591  |         |         |   | 41,721  |         |         |   | 49,382  |         |         |      | 57,989  |         |         |   | 254,342 |        
|Minority ownership loss(3)                                                            |                                               |                                  |        |         |         |   | 420     |         |         |   | 1,040   |         |         |      | 400     |         |         |   | 213     |        
|                                                                                      |                                               |                                  |         |         |         |   |         |         |         |   |         |         |         |      |        
|                                                                                      | Net income                                    |                                  | $       | 42,591  |         |   | $       | 42,141  |         |   | $       | 50,422  |         |      | $       | 58,389  |         |   | $       | 254,555 |        
|                                                                                      |                                               |                                  |         |         |         |   |         |         |         |   |         |         |         |      |        
|Pro forma computation related to conversion to corporation for
    tax purposes       |                                               |                                  |         |         |         |   |         |         |         |   |         |         |         |      |         |         |         |   |         |        
|Income before provision for income taxes and minority ownership
    loss  historical |                                               | $                                | 43,228  |         |         | $ | 42,163  |         |         | $ | 50,833  |         |         | $    | 58,310  |         |         | $ | 41,996  |        
|Income tax provision  historical, exclusive of
    one-time tax benefit(4)           |                                               |                                  | (637    | )       |         |   | (442    | )       |         |   | (1,451  | )       |         |      | (321    | )       |         |   | (10,519 | )      
|Pro forma income tax provision  unaudited(5)                                         |                                               |                                  | (17,951 | )       |         |   | (16,154 | )       |         |   | (16,940 | )       |         |      | (20,741 | )       |         |   | (4,600  | )      
|Minority ownership loss  historical                                                  |                                               |                                  |        |         |         |   | 420     |         |         |   | 1,040   |         |         |      | 400     |         |         |   | 213     |        
|                                                                                      |                                               |                                  |         |         |         |   |         |         |         |   |         |         |         |      |        
|Pro forma net income                                                                  |                                               | $                                | 24,640  |         |         | $ | 25,987  |         |         | $ | 33,482  |         |         | $    | 37,648  |         |         | $ | 27,090  |        
|                                                                                      |                                               |                                  |         |         |         |   |         |         |         |   |         |         |         |      |        
|Balance Sheet Data:                                                                   |                                               |                                  |         |         |         |   |         |         |         |   |         |         |         |      |         |         |         |   |         |        
|(at end of period)                                                                    |                                               |                                  |         |         |         |   |         |         |         |   |         |         |         |      |         |         |         |   |         |        
|                                                                                      | Cash and cash equivalents                     |                                  | $       | 27,448  |         |   | $       | 37,500  |         |   | $       | 57,584  |         |      | $       | 23,423  |         |   | $       | 48,877  |        
|                                                                                      | Total assets                                  |                                  |         | 291,249 |         |   |         | 276,207 |         |   |         | 287,039 |         |      |         | 243,627 |         |   |         | 495,925 |        
|                                                                                      | Total borrowings                              |                                  |         |        |         |   |         |        |         |   |         |        |         |      |         |        |         |   |         | 478,250 |        
|                                                                                      | Stockholders deficiency and members capital |                                  |         | 220,448 |         |   |         | 205,202 |         |   |         | 202,271 |         |      |         | 199,247 |         |   |         | (57,479 | )      
|Other Data:                                                                           |                                               |                                  |         |         |         |   |         |         |         |   |         |         |         |      |         |         |         |   |         |        
|Net cash used in investing activities(6)                                              |                                               | $                                | 14,348  |         |         | $ | 6,295   |         |         | $ | 9,750   |         |         | $    | 7,047   |         |         | $ | 4,861   |        






|    |                                                                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The increase in revenues and operating expenses during fiscal
    2001, as compared to fiscal 2000, is primarily attributable to
    our acquisitions of the gaming ATM portfolios of Bank of
    America, N.A. and InnoVentry Corporation.

16



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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Interest expense, net, includes interest income.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   
|(3) | Minority ownership loss represents the portion of the loss from
    operations of QuikPlay, LLC that is attributable to the 40%
    ownership interest in QuikPlay, LLC that is not owned by us.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   
|(4) | In connection with our conversion to a taxable corporate entity
    for United States income tax purposes, we recognized a net tax
    asset created by a step up in the tax basis of our net assets
    due to the Restructuring of Ownership and the Securities
    Purchase and Exchange Agreement. For purposes of determining the
    pro forma net income, the recognition of this one-time step up
    in basis has been excluded from our pro forma tax computation.                                                                                                                                                                                                                                                                                                                                             
|   
|(5) | The pro forma unaudited income tax adjustments represent the tax
    effects that would have been reported had the Company been
    subject to United States federal and state income taxes as a
    corporation. Pro forma expenses are based upon the statutory
    income tax rates and adjustments to income for estimated
    permanent differences occurring during the period. Actual rates
    and expenses could have differed had the Company been subject to
    United States federal and state income taxes for all periods
    presented. Therefore, the unaudited pro forma amounts are for
    informational purposes only and are intended to be indicative of
    the results of operations had the Company been subject to United
    States federal and state income taxes for all periods presented.



| |                                                                                                                                               
| | ----------------------------------------------------------------------------------------------------------------------------------------------
| | The following table presents the computation of the pro forma
    income tax expense for all the periods presented (amounts in
    thousands):

|                                        |  |                                  |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|--------------------------------------- |  | -------------------------------- | ------ | - | ---- | - | ------ | ---- |  | - | ------ | - |  | ---- | ------ | - |  | - | ------ | -
|                                        |  | For the Years Ended December 31, |       
|                                        |  |                                  |       
|                                        |  | 2000                             |        |   | 2001 |   |        | 2002 |  |   | 2003   |   |  | 2004 |       
|                                        |  |                                  |        |   |      |   |        |      |  |   |        |   |  |      |       
|Income before income taxes, as reported |  | $                                | 43,228 |   |      | $ | 42,163 |      |  | $ | 50,833 |   |  | $    | 58,310 |   |  | $ | 41,996 |  
|Effective pro forma income tax rate     |  |                                  | 43.00  | % |      |   | 39.36  | %    |  |   | 36.18  | % |  |      | 36.12  | % |  |   | 36.00  | %
|                                        |  |                                  |        |   |      |   |        |      |  |   |        |   |  |      |       
|Pro forma income tax expense            |  | $                                | 18,588 |   |      | $ | 16,596 |      |  | $ | 18,391 |   |  | $    | 21,062 |   |  | $ | 15,119 |  
|                                        |  |                                  |        |   |      |   |        |      |  |   |        |   |  |      |       



|    |                                                                                                                               
|--- | ------------------------------------------------------------------------------------------------------------------------------
|(6) | In 2004, net cash used in investing activities includes
    $1.0 million of non-compete payments to two former
    executives.






|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|ITEM 7. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
    CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial
condition and results of operations should be read in
conjunction with the consolidated financial statements and
related notes contained herein and the information included in
our other filings with the Securities and Exchange Commission.
This discussion includes forward-looking statements
within the meaning of Section 27A of the Securities Act and
Section 21E of the Exchange Act. All statements in this
Annual Report on Form 10-K other than statements of
historical fact are forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties. Our actual results may differ materially from
those projected or assumed in such forward-looking statements.
Among the factors that could cause actual results to differ
materially are the risk factors detailed under the heading
Managements Discussion and Analysis of Financial
Condition and Results of Operations  Factors That May
Impact Future Operating Results. All forward-looking
statements and risk factors included in this document are made
as of the date of this report, based on information available to
us as of such date. We assume no obligation to update any
forward-looking statement or risk factor.


Overview




17



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3 4




Principal Sources of Revenues and Expenses




Cash Advance.


ATM.


Check Services.


Central Credit and Other Revenues.


18



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Cost of Revenues.


Operating Expenses.


Interest Expense.


Interest Income.


Income Tax.


Minority Interest.


19



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Results of Operations


Year Ended December 31, 2004 Compared to Year Ended
December 31, 2003




|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |         |         |  |       |      |       | 
|---------------------------------------------------------------------------- | --------------------------------- | ----------------- | ------- | ------- | ----------------- |  | ----- | ---- | ----- | - | ------- | ------- | ------- |  | ----- | ---- | ----- | 
|                                                                             |                                   | December 31, 2004 |         |         | December 31, 2003 | 
|                                                                             |                                   |                   |         |         |                   | 
|                                                                             |                                   | $                 |         |         |                   |  | $     |      |       |  
|                                                                             |                                   |                   |         |         | %                 |  |       |      |       |   | %       |        
|Revenues                                                                     |                                   |                   |         |         |                   |  |       |      |       |   |         |         |         |  |       |     
|                                                                             | Cash advance                      |                   | $       | 209,962 |                   |  |       | 52.1 | %     |   | $       | 186,547 |         |  |       | 52.4 | %    
|                                                                             | ATM                               |                   |         | 158,433 |                   |  |       | 39.3 |       |   |         | 132,341 |         |  |       | 37.2 |      
|                                                                             | Check services                    |                   |         | 23,768  |                   |  |       | 5.9  |       |   |         | 26,326  |         |  |       | 7.4  |      
|                                                                             | Central Credit and other revenues |                   |         | 10,840  |                   |  |       | 2.7  |       |   |         | 10,500  |         |  |       | 3.0  |      
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        
|                                                                             |                                   | Total revenues    |         |         | 403,003           |  |       |      | 100.0 |   |         |         | 355,714 |  |       |      | 100.0 | 
|Cost of revenues                                                             |                                   |                   | 270,112 |         |                   |  | 67.0  |      |       |   | 232,463 |         |         |  | 65.4  |     
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        
|Gross profit                                                                 |                                   |                   | 132,891 |         |                   |  | 33.0  |      |       |   | 123,251 |         |         |  | 34.6  |     
|Operating expenses                                                           |                                   |                   | (45,322 | )       |                   |  | (11.2 | )    |       |   | (45,430 | )       |         |  | (12.8 | )   
|Depreciation and amortization                                                |                                   |                   | (13,548 | )       |                   |  | (3.4  | )    |       |   | (14,061 | )       |         |  | (4.0  | )   
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        
|Operating income                                                             |                                   |                   | 74,021  |         |                   |  | 18.4  |      |       |   | 63,760  |         |         |  | 17.9  |     
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        
|Interest income (expense), net                                               |                                   |                   | (32,025 | )       |                   |  | (7.9  | )    |       |   | (5,450  | )       |         |  | (1.5  | )   
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        
|Income before income tax benefit (provision) and minority
    ownership loss |                                   |                   | 41,996  |         |                   |  | 10.4  |      |       |   | 58,310  |         |         |  | 16.4  |     
|Income tax benefit (provision)                                               |                                   |                   | 212,346 |         |                   |  | 52.7  |      |       |   | (321    | )       |         |  | (0.1  | )   
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        
|Income before minority ownership loss                                        |                                   |                   | 254,342 |         |                   |  | 63.1  |      |       |   | 57,989  |         |         |  | 16.3  |     
|Minority ownership loss                                                      |                                   |                   | 213     |         |                   |  | 0.1   |      |       |   | 400     |         |         |  | 0.1   |     
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        
|Net income                                                                   |                                   | $                 | 254,555 |         |                   |  | 63.2  | %    |       | $ | 58,389  |         |         |  | 16.4  | %   
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        
|Income before income tax benefit (provision) and minority
    ownership loss |                                   | $                 | 41,996  |         |                   |  | 10.4  | %    |       | $ | 58,310  |         |         |  | 16.4  | %   
|Pro forma provision for income taxes                                         |                                   |                   | (15,119 | )       |                   |  | (3.8  | )    |       |   | (21,062 | )       |         |  | (5.9  | )   
|Minority ownership loss                                                      |                                   |                   | 213     |         |                   |  | 0.1   |      |       |   | 400     |         |         |  | 0.1   |     
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        
|Pro forma net income                                                         |                                   | $                 | 27,090  |         |                   |  | 6.7   | %    |       | $ | 37,648  |         |         |  | 10.6  | %   
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        



| |               
| | --------------
| | Total Revenues



Cash Advance.


ATM.


20



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Check Services.


Central Credit and Other.




| |                   
| | ------------------
| | Costs and Expenses

Cost of Revenues.




Operating Expenses.


Depreciation and Amortization.




Interest Income (Expense), Net.


21



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Income Tax.






Minority Ownership Loss.




22



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Year Ended December 31, 2003 Compared to Year Ended
December 31, 2002




|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |         |         |  |       |      |       | 
|---------------------------------------------------------------------------- | --------------------------------- | ----------------- | ------- | ------- | ----------------- |  | ----- | ---- | ----- | - | ------- | ------- | ------- |  | ----- | ---- | ----- | 
|                                                                             |                                   | December 31, 2003 |         |         | December 31, 2002 | 
|                                                                             |                                   |                   |         |         |                   | 
|                                                                             |                                   | $                 |         |         |                   |  | $     |      |       |  
|                                                                             |                                   |                   |         |         | %                 |  |       |      |       |   | %       |        
|Revenues                                                                     |                                   |                   |         |         |                   |  |       |      |       |   |         |         |         |  |       |     
|                                                                             | Cash advance                      |                   | $       | 186,547 |                   |  |       | 52.4 | %     |   | $       | 182,754 |         |  |       | 53.5 | %    
|                                                                             | ATM                               |                   |         | 132,341 |                   |  |       | 37.2 |       |   |         | 119,424 |         |  |       | 34.9 |      
|                                                                             | Check services                    |                   |         | 26,326  |                   |  |       | 7.4  |       |   |         | 29,412  |         |  |       | 8.6  |      
|                                                                             | Central Credit and other revenues |                   |         | 10,500  |                   |  |       | 3.0  |       |   |         | 10,303  |         |  |       | 3.0  |      
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        
|                                                                             |                                   | Total revenues    |         |         | 355,714           |  |       |      | 100.0 |   |         |         | 341,893 |  |       |      | 100.0 | 
|Cost of revenues                                                             |                                   |                   | 232,463 |         |                   |  | 65.4  |      |       |   | 216,658 |         |         |  | 63.4  |     
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        
|Gross profit                                                                 |                                   |                   | 123,251 |         |                   |  | 34.6  |      |       |   | 125,235 |         |         |  | 36.6  |     
|Operating expenses                                                           |                                   |                   | (45,430 | )       |                   |  | (12.8 | )    |       |   | (57,649 | )       |         |  | (16.9 | )   
|Depreciation and amortization                                                |                                   |                   | (14,061 | )       |                   |  | (4.0  | )    |       |   | (11,820 | )       |         |  | (3.5  | )   
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        
|Operating income                                                             |                                   |                   | 63,760  |         |                   |  | 17.9  |      |       |   | 55,766  |         |         |  | 16.3  |     
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        
|Interest income (expense), net                                               |                                   |                   | (5,450  | )       |                   |  | (1.5  | )    |       |   | (4,933  | )       |         |  | (1.4  | )   
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        
|Income before income tax benefit (provision) and minority
    ownership loss |                                   |                   | 58,310  |         |                   |  | 16.4  |      |       |   | 50,833  |         |         |  | 14.9  |     
|Income tax benefit (provision)                                               |                                   |                   | (321    | )       |                   |  | (0.1  | )    |       |   | (1,451  | )       |         |  | (0.4  | )   
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        
|Income before minority ownership loss                                        |                                   |                   | 57,989  |         |                   |  | 16.3  |      |       |   | 49,382  |         |         |  | 14.4  |     
|Minority ownership loss                                                      |                                   |                   | 400     |         |                   |  | 0.1   |      |       |   | 1,040   |         |         |  | 0.3   |     
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        
|Net income                                                                   |                                   | $                 | 58,389  |         |                   |  | 16.4  | %    |       | $ | 50,422  |         |         |  | 14.7  | %   
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        
|Income before income tax benefit (provision) and minority
    ownership loss |                                   | $                 | 58,310  |         |                   |  | 16.4  | %    |       | $ | 50,833  |         |         |  | 14.9  | %   
|Pro forma provision for income taxes                                         |                                   |                   | (21,062 | )       |                   |  | (5.9  | )    |       |   | (18,391 | )       |         |  | (5.4  | )   
|Minority ownership loss                                                      |                                   |                   | 400     |         |                   |  | 0.1   |      |       |   | 1,040   |         |         |  | 0.3   |     
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        
|Pro forma net income                                                         |                                   | $                 | 37,648  |         |                   |  | 10.6  | %    |       | $ | 33,482  |         |         |  | 9.8   | %   
|                                                                             |                                   |                   |         |         |                   |  |       |      |       |   |         |        



| |               
| | --------------
| | Total Revenues



Cash Advance.


ATM.


23



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Check Services.


Central Credit and Other.




| |                   
| | ------------------
| | Costs and Expenses

Cost of Revenues.




Operating Expenses.


Depreciation and Amortization.




Interest Income (Expense), Net.




Income Tax Provision.




Minority Ownership Loss.


24



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Critical Accounting Policies






| |         
| | --------
| | Goodwill





| |                    
| | -------------------
| | Revenue Recognition











25



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Recently Issued Accounting Pronouncements


Consolidation of Variable Interest Entities, Consolidated Financial Statements,


Share-Based Payment,










Exchanges of Nonmonetary Assets an amendment of APB Opinion
No. 29.


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Liquidity and Capital Resources




| |           
| | ----------
| | Cash Flows



|                                                                 |  |                                  |         |   |      |   |         |      |  |   |         |  
|---------------------------------------------------------------- |  | -------------------------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | -
|                                                                 |  | For the Years Ended December 31, |        
|                                                                 |  |                                  |        
|                                                                 |  | 2004                             |         |   | 2003 |   |         | 2002 | 
|                                                                 |  |                                  |         |   |      |   |         |      | 
|Net cash provided by operating activities                        |  | $                                | 75,212  |   |      | $ | 33,471  |      |  | $ | 81,964  |  
|Net cash used in investing activities                            |  |                                  | (4,861  | ) |      |   | (7,047  | )    |  |   | (9,750  | )
|Net cash used in financing activities                            |  |                                  | (44,650 | ) |      |   | (63,067 | )    |  |   | (52,333 | )
|Net effect of exchange rate changes on cash and cash equivalents |  |                                  | (247    | ) |      |   | 2,482   |      |  |   | 203     |  
|                                                                 |  |                                  |         |   |      |   |         |      | 
|Net increase (decrease) in cash and cash equivalents             |  |                                  | 25,454  |   |      |   | (34,161 | )    |  |   | 20,084  |  
|Cash and cash equivalents, beginning of period                   |  |                                  | 23,423  |   |      |   | 57,584  |      |  |   | 37,500  |  
|                                                                 |  |                                  |         |   |      |   |         |      | 
|Cash and cash equivalents, end of period                         |  | $                                | 48,877  |   |      | $ | 23,423  |      |  | $ | 57,584  |  
|                                                                 |  |                                  |         |   |      |   |         |      | 



|                          |                   |              |         |        |      |   |         |        |  |   |         |        | 
|------------------------- | ----------------- | ------------ | ------- | ------ | ---- | - | ------- | ------ |  | - | ------- | ------ | 
|                          |                   | December 31, |        
|                          |                   |              |        
|                          |                   | 2004         |         |        | 2003 |   |         | 2002   | 
|                          |                   |              |         |        |      |   |         |        | 
|Cash and cash equivalents |                   | $            | 48,877  |        |      | $ | 23,423  |        |  | $ | 57,584  |       
|Settlement receivables    |                   |              | 30,357  |        |      |   | 20,307  |        |  |   | 20,829  |       
|Settlement liabilities    |                   |              | (42,192 | )      |      |   | (22,968 | )      |  |   | (61,615 | )     
|                          |                   |              |         |        |      |   |         |        | 
|                          | Net cash position |              | $       | 37,042 |      |   | $       | 20,762 |  |   | $       | 16,798 | 
|                          |                   |              |         |        |      |   |         |        | 





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| |             
| | ------------
| | Indebtedness







|                             |  |                        |         |  |        |     |        |       |     |   |        |       |  |         |         |  |  |   |         | 
|---------------------------- |  | ---------------------- | ------- |  | ------ | --- | ------ | ----- | --- | - | ------ | ----- |  | ------- | ------- |  |  | - | ------- | 
|                             |  |                        |         |  |        | 2-3 |        |       | 4-5 |   |        | After | 
|Contractual Cash Obligations |  | Total                  |         |  | 1 Year |     |        | Years |     |   | Years  |       |  | 5 Years |        
|                             |  |                        |         |  |        |     |        |       |     |   |        |       |  |         |        
|                             |  | (Amounts in thousands) |        
|Long-term debt               |  | $                      | 478,250 |  |        | $   | 13,000 |       |     | $ | 26,000 |       |  | $       | 162,500 |  |  | $ | 276,750 | 
|Estimated interest payments  |  |                        | 207,892 |  |        |     | 32,885 |       |     |   | 63,753 |       |  |         | 59,315  |  |  |   | 51,939  | 
|Operating leases             |  |                        | 2,926   |  |        |     | 488    |       |     |   | 1,001  |       |  |         | 962     |  |  |   | 475     | 
|                             |  |                        |         |  |        |     |        |       |     |   |        |       |  |         |        
|Total cash obligations       |  | $                      | 689,068 |  |        | $   | 46,373 |       |     | $ | 90,754 |       |  | $       | 222,777 |  |  | $ | 329,164 | 
|                             |  |                        |         |  |        |     |        |       |     |   |        |       |  |         |        



| |                                    
| | -----------------------------------
| | Other Liquidity Needs and Resources





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Off-Balance Sheet Arrangements




Effects of Inflation




Factors That May Impact Future Operating Results




| |                                                                                                                                                                                            
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If we are unable to maintain our current customers on terms
    that are favorable to us, our business, financial condition and
    operating results may suffer a material adverse effect.



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| |                                                                                                                                                                         
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Because of significant concentration among our top customers,
    the loss of a top customer could have a material adverse effect
    on our revenues and profitability.







| |                                                                                                                                                        
| | -------------------------------------------------------------------------------------------------------------------------------------------------------
| | Competition in the market for cash access services is intense
    which could result in higher commissions or loss of customers to
    our competitors.



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| |                                                                                                                                                                                      
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If we are unable to protect our intellectual property
    adequately, we may lose a valuable competitive advantage or be
    forced to incur costly litigation to protect our rights.









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| |                                                                                                                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We are subject to extensive rules and regulations of card
    associations, including MasterCard International, Visa
    International and Visa U.S.A., that are always subject to
    change, which may harm our business.









| |                                                                                                
| | -----------------------------------------------------------------------------------------------
| | Changes in interchange rates and other fees may affect our
    cost of revenues and net income.



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| |                                                                                                                                                                              
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our substantial indebtedness could materially adversely
    affect our operations and financial results and prevent us from
    obtaining additional financing, if necessary.





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                         
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | makes it more difficult for us to satisfy our obligations with
    respect to either our senior secured debt or our senior
    subordinated notes, which, if we fail to do, could result in the
    acceleration of all of our debt;                                                                                                                                                                                    
|
| |  | increases our vulnerability to general adverse economic and
    industry conditions;                                                                                                                                                                                                                                                                                                                                    
|
| |  | requires us to dedicate a substantial portion (in the case of
    our senior secured debt, up to 75% of our excess cash flow,
    depending upon our total leverage ratio) of our cash flow from
    operations to payments on our indebtedness, which would reduce
    the availability of our cash flow to fund working capital,
    capital expenditures, expansion efforts and other general
    corporate purposes;
|
| |  | limits our flexibility in planning for, or reacting to, changes
    in our business and the industry in which we operate;                                                                                                                                                                                                                                                                                               
|
| |  | restricts our ability to pay dividends;                                                                                                                                                                                                                                                                                                                                                                                 
|
| |  | places us at a competitive disadvantage compared to our
    competitors that have less debt;                                                                                                                                                                                                                                                                                                                            
|
| |  | prohibits us from acquiring businesses or technologies that
    would benefit our business                                                                                                                                                                                                                                                                                                                              
|
| |  | restricts our ability to engage in transactions with affiliates
    or create liens or guarantees; and                                                                                                                                                                                                                                                                                                                  
|
| |  | limits, along with the financial and other restrictive covenants
    in our other indebtedness, among other things, our ability to
    borrow additional funds.                                                                                                                                                                                                                                                         







| |                                                                                                                                                                    
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | To service our indebtedness we will require a significant
    amount of cash, and our ability to generate cash flow depends on
    many factors beyond our control.



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| |                                                                                                                                                                                                                                                           
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Because of our dependence on a few providers, or in some
    cases one provider, for some of the financial services we offer
    to patrons, the loss of a provider could have a material adverse
    effect on our business or our financial performance.



3-in-1 rollover functionality.


Check warranty services.


Authorizations and Settlement.


Card association sponsorship.


Money order instruments.


ATM cash supply.


Software development and system support.


Product Development.


34



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Money transfers.






| |                                                                                                                                                                              
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Certain providers upon whom we are dependent are under common
    control with M&C International, the loss of which could have
    a material adverse effect on our business.





| |                                                                                                                        
| | -----------------------------------------------------------------------------------------------------------------------
| | Our business depends on our ability to introduce new,
    commercially viable products and services in a timely manner.







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| |                                                                                                                                                                                                                                                                    
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our products and services are complex, depend on a myriad of
    complex networks and technologies and may be subject to software
    or hardware errors or failures that could lead to an increase in
    our costs, reduce our revenues or damage our reputation.





| |                                                                                                                
| | ---------------------------------------------------------------------------------------------------------------
| | We may not successfully enter new markets and therefore not
    achieve all of our strategic growth objectives.





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| |                                                                                                           
| | ----------------------------------------------------------------------------------------------------------
| | We may encounter difficulties managing our growth, which
    could adversely affect our operating results.







| |                                                                       
| | ----------------------------------------------------------------------
| | We depend on key personnel and they would be difficult to
    replace.



37



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| |                                                                                                                                                                    
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The loss of our sponsorship into the Visa U.S.A., Visa
    International and MasterCard card associations could have a
    material adverse effect on our business.







38



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| |                                                                                                                                          
| | -----------------------------------------------------------------------------------------------------------------------------------------
| | An unexpectedly high level of chargebacks, as the result of
    fraud or otherwise, could adversely affect our cash advance
    business.





| |                                                                                                                  
| | -----------------------------------------------------------------------------------------------------------------
| | A material increase in market interest rates or changing
    regulations could adversely affect our ATM business.







| |                                                                                                          
| | ---------------------------------------------------------------------------------------------------------
| | An unexpected increase in check warranty expenses could
    adversely affect our check warranty business.



39



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##### Table of Contents







| |                                                                                                                                                                                                                                              
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | To execute our growth strategy, we may make acquisitions or
    strategic investments, which involve numerous risks that we may
    not be able to address without substantial expense, delay or
    other operational or financial problems.





| |   |                                                                                                                                            
| | - | -------------------------------------------------------------------------------------------------------------------------------------------
| |  | difficulty integrating the technologies, operations and
    personnel from the acquired business;                                          
|
| |  | overestimation of potential synergies or a delay in realizing
    those synergies;                                                         
|
| |  | disruption to our ongoing business, including the diversion of
    managements attention and of resources from our principal
    business;
|
| |  | inability to obtain the desired financial and strategic benefits
    from the acquisition or investment;                                   
|
| |  | loss of customers of an acquired business;                                                                                                 
|
| |  | assumption of unanticipated liabilities;                                                                                                   
|
| |  | loss of key employees of an acquired business; and                                                                                         
|
| |  | entering into new markets in which we have limited prior
    experience.                                                                   





| |                                                                                                                                                                                                                                                   
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Economic downturns, a decline in the popularity of gaming or
    changes in the demographic profile of gaming patrons could
    reduce the number of patrons that use our services or the
    amounts of cash that they access using our services.





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| |                                                                                                                                              
| | ---------------------------------------------------------------------------------------------------------------------------------------------
| | Changes in consumer willingness to pay a fee to access their
    funds could reduce the demand for our cash access products and
    services.





| |                                                                                                                   
| | ------------------------------------------------------------------------------------------------------------------
| | The cash access industry is subject to change, and we must
    keep pace with the changes to successfully compete.





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| |                                                                                                                                          
| | -----------------------------------------------------------------------------------------------------------------------------------------
| | Growth of the gaming industry in any market is subject to
    political and regulatory developments that are difficult to
    anticipate.





| |                                                                                             
| | --------------------------------------------------------------------------------------------
| | We are subject to extensive governmental gaming regulation,
    which may harm our business.









42



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| |                                                                                                                                
| | -------------------------------------------------------------------------------------------------------------------------------
| | Many of the financial services that we provide are subject to
    extensive rules and regulations, which may harm our business.



43



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| |                                                                                                                                                             
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If consumer privacy laws change, or if we are required to
    change our business practices, the value of our patron marketing
    services may be hampered.





| |                                                                                                                  
| | -----------------------------------------------------------------------------------------------------------------
| | Responsible gaming pressures could result in a material
    adverse effect on our business and operating results.



44



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|         |                                                           
|-------- | ----------------------------------------------------------
|ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK







45



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##### Table of Contents








|        |                                            
|------- | -------------------------------------------
|ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS


|                                                                                                                |  |      |    | 
|--------------------------------------------------------------------------------------------------------------- |  | ---- | -- | 
|                                                                                                                |  | Page |   
|                                                                                                                |  |      |   
|Report of Independent Registered Public
    Accounting Firm                                                     |  |      | 47 | 
|Consolidated Balance Sheets as of
    December 31, 2004 and 2003                                                |  |      | 48 | 
|Consolidated Statements of Income and
    Comprehensive Income for the three years ended December 31,
    2004  |  |      | 49 | 
|Consolidated Statement of
    Stockholders (Deficiency) Equity for the three years ended
    December 31, 2004 |  |      | 50 | 
|Consolidated Statements of Cash Flows for
    the three years ended December 31, 2004                           |  |      | 51 | 
|Notes to Consolidated Financial
    Statements                                                                  |  |      | 52 | 

46



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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
















| |                      
| | ---------------------
| | DELOITTE & TOUCHE LLP





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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


CONSOLIDATED BALANCE SHEETS


DECEMBER 31, 2004 AND 2003


|                                                                  |                                                                                                  |                                                                         |         |         |         |   |         |         |         | 
|----------------------------------------------------------------- | ------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------- | ------- | ------- | ------- | - | ------- | ------- | ------- | 
|                                                                  |                                                                                                  | 2004                                                                    |         |         | 2003    |  
|                                                                  |                                                                                                  |                                                                         |         |         |         |  
|                                                                  |                                                                                                  | (Amounts in thousands,                                                  |        
|                                                                  |                                                                                                  | except par value and                                                    |        
|                                                                  |                                                                                                  | shares)                                                                 |        
|ASSETS                                                           
|Cash and cash equivalents                                         |                                                                                                  | $                                                                       | 48,877  |         |         | $ | 23,423  |        
|Settlement receivables                                            |                                                                                                  |                                                                         | 30,357  |         |         |   | 20,307  |        
|Receivables, other                                                |                                                                                                  |                                                                         | 4,641   |         |         |   | 6,510   |        
|Prepaid and other assets                                          |                                                                                                  |                                                                         | 13,725  |         |         |   | 954     |        
|Property, equipment and leasehold improvements, net               |                                                                                                  |                                                                         | 10,341  |         |         |   | 15,129  |        
|Goodwill, net                                                     |                                                                                                  |                                                                         | 156,733 |         |         |   | 156,685 |        
|Other intangibles, net                                            |                                                                                                  |                                                                         | 16,546  |         |         |   | 20,619  |        
|Deferred income taxes, net                                        |                                                                                                  |                                                                         | 214,705 |         |         |   |        |        
|                                                                  |                                                                                                  |                                                                         |         |         |         |  
|                                                                  |                                                                                                  | Total assets                                                            |         | $       | 495,925 |   |         | $       | 243,627 | 
|                                                                  |                                                                                                  |                                                                         |         |         |         |  
|                                                                 
|LIABILITIES AND STOCKHOLDERS DEFICIENCY AND
    MEMBERS CAPITAL
|LIABILITIES:                                                      |                                                                                                  |                                                                         |         |         |         |   |         |        
|                                                                  | Settlement liabilities                                                                           |                                                                         | $       | 42,192  |         |   | $       | 22,968  |        
|                                                                  | Accounts payable                                                                                 |                                                                         |         | 20,617  |         |   |         | 18,016  |        
|                                                                  | Accrued expenses                                                                                 |                                                                         |         | 12,258  |         |   |         | 3,396   |        
|                                                                  | Borrowings                                                                                       |                                                                         |         | 478,250 |         |   |         |        |        
|                                                                  |                                                                                                  |                                                                         |         |         |         |  
|                                                                  |                                                                                                  | Total liabilities                                                       |         |         | 553,317 |   |         |         | 44,380  | 
|                                                                  |                                                                                                  |                                                                         |         |         |         |  
|COMMITMENTS AND CONTINGENCIES                                     |                                                                                                  |                                                                         |         |         |         |   |         |        
|MINORITY INTEREST                                                 |                                                                                                  |                                                                         | 87      |         |         |   |        |        
|STOCKHOLDERS DEFICIENCY AND MEMBERS CAPITAL                     |                                                                                                  |                                                                         |         |         |         |   |         |        
|                                                                  | Common stock, $0.001 par value, 1,000 shares
    authorized and outstanding at December 31, 2004 |                                                                         |         |        |         |   |         |        |        
|                                                                  | Accumulated deficit                                                                              |                                                                         |         | (59,429 | )       |   |         |        |        
|                                                                  | Accumulated other comprehensive income                                                           |                                                                         |         | 1,950   |         |   |         | 1,741   |        
|                                                                  | Members capital                                                                                 |                                                                         |         |        |         |   |         | 197,506 |        
|                                                                  |                                                                                                  |                                                                         |         |         |         |  
|                                                                  |                                                                                                  | Total stockholders deficiency and members capital                     |         |         | (57,479 | ) |         |         | 199,247 | 
|                                                                  |                                                                                                  |                                                                         |         |         |         |  
|                                                                  |                                                                                                  | Total liabilities and stockholders deficiency and
    members capital |         | $       | 495,925 |   |         | $       | 243,627 | 
|                                                                  |                                                                                                  |                                                                         |         |         |         |  



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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002


|                                                                                       |                                                                                           |                                      |         |         |         |   |         |         |         |   |         |         |         |  
|-------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------- | ------------------------------------ | ------- | ------- | ------- | - | ------- | ------- | ------- | - | ------- | ------- | ------- | -
|                                                                                       |                                                                                           | 2004                                 |         |         | 2003    |   |         | 2002    |        
|                                                                                       |                                                                                           |                                      |         |         |         |   |         |         |        
|                                                                                       |                                                                                           | (Amounts in thousands)               |        
|REVENUES:                                                                              |                                                                                           |                                      |         |         |         |   |         |         |         |   |         |        
|                                                                                       | Cash advance                                                                              |                                      | $       | 209,962 |         |   | $       | 186,547 |         |   | $       | 182,754 |        
|                                                                                       | ATM                                                                                       |                                      |         | 158,433 |         |   |         | 132,341 |         |   |         | 119,424 |        
|                                                                                       | Check services                                                                            |                                      |         | 23,768  |         |   |         | 26,326  |         |   |         | 29,412  |        
|                                                                                       | Central Credit and other revenues                                                         |                                      |         | 10,840  |         |   |         | 10,500  |         |   |         | 10,303  |        
|                                                                                       |                                                                                           |                                      |         |         |         |   |         |         |        
|                                                                                       |                                                                                           | Total revenues                       |         |         | 403,003 |   |         |         | 355,714 |   |         |         | 341,893 |  
|COST OF REVENUES                                                                       |                                                                                           |                                      | 270,112 |         |         |   | 232,463 |         |         |   | 216,658 |        
|                                                                                       |                                                                                           |                                      |         |         |         |   |         |         |        
|GROSS PROFIT                                                                           |                                                                                           |                                      | 132,891 |         |         |   | 123,251 |         |         |   | 125,235 |        
|                                                                                       | Operating expenses                                                                        |                                      |         | (45,322 | )       |   |         | (45,430 | )       |   |         | (57,649 | )      
|                                                                                       | Amortization                                                                              |                                      |         | (5,672  | )       |   |         | (6,508  | )       |   |         | (6,512  | )      
|                                                                                       | Depreciation                                                                              |                                      |         | (7,876  | )       |   |         | (7,553  | )       |   |         | (5,308  | )      
|                                                                                       |                                                                                           |                                      |         |         |         |   |         |         |        
|OPERATING INCOME                                                                       |                                                                                           |                                      | 74,021  |         |         |   | 63,760  |         |         |   | 55,766  |        
|                                                                                       |                                                                                           |                                      |         |         |         |   |         |         |        
|INTEREST INCOME (EXPENSE), NET                                                         |                                                                                           |                                      |         |         |         |   |         |         |         |   |         |        
|                                                                                       | Interest income                                                                           |                                      |         | 1,318   |         |   |         | 1,312   |         |   |         | 1,283   |        
|                                                                                       | Interest expense                                                                          |                                      |         | (33,343 | )       |   |         | (6,762  | )       |   |         | (6,216  | )      
|                                                                                       |                                                                                           |                                      |         |         |         |   |         |         |        
|                                                                                       |                                                                                           | Total interest income (expense), net |         |         | (32,025 | ) |         |         | (5,450  | ) |         |         | (4,933  | )
|                                                                                       |                                                                                           |                                      |         |         |         |   |         |         |        
|INCOME BEFORE INCOME TAX BENEFIT (PROVISION) AND MINORITY
    OWNERSHIP LOSS           |                                                                                           |                                      | 41,996  |         |         |   | 58,310  |         |         |   | 50,833  |        
|INCOME TAX BENEFIT (PROVISION)                                                         |                                                                                           |                                      | 212,346 |         |         |   | (321    | )       |         |   | (1,451  | )      
|                                                                                       |                                                                                           |                                      |         |         |         |   |         |         |        
|INCOME BEFORE MINORITY OWNERSHIP LOSS                                                  |                                                                                           |                                      | 254,342 |         |         |   | 57,989  |         |         |   | 49,382  |        
|MINORITY OWNERSHIP LOSS                                                                |                                                                                           |                                      | 213     |         |         |   | 400     |         |         |   | 1,040   |        
|                                                                                       |                                                                                           |                                      |         |         |         |   |         |         |        
|NET INCOME                                                                             |                                                                                           |                                      | 254,555 |         |         |   | 58,389  |         |         |   | 50,422  |        
|                                                                                       | Foreign currency translation                                                              |                                      |         | 209     |         |   |         | 2,054   |         |   |         | 20      |        
|                                                                                       |                                                                                           |                                      |         |         |         |   |         |         |        
|COMPREHENSIVE INCOME                                                                   |                                                                                           | $                                    | 254,764 |         |         | $ | 60,443  |         |         | $ | 50,442  |        
|                                                                                       |                                                                                           |                                      |         |         |         |   |         |         |        
|PRO FORMA COMPUTATION RELATED TO CONVERSION TO CORPORATION FOR
    INCOME TAX PURPOSES |                                                                                           |                                      |         |         |         |   |         |         |         |   |         |        
|                                                                                       | INCOME BEFORE INCOME TAX BENEFIT (PROVISION) AND MINORITY
    OWNERSHIP LOSS  HISTORICAL |                                      | $       | 41,996  |         |   | $       | 58,310  |         |   | $       | 50,833  |        
|                                                                                       | INCOME TAX PROVISION  HISTORICAL, EXCLUSIVE OF TAX
    BENEFIT, NET                      |                                      |         | (10,519 | )       |   |         | (321    | )       |   |         | (1,451  | )      
|                                                                                       | PRO FORMA INCOME TAX PROVISION (UNAUDITED)                                                |                                      |         | (4,600  | )       |   |         | (20,741 | )       |   |         | (16,940 | )      
|                                                                                       | MINORITY OWNERSHIP LOSS  HISTORICAL                                                      |                                      |         | 213     |         |   |         | 400     |         |   |         | 1,040   |        
|                                                                                       |                                                                                           |                                      |         |         |         |   |         |         |        
|PRO FORMA NET INCOME (UNAUDITED)                                                       |                                                                                           | $                                    | 27,090  |         |         | $ | 37,648  |         |         | $ | 33,482  |        
|                                                                                       |                                                                                           |                                      |         |         |         |   |         |         |        



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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


CONSOLIDATED STATEMENT OF STOCKHOLDERS
(DEFICIENCY) EQUITY


FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002


|                            |                                                                                            |                                       |       |       |        |             |             |  |  |               |         |         |          |   |       |       |  |   |         |          |   |   |         |          |  
|--------------------------- | ------------------------------------------------------------------------------------------ | ------------------------------------- | ----- | ----- | ------ | ----------- | ----------- |  |  | ------------- | ------- | ------- | -------- | - | ----- | ----- |  | - | ------- | -------- | - | - | ------- | -------- | -
|                            |                                                                                            | Common Stock                          |       |       |        | Accumulated |             |  |  |               |        
|                            |                                                                                            |                                       |       |       |        | Other       |             |  |  |               |        
|                            |                                                                                            | Number of                             |       |       |        |             | Accumulated |  |  | Comprehensive |         |         | Members |   |       |      
|                            |                                                                                            | Shares                                |       |       | Amount |             | Deficit     |  |  | Income        |         |         | Capital  |   |       | Total | 
|                            |                                                                                            |                                       |       |       |        |             |             |  |  |               |         |         |          |   |       |       | 
|                            |                                                                                            | (Amounts in thousands, except shares) |      
|BALANCE  January 1, 2002   |                                                                                            |                                       |      |       |        | $           |            |  |  | $             |        |         |          | $ | (333  | )     |  | $ | 205,535 |          |   | $ | 205,202 |         
|                            | Net income                                                                                 |                                       |       |       |        |             |             |  |  |               |         |         |          |   |       |       |  |   |         | 50,422   |   |   |         | 50,422   |  
|                            | Foreign currency translation                                                               |                                       |       |       |        |             |             |  |  |               |         |         |          |   |       | 20    |  |   |         |          |   |   |         | 20       |  
|                            | Distributions to members                                                                   |                                       |       |       |        |             |             |  |  |               |         |         |          |   |       |       |  |   |         | (53,373  | ) |   |         | (53,373  | )
|                            |                                                                                            |                                       |       |       |        |             |             |  |  |               |         |         |          |   |       |       |  |  
|BALANCE  December 31, 2002 |                                                                                            |                                       |      |       |        |             |            |  |  |               |        |         |          |   | (313  | )     |  |   | 202,584 |          |   |   | 202,271 |         
|                            | Net income                                                                                 |                                       |       |       |        |             |             |  |  |               |         |         |          |   |       |       |  |   |         | 58,389   |   |   |         | 58,389   |  
|                            | Foreign currency translation                                                               |                                       |       |       |        |             |             |  |  |               |         |         |          |   |       | 2,054 |  |   |         |          |   |   |         | 2,054    |  
|                            | Distributions to members                                                                   |                                       |       |       |        |             |             |  |  |               |         |         |          |   |       |       |  |   |         | (63,467  | ) |   |         | (63,467  | )
|                            |                                                                                            |                                       |       |       |        |             |             |  |  |               |         |         |          |   |       |       |  |  
|BALANCE  December 31, 2003 |                                                                                            |                                       |      |       |        |             |            |  |  |               |        |         |          |   | 1,741 |       |  |   | 197,506 |          |   |   | 199,247 |         
|                            | Net income before change in tax status                                                     |                                       |       |       |        |             |             |  |  |               |         |         |          |   |       |       |  |   |         | 227,121  |   |   |         | 227,121  |  
|                            | Foreign currency translation                                                               |                                       |       |       |        |             |             |  |  |               |         |         |          |   |       | 209   |  |   |         |          |   |   |         | 209      |  
|                            | Distributions to members                                                                   |                                       |       |       |        |             |             |  |  |               |         |         |          |   |       |       |  |   |         | (73,728  | ) |   |         | (73,728  | )
|                            | Deemed distributions to members                                                            |                                       |       |       |        |             |             |  |  |               |         |         |          |   |       |       |  |   |         | (3,166   | ) |   |         | (3,166   | )
|                            | Deemed contributions from members                                                          |                                       |       |       |        |             |             |  |  |               |         |         |          |   |       |       |  |   |         | 964      |   |   |         | 964      |  
|                            | Redemption of membership units                                                             |                                       |       |       |        |             |             |  |  |               |         |         |          |   |       |       |  |   |         | (435,560 | ) |   |         | (435,560 | )
|                            | Change in tax status from a limited liability company to a
    corporation on June 7, 2004 |                                       |       | 1,000 |        |             |             |  |  |               |         | (86,863 | )        |   |       |       |  |   |         | 86,863   |   |   |         |         |  
|                            | Net income after change in tax status                                                      |                                       |       |       |        |             |             |  |  |               |         | 27,434  |          |   |       |       |  |   |         |          |   |   |         | 27,434   |  
|                            |                                                                                            |                                       |       |       |        |             |             |  |  |               |         |         |          |   |       |       |  |  
|BALANCE  December 31, 2004 |                                                                                            |                                       | 1,000 |       |        | $           |            |  |  | $             | (59,429 | )       |          | $ | 1,950 |       |  | $ |        |          |   | $ | (57,479 | )       
|                            |                                                                                            |                                       |       |       |        |             |             |  |  |               |         |         |          |   |       |       |  |  



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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


CONSOLIDATED STATEMENTS OF CASH FLOWS


YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002


|                                                                          |                                                                                   |                                              |                          |                                           |          |        |         |         |       |         |         |         |        |        |         |  
|------------------------------------------------------------------------- | --------------------------------------------------------------------------------- | -------------------------------------------- | ------------------------ | ----------------------------------------- | -------- | ------ | ------- | ------- | ----- | ------- | ------- | ------- | ------ | ------ | ------- | -
|                                                                          |                                                                                   | 2004                                         |                          |                                           | 2003     |        |         | 2002    |      
|                                                                          |                                                                                   |                                              |                          |                                           |          |        |         |         |      
|                                                                          |                                                                                   | (Amounts in thousands)                       |                         
|CASH FLOWS FROM OPERATING ACTIVITIES:                                     |                                                                                   |                                              |                          |                                           |          |        |         |         |       |         |         |        
|                                                                          | Net income                                                                        |                                              | $                        | 254,555                                   |          |        | $       | 58,389  |       |         | $       | 50,422  |       
|                                                                          | Adjustments to reconcile net income to cash provided by
    operating activities: |                                              |                          |                                           |          |        |         |         |       |         |         |         |       
|                                                                          |                                                                                   | Amortization of financing costs              |                          |                                           | 1,618    |        |         |         |      |         |         |         |       |       
|                                                                          |                                                                                   | Amortization of intangibles                  |                          |                                           | 5,672    |        |         |         | 6,508 |         |         |         | 6,512  |       
|                                                                          |                                                                                   | Depreciation                                 |                          |                                           | 7,876    |        |         |         | 7,553 |         |         |         | 5,308  |       
|                                                                          |                                                                                   | Loss (gain) on sale or disposal of assets    |                          |                                           | 179      |        |         |         | 458   |         |         |         | (151   | )     
|                                                                          |                                                                                   | Deferred income taxes                        |                          |                                           | (214,665 | )      |         |         |      |         |         |         |       |       
|                                                                          |                                                                                   | Minority ownership loss                      |                          |                                           | (213     | )      |         |         | (400  | )       |         |         | (1,040 | )     
|                                                                          |                                                                                   | Changes in operating assets and liabilities: |                          |                                           |          |        |         |         |       |         |         |         |        |       
|                                                                          |                                                                                   |                                              | Settlement receivables   |                                           |          | (9,815 | )       |         |       | 795     |         |         |        | 12,643 |        
|                                                                          |                                                                                   |                                              | Receivables, other       |                                           |          | (659   | )       |         |       | (2,710  | )       |         |        | (5,693 | )      
|                                                                          |                                                                                   |                                              | Prepaid and other assets |                                           |          | (475   | )       |         |       | 44      |         |         |        | 360    |        
|                                                                          |                                                                                   |                                              | Settlement liabilities   |                                           |          | 18,995 |         |         |       | (34,289 | )       |         |        | 13,645 |        
|                                                                          |                                                                                   |                                              | Accounts payable         |                                           |          | 2,588  |         |         |       | 1,031   |         |         |        | 538    |        
|                                                                          |                                                                                   |                                              | Accrued expenses         |                                           |          | 9,556  |         |         |       | (3,908  | )       |         |        | (580   | )      
|                                                                          |                                                                                   |                                              |                          |                                           |          |        |         |         |      
|                                                                          |                                                                                   |                                              |                          | Net cash provided by operating activities |          |        | 75,212  |         |       |         | 33,471  |         |        |        | 81,964  |  
|                                                                          |                                                                                   |                                              |                          |                                           |          |        |         |         |      
|CASH FLOWS FROM INVESTING ACTIVITIES:                                     |                                                                                   |                                              |                          |                                           |          |        |         |         |       |         |         |        
|                                                                          | Purchase of property, equipment and leasehold improvements                        |                                              |                          | (3,261                                    | )        |        |         | (6,012  | )     |         |         | (7,785  | )     
|                                                                          | Purchase of other intangibles                                                     |                                              |                          | (1,600                                    | )        |        |         | (1,035  | )     |         |         | (1,965  | )     
|                                                                          |                                                                                   |                                              |                          |                                           |          |        |         |         |      
|                                                                          |                                                                                   |                                              |                          | Net cash used in investing activities     |          |        | (4,861  | )       |       |         | (7,047  | )       |        |        | (9,750  | )
|                                                                          |                                                                                   |                                              |                          |                                           |          |        |         |         |      
|CASH FLOWS FROM FINANCING ACTIVITIES:                                     |                                                                                   |                                              |                          |                                           |          |        |         |         |       |         |         |        
|                                                                          | Borrowings under credit facility                                                  |                                              |                          | 484,087                                   |          |        |         |        |       |         |         |        |       
|                                                                          | Repayments under credit facility                                                  |                                              |                          | (16,750                                   | )        |        |         |        |       |         |         |        |       
|                                                                          | Debt issuance costs                                                               |                                              |                          | (3,000                                    | )        |        |         |        |       |         |         |        |       
|                                                                          | Minority capital contributions                                                    |                                              |                          | 300                                       |          |        |         | 400     |       |         |         | 1,040   |       
|                                                                          | Redemption of membership interests and distributions to partners                  |                                              |                          | (509,287                                  | )        |        |         | (63,467 | )     |         |         | (53,373 | )     
|                                                                          |                                                                                   |                                              |                          |                                           |          |        |         |         |      
|                                                                          |                                                                                   |                                              |                          | Net cash used in financing activities     |          |        | (44,650 | )       |       |         | (63,067 | )       |        |        | (52,333 | )
|                                                                          |                                                                                   |                                              |                          |                                           |          |        |         |         |      
|NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS          |                                                                                   |                                              | (247                     | )                                         |          |        | 2,482   |         |       |         | 203     |        
|                                                                          |                                                                                   |                                              |                          |                                           |          |        |         |         |      
|NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                      |                                                                                   |                                              | 25,454                   |                                           |          |        | (34,161 | )       |       |         | 20,084  |        
|CASH AND CASH EQUIVALENTS  Beginning of period                           |                                                                                   |                                              | 23,423                   |                                           |          |        | 57,584  |         |       |         | 37,500  |        
|                                                                          |                                                                                   |                                              |                          |                                           |          |        |         |         |      
|CASH AND CASH EQUIVALENTS  End of period                                 |                                                                                   | $                                            | 48,877                   |                                           |          | $      | 23,423  |         |       | $       | 57,584  |        
|                                                                          |                                                                                   |                                              |                          |                                           |          |        |         |         |      
|SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                         |                                                                                   |                                              |                          |                                           |          |        |         |         |       |         |         |        
|                                                                          | Cash paid during year for:                                                        |                                              |                          |                                           |          |        |         |         |       |         |         |         |       
|                                                                          |                                                                                   | Interest                                     |                          | $                                         | 25,689   |        |         | $       | 6,839 |         |         | $       | 6,082  |       
|                                                                          |                                                                                   |                                              |                          |                                           |          |        |         |         |      
|                                                                          |                                                                                   | Income taxes                                 |                          | $                                         | 407      |        |         | $       | 1,636 |         |         | $       | 1,740  |       
|                                                                          |                                                                                   |                                              |                          |                                           |          |        |         |         |      
|SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING
    ACTIVITIES: |                                                                                   |                                              |                          |                                           |          |        |         |         |       |         |         |        
|                                                                          | Contribution related to forgiveness of related party payable                      |                                              | $                        | 964                                       |          |        |         |         |       |         |         |         |       
|                                                                          |                                                                                   |                                              |                          |                                           |          |        |         |         |      
|                                                                          | Distribution related to forgiveness of related party receivable                   |                                              | $                        | 3,166                                     |          |        |         |         |       |         |         |         |       
|                                                                          |                                                                                   |                                              |                          |                                           |          |        |         |         |      
|                                                                          | Debt issuance costs treated as a reduction of credit facility
    proceeds        |                                              | $                        | 10,913                                    |          |        |         |         |       |         |         |         |       
|                                                                          |                                                                                   |                                              |                          |                                           |          |        |         |         |      



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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS




|   |                                   
|-- | ----------------------------------
|1. | BUSINESS AND BASIS OF PRESENTATION

















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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Restructuring of Ownership








Securities Purchase and Exchange
Agreement






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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|   |                                           
|-- | ------------------------------------------
|2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation




Cash and Cash Equivalents


ATM Funding Agreements






Settlement Receivables and Settlement
Liabilities


Unamortized Debt Issuance Costs


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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Property, Equipment and Leasehold
Improvements








Goodwill


Goodwill and
Other Intangible Assets,




|                 |  |      |         |  |      |   |         |      |  |   |         | 
|---------------- |  | ---- | ------- |  | ---- | - | ------- | ---- |  | - | ------- | 
|                 |  | 2004 |         |  | 2003 |   |         | 2002 | 
|                 |  |      |         |  |      |   |         |      | 
|Cash Advance     |  | $    | 93,230  |  |      | $ | 93,167  |      |  | $ | 93,054  | 
|Credit Reporting |  |      | 39,470  |  |      |   | 39,470  |      |  |   | 39,470  | 
|ATM              |  |      | 24,033  |  |      |   | 24,048  |      |  |   | 24,048  | 
|                 |  |      |         |  |      |   |         |      | 
|Total            |  | $    | 156,733 |  |      | $ | 156,685 |      |  | $ | 156,572 | 
|                 |  |      |         |  |      |   |         |      | 

Other Intangible Assets


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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|           |  |   |        | 
|---------- |  | - | ------ | 
|2005       |  | $ | 4,791  | 
|2006       |  |   | 4,135  | 
|2007       |  |   | 3,819  | 
|2008       |  |   | 1,788  | 
|2009       |  |   | 1,151  | 
|Thereafter |  |   | 862    | 
|           |  |   |       
|Total      |  | $ | 16,546 | 
|           |  |   |       

Accounting for the
Costs of Computer Software Developed or Obtained for Internal
Use.


Chargebacks


Net Warranty Liability






Fair Values of Financial Instruments




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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Revenue Recognition










Cost of Revenues


Advertising Costs


Project Development Costs


Income Taxes


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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Foreign Currency Translation


Internally Developed Software Accounting for the
Costs of Computer Software Developed or Obtained for Internal
Use.


Use of Estimates


Stock-Based Compensation Accounting for Stock-Based
Compensation-Transition and Disclosure, an amendment of FASB
Statement No. 123


Options Granted
to Employees of Entities under Common Control.




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(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                                                                              |  |      |         |  |      |   |        |      |  |   |        | 
|------------------------------------------------------------------------------------------------------------- |  | ---- | ------- |  | ---- | - | ------ | ---- |  | - | ------ | 
|                                                                                                              |  | 2004 |         |  | 2003 |   |        | 2002 | 
|                                                                                                              |  |      |         |  |      |   |        |      | 
|Net income, as reported                                                                                       |  | $    | 254,555 |  |      | $ | 58,389 |      |  | $ | 50,422 | 
|Less: total stock-based compensation determined under fair-value
    based method for all awards , net of tax |  |      | 206     |  |      |   |       |      |  |   |       | 
|                                                                                                              |  |      |         |  |      |   |        |      | 
|Pro forma net income                                                                                          |  | $    | 254,349 |  |      | $ | 58,389 |      |  | $ | 50,422 | 
|                                                                                                              |  |      |         |  |      |   |        |      | 



Recently Issued Accounting Standards Consolidation of
Variable Interest Entities Consolidated Financial Statements,


Share-Based Payment,








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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Exchanges of Nonmonetary Assets an amendment of APB Opinion
No. 29.


Reclassifications




|   |                       
|-- | ----------------------
|3. | ATM FUNDING AGREEMENTS

Wells Fargo Vault Cash Custody
Agreement




Bank of America Amended Treasury Services
Agreement


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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Site Funded ATMs




|   |                                               
|-- | ----------------------------------------------
|4. | PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS



|                                    |       |      |         |        |      |   |         |        | 
|----------------------------------- | ----- | ---- | ------- | ------ | ---- | - | ------- | ------ | 
|                                    |       | 2004 |         |        | 2003 |  
|                                    |       |      |         |        |      |  
|ATM equipment                       |       | $    | 26,764  |        |      | $ | 24,218  |       
|Cash advance equipment              |       |      | 4,760   |        |      |   | 4,306   |       
|Office and computer equipment       |       |      | 1,769   |        |      |   | 1,660   |       
|Leasehold and building improvements |       |      | 2,115   |        |      |   | 2,115   |       
|                                    |       |      |         |        |      |  
|                                    |       |      | 35,408  |        |      |   | 32,299  |       
|Less accumulated depreciation       |       |      | (25,067 | )      |      |   | (17,170 | )     
|                                    |       |      |         |        |      |  
|                                    | Total |      | $       | 10,341 |      |   | $       | 15,129 | 
|                                    |       |      |         |        |      |  



|   |              
|-- | -------------
|5. | BENEFIT PLANS

Defined Contribution Plan




|   |                              
|-- | -----------------------------
|6. | COMMITMENTS AND CONTINGENCIES

Lease Obligations




|           |  |   |       | 
|---------- |  | - | ----- | 
|2005       |  | $ | 488   | 
|2006       |  |   | 505   | 
|2007       |  |   | 496   | 
|2008       |  |   | 487   | 
|2009       |  |   | 475   | 
|Thereafter |  |   | 475   | 
|           |  |   |      
|Total      |  | $ | 2,926 | 
|           |  |   |      

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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                                    
| | -----------------------------------
| | Litigation Claims and Assessments 

Canadian Goods and Services Tax
(GST)








Compliance Letters from MasterCard International, Inc. and
Visa USA






|   |           
|-- | ----------
|7. | BORROWINGS

Senior Secured Credit Facility


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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








Senior Subordinated Notes th th






|           |  |   |         | 
|---------- |  | - | ------- | 
|2005       |  | $ | 13,000  | 
|2006       |  |   | 13,000  | 
|2007       |  |   | 13,000  | 
|2008       |  |   | 13,000  | 
|2009       |  |   | 149,500 | 
|Thereafter |  |   | 276,750 | 
|           |  |   |        
|Total      |  | $ | 478,250 | 
|           |  |   |        

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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|   |                           
|-- | --------------------------
|8. | RELATED PARTY TRANSACTIONS















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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                  |  |                                                                                                                                                     |  |      |         |   |      |   |         |      |  |   |         |  
|--------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | -
|Related Party                     |  | Description of Transaction                                                                                                                          |  | 2004 |         |   | 2003 |   |         | 2002 | 
|                                  |  |                                                                                                                                                     |  |      |         |   |      |   |         |      | 
|First Data and Subsidiaries:      |  |                                                                                                                                                     |  |      |         |   |      |   |         |      |  |   |         |  
|IPS                               |  | Invoices paid by IPS passed through as capitalized items to GCA                                                                                     |  | $    | 284     |   |      | $ | 215     |      |  | $ | 305     |  
|IPS                               |  | Invoices paid by IPS passed through and expensed in operating
    expenses by GCA                                                                   |  |      | 196     |   |      |   | 732     |      |  |   | 493     |  
|IPS                               |  | Check clearing & imaging charges operated by IPS                                                                                                    |  |      | 583     |   |      |   | 526     |      |  |   | 569     |  
|First Data                        |  | Other support services including tax, accounting and licensing
    departments, corporate insurance coverage and credit card
    rewards processing |  |      | 35      |   |      |   | 208     |      |  |   | 208     |  
|IPS                               |  | Interest income earned by GCA on outstanding checks and
    short-term cash deposits                                                                |  |      | (1,128  | ) |      |   | (983    | )    |  |   | (1,017  | )
|FDFS Holdings, LLC                |  | Interest expense recorded by GCA on bailment of ATM cash                                                                                            |  |      |        |   |      |   | 6,213   |      |  |   | 4,335   |  
|TeleCheck                         |  | Check guarantee revenue included in check services revenue                                                                                          |  |      | (22,591 | ) |      |   | (25,449 | )    |  |   | (29,287 | )
|TeleCheck                         |  | Check cashing warranties                                                                                                                            |  |      | 10,144  |   |      |   | 9,848   |      |  |   | 9,827   |  
|TeleCheck                         |  | Operating expenses                                                                                                                                  |  |      | 2,959   |   |      |   | 6,212   |      |  |   | 11,626  |  
|Western Union                     |  | Money transfer commissions earned                                                                                                                   |  |      | (355    | ) |      |   | (371    | )    |  |   | (477    | )
|M&C Subsidiaries:                 |  |                                                                                                                                                     |  |      |         |   |      |   |         |      |  |   |         |  
|Infonox on the Web                |  | Software development costs and maintenance expense                                                                                                  |  |      | 1,624   |   |      |   | 3,643   |      |  |   | 5,993   |  
|USA Payments                      |  | Transaction processing charges                                                                                                                      |  |      | 2,513   |   |      |   | 3,016   |      |  |   | 2,117   |  
|USA Payments                      |  | Pass through billing related to gateway fees, telecom and other
    items                                                                           |  |      | 1,533   |   |      |   | 1,986   |      |  |   | 1,519   |  
|USA Payments                      |  | Sublease income earned for leasing out corporate office space
    for backup servers                                                                |  |      | (18     | ) |      |   | (51     | )    |  |   |        |  
|Bank of America and Subsidiaries: |  |                                                                                                                                                     |  |      |         |   |      |   |         |      |  |   |         |  
|Bank of America, N.A.             |  | Bank fees and cash preparation fees for cash accounts maintained                                                                                    |  |      | 982     |   |      |   | 311     |      |  |   | 295     |  
|Bank of America, N.A.             |  | Cash usage fee                                                                                                                                      |  | $    | 3,145   |   |      | $ |        |      |  | $ |        |  

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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                            |                                                             |      |       |       |      |   |       |       |  
|--------------------------- | ----------------------------------------------------------- | ---- | ----- | ----- | ---- | - | ----- | ----- | -
|                            |                                                             | 2004 |       |       | 2003 |  
|                            |                                                             |      |       |       |      |  
|First Data and Subsidiaries |                                                             | $    | 2,454 |       |      | $ | 2,058 |      
|M&C and related companies   |                                                             |      | 45    |       |      |   | 3,166 |      
|Bank of America             |                                                             |      | 6     |       |      |   | 1     |      
|                            |                                                             |      |       |       |      |  
|                            | Total included within receivables, other                    |      | $     | 2,505 |      |   | $     | 5,225 |  
|                            |                                                             |      |       |       |      |  
|First Data and Subsidiaries |                                                             | $    | (3    | )     |      | $ | (245  | )    
|USA Payment Systems         |                                                             |      | (325  | )     |      |   | (427  | )    
|Infonox on the Web          |                                                             |      | (52   | )     |      |   |      |      
|Bank of America             |                                                             |      | (137  | )     |      |   | (18   | )    
|                            |                                                             |      |       |       |      |  
|                            | Total included within accounts payable and accrued expenses |      | $     | (517  | )    |   | $     | (690  | )
|                            |                                                             |      |       |       |      |  











|   |             
|-- | ------------
|9. | INCOME TAXES





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(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








|                                      |          |              |   |         |         |  |   |        |        |   |   |        |        |  
|------------------------------------- | -------- | ------------ | - | ------- | ------- |  | - | ------ | ------ | - | - | ------ | ------ | -
|                                      |          | 2004         |   |         | 2003    |  |   | 2002   |       
|                                      |          |              |   |         |         |  |   |        |       
|Components of pretax income:          |          |              |   |         |         |  |   |        |        |   |   |       
|                                      | Domestic |              | $ | 37,690  |         |  | $ | 53,123 |        |   | $ | 48,560 |       
|                                      | Foreign  |              |   | 4,306   |         |  |   | 5,187  |        |   |   | 2,273  |       
|                                      |          |              |   |         |         |  |   |        |       
|                                      |          | Consolidated |   | $       | 41,996  |  |   | $      | 58,310 |   |   | $      | 50,833 |  
|                                      |          |              |   |         |         |  |   |        |       
|Benefit (provision) for income taxes: |          |              |   |         |         |  |   |        |        |   |   |       
|                                      | Domestic |              | $ | 214,084 |         |  | $ |       |        |   | $ |       |       
|                                      | Foreign  |              |   | (1,738  | )       |  |   | (321   | )      |   |   | (1,451 | )     
|                                      |          |              |   |         |         |  |   |        |       
|                                      |          | Consolidated |   | $       | 212,346 |  |   | $      | (321   | ) |   | $      | (1,451 | )
|                                      |          |              |   |         |         |  |   |        |       







|                                     |                                                |                                       |                           |         |         |         | 
|------------------------------------ | ---------------------------------------------- | ------------------------------------- | ------------------------- | ------- | ------- | ------- | 
|                                     |                                                | December 31,                          |                          
|                                     |                                                | 2004                                  |                          
|                                     |                                                |                                       |                          
|Deferred tax assets related to:      |                                                |                                       |                           |        
|                                     | Accrued expenses                               |                                       | $                         | 494     |        
|                                     | Sales allowances                               |                                       |                           | 609     |        
|                                     | Foreign tax credit                             |                                       |                           | 1,976   |        
|                                     | Net operating losses                           |                                       |                           | 4,228   |        
|                                     | Intangibles                                    |                                       |                           | 208,979 |        
|                                     |                                                |                                       |                          
|                                     |                                                | Total deferred income tax assets      |                           |         | 216,286 |        
|                                     |                                                |                                       |                          
|Deferred tax liabilities related to: |                                                |                                       |                           |        
|                                     | Property, equipment and leasehold improvements |                                       |                           | (815    | )      
|                                     | Other                                          |                                       |                           | (766    | )      
|                                     |                                                |                                       |                          
|                                     |                                                | Total deferred income tax liabilities |                           |         | (1,581  | )      
|                                     |                                                |                                       |                          
|                                     |                                                |                                       | Net deferred income taxes |         | $       | 214,705 | 
|                                     |                                                |                                       |                          

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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Accounting for Income Taxes








|    |                                             
|--- | --------------------------------------------
|10. | PRO FORMA INCOME TAX INFORMATION (UNAUDITED)





|                                        |  |      |        |   |      |   |        |      |  |   |        |  
|--------------------------------------- |  | ---- | ------ | - | ---- | - | ------ | ---- |  | - | ------ | -
|                                        |  | 2004 |        |   | 2003 |   |        | 2002 | 
|                                        |  |      |        |   |      |   |        |      | 
|Income before income taxes, as reported |  | $    | 41,996 |   |      | $ | 58,310 |      |  | $ | 50,833 |  
|Effective pro forma income tax rate     |  |      | 36.00  | % |      |   | 36.12  | %    |  |   | 36.18  | %
|                                        |  |      |        |   |      |   |        |      | 
|Pro forma income tax expense            |  | $    | 15,119 |   |      | $ | 21,062 |      |  | $ | 18,391 |  
|                                        |  |      |        |   |      |   |        |      | 



|    |                    
|--- | -------------------
|11. | SEGMENT INFORMATION

Disclosures About Segments of an Enterprise and Related
Information,








Major customers


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(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                              |  |         |         |   |     |   |         |          |  |        |           |   |  |       |        |   |       |   |        |   |  |   |         |  
|----------------------------- |  | ------- | ------- | - | --- | - | ------- | -------- |  | ------ | --------- | - |  | ----- | ------ | - | ----- | - | ------ | - |  | - | ------- | -
|                              |  | Cash    |         |   |     |   | Check   |          |  | Credit |           |   |  |       |       
|                              |  | Advance |         |   | ATM |   |         | Services |  |        | Reporting |   |  | Other |        |   | Total |  
|                              |  |         |         |   |     |   |         |          |  |        |           |   |  |       |        |   |       |  
|December 31, 2004             |  |         |         |   |     |   |         |          |  |        |           |   |  |       |        |   |       |   |        |   |  |   |         |  
|Revenues                      |  | $       | 209,962 |   |     | $ | 158,433 |          |  | $      | 23,768    |   |  | $     | 9,368  |   |       | $ | 1,472  |   |  | $ | 403,003 |  
|Depreciation and amortization |  |         | (4,803  | ) |     |   | (7,869  | )        |  |        | (17       | ) |  |       | (364   | ) |       |   | (495   | ) |  |   | (13,548 | )
|Operating income              |  |         | 39,981  |   |     |   | 20,256  |          |  |        | 9,681     |   |  |       | 4,100  |   |       |   | 3      |   |  |   | 74,021  |  
|Interest income               |  |         | 1,318   |   |     |   |        |          |  |        |          |   |  |       |       |   |       |   |       |   |  |   | 1,318   |  
|Interest expense              |  |         | (14,394 | ) |     |   | (16,576 | )        |  |        | (1,630    | ) |  |       | (642   | ) |       |   | (101   | ) |  |   | (33,343 | )
|Income taxes                  |  |         | 129,020 |   |     |   | 87,434  |          |  |        | (2,899    | ) |  |       | (1,245 | ) |       |   | 36     |   |  |   | 212,346 |  
|Minority ownership loss       |  |         |        |   |     |   |        |          |  |        |          |   |  |       |       |   |       |   | 213    |   |  |   | 213     |  
|Net income                    |  | $       | 155,925 |   |     | $ | 91,114  |          |  | $      | 5,152     |   |  | $     | 2,213  |   |       | $ | 151    |   |  | $ | 254,555 |  
|December 31, 2003             |  |         |         |   |     |   |         |          |  |        |           |   |  |       |        |   |       |   |        |   |  |   |         |  
|Revenues                      |  | $       | 186,547 |   |     | $ | 132,341 |          |  | $      | 26,326    |   |  | $     | 9,289  |   |       | $ | 1,211  |   |  | $ | 355,714 |  
|Depreciation and amortization |  |         | (5,872  | ) |     |   | (7,290  | )        |  |        |          |   |  |       | (364   | ) |       |   | (535   | ) |  |   | (14,061 | )
|Operating income (loss)       |  |         | 37,611  |   |     |   | 15,186  |          |  |        | 9,208     |   |  |       | 3,557  |   |       |   | (1,802 | ) |  |   | 63,760  |  
|Interest income               |  |         | 1,312   |   |     |   |        |          |  |        |          |   |  |       |       |   |       |   |       |   |  |   | 1,312   |  
|Interest expense              |  |         |        |   |     |   | (6,673  | )        |  |        |          |   |  |       |       |   |       |   | (89    | ) |  |   | (6,762  | )
|Income taxes                  |  |         | (321    | ) |     |   |        |          |  |        |          |   |  |       |       |   |       |   |       |   |  |   | (321    | )
|Minority ownership loss       |  |         |        |   |     |   |        |          |  |        |          |   |  |       |       |   |       |   | 400    |   |  |   | 400     |  
|Net income (loss)             |  | $       | 38,602  |   |     | $ | 8,513   |          |  | $      | 9,208     |   |  | $     | 3,557  |   |       | $ | (1,491 | ) |  | $ | 58,389  |  
|December 31, 2002             |  |         |         |   |     |   |         |          |  |        |           |   |  |       |        |   |       |   |        |   |  |   |         |  
|Revenues                      |  | $       | 182,754 |   |     | $ | 119,424 |          |  | $      | 29,412    |   |  | $     | 8,997  |   |       | $ | 1,306  |   |  | $ | 341,893 |  
|Depreciation and amortization |  |         | (5,953  | ) |     |   | (4,704  | )        |  |        |          |   |  |       | (623   | ) |       |   | (540   | ) |  |   | (11,820 | )
|Operating income (loss)       |  |         | 36,398  |   |     |   | 15,313  |          |  |        | 7,316     |   |  |       | 1,583  |   |       |   | (4,844 | ) |  |   | 55,766  |  
|Interest income               |  |         | 1,283   |   |     |   |        |          |  |        |          |   |  |       |       |   |       |   |       |   |  |   | 1,283   |  
|Interest expense              |  |         |        |   |     |   | (6,110  | )        |  |        |          |   |  |       |       |   |       |   | (106   | ) |  |   | (6,216  | )
|Income taxes                  |  |         | (1,451  | ) |     |   |        |          |  |        |          |   |  |       |       |   |       |   |       |   |  |   | (1,451  | )
|Minority ownership loss       |  |         |        |   |     |   |        |          |  |        |          |   |  |       |       |   |       |   | 1,040  |   |  |   | 1,040   |  
|Net income (loss)             |  | $       | 36,230  |   |     | $ | 9,203   |          |  | $      | 7,316     |   |  | $     | 1,583  |   |       | $ | (3,910 | ) |  | $ | 50,422  |  

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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C.)


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                 |  |              |         |  |              |   |         | 
|---------------- |  | ------------ | ------- |  | ------------ | - | ------- | 
|                 |  | December 31, |         |  | December 31, |  
|Total Assets     |  | 2004         |         |  | 2003         |  
|                 |  |              |         |  |              |  
|Cash advance     |  | $            | 316,904 |  |              | $ | 154,497 | 
|ATM              |  |              | 133,005 |  |              |   | 44,991  | 
|Check services   |  |              | 4,223   |  |              |   | 2,944   | 
|Credit reporting |  |              | 41,263  |  |              |   | 40,764  | 
|Other            |  |              | 530     |  |              |   | 431     | 
|                 |  |              |         |  |              |  
|Total assets     |  | $            | 495,925 |  |              | $ | 243,627 | 
|                 |  |              |         |  |              |  



|    |                  
|--- | -----------------
|12. | SUBSEQUENT EVENTS





|    |                      
|--- | ---------------------
|13. | GUARANTOR INFORMATION



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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C. AND SUBSIDIARIES)


CONDENSED CONSOLIDATING SCHEDULE  BALANCE SHEET
INFORMATION


DECEMBER 31, 2004


|                                                      |                        |                        |         |          |            |   |               |            |        |             |          |       |       |              |         |         |         |   |         |         |         | 
|----------------------------------------------------- | ---------------------- | ---------------------- | ------- | -------- | ---------- | - | ------------- | ---------- | ------ | ----------- | -------- | ----- | ----- | ------------ | ------- | ------- | ------- | - | ------- | ------- | ------- | 
|                                                      |                        |                        |         | Combined |            |   | Combined Non- |            |        | Elimination |          |       |      
|                                                      |                        | Parent                 |         |          | Guarantors |   |               | Guarantors |        |             | Entries* |       |       | Consolidated |        
|                                                      |                        |                        |         |          |            |   |               |            |        |             |          |       |       |              |        
|                                                      |                        | (Amounts in thousands) |        
|ASSETS                                               
|Cash and cash equivalents                             |                        | $                      | 45,037  |          |            | $ | 662           |            |        | $           | 3,178    |       |       | $            |        |         |         | $ | 48,877  |        
|Settlement receivables                                |                        |                        | 29,787  |          |            |   |              |            |        |             | 570      |       |       |              |        |         |         |   | 30,357  |        
|Receivables, other                                    |                        |                        | 6,915   |          |            |   | 16,952        |            |        |             | 19       |       |       |              | (19,245 | )       |         |   | 4,641   |        
|Prepaid and other assets                              |                        |                        | 13,713  |          |            |   |              |            |        |             | 12       |       |       |              |        |         |         |   | 13,725  |        
|Investment in subsidiaries                            |                        |                        | 59,719  |          |            |   |              |            |        |             |         |       |       |              | (59,719 | )       |         |   |        |        
|Property, equipment and leasehold improvements, net   |                        |                        | 10,341  |          |            |   |              |            |        |             |         |       |       |              |        |         |         |   | 10,341  |        
|Goodwill, net                                         |                        |                        | 116,575 |          |            |   | 39,470        |            |        |             | 688      |       |       |              |        |         |         |   | 156,733 |        
|Other intangibles, net                                |                        |                        | 16,512  |          |            |   | 34            |            |        |             |         |       |       |              |        |         |         |   | 16,546  |        
|Deferred income taxes, net                            |                        |                        | 214,121 |          |            |   |              |            |        |             | 584      |       |       |              |        |         |         |   | 214,705 |        
|                                                      |                        |                        |         |          |            |   |               |            |        |             |          |       |       |              |        
|                                                      |                        | TOTAL                  |         | $        | 512,720    |   |               | $          | 57,118 |             |          | $     | 5,051 |              |         | $       | (78,964 | ) |         | $       | 495,925 | 
|                                                      |                        |                        |         |          |            |   |               |            |        |             |          |       |       |              |        
|                                                     
|LIABILITIES AND STOCKHOLDERS
    (DEFICIENCY) EQUITY
|LIABILITIES:                                          |                        |                        |         |          |            |   |               |            |        |             |          |       |       |              |         |         |         |   |         |        
|                                                      | Settlement liabilities |                        | $       | 41,583   |            |   | $             |           |        |             | $        | 609   |       |              | $       |        |         |   | $       | 42,192  |        
|                                                      | Accounts payable       |                        |         | 19,929   |            |   |               | 375        |        |             |          | 313   |       |              |         |        |         |   |         | 20,617  |        
|                                                      | Accrued expenses       |                        |         | 30,350   |            |   |               |            |        |             |          | 1,153 |       |              |         | (19,245 | )       |   |         | 12,258  |        
|                                                      | Borrowings             |                        |         | 478,250  |            |   |               |           |        |             |          |      |       |              |         |        |         |   |         | 478,250 |        
|                                                      |                        |                        |         |          |            |   |               |            |        |             |          |       |       |              |        
|                                                      |                        | Total liabilities      |         |          | 570,112    |   |               |            | 375    |             |          |       | 2,075 |              |         |         | (19,245 | ) |         |         | 553,317 | 
|                                                      |                        |                        |         |          |            |   |               |            |        |             |          |       |       |              |        
|COMMITMENTS AND CONTINGENCIES                         |                        |                        |         |          |            |   |               |            |        |             |          |       |       |              |         |         |         |   |         |        
|MINORITY INTEREST                                     |                        |                        | 87      |          |            |   |              |            |        |             |         |       |       |              |        |         |         |   | 87      |        
|STOCKHOLDERS (DEFICIENCY) EQUITY                     |                        |                        | (57,479 | )        |            |   | 56,744        |            |        |             | 2,975    |       |       |              | (59,719 | )       |         |   | (57,479 | )      
|                                                      |                        |                        |         |          |            |   |               |            |        |             |          |       |       |              |        
|                                                      |                        | TOTAL                  |         | $        | 512,720    |   |               | $          | 57,119 |             |          | $     | 5,050 |              |         | $       | (78,964 | ) |         | $       | 495,925 | 
|                                                      |                        |                        |         |          |            |   |               |            |        |             |          |       |       |              |        






|  |                                                                  
|- | -----------------------------------------------------------------
|* | Eliminations include intercompany investments and management fees

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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C. AND SUBSIDIARIES)


CONDENSED CONSOLIDATING SCHEDULE  BALANCE SHEET
INFORMATION


DECEMBER 31, 2003


|                                                    |                        |                   |         |                        |            |   |               |            |        |             |          |       |        |              |         |        |         |   |         |        |         | 
|--------------------------------------------------- | ---------------------- | ----------------- | ------- | ---------------------- | ---------- | - | ------------- | ---------- | ------ | ----------- | -------- | ----- | ------ | ------------ | ------- | ------ | ------- | - | ------- | ------ | ------- | 
|                                                    |                        |                   |         | Combined               |            |   | Combined Non- |            |        | Elimination |          |       |       
|                                                    |                        | Parent            |         |                        | Guarantors |   |               | Guarantors |        |             | Entries* |       |        | Consolidated |        
|                                                    |                        |                   |         |                        |            |   |               |            |        |             |          |       |        |              |        
|                                                    |                        |                   |         | (Amounts in thousands) |            |   |              
|ASSETS                                             
|Cash and cash equivalents                           |                        | $                 | 14,665  |                        |            | $ | 195           |            |        | $           | 8,563    |       |        | $            |        |        |         | $ | 23,423  |       
|Settlement receivables                              |                        |                   | 19,946  |                        |            |   |              |            |        |             | 361      |       |        |              |        |        |         |   | 20,307  |       
|Receivables, other                                  |                        |                   | (1,201  | )                      |            |   | 10,830        |            |        |             | 3,151    |       |        |              | (6,270  | )      |         |   | 6,510   |       
|Prepaid and other assets                            |                        |                   | 954     |                        |            |   |              |            |        |             |         |       |        |              |        |        |         |   | 954     |       
|Investment in subsidiaries                          |                        |                   | 56,768  |                        |            |   |              |            |        |             |         |       |        |              | (56,768 | )      |         |   |        |       
|Property, equipment and leasehold improvements, net |                        |                   | 15,108  |                        |            |   | 21            |            |        |             |         |       |        |              |        |        |         |   | 15,129  |       
|Goodwill, net                                       |                        |                   | 116,575 |                        |            |   | 39,470        |            |        |             | 640      |       |        |              |        |        |         |   | 156,685 |       
|Other intangibles, net                              |                        |                   | 20,250  |                        |            |   | 369           |            |        |             |         |       |        |              |        |        |         |   | 20,619  |       
|                                                    |                        |                   |         |                        |            |   |               |            |        |             |          |       |        |              |        
|                                                    |                        | TOTAL             |         | $                      | 243,065    |   |               | $          | 50,885 |             |          | $     | 12,715 |              |         | $      | (63,038 | ) |         | $      | 243,627 | 
|                                                    |                        |                   |         |                        |            |   |               |            |        |             |          |       |        |              |        
|                                                   
|LIABILITIES AND MEMBERS CAPITAL                   
|LIABILITIES:                                        |                        |                   |         |                        |            |   |               |            |        |             |          |       |        |              |         |        |         |   |         |       
|                                                    | Settlement liabilities |                   | $       | 22,709                 |            |   | $             |           |        |             | $        | 259   |        |              | $       |       |         |   | $       | 22,968 |        
|                                                    | Accounts payable       |                   |         | 17,489                 |            |   |               | 371        |        |             |          | 156   |        |              |         |       |         |   |         | 18,016 |        
|                                                    | Accrued expenses       |                   |         | 3,620                  |            |   |               |           |        |             |          | 6,046 |        |              |         | (6,270 | )       |   |         | 3,396  |        
|                                                    |                        |                   |         |                        |            |   |               |            |        |             |          |       |        |              |        
|                                                    |                        | Total liabilities |         |                        | 43,818     |   |               |            | 371    |             |          |       | 6,461  |              |         |        | (6,270  | ) |         |        | 44,380  | 
|                                                    |                        |                   |         |                        |            |   |               |            |        |             |          |       |        |              |        
|COMMITMENTS AND CONTINGENCIES                       |                        |                   |         |                        |            |   |               |            |        |             |          |       |        |              |         |        |         |   |         |       
|MINORITY INTEREST                                   |                        |                   |        |                        |            |   |              |            |        |             |         |       |        |              |        |        |         |   |        |       
|MEMBERS CAPITAL                                    |                        |                   | 199,247 |                        |            |   | 50,514        |            |        |             | 6,254    |       |        |              | (56,768 | )      |         |   | 199,247 |       
|                                                    |                        |                   |         |                        |            |   |               |            |        |             |          |       |        |              |        
|                                                    |                        | TOTAL             |         | $                      | 243,065    |   |               | $          | 50,885 |             |          | $     | 12,715 |              |         | $      | (63,038 | ) |         | $      | 243,627 | 
|                                                    |                        |                   |         |                        |            |   |               |            |        |             |          |       |        |              |        






|  |                                                                  
|- | -----------------------------------------------------------------
|* | Eliminations include intercompany investments and management fees

72



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##### Table of Contents



GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C. AND SUBSIDIARIES)


CONDENSED CONSOLIDATING SCHEDULE  STATEMENT OF
INCOME INFORMATION


YEAR ENDED DECEMBER 31, 2004


|                                                                        |                                   |                                      |         |          |            |   |               |            |        |   |               |        |       |              |        |        |        |   |         |         |         |  
|----------------------------------------------------------------------- | --------------------------------- | ------------------------------------ | ------- | -------- | ---------- | - | ------------- | ---------- | ------ | - | ------------- | ------ | ----- | ------------ | ------ | ------ | ------ | - | ------- | ------- | ------- | -
|                                                                        |                                   |                                      |         | Combined |            |   | Combined Non- |            |        |   |               |       
|                                                                        |                                   | Parent                               |         |          | Guarantors |   |               | Guarantors |        |   | Eliminations* |        |       | Consolidated |       
|                                                                        |                                   |                                      |         |          |            |   |               |            |        |   |               |        |       |              |       
|                                                                        |                                   | (Amounts in thousands)               |        
|REVENUES:                                                               |                                   |                                      |         |          |            |   |               |            |        |   |               |        |       |              |        |        |        |   |         |        
|                                                                        | Cash advance                      |                                      | $       | 205,677  |            |   | $             |           |        |   | $             | 4,285  |       |              | $      |       |        |   | $       | 209,962 |        
|                                                                        | ATM                               |                                      |         | 158,433  |            |   |               |           |        |   |               |       |       |              |        |       |        |   |         | 158,433 |        
|                                                                        | Check services                    |                                      |         | 23,768   |            |   |               |           |        |   |               |       |       |              |        |       |        |   |         | 23,768  |        
|                                                                        | Central Credit and other revenues |                                      |         | 6,081    |            |   |               | 10,519     |        |   |               | 72     |       |              |        | (5,832 | )      |   |         | 10,840  |        
|                                                                        |                                   |                                      |         |          |            |   |               |            |        |   |               |        |       |              |       
|                                                                        |                                   | Total revenues                       |         |          | 393,959    |   |               |            | 10,519 |   |               |        | 4,357 |              |        |        | (5,832 | ) |         |         | 403,003 |  
|COST OF REVENUES                                                        |                                   |                                      | 267,150 |          |            |   | 276           |            |        |   | 2,686         |        |       |              |       |        |        |   | 270,112 |        
|                                                                        |                                   |                                      |         |          |            |   |               |            |        |   |               |        |       |              |       
|GROSS PROFIT                                                            |                                   |                                      | 126,809 |          |            |   | 10,243        |            |        |   | 1,671         |        |       |              | (5,832 | )      |        |   | 132,891 |        
|                                                                        | Operating expenses                |                                      |         | (39,249  | )          |   |               | (3,657     | )      |   |               | (2,971 | )     |              |        | 555    |        |   |         | (45,322 | )      
|                                                                        | Amortization                      |                                      |         | (5,337   | )          |   |               | (335       | )      |   |               |       |       |              |        |       |        |   |         | (5,672  | )      
|                                                                        | Depreciation                      |                                      |         | (7,855   | )          |   |               | (21        | )      |   |               |       |       |              |        |       |        |   |         | (7,876  | )      
|                                                                        |                                   |                                      |         |          |            |   |               |            |        |   |               |        |       |              |       
|OPERATING INCOME (LOSS)                                                 |                                   |                                      | 74,368  |          |            |   | 6,230         |            |        |   | (1,300        | )      |       |              | (5,277 | )      |        |   | 74,021  |        
|                                                                        |                                   |                                      |         |          |            |   |               |            |        |   |               |        |       |              |       
|INTEREST INCOME (EXPENSE), NET                                          |                                   |                                      |         |          |            |   |               |            |        |   |               |        |       |              |        |        |        |   |         |        
|                                                                        | Interest income                   |                                      |         | 1,210    |            |   |               |           |        |   |               | 108    |       |              |        |       |        |   |         | 1,318   |        
|                                                                        | Interest expense                  |                                      |         | (33,343  | )          |   |               |           |        |   |               |       |       |              |        |       |        |   |         | (33,343 | )      
|                                                                        |                                   |                                      |         |          |            |   |               |            |        |   |               |        |       |              |       
|                                                                        |                                   | Total interest income (expense), net |         |          | (32,133    | ) |               |            |       |   |               |        | 108   |              |        |        |       |   |         |         | (32,025 | )
|                                                                        |                                   |                                      |         |          |            |   |               |            |        |   |               |        |       |              |       
|INCOME (LOSS) BEFORE INCOME TAX BENEFIT AND MINORITY
    OWNERSHIP LOSS |                                   |                                      | 42,235  |          |            |   | 6,230         |            |        |   | (1,192        | )      |       |              | (5,277 | )      |        |   | 41,996  |        
|INCOME TAX BENEFIT                                                      |                                   |                                      | 212,107 |          |            |   |              |            |        |   | 239           |        |       |              |       |        |        |   | 212,346 |        
|                                                                        |                                   |                                      |         |          |            |   |               |            |        |   |               |        |       |              |       
|INCOME (LOSS) BEFORE MINORITY OWNERSHIP LOSS                            |                                   |                                      | 254,342 |          |            |   | 6,230         |            |        |   | (953          | )      |       |              | (5,277 | )      |        |   | 254,342 |        
|MINORITY OWNERSHIP LOSS                                                 |                                   |                                      | 213     |          |            |   |              |            |        |   |              |        |       |              |       |        |        |   | 213     |        
|                                                                        |                                   |                                      |         |          |            |   |               |            |        |   |               |        |       |              |       
|NET INCOME (LOSS)                                                       |                                   | $                                    | 254,555 |          |            | $ | 6,230         |            |        | $ | (953          | )      |       | $            | (5,277 | )      |        | $ | 254,555 |        
|                                                                        |                                   |                                      |         |          |            |   |               |            |        |   |               |        |       |              |       






|  |                                                                  
|- | -----------------------------------------------------------------
|* | Eliminations include earnings on subsidiaries and management fees

73



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##### Table of Contents



GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C. AND SUBSIDIARIES)


CONDENSED CONSOLIDATING SCHEDULE  STATEMENT OF
INCOME INFORMATION


YEAR ENDED DECEMBER 31, 2003


|                                                               |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |        |        |        |   |         |         |         |  
|-------------------------------------------------------------- | --------------------------------- | ------------------------------------ | ------- | -------- | ---------- | - | ------------- | ---------- | ----- | - | ------------- | ------ | ----- | ------------ | ------ | ------ | ------ | - | ------- | ------- | ------- | -
|                                                               |                                   |                                      |         | Combined |            |   | Combined Non- |            |       |   |               |       
|                                                               |                                   | Parent                               |         |          | Guarantors |   |               | Guarantors |       |   | Eliminations* |        |       | Consolidated |       
|                                                               |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |       
|                                                               |                                   | (Amounts in thousands)               |        
|REVENUES:                                                      |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |        |        |        |   |         |        
|                                                               | Cash advance                      |                                      | $       | 181,982  |            |   | $             |           |       |   | $             | 4,565  |       |              | $      |       |        |   | $       | 186,547 |        
|                                                               | ATM                               |                                      |         | 132,341  |            |   |               |           |       |   |               |       |       |              |        |       |        |   |         | 132,341 |        
|                                                               | Check services                    |                                      |         | 26,326   |            |   |               |           |       |   |               |       |       |              |        |       |        |   |         | 26,326  |        
|                                                               | Central Credit and other revenues |                                      |         | 5,016    |            |   |               | 9,965      |       |   |               | 23     |       |              |        | (4,504 | )      |   |         | 10,500  |        
|                                                               |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |       
|                                                               |                                   | Total revenues                       |         |          | 345,665    |   |               |            | 9,965 |   |               |        | 4,588 |              |        |        | (4,504 | ) |         |         | 355,714 |  
|COSTS OF REVENUES                                              |                                   |                                      | 229,022 |          |            |   | 304           |            |       |   | 3,137         |        |       |              |       |        |        |   | 232,463 |        
|                                                               |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |       
|GROSS PROFIT                                                   |                                   |                                      | 116,643 |          |            |   | 9,661         |            |       |   | 1,451         |        |       |              | (4,504 | )      |        |   | 123,251 |        
|                                                               | Operating expenses                |                                      |         | (39,211  | )          |   |               | (4,787     | )     |   |               | (1,432 | )     |              |        |       |        |   |         | (45,430 | )      
|                                                               | Amortization                      |                                      |         | (6,173   | )          |   |               | (335       | )     |   |               |       |       |              |        |       |        |   |         | (6,508  | )      
|                                                               | Depreciation                      |                                      |         | (7,524   | )          |   |               | (29        | )     |   |               |       |       |              |        |       |        |   |         | (7,553  | )      
|                                                               |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |       
|OPERATING INCOME                                               |                                   |                                      | 63,735  |          |            |   | 4,510         |            |       |   | 19            |        |       |              | (4,504 | )      |        |   | 63,760  |        
|                                                               |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |       
|INTEREST INCOME (EXPENSE), NET                                 |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |        |        |        |   |         |        
|                                                               | Interest income                   |                                      |         | 1,017    |            |   |               |           |       |   |               | 295    |       |              |        |       |        |   |         | 1,312   |        
|                                                               | Interest expense                  |                                      |         | (6,762   | )          |   |               |           |       |   |               |       |       |              |        |       |        |   |         | (6,762  | )      
|                                                               |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |       
|                                                               |                                   | Total interest income (expense), net |         |          | (5,745     | ) |               |            |      |   |               |        | 295   |              |        |        |       |   |         |         | (5,450  | )
|                                                               |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |       
|INCOME BEFORE INCOME TAX PROVISION AND MINORITY OWNERSHIP LOSS |                                   |                                      | 57,990  |          |            |   | 4,510         |            |       |   | 314           |        |       |              | (4,504 | )      |        |   | 58,310  |        
|INCOME TAX PROVISION                                           |                                   |                                      |        |          |            |   |              |            |       |   | (321          | )      |       |              |       |        |        |   | (321    | )      
|                                                               |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |       
|INCOME BEFORE MINORITY OWNERSHIP LOSS                          |                                   |                                      | 57,990  |          |            |   | 4,510         |            |       |   | (7            | )      |       |              | (4,504 | )      |        |   | 57,989  |        
|MINORITY OWNERSHIP LOSS                                        |                                   |                                      | 400     |          |            |   |              |            |       |   |              |        |       |              |       |        |        |   | 400     |        
|                                                               |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |       
|NET INCOME                                                     |                                   | $                                    | 58,390  |          |            | $ | 4,510         |            |       | $ | (7            | )      |       | $            | (4,504 | )      |        | $ | 58,389  |        
|                                                               |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |       






|  |                                                                  
|- | -----------------------------------------------------------------
|* | Eliminations include earnings on subsidiaries and management fees

74



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##### Table of Contents



GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C. AND SUBSIDIARIES)


CONDENSED CONSOLIDATING SCHEDULE  STATEMENT OF
INCOME INFORMATION


YEAR ENDED DECEMBER 31, 2002


|                                                                          |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |     |     |     |   |         |         |         |  
|------------------------------------------------------------------------- | --------------------------------- | ------------------------------------ | ------- | -------- | ---------- | - | ------------- | ---------- | ----- | - | ------------- | ------ | ----- | ------------ | --- | --- | --- | - | ------- | ------- | ------- | -
|                                                                          |                                   |                                      |         | Combined |            |   | Combined Non- |            |       |   |               |       
|                                                                          |                                   | Parent                               |         |          | Guarantors |   |               | Guarantors |       |   | Eliminations* |        |       | Consolidated |    
|                                                                          |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |    
|                                                                          |                                   | (Amounts in thousands)               |        
|REVENUES:                                                                 |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |     |     |     |   |         |        
|                                                                          | Cash advance                      |                                      | $       | 176,599  |            |   | $             |           |       |   | $             | 6,155  |       |              | $   |    |     |   | $       | 182,754 |        
|                                                                          | ATM                               |                                      |         | 119,424  |            |   |               |           |       |   |               |       |       |              |     |    |     |   |         | 119,424 |        
|                                                                          | Check services                    |                                      |         | 29,412   |            |   |               |           |       |   |               |       |       |              |     |    |     |   |         | 29,412  |        
|                                                                          | Central Credit and other revenues |                                      |         | 88       |            |   |               | 9,519      |       |   |               |       |       |              |     | 696 |     |   |         | 10,303  |        
|                                                                          |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |    
|                                                                          |                                   | Total revenues                       |         |          | 325,523    |   |               |            | 9,519 |   |               |        | 6,155 |              |     |     | 696 |   |         |         | 341,893 |  
|COST OF REVENUES                                                          |                                   |                                      | 212,348 |          |            |   | 330           |            |       |   | 3,980         |        |       |              |    |     |     |   | 216,658 |        
|                                                                          |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |    
|GROSS PROFIT                                                              |                                   |                                      | 113,175 |          |            |   | 9,189         |            |       |   | 2,175         |        |       |              | 696 |     |     |   | 125,235 |        
|                                                                          | Operating expenses                |                                      |         | (47,529  | )          |   |               | (6,462     | )     |   |               | (3,658 | )     |              |     |    |     |   |         | (57,649 | )      
|                                                                          | Amortization                      |                                      |         | (6,177   | )          |   |               | (335       | )     |   |               |       |       |              |     |    |     |   |         | (6,512  | )      
|                                                                          | Depreciation                      |                                      |         | (5,020   | )          |   |               | (288       | )     |   |               |       |       |              |     |    |     |   |         | (5,308  | )      
|                                                                          |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |    
|OPERATING INCOME (LOSS)                                                   |                                   |                                      | 54,449  |          |            |   | 2,104         |            |       |   | (1,483        | )      |       |              | 696 |     |     |   | 55,766  |        
|                                                                          |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |    
|INTEREST INCOME (EXPENSE), NET                                            |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |     |     |     |   |         |        
|                                                                          | Interest income                   |                                      |         | 1,149    |            |   |               |           |       |   |               | 134    |       |              |     |    |     |   |         | 1,283   |        
|                                                                          | Interest expense                  |                                      |         | (6,216   | )          |   |               |           |       |   |               |       |       |              |     |    |     |   |         | (6,216  | )      
|                                                                          |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |    
|                                                                          |                                   | Total interest income (expense), net |         |          | (5,067     | ) |               |            |      |   |               |        | 134   |              |     |     |    |   |         |         | (4,933  | )
|                                                                          |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |    
|INCOME (LOSS) BEFORE INCOME TAX PROVISION AND MINORITY
    OWNERSHIP LOSS |                                   |                                      | 49,382  |          |            |   | 2,104         |            |       |   | (1,349        | )      |       |              | 696 |     |     |   | 50,833  |        
|INCOME TAX PROVISION                                                      |                                   |                                      |        |          |            |   |              |            |       |   | (1,451        | )      |       |              |    |     |     |   | (1,451  | )      
|                                                                          |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |    
|INCOME (LOSS) BEFORE MINORITY OWNERSHIP LOSS                              |                                   |                                      | 49,382  |          |            |   | 2,104         |            |       |   | (2,800        | )      |       |              | 696 |     |     |   | 49,382  |        
|MINORITY OWNERSHIP LOSS                                                   |                                   |                                      | 1,040   |          |            |   |              |            |       |   |              |        |       |              |    |     |     |   | 1,040   |        
|                                                                          |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |    
|NET INCOME (LOSS)                                                         |                                   | $                                    | 50,422  |          |            | $ | 2,104         |            |       | $ | (2,800        | )      |       | $            | 696 |     |     | $ | 50,422  |        
|                                                                          |                                   |                                      |         |          |            |   |               |            |       |   |               |        |       |              |    






|  |                                                                  
|- | -----------------------------------------------------------------
|* | Eliminations include earnings on subsidiaries and management fees

75



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##### Table of Contents



GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C. AND SUBSIDIARIES)


CONDENSED CONSOLIDATING SCHEDULE  STATEMENT OF
CASH FLOWS


YEAR ENDED DECEMBER 31, 2004


|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |      |              |        |        |       |      |        |          |          |        |         |  
|---------------------------------------------------------------- | -------------------------------------------------------------------------------------------------- | -------------------------------------------- | ------------------------ | --------------------------------------------------- | ---------- | ------ | ------------- | ---------- | --- | ------ | ------------- | ------ | ---- | ------------ | ------ | ------ | ----- | ---- | ------ | -------- | -------- | ------ | ------- | -
|                                                                 |                                                                                                    |                                              |                          | Combined                                            |            |        | Combined Non- |            |     |        |               |       
|                                                                 |                                                                                                    | Parent                                       |                          |                                                     | Guarantors |        |               | Guarantors |     |        | Eliminations* |        |      | Consolidated |       
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |      |              |       
|                                                                 |                                                                                                    | (Amounts in thousands)                       |                         
|CASH FLOWS FROM OPERATING ACTIVITIES:                            |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |      |              |        |        |       |      |        |         
|                                                                 | Net income (loss)                                                                                  |                                              | $                        | 254,555                                             |            |        | $             | 6,230      |     |        | $             | (953   | )    |              | $      | (5,277 | )     |      | $      | 254,555  |         
|                                                                 | Adjustments to reconcile net income (loss) to cash provided by
    (used in) operating activities: |                                              |                          |                                                     |            |        |               |            |     |        |               |        |      |              |        |        |       |      |        |          |         
|                                                                 |                                                                                                    | Amortization of financing costs              |                          |                                                     | 1,618      |        |               |            |    |        |               |        |     |              |        |        |      |      |        |          | 1,618    |       
|                                                                 |                                                                                                    | Amortization of intangibles                  |                          |                                                     | 5,337      |        |               |            | 335 |        |               |        |     |              |        |        |      |      |        |          | 5,672    |       
|                                                                 |                                                                                                    | Depreciation                                 |                          |                                                     | 7,855      |        |               |            | 21  |        |               |        |     |              |        |        |      |      |        |          | 7,876    |       
|                                                                 |                                                                                                    | Equity income                                |                          |                                                     | (5,277     | )      |               |            |    |        |               |        |     |              |        |        | 5,277 |      |        |          |         |       
|                                                                 |                                                                                                    | Loss on sale or disposal of assets           |                          |                                                     | 179        |        |               |            |    |        |               |        |     |              |        |        |      |      |        |          | 179      |       
|                                                                 |                                                                                                    | Deferred income taxes                        |                          |                                                     | (214,121   | )      |               |            |    |        |               |        | (544 | )            |        |        |      |      |        |          | (214,665 | )     
|                                                                 |                                                                                                    | Minority ownership loss                      |                          |                                                     | (213       | )      |               |            |    |        |               |        |     |              |        |        |      |      |        |          | (213     | )     
|                                                                 |                                                                                                    | Changes in operating assets and liabilities: |                          |                                                     |            |        |               |            |     |        |               |        |      |              |        |        |       |      |        |          |          |       
|                                                                 |                                                                                                    |                                              | Settlement receivables   |                                                     |            | (9,683 | )             |            |     |       |               |        |      | (132         | )      |        |       |     |        |          |          | (9,815 | )      
|                                                                 |                                                                                                    |                                              | Receivables, other       |                                                     |            | 7,959  |               |            |     | (6,123 | )             |        |      | (2,337       | )      |        |       | (158 | )      |          |          | (659   | )      
|                                                                 |                                                                                                    |                                              | Prepaid and other assets |                                                     |            | (464   | )             |            |     |       |               |        |      | (11          | )      |        |       |     |        |          |          | (475   | )      
|                                                                 |                                                                                                    |                                              | Settlement liabilities   |                                                     |            | 18,699 |               |            |     |       |               |        |      | 296          |        |        |       |     |        |          |          | 18,995 |        
|                                                                 |                                                                                                    |                                              | Accounts payable         |                                                     |            | 1,887  |               |            |     | 4      |               |        |      | 142          |        |        |       | 555  |        |          |          | 2,588  |        
|                                                                 |                                                                                                    |                                              | Accrued expenses         |                                                     |            | 8,571  |               |            |     |       |               |        |      | 985          |        |        |       |     |        |          |          | 9,556  |        
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |      |              |       
|                                                                 |                                                                                                    |                                              |                          | Net cash provided by (used in) operating activities |            |        | 76,902        |            |     |        | 467           |        |      |              | (2,554 | )      |       |      | 397    |          |          |        | 75,212  |  
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |      |              |       
|CASH FLOWS FROM INVESTING ACTIVITIES:                            |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |      |              |        |        |       |      |        |         
|                                                                 | Purchase of property, equipment and leasehold improvements                                         |                                              |                          | (3,261                                              | )          |        |               |           |     |        |               |       |      |              |        |       |       |      |        | (3,261   | )       
|                                                                 | Purchase of other intangibles                                                                      |                                              |                          | (1,600                                              | )          |        |               |           |     |        |               |       |      |              |        |       |       |      |        | (1,600   | )       
|                                                                 | Investment in subsidiaries                                                                         |                                              |                          | (750                                                | )          |        |               |           |     |        |               |       |      |              |        | 750    |       |      |        |         |         
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |      |              |       
|                                                                 |                                                                                                    |                                              |                          | Net cash (used in) provided by investing activities |            |        | (5,611        | )          |     |        |              |        |      |              |       |        |       |      | 750    |          |          |        | (4,861  | )
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |      |              |       
|CASH FLOWS FROM FINANCING ACTIVITIES:                            |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |      |              |        |        |       |      |        |         
|                                                                 | Borrowings under credit facility                                                                   |                                              |                          | 484,087                                             |            |        |               |           |     |        |               |       |      |              |        |       |       |      |        | 484,087  |         
|                                                                 | Repayments under credit facility                                                                   |                                              |                          | (16,750                                             | )          |        |               |           |     |        |               |       |      |              |        |       |       |      |        | (16,750  | )       
|                                                                 | Debt issuance costs                                                                                |                                              |                          | (3,000                                              | )          |        |               |           |     |        |               |       |      |              |        |       |       |      |        | (3,000   | )       
|                                                                 | Minority capital contributions                                                                     |                                              |                          | 300                                                 |            |        |               |           |     |        |               |       |      |              |        |       |       |      |        | 300      |         
|                                                                 | Capital investments in subsidiaries                                                                |                                              |                          |                                                    |            |        |               |           |     |        |               | 750    |      |              |        | (750   | )     |      |        |         |         
|                                                                 | Redemption of membership interests and distributions to partners                                   |                                              |                          | (505,157                                            | )          |        |               |           |     |        |               | (4,130 | )    |              |        |       |       |      |        | (509,287 | )       
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |      |              |       
|                                                                 |                                                                                                    |                                              |                          | Net cash used in financing activities               |            |        | (40,520       | )          |     |        |              |        |      |              | (3,380 | )      |       |      | (750   | )        |          |        | (44,650 | )
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |      |              |       
|NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |                                                                                                    | $                                            | (399                     | )                                                   |            | $      |              |            |     | $      | 549           |        |      | $            | (397   | )      |       | $    | (247   | )       
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |      |              |       
|NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS             |                                                                                                    |                                              | 30,372                   |                                                     |            |        | 467           |            |     |        | (5,385        | )      |      |              |       |        |       |      | 25,454 |         
|CASH AND CASH EQUIVALENTS                                       |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |      |              |        |        |       |      |        |         
|                                                                 | Beginning of period                                                                                |                                              |                          | 14,665                                              |            |        |               | 195        |     |        |               | 8,563  |      |              |        |       |       |      |        | 23,423   |         
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |      |              |       
|CASH AND CASH EQUIVALENTS                                       |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |      |              |        |        |       |      |        |         
|                                                                 | End of period                                                                                      |                                              | $                        | 45,037                                              |            |        | $             | 662        |     |        | $             | 3,178  |      |              | $      |       |       |      | $      | 48,877   |         
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |      |              |       






|  |                                                                  
|- | -----------------------------------------------------------------
|* | Eliminations include intercompany investments and management fees

76



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##### Table of Contents



GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C. AND SUBSIDIARIES)


CONDENSED CONSOLIDATING SCHEDULE  STATEMENT OF
CASH FLOWS


YEAR ENDED DECEMBER 31, 2003


|                                                                 |                                                                                                    |                                              |                          |                                                     |            |         |               |            |     |        |               |       |     |              |        |        |       |        |         |         |       |         |         |  
|---------------------------------------------------------------- | -------------------------------------------------------------------------------------------------- | -------------------------------------------- | ------------------------ | --------------------------------------------------- | ---------- | ------- | ------------- | ---------- | --- | ------ | ------------- | ----- | --- | ------------ | ------ | ------ | ----- | ------ | ------- | ------- | ----- | ------- | ------- | -
|                                                                 |                                                                                                    |                                              |                          | Combined                                            |            |         | Combined Non- |            |     |        |               |      
|                                                                 |                                                                                                    | Parent                                       |                          |                                                     | Guarantors |         |               | Guarantors |     |        | Eliminations* |       |     | Consolidated |       
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |         |               |            |     |        |               |       |     |              |       
|                                                                 |                                                                                                    | (Amounts in thousands)                       |                         
|CASH FLOWS FROM OPERATING ACTIVITIES:                            |                                                                                                    |                                              |                          |                                                     |            |         |               |            |     |        |               |       |     |              |        |        |       |        |         |        
|                                                                 | Net income (loss)                                                                                  |                                              | $                        | 58,391                                              |            |         | $             | 4,509      |     |        | $             |       | (7) |              | $      | (4,504 | )     |        | $       | 58,389  |      
|                                                                 | Adjustments to reconcile net income (loss) to cash provided by
    (used in) operating activities: |                                              |                          |                                                     |            |         |               |            |     |        |               |       |     |              |        |        |       |        |         |         |      
|                                                                 |                                                                                                    | Amortization of intangibles                  |                          |                                                     | 6,173      |         |               |            | 335 |        |               |       |    |              |        |        |      |        |         |         | 6,508 |        
|                                                                 |                                                                                                    | Depreciation                                 |                          |                                                     | 7,524      |         |               |            | 29  |        |               |       |    |              |        |        |      |        |         |         | 7,553 |        
|                                                                 |                                                                                                    | Loss on sale or disposal of assets           |                          |                                                     | 458        |         |               |            |    |        |               |       |    |              |        |        |      |        |         |         | 458   |        
|                                                                 |                                                                                                    | Equity income (loss)                         |                          |                                                     | (4,504     | )       |               |            |    |        |               |       |    |              |        |        | 4,504 |        |         |         |      |        
|                                                                 |                                                                                                    | Minority ownership loss                      |                          |                                                     | (400       | )       |               |            |    |        |               |       |    |              |        |        |      |        |         |         | (400  | )      
|                                                                 |                                                                                                    | Changes in operating assets and liabilities: |                          |                                                     |            |         |               |            |     |        |               |       |     |              |        |        |       |        |         |         |       |        
|                                                                 |                                                                                                    |                                              | Settlement receivables   |                                                     |            | 674     |               |            |     |       |               |       |     | 121          |        |        |       |       |         |         |       | 795     |        
|                                                                 |                                                                                                    |                                              | Receivables, other       |                                                     |            | 7,416   |               |            |     | (4,596 | )             |       |     | (2,895       | )      |        |       | (2,635 | )       |         |       | (2,710  | )      
|                                                                 |                                                                                                    |                                              | Prepaid and other assets |                                                     |            | 44      |               |            |     |       |               |       |     |             |        |        |       |       |         |         |       | 44      |        
|                                                                 |                                                                                                    |                                              | Settlement liabilities   |                                                     |            | (34,219 | )             |            |     |       |               |       |     | (70          | )      |        |       |       |         |         |       | (34,289 | )      
|                                                                 |                                                                                                    |                                              | Accounts payable         |                                                     |            | 1,623   |               |            |     | (203   | )             |       |     | (389         | )      |        |       |       |         |         |       | 1,031   |        
|                                                                 |                                                                                                    |                                              | Accrued expenses         |                                                     |            | (3,974  | )             |            |     |       |               |       |     | (3,353       | )      |        |       | 3,419  |         |         |       | (3,908  | )      
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |         |               |            |     |        |               |       |     |              |       
|                                                                 |                                                                                                    |                                              |                          | Net cash provided by (used in) operating activities |            |         | 39,206        |            |     |        | 74            |       |     |              | (6,593 | )      |       |        | 784     |         |       |         | 33,471  |  
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |         |               |            |     |        |               |       |     |              |       
|CASH FLOWS FROM INVESTING ACTIVITIES:                            |                                                                                                    |                                              |                          |                                                     |            |         |               |            |     |        |               |       |     |              |        |        |       |        |         |        
|                                                                 | Purchase of property, equipment and leasehold improvements                                         |                                              |                          | (6,010                                              | )          |         |               |            | (2) |        |               |      |     |              |        |       |       |        |         | (6,012  | )    
|                                                                 | Purchase of other intangibles                                                                      |                                              |                          | (1,035                                              | )          |         |               |            |     |        |               |       |     |              |        |        |       |        |         | (1,035  | )    
|                                                                 | Investment in subsidiaries                                                                         |                                              |                          | (1,000                                              | )          |         |               |           |     |        |               |      |     |              |        | 1,000  |       |        |         |        |      
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |         |               |            |     |        |               |       |     |              |       
|                                                                 |                                                                                                    |                                              |                          | Net cash (used in) provided by investing activities |            |         | (8,045        | )          |     |        |               | (2)   |     |              |       |        |       |        | 1,000   |         |       |         | (7,047  | )
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |         |               |            |     |        |               |       |     |              |       
|CASH FLOWS FROM FINANCING ACTIVITIES:                            |                                                                                                    |                                              |                          |                                                     |            |         |               |            |     |        |               |       |     |              |        |        |       |        |         |        
|                                                                 | Minority capital contributions                                                                     |                                              |                          | 400                                                 |            |         |               |           |     |        |               |      |     |              |        |       |       |        |         | 400     |      
|                                                                 | Capital contributions                                                                              |                                              |                          |                                                    |            |         |               |           |     |        |               | 1,000 |     |              |        | (1,000 | )     |        |         |        |      
|                                                                 | Distributions to partners                                                                          |                                              |                          | (63,467                                             | )          |         |               |           |     |        |               |      |     |              |        |       |       |        |         | (63,467 | )    
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |         |               |            |     |        |               |       |     |              |       
|                                                                 |                                                                                                    |                                              |                          | Net cash (used in) provided by financing activities |            |         | (63,067       | )          |     |        |              |       |     |              | 1,000  |        |       |        | (1,000  | )       |       |         | (63,067 | )
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |         |               |            |     |        |               |       |     |              |       
|NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |                                                                                                    |                                              | 1,206                    |                                                     |            |         |              |            |     |        | 2,060         |       |     |              | (784   | )      |       |        | 2,482   |        
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |         |               |            |     |        |               |       |     |              |       
|NET DECREASE IN CASH AND CASH EQUIVALENTS                        |                                                                                                    |                                              | (30,700                  | )                                                   |            |         | 72            |            |     |        | (3,533        | )     |     |              |       |        |       |        | (34,161 | )      
|CASH AND CASH EQUIVALENTS  Beginning of period                  |                                                                                                    |                                              | 45,365                   |                                                     |            |         | 123           |            |     |        | 12,096        |       |     |              |       |        |       |        | 57,584  |        
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |         |               |            |     |        |               |       |     |              |       
|CASH AND CASH EQUIVALENTS  End of period                        |                                                                                                    | $                                            | 14,665                   |                                                     |            | $       | 195           |            |     | $      | 8,563         |       |     | $            |       |        |       | $      | 23,423  |        
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |         |               |            |     |        |               |       |     |              |       






|  |                                                                  
|- | -----------------------------------------------------------------
|* | Eliminations include intercompany investments and management fees

77



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##### Table of Contents



GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


(FORMERLY GLOBAL CASH ACCESS, L.L.C. AND SUBSIDIARIES)


CONDENSED CONSOLIDATING SCHEDULE  STATEMENT OF
CASH FLOWS


YEAR ENDED DECEMBER 31, 2002


|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |   |              |        |        |      |        |        |         |        |        |         |  
|---------------------------------------------------------------- | -------------------------------------------------------------------------------------------------- | -------------------------------------------- | ------------------------ | --------------------------------------------------- | ---------- | ------ | ------------- | ---------- | --- | ------ | ------------- | ------ | - | ------------ | ------ | ------ | ---- | ------ | ------ | ------- | ------ | ------ | ------- | -
|                                                                 |                                                                                                    |                                              |                          | Combined                                            |            |        | Combined Non- |            |     |        |               |       
|                                                                 |                                                                                                    | Parent                                       |                          |                                                     | Guarantors |        |               | Guarantors |     |        | Eliminations* |        |   | Consolidated |       
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |   |              |       
|                                                                 |                                                                                                    | (Amounts in thousands)                       |                         
|CASH FLOWS FROM OPERATING ACTIVITIES:                            |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |   |              |        |        |      |        |        |        
|                                                                 | Net income (loss)                                                                                  |                                              | $                        | 50,422                                              |            |        | $             | 2,104      |     |        | $             | (2,800 | ) |              | $      | 696    |      |        | $      | 50,422  |       
|                                                                 | Adjustments to reconcile net income (loss) to cash provided by
    (used in) operating activities: |                                              |                          |                                                     |            |        |               |            |     |        |               |        |   |              |        |        |      |        |        |         |       
|                                                                 |                                                                                                    | Amortization of intangibles                  |                          |                                                     | 6,177      |        |               |            | 335 |        |               |        |  |              |        |        |     |        |        |         | 6,512  |       
|                                                                 |                                                                                                    | Depreciation                                 |                          |                                                     | 5,020      |        |               |            | 288 |        |               |        |  |              |        |        |     |        |        |         | 5,308  |       
|                                                                 |                                                                                                    | Loss on sale or disposal of assets           |                          |                                                     | (151       | )      |               |            |    |        |               |        |  |              |        |        |     |        |        |         | (151   | )     
|                                                                 |                                                                                                    | Equity income (loss)                         |                          |                                                     | 696        |        |               |            |    |        |               |        |  |              |        |        | (696 | )      |        |         |       |       
|                                                                 |                                                                                                    | Minority ownership loss                      |                          |                                                     | (1,040     | )      |               |            |    |        |               |        |  |              |        |        |     |        |        |         | (1,040 | )     
|                                                                 |                                                                                                    | Changes in operating assets and liabilities: |                          |                                                     |            |        |               |            |     |        |               |        |   |              |        |        |      |        |        |         |        |       
|                                                                 |                                                                                                    |                                              | Settlement receivables   |                                                     |            | 12,549 |               |            |     |       |               |        |   | 94           |        |        |      |       |        |         |        | 12,643 |        
|                                                                 |                                                                                                    |                                              | Receivables, other       |                                                     |            | (2,902 | )             |            |     | (2,936 | )             |        |   | (8,149       | )      |        |      | 8,294  |        |         |        | (5,693 | )      
|                                                                 |                                                                                                    |                                              | Prepaid and other assets |                                                     |            | 360    |               |            |     |       |               |        |   |             |        |        |      |       |        |         |        | 360    |        
|                                                                 |                                                                                                    |                                              | Settlement liabilities   |                                                     |            | 13,825 |               |            |     |       |               |        |   | (180         | )      |        |      |       |        |         |        | 13,645 |        
|                                                                 |                                                                                                    |                                              | Accounts payable         |                                                     |            | 431    |               |            |     | 12     |               |        |   | 95           |        |        |      |       |        |         |        | 538    |        
|                                                                 |                                                                                                    |                                              | Accrued expenses         |                                                     |            | 426    |               |            |     | (186   | )             |        |   | 7,464        |        |        |      | (8,284 | )      |         |        | (580   | )      
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |   |              |       
|                                                                 |                                                                                                    |                                              |                          | Net cash provided by (used in) operating activities |            |        | 85,813        |            |     |        | (383          | )      |   |              | (3,476 | )      |      |        | 10     |         |        |        | 81,964  |  
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |   |              |       
|CASH FLOWS FROM INVESTING ACTIVITIES:                            |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |   |              |        |        |      |        |        |        
|                                                                 | Purchase of property, equipment and leasehold improvements                                         |                                              |                          | (7,785                                              | )          |        |               |           |     |        |               |       |   |              |        |       |      |        |        | (7,785  | )     
|                                                                 | Purchase of other intangibles                                                                      |                                              |                          | (1,965                                              | )          |        |               |           |     |        |               |       |   |              |        |        |      |        |        | (1,965  | )     
|                                                                 | Investment in subsidiaries                                                                         |                                              |                          | (2,600                                              | )          |        |               |           |     |        |               |       |   |              |        | 2,600  |      |        |        |        |       
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |   |              |       
|                                                                 |                                                                                                    |                                              |                          | Net cash (used in) provided by investing activities |            |        | (12,350       | )          |     |        |              |        |   |              |       |        |      |        | 2,600  |         |        |        | (9,750  | )
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |   |              |       
|CASH FLOWS FROM FINANCING ACTIVITIES:                            |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |   |              |        |        |      |        |        |        
|                                                                 | Minority capital contributions                                                                     |                                              |                          | 1,040                                               |            |        |               |           |     |        |               |       |   |              |        |       |      |        |        | 1,040   |       
|                                                                 | Capital contributions                                                                              |                                              |                          |                                                    |            |        |               |           |     |        |               | 2,600  |   |              |        | (2,600 | )    |        |        |        |       
|                                                                 | Distributions to partners                                                                          |                                              |                          | (53,373                                             | )          |        |               |           |     |        |               |       |   |              |        |       |      |        |        | (53,373 | )     
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |   |              |       
|                                                                 |                                                                                                    |                                              |                          | Net cash (used in) provided by financing activities |            |        | (52,333       | )          |     |        |              |        |   |              | 2,600  |        |      |        | (2,600 | )       |        |        | (52,333 | )
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |   |              |       
|NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |                                                                                                    |                                              | 145                      |                                                     |            |        |              |            |     |        | 68            |        |   |              | (10    | )      |      |        | 203    |        
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |   |              |       
|NET DECREASE IN CASH AND CASH EQUIVALENTS                        |                                                                                                    |                                              | 21,275                   |                                                     |            |        | (383          | )          |     |        | (808          | )      |   |              |       |        |      |        | 20,084 |        
|CASH AND CASH EQUIVALENTS  Beginning of period                  |                                                                                                    |                                              | 24,090                   |                                                     |            |        | 506           |            |     |        | 12,904        |        |   |              |       |        |      |        | 37,500 |        
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |   |              |       
|CASH AND CASH EQUIVALENTS  End of period                        |                                                                                                    | $                                            | 45,365                   |                                                     |            | $      | 123           |            |     | $      | 12,096        |        |   | $            |       |        |      | $      | 57,584 |        
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |        |               |            |     |        |               |        |   |              |       






|  |                                                                  
|- | -----------------------------------------------------------------
|* | Eliminations include intercompany investments and management fees

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|        |                                                                                         
|------- | ----------------------------------------------------------------------------------------
|ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
    AND FINANCIAL DISCLOSURE








|         |                        
|-------- | -----------------------
|ITEM 9A. | CONTROLS AND PROCEDURES










|         |                  
|-------- | -----------------
|ITEM 9B. | OTHER INFORMATION






PART III







|         |                                                   
|-------- | --------------------------------------------------
|ITEM 10. | DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT



|                      |  |     |    |  |          |                                                                       
|--------------------- |  | --- | -- |  | -------- | ----------------------------------------------------------------------
|Name                  |  | Age |    |  | Position
|                      |  |     |    |  |         
|Karim Maskatiya       |  |     | 52 |  |          | Co-Founder, Co-Chairman and Director                                  
|Robert Cucinotta      |  |     | 44 |  |          | Co-Founder and Director                                               
|Kirk Sanford          |  |     | 38 |  |          | President, Chief Executive Officer and Director                       
|Harry C. Hagerty      |  |     | 44 |  |          | Executive Vice President and Chief Financial Officer                  
|Diran Kludjian        |  |     | 48 |  |          | Executive Vice President of North American and International
    Sales
|Kurt Sullivan         |  |     | 53 |  |          | Executive Vice President                                              
|Tom Sears             |  |     | 45 |  |          | Executive Vice President of Business Development                      
|Walter G. Kortschak   |  |     | 45 |  |          | Co-Chairman and Director                                              
|Charles J. Fitzgerald |  |     | 37 |  |          | Director                                                              
|E. Miles Kilburn      |  |     | 42 |  |          | Director                                                              



Karim Maskatiya


79



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Robert Cucinotta


Kirk Sanford


Harry C. Hagerty


Diran Kludjian


Kurt Sullivan


Tom Sears


80



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Walter G. Kortschak


Charles J. Fitzgerald


E. Miles Kilburn






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www.globalcashaccess.com.







|         |                       
|-------- | ----------------------
|ITEM 11. | EXECUTIVE COMPENSATION



Summary Compensation Table


|                   |                             |      |      |                     |            |                  |              |           |            |   |         |           |  |             |   |        |                  |  |         |   |  |   |         |           |    
|------------------ | --------------------------- | ---- | ---- | ------------------- | ---------- | ---------------- | ------------ | --------- | ---------- | - | ------- | --------- |  | ----------- | - | ------ | ---------------- |  | ------- | - |  | - | ------- | --------- | ---
|                   |                             |      |      |                     |            | Long-Term        |              |           |           
|                   |                             |      |      | Annual Compensation |            |                  | Compensation |           |            |  
|                   |                             |      |      |                     |            |                  |              |           |            |  
|                   |                             |      |      |                     |            | Other Annual     |              |           | Securities |   |         |          
|                   |                             |      |      |                     |            | Compensation ($) |              |           | Underlying |   |         | All Other | 
|Name and Position  |                             | Year |      |                     | Salary ($) |                  |              | Bonus ($) |            |   | (2)     |           |  | Options (#) |   |        | Compensation ($) | 
|                   |                             |      |      |                     |            |                  |              |           |            |   |         |           |  |             |   |        |                  | 
|Kirk Sanford,      |                             |      | 2004 |                     |            | $                | 286,532      |           |            | $ | 150,000 |           |  | $           |  |        |                  |  |        |   |  | $ | 9,662   | (3)(4)   
|                   | Chief Executive Officer(1)  |      |      | 2003                |            |                  |              | 297,500   |            |   |         | 150,000   |  |             |   |       |                  |  |         |  |  |   |         | 6,077     | (3)
|                   |                             |      |      | 2002                |            |                  |              | 350,000   |            |   |         | 350,000   |  |             |   |       |                  |  |         |  |  |   |         | 6,154     | (3)
|Harry Hagerty,     |                             |      | 2004 |                     |            |                  | 126,923      |           |            |   | 94,247  |           |  |             |  |        |                  |  | 722,215 |   |  |   | 234     | (4)      
|                   | Chief Financial Officer(5)  |      |      | 2003                |            |                  |              |          |            |   |         |          |  |             |   |       |                  |  |         |  |  |   |         |          |    
|                   |                             |      |      | 2002                |            |                  |              |          |            |   |         |          |  |             |   |       |                  |  |         |  |  |   |         |          |    
|Diran Kludjian,    |                             |      | 2004 |                     |            |                  | 230,058      |           |            |   | 186,227 |           |  |             |  |        |                  |  |        |   |  |   | 39,968  | (3)(4)(7)
|                   | Executive Vice President of |      |      | 2003                |            |                  |              | 200,000   |            |   |         | 123,100   |  |             |   |       |                  |  |         |  |  |   |         | 6,970     | (3)
|                   | North American              |      |      | 2002                |            |                  |              | 150,000   |            |   |         | 190,781   |  |             |   |       |                  |  |         |  |  |   |         | 6,277     | (3)
|                   | and International Sales(6)  |      |      |                     |            |                  |              |           |            |   |         |           |  |             |   |        |                  |  |         |   |  |   |         |           |    
|Tom Sears,         |                             |      | 2004 |                     |            |                  | 171,538      |           |            |   | 78,000  |           |  |             |  |        |                  |  |        |   |  |   | 13,178  | (3)(4)   
|                   | Executive Vice President of |      |      | 2003                |            |                  |              | 199,750   |            |   |         | 37,500    |  |             |   |       |                  |  |         |  |  |   |         | 8,000     | (3)
|                   | Business Development(6)     |      |      | 2002                |            |                  |              | 185,288   |            |   |         | 18,750    |  |             |   |       |                  |  |         |  |  |   |         | 7,371     | (3)
|Kurt Sullivan,     |                             |      | 2004 |                     |            |                  | 174,186      |           |            |   | 34,000  |           |  |             |  |        |                  |  |        |   |  |   | 10,934  | (3)(4)   
|                   | Executive Vice President    |      |      | 2003                |            |                  |              | 215,954   |            |   |         | 12,500    |  |             |   |       |                  |  |         |  |  |   |         | 8,170     | (3)
|                   |                             |      |      | 2002                |            |                  |              | 240,000   |            |   |         | 12,500    |  |             |   |       |                  |  |         |  |  |   |         | 8,000     | (3)
|Robert C. Fry(8)   |                             |      | 2004 |                     |            |                  | 111,756      |           |            |   | 37,500  |           |  |             |  |        |                  |  |        |   |  |   | 515,328 | (3)(4)(9)
|                   |                             |      |      | 2003                |            |                  |              | 212,500   |            |   |         | 75,000    |  |             |   | 26,432 |                  |  |         |  |  |   |         | 6,057     | (3)
|                   |                             |      |      | 2002                |            |                  |              | 230,769   |            |   |         | 120,000   |  |             |   | 26,442 |                  |  |         |  |  |   |         | 5,615     | (3)
|Pamela Shinkle(10) |                             |      | 2004 |                     |            |                  | 100,002      |           |            |   | 37,500  |           |  |             |  |        |                  |  |        |   |  |   | 516,779 | (3)(4)(9)
|                   |                             |      |      | 2003                |            |                  |              | 168,846   |            |   |         | 37,500    |  |             |   | 55,703 |                  |  |         |  |  |   |         | 6,127     | (3)
|                   |                             |      |      | 2002                |            |                  |              | 183,077   |            |   |         | 50,000    |  |             |   |       |                  |  |         |  |  |   |         | 5,508     | (3)






| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (1) | In 2004, our Chief Executive Officer received payments in the
    aggregate amount of approximately $17.3 million and
    $0.1 million from M&C International and USA Payments,
    respectively. In 2003 he received payments in aggregate amounts
    of $1.0 million and $0.1 million, respectively from
    these entities, and in 2002 he received payments in aggregate
    amounts of $0.6 million and $0.1 million,
    respectively, from these entities. A portion of these payments
    are attributable to Mr. Sanfords 1% ownership
    interest in M&C International. In addition,
    Messrs. Maskatiya and Cucinotta maintain an informal
    arrangement with Mr. Sanford to compensate him through
    payments from M&C International and USA Payments for
    advisory services that he performs for those entities. Under the
    terms of this informal arrangement, Mr. Sanford is paid an
    amount equal to approximately 4% of the distributions made by us
    to M&C International. The terms of this arrangement are
    solely economic, and do not provide Mr. Sanford with any
    voting rights or rights to participate in the management of
    either entity. The terms of this arrangement do not provide
    Mr. Sanford with any rights to proceeds upon the
    liquidation of M&C International or USA Payments, although
    Messrs. Maskatiya and Cucinotta

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| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     | directly or through M&C International, may make payments to
    Mr. Sanford in connection with such an event. This informal
    arrangement is terminable at any time at the will of
    Messrs. Maskatiya and Cucinotta or M&C International
    and USA Payments. Such payments may or may not continue in the
    future.                                                                                                                                                                                                                                                                                      
|
| | (2) | Represents payout of accrued, but unused vacation time.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|
| | (3) | Includes company-provided match payments under our 401(k) plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|
| | (4) | Includes reimbursement of out-of-pocket payments incurred by
    executives for health care.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|
| | (5) | Mr. Hagerty became our Chief Financial Officer in July 2004
    with a base annual salary of $300,000 per year and
    eligibility for a bonus of $200,000 per year.                                                                                                                                                                                                                                                                                                                                                                                                                                              
|
| | (6) | In 2004, Messrs. Kludjian and Sears received payments in
    the aggregate amount of $0.5 million and $0.1 million,
    respectively, from M&C International for advisory services
    that they performed for M&C International pursuant to
    informal arrangements with Messrs. Maskatiya and Cucinotta.
    Neither Mr. Kludjian nor Mr. Sears received any
    payments from M&C International in 2003 or 2002. These
    informal arrangements are terminable at any time at the will of
    Messrs. Maskatiya and Cucinotta or M&C International.
    Such payments may or may not continue in the future.
|
| | (7) | Includes reimbursement of relocation and moving costs incurred
    by Mr. Kludjian in connection with his relocation to the
    Las Vegas, Nevada metropolitan area.                                                                                                                                                                                                                                                                                                                                                                                                                                              
|
| | (8) | Mr. Fry is our former Chief Financial Officer, whose
    employment terminated on May 28, 2004.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|
| | (9) | Represents the payment of $500,000 upon the termination of
    employment of the named executive as partial consideration for a
    covenant not to compete with us.                                                                                                                                                                                                                                                                                                                                                                                                                                              



|     |                                                                                                    
|---- | ---------------------------------------------------------------------------------------------------
|(10) | Ms. Shinkle is our former chief operating officer, whose
    employment terminated on May 28, 2004.



Option Grants in Last Fiscal Year


|               |  |                  |         |  |                  |  |        |                |  |                            |                         |                             |                 |        |          |  |         |   |           |  |  |   |           | 
|-------------- |  | ---------------- | ------- |  | ---------------- |  | ------ | -------------- |  | -------------------------- | ----------------------- | --------------------------- | --------------- | ------ | -------- |  | ------- | - | --------- |  |  | - | --------- | 
|               |  |                  |         |  |                  |  |        |                |  | Potential Realizable Value |                        
|               |  | Number of Shares |         |  |                  |  |        |                |  |                            | At Assumed Annual Rates |                            
|               |  | of Common Stock  |         |  | Percent of Total |  |        |                |  |                            |                         | of Stock Price Appreciation |                
|               |  | Underlying       |         |  | Options Granted  |  |        | Exercise or    |  |                            |                         |                             | for Option Term |       
|               |  | Options Granted  |         |  | to Employees in  |  |        | Base Price per |  |                            |                         |                             |                 |       
|Name           |  | (#)              |         |  | Fiscal Year 2004 |  |        | Share ($/Sh)   |  |                            | Expiration Date         |                             |                 | 5% ($) |          |  | 10% ($) |  
|               |  |                  |         |  |                  |  |        |                |  |                            |                         |                             |                 |        |          |  |         |  
|Kirk Sanford   |  |                  |        |  |                  |  |       |                |  |                            |                        |                             |                 |        |         |  |         |   |          |  |  |   |          | 
|Harry Hagerty  |  |                  | 722,215 |  |                  |  | 100.00 | %              |  | $                          | 8.05                    |                             |                 |        | 9/1/2014 |  |         | $ | 3,656,287 |  |  | $ | 9,265,748 | 
|Diran Kludjian |  |                  |        |  |                  |  |       |                |  |                            |                        |                             |                 |        |         |  |         |   |          |  |  |   |          | 
|Tom Sears      |  |                  |        |  |                  |  |       |                |  |                            |                        |                             |                 |        |         |  |         |   |          |  |  |   |          | 
|Kurt Sullivan  |  |                  |        |  |                  |  |       |                |  |                            |                        |                             |                 |        |         |  |         |   |          |  |  |   |          | 
|Robert C. Fry  |  |                  |        |  |                  |  |       |                |  |                            |                        |                             |                 |        |         |  |         |   |          |  |  |   |          | 
|Pamela Shinkle |  |                  |        |  |                  |  |       |                |  |                            |                        |                             |                 |        |         |  |         |   |          |  |  |   |          | 



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Aggregated Option Exercises in Last Fiscal Year and Fiscal
Year-End Option Values


|               |  |             |   |  |              |                        |                   |             |                              |                         |               |  |  |             |         |  |               |  |   |  |  |   |           |    
|-------------- |  | ----------- | - |  | ------------ | ---------------------- | ----------------- | ----------- | ---------------------------- | ----------------------- | ------------- |  |  | ----------- | ------- |  | ------------- |  | - |  |  | - | --------- | ---
|               |  |             |   |  |              | Number of Securities   |                   |             |                             
|               |  |             |   |  |              | Underlying Unexercised |                   |             | Value of Unexercised in-the- |                        
|               |  | Shares      |   |  |              |                        | Options at Fiscal |             |                              | Money Options at Fiscal |              
|               |  | Acquired on |   |  |              |                        | Year-End (#)      |             |                              | Year-End ($)            |              
|               |  | Exercise    |   |  | Value        |                        |                   |             |                              |                         |               | 
|Name           |  | (#)         |   |  | Realized ($) |                        |                   | Exercisable |                              |                         | Unexercisable |  |  | Exercisable |         |  | Unexercisable | 
|               |  |             |   |  |              |                        |                   |             |                              |                         |               |  |  |             |         |  |               | 
|Kirk Sanford   |  |             |  |  |              |                        |                  |             |                              |                         |              |  |  |             |        |  |               |  |  |  |  |   |          |    
|Harry Hagerty  |  |             |  |  |              |                        |                  |             |                              |                         |              |  |  |             | 722,215 |  |               |  |  |  |  | $ | 4,289,957 | (1)
|Diran Kludjian |  |             |  |  |              |                        |                  |             |                              |                         |              |  |  |             |        |  |               |  |  |  |  |   |          |    
|Tom Sears      |  |             |  |  |              |                        |                  |             |                              |                         |              |  |  |             |        |  |               |  |  |  |  |   |          |    
|Kurt Sullivan  |  |             |  |  |              |                        |                  |             |                              |                         |              |  |  |             |        |  |               |  |  |  |  |   |          |    
|Robert C. Fry  |  |             |  |  |              |                        |                  |             |                              |                         |              |  |  |             |        |  |               |  |  |  |  |   |          |    
|Pamela Shinkle |  |             |  |  |              |                        |                  |             |                              |                         |              |  |  |             |        |  |               |  |  |  |  |   |          |    






|    |                                                                                                                  
|--- | -----------------------------------------------------------------------------------------------------------------
|(1) | Assumes a fair market value of $13.99 per share of our parent
    companys common stock as of December 31, 2004.



| |                          
| | -------------------------
| | Compensation of Directors



Employment Agreements




| |                             
| | ----------------------------
| | Hagerty Employment Agreement



84



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| |                                                                  
| | -----------------------------------------------------------------
| | Sanford, Kludjian, Sears and Sullivan Stock Option
    Agreements





| |                                                                                          
| | -----------------------------------------------------------------------------------------
| | Compensation Committee Interlocks and Insider
    Participation in Compensation Decisions





| |                                                               
| | --------------------------------------------------------------
| | Report of the Board of Directors on Executive
    Compensation

The following report shall not be deemed to be
filed with the Securities and Exchange Commission
nor shall the following report be deemed to be incorporated by
reference into any future filings under the Securities Act or
the Exchange Act.








Base Salaries.


85



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Incentive Bonuses.


Stock Option Grants.


Other Compensation Plans.


Deductibility of Compensation.


Chief Executive Officer Compensation.




| |                                  
| | ---------------------------------
| | MEMBERS OF THE BOARD OF DIRECTORS
|
| | Karim Maskatiya                  
| | Robert Cucinotta                 
| | Kirk Sanford                     
| | Walter G. Kortschak              
| | Charles J. Fitzgerald            
| | E. Miles Kilburn                 

86



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|         |                                                                                                   
|-------- | --------------------------------------------------------------------------------------------------
|ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
    MANAGEMENT AND RELATED STOCKHOLDER MATTERS



| |                                     
| | ------------------------------------
| | Equity Compensation Plan Information



|                                                            |                                                                                      |                      |         |         |                      |                      |                         |                         |  |  |   |   | 
|----------------------------------------------------------- | ------------------------------------------------------------------------------------ | -------------------- | ------- | ------- | -------------------- | -------------------- | ----------------------- | ----------------------- |  |  | - | - | 
|                                                            |                                                                                      |                      |         |         |                      | (c)                  |                        
|                                                            |                                                                                      |                      |         |         |                      | Number of Securities |                        
|                                                            |                                                                                      | (a)                  |         |         |                      |                      | Remaining Available for |                        
|                                                            |                                                                                      | Number of Securities |         |         | (b)                  |                      |                         | Future Issuance under   | 
|                                                            |                                                                                      | to be Issued upon    |         |         | Weighted-Average     |                      |                         | Equity Compensation     | 
|                                                            |                                                                                      | Exercise of          |         |         | Exercise Price of    |                      |                         | Plans (Excluding        | 
|                                                            |                                                                                      | Outstanding Options, |         |         | Outstanding Options, |                      |                         | Securities Reflected in | 
|Plan Category                                               |                                                                                      | Warrants, and Rights |         |         | Warrants, and Rights |                      |                         | Column (a))             | 
|                                                            |                                                                                      |                      |         |         |                      |                      |                         |                         | 
|Equity compensation plans approved by security holders none |                                                                                      |                      |        |         |                      |                      |                         |                         |  |  |  |  
|Equity compensation plans not approved by security holders  |                                                                                      |                      |         |         |                      |                      |                         |                         |  |  |   |  
|                                                            | Notice of Stock Option Award and Stock Option Award Agreement
    with Harry Hagerty |                      |         | 722,215 |                      |                      | $                       | 8.05                    |  |  |   |  | 
|Total                                                       |                                                                                      |                      | 722,215 |         |                      | $                    | 8.05                    |                         |  |  |  |  









| |   |                                                                                                                                     
| | - | ------------------------------------------------------------------------------------------------------------------------------------
| |  | each person who is known by us to beneficially own more than 5%
    of our outstanding shares of common stock,                      
|
| |  | each of our directors,                                                                                                              
|
| |  | each of the named executive officers appearing in the summary
    compensation table below (the Named Executive
    Officers), and
|
| |  | all current executive officers and directors as a group.                                                                            



87



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|                                                                 |  |                     |            |  |                  |  |       |  
|---------------------------------------------------------------- |  | ------------------- | ---------- |  | ---------------- |  | ----- | -
|                                                                 |  | Number of Shares of |            |  |                 
|Name and Address of Beneficial Owner                             |  | Common Stock        |            |  | Percent of Class | 
|                                                                 |  |                     |            |  |                  | 
|Directors                                                        |  |                     |            |  |                  |  |       |  
|Karim Maskatiya(1)                                               |  |                     | 28,607,150 |  |                  |  | 40.01 | %
|Robert Cucinotta(2)                                              |  |                     | 28,607,150 |  |                  |  | 40.01 | %
|Walter G. Kortschak(3)                                           |  |                     | 25,040,808 |  |                  |  | 35.02 | %
|Charles J. Fitzgerald(4)                                         |  |                     | 25,040,808 |  |                  |  | 35.02 | %
|Kirk Sanford(5)                                                  |  |                     | 28,607,150 |  |                  |  | 40.01 | %
|E. Miles Kilburn                                                 |  |                     |           |  |                  |  |      |  
|Named officers who are not directors                             |  |                     |            |  |                  |  |       |  
|Harry C. Hagerty                                                 |  |                     |           |  |                  |  |      |  
|Diran Kludjian                                                   |  |                     |           |  |                  |  |      |  
|Tom Sears                                                        |  |                     |           |  |                  |  |      |  
|Kurt Sullivan                                                    |  |                     |           |  |                  |  |      |  
|Robert C. Fry                                                    |  |                     |           |  |                  |  |      |  
|Pamela Shinkle                                                   |  |                     |           |  |                  |  |      |  
|Directors and officers as a group (12 persons)(6)                |  |                     | 53,647,958 |  |                  |  | 75.03 | %
|Persons beneficially owning more than 5% of our common
    stock |  |                     |            |  |                  |  |       |  
|M&C International(7)                                             |  |                     | 28,607,150 |  |                  |  | 40.01 | %
|Summit Partners(8)                                               |  |                     | 25,040,808 |  |                  |  | 35.02 | %
|Entities affiliated with Tudor Investment Corporation(9)         |  |                     | 9,315,774  |  |                  |  | 13.03 | %






|    |                                                                                                                                                                                                                                                                                                                                                                  
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Includes 28,607,150 shares of common stock held by M&C
    International. Mr. Maskatiya disclaims beneficial ownership
    of shares held by M&C International except to the extent of
    his pecuniary interest in M&C International.
    Mr. Maskatiyas address is c/o M&C
    International, 643 River Oaks Parkway, San Jose, California
    95134.        
|   
|(2) | Includes 28,607,150 shares of common stock held by M&C
    International. Mr. Cucinotta disclaims beneficial ownership
    of shares held by M&C International except to the extent of
    his pecuniary interest in M&C International.
    Mr. Cucinottas address is c/o M&C
    International, 643 River Oaks Parkway, San Jose, California
    95134.        
|   
|(3) | Consists of 25,040,808 shares of common stock held by
    Summit Partners. Mr. Kortschak disclaims beneficial
    ownership of these shares. Mr. Kortschaks address is
    c/o Summit Partners, L.P., 499 Hamilton Avenue,
    Suite 200, Palo Alto, California 94301.                                                                                          
|   
|(4) | Consists of 25,040,808 shares of common stock held by
    Summit Partners. Mr. Fitzgerald disclaims beneficial
    ownership of these shares. Mr. Fitzgeralds address is
    c/o Summit Partners, L.P., 499 Hamilton Avenue,
    Suite 200, Palo Alto, California 94301.                                                                                        
|   
|(5) | Includes 28,607,150 shares of common stock held by M&C
    International. Mr. Sanford disclaims beneficial ownership
    of shares held by M&C International except to the extent of
    his pecuniary interest in M&C International.
    Mr. Sanfords address is c/o Global Cash Access,
    Inc., 3525 East Post Road, Suite 120, Las Vegas, Nevada
    89120.
|   
|(6) | See notes 1 through 5.                                                                                                                                                                                                                                                                                                                                           

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(7) | M&C International is beneficially owned as to 49.5% by Karim
    Maskatiya, as to 49.5% by Robert Cucinotta and as to 1% by our
    President and Chief Executive Officer, Kirk Sanford. M&C
    Internationals address is 643 River Oaks Parkway,
    San Jose, California 95134.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   
|(8) | Of these shares, 16,977,131 shares are held by Summit
    Ventures VI-A, L.P., 7,080,140 shares are held by Summit
    Ventures VI-B, L.P., 353,078 shares are held by Summit VI
    Advisors Fund, L.P., 542,090 shares are held by Summit VI
    Entrepreneurs Fund, L.P. and 88,369 shares are held by
    Summit Investors VI, L.P. (such entities collectively referred
    to as Summit Partners). Summit Partners, L.P. is the
    managing member of Summit Partners VI (GP), LLC, which is the
    general partner of Summit Partners VI (GP), L.P., which is the
    general partner of each of Summit Ventures VI-A, L.P., Summit
    Ventures VI-B, L.P., Summit VI Advisors Fund, L.P., Summit VI
    Entrepreneurs Fund, L.P. and Summit Investors VI, L.P. Summit
    Partners, L.P., through a three-person investment committee
    composed of certain members of Summit Master Company, LLC, has
    voting and dispositive authority over the shares held by each of
    these entities and therefore beneficially owns such shares.
    Decisions of the investment committee are made by a majority
    vote of its members and, as a result, no single member of the
    investment committee has voting or dispositive authority over
    the shares. Gregory M. Avis, John R. Carroll, Peter Y. Chung,
    Scott C. Collins, Bruce R. Evans, Charles J. Fitzgerald, Walter
    G. Kortschak, Martin J. Mannion, Kevin P. Mohan, Thomas S.
    Roberts, E. Roe Stamps, Joseph F. Trustey, Robert V. Walsh and
    Stephen G. Woodsum are the members of Summit Master Company,
    LLC, which is the general partner of Summit Partners, L.P., and
    each disclaims beneficial ownership of the shares held by Summit
    Partners. The address for each of these entities is 499 Hamilton
    Avenue, Suite 200, Palo Alto, California 94301.
|   
|(9) | Includes 3,105,258 shares held by Tudor Ventures II,
    L.P., 547,066 shares held by Tudor Proprietary Trading,
    L.L.C., 1,020,916 shares held by Tudor BVI Global Portfolio
    Ltd., 50,466 shares held by The Altar Rock Fund L.P.
    and 4,592,068 shares held by The Raptor Global Portfolio
    Ltd. Tudor Investment Corporation acts as investment advisor
    and/or general partner of Tudor Ventures II, L.P., Tudor
    BVI Global Portfolio Ltd., The Altar Rock Fund L.P. and The
    Raptor Global Portfolio Ltd. and as a result may be deemed to
    share voting and/or investment control over the shares held by
    each such entity. As a result, Tudor Investment Corporation may
    be deemed to beneficially own the shares held by each such
    entity. Tudor Investment Corporation expressly disclaims such
    beneficial ownership. In addition, Tudor Investment Corporation
    is an affiliate of Tudor Proprietary Trading, L.L.C. and
    therefor may be deemed to beneficially own the shares held by
    Tudor Proprietary Trading, L.L.C. Tudor Investment Corporation
    expressly disclaims such beneficial ownership. The address of
    Tudor Investment Corporation is 50 Rowes Wharf, 6th Floor,
    Boston, Massachusetts 02110.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    






|         |                                               
|-------- | ----------------------------------------------
|ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Indemnification, Employment and Noncompetition Agreements








89



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Stock Option Grants




Arrangements with Entities Controlled by Beneficial Owners
and Members of the Board of Directors




Entities Controlled by Karim Maskatiya and Robert
Cucinotta










| |                   
| | ------------------
| | Infonox on the Web



90



---



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91



---



##### Table of Contents







| |                                     
| | ------------------------------------
| | USA Payments and USA Payment Systems









92



---



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Entities Affiliated with Bank of America Corporation






| |                      
| | ---------------------
| | Sponsorship Agreement



93



---



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| |                                                           
| | ----------------------------------------------------------
| | Equity Investment in Global Cash Access Holdings,
    Inc.



94



---



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| |                   
| | ------------------
| | Purchase Agreement

3 4




| |                              
| | -----------------------------
| | Registration Rights Agreement

3 4




| |                                 
| | --------------------------------
| | Senior Secured Credit Facilities





95



---



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| |      
| | -----
| | Other



Entities Controlled by First Data Corporation






| |                            
| | ---------------------------
| | TRS Recovery Services, Inc.





| |                                                                                
| | -------------------------------------------------------------------------------
| | Integrated Payment Systems, Inc. and Integrated Payment
    Systems Canada Inc.



96



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| |                                       
| | --------------------------------------
| | Western Union Financial Services, Inc.









| |                                
| | -------------------------------
| | Chase Merchant Services, L.L.C.





| |                        
| | -----------------------
| | First Data Loan Company





| |                                                                
| | ---------------------------------------------------------------
| | First Financial Bank (formerly known as Western Union
    Bank)



97



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| |                     
| | --------------------
| | First Data POS, Inc.





| |                       
| | ----------------------
| | First Data Corporation







98



---



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| |                 
| | ----------------
| | NYCE Corporation



Entities Affiliated with the Private Equity Investors






| |                                           
| | ------------------------------------------
| | Securities Purchase and Exchange Agreement



99



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| |                       
| | ----------------------
| | Registration Agreement





| |                       
| | ----------------------
| | Stockholders Agreement





| |                          
| | -------------------------
| | Investor Rights Agreement








|         |                                       
|-------- | --------------------------------------
|ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES

Audit and Non-Audit Fees




|                      |  |                        |     |  |             |   |     | 
|--------------------- |  | ---------------------- | --- |  | ----------- | - | --- | 
|                      |  | Fiscal 2004            |     |  | Fiscal 2003 |  
|                      |  |                        |     |  |             |  
|                      |  | (Amounts in thousands) |    
|Audit Fees(1)         |  | $                      | 287 |  |             | $ | 165 | 
|Audit-Related Fees(2) |  |                        | 261 |  |             |   |    | 
|Tax Fees(3)           |  |                        |    |  |             |   |    | 
|All Other Fees(4)     |  |                        |    |  |             |   |    | 






|    |                                                                                                                                                                                                                                                                                                                                                                                      
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Audit Fees consist of fees billed for professional services
    rendered for the audit of our consolidated annual financial
    statements and review of the interim consolidated financial
    statements included in quarterly reports and services that are
    normally provided by Deloitte & Touche LLP in
    connection with statutory and regulatory filings or engagements.

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|    |                                                                                                                                                                                                                                                                                
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Audit-Related Fees consist of fees billed for assurance and
    related services that are reasonably related to the performance
    of the audit or review of our consolidated financial statements
    and are not reported under Audit Fees.                               
|   
|(3) | Tax Fees consist of fees billed for professional services
    rendered for tax compliance, tax advisor and tax planning
    (domestic and international). These services include assistance
    regarding federal, state and international tax compliance and
    tax planning.
|   
|(4) | All Other Fees consist of fees for products and services other
    than the services reported above. There were no All Other Fees
    incurred in fiscal 2004 and fiscal 2003.                                                                                                 






PART IV







|         |                                           
|-------- | ------------------------------------------
|ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES







| |                                                                                                            
| | -----------------------------------------------------------------------------------------------------------
| | Report of Deloitte & Touche LLP, Independent Registered
    Public Accounting Firm                         
|
| | Consolidated Balance Sheets as of December 31, 2003 and 2004                                               
|
| | Consolidated Statements of Income for the three years ended
    December 31, 2004                          
|
| | Consolidated Statement of Stockholders (Deficiency) Equity
    for the three years ended December 31, 2004
|
| | Consolidated Statements of Cash Flows for the three years ended
    December 31, 2004                      
|
| | Notes to Consolidated Financial Statements                                                                 





| |                                                                                                                                                                                             
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | All schedules have been omitted as they are either not required
    or not applicable or the required information is included in the
    consolidated financial statements or notes thereto.



| |   |     |  |                                                                                                                                                                                                                                                               
| | - | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 2 | .1 |  | Restructuring Agreement, dated as of December 10, 2003, by
    and among Global Cash Access, L.L.C., FDFS Holdings, LLC, First
    Data Corporation, M&C International, Karim Maskatiya and
    Robert Cucinotta                                              
|
| | 2 | .2 |  | First Amendment to Restructuring Agreement, dated as of
    January 20, 2004, by and among Global Cash Access, L.L.C.,
    FDFS Holdings, LLC, First Data Corporation, M&C
    International, Karim Maskatiya and Robert Cucinotta                            
|
| | 2 | .3 |  | Second Amendment to Restructuring Agreement, dated as of
    February 20, 2004, by and among Global Cash Access, L.L.C.,
    FDFS Holdings, LLC, First Data Corporation, M&C
    International, Karim Maskatiya, Robert Cucinotta and GCA
    Holdings, L.L.C.
|
| | 2 | .4 |  | Third Amendment to Restructuring Agreement, dated as of
    March 3, 2004, by and among Global Cash Access, L.L.C.,
    FDFS Holdings, LLC, First Data Corporation, M&C
    International, Karim Maskatiya, Robert Cucinotta and GCA
    Holdings, L.L.C.     
|
| | 2 | .5 |  | Securities Purchase and Exchange Agreement, dated as of
    April 19, 2004, by and among GCA Holdings, L.L.C., the
    Purchasers named therein, M&C International, Bank of America
    Corporation, Karim Maskatiya and Robert Cucinotta                     
|
| | 2 | .6 |  | Amendment, Assignment and Assumption Agreement, dated as of
    May 13, 2004                                                                                                                                                                                  
|
| | 3 | .1 |  | Certificate of Incorporation of Global Cash Access, Inc.                                                                                                                                                                                                      
|
| | 3 | .2 |  | Bylaws of Global Cash Access, Inc.                                                                                                                                                                                                                            

101



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| |    |      |  |                                                                                                                                                                                                                                                                                                                                     
| | -- | ---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | 4  | .1  |  | Registration Rights Agreement, dated as of March 10, 2004,
    by and among Global Cash Access, L.L.C., Global Cash Access
    Finance Corporation, CCI Acquisition, LLC, Central Credit, LLC
    and Banc of America Securities LLC                                                                                                
|
| | 4  | .2  |  | Indenture relating to $235,000,000 aggregate principal amount of
    83/4% Senior
    Subordinated Notes due 2012                                                                                                                                                                                                                   
|
| | 4  | .3   |  | Form of
    83/4% Senior
    Subordinated Notes due 2012                                                                                                                                                                                                                                                                            
|
| | 4  | .4  |  | Assumption Agreement, dated as of June 7, 2004, by Global
    Cash Access, Inc. and the Subsidiary Guarantors named therein                                                                                                                                                                                                         
|
| | 10 | .1  |  | Lease Agreement, dated as of March 8, 2000, by and between
    Global Cash Access, L.L.C. and American Pacific Capital Gateway
    Bldg D Co., L.L.C.                                                                                                                                                                               
|
| | 10 | .2  |  | Credit Agreement dated as of March 10, 2004 among GCA
    Holdings, L.L.C., Global Cash Access, L.L.C., the lenders from
    time to time party thereto, Bank of America, N.A. as
    Administrative Agent, L/ C Issuer and Swingline Lender and Banc
    of America Securities LLC, as sole lead arranger and sole book
    manager
|
| | 10 | .3  |  | Amendment No. 1 to Credit Agreement, dated as of
    April 27, 2004, among GCA Holdings, L.L.C., Global Cash
    Access, L.L.C., the lenders from time to time party thereto,
    Bank of America, N.A. as Administrative Agent, L/ C Issuer and
    Swingline Lender                                                               
|
| | 10 | .4  |  | Guaranty, dated as of March 10, 2004, among GCA Holdings,
    L.L.C., the guarantors from time to time party hereto and Bank
    of America, N.A., as Administrative Agent                                                                                                                                                          
|
| | 10 | .5  |  | Security Agreement, dated as of March 10, 2004, among the
    loan parties from time to time party thereto and Bank of
    America, N.A., as Collateral Agent                                                                                                                                                                       
|
| | 10 | .6  |  | Pledge Agreement, dated as of March 10, 2004, among the
    loan parties from time to time party thereto and Bank of
    America, N.A., as Collateral Agent                                                                                                                                                                         
|
| | 10 | .7  |  | Membership Unit Redemption Agreement, dated as of
    March 10, 2004, between FDFS Holdings, LLC and GCA
    Holdings, L.L.C.                                                                                                                                                                                                       
|
| | 10 | .8  |  | Sponsorship Agreement, dated as of November 1999, by and between
    BA Merchant Services, Inc. and Global Cash Access, L.L.C., as
    amended by Amendment Number 1 to the Sponsorship Agreement,
    dated as of September 2000, among BA Merchant Services, Global
    Cash Access, L.L.C. and First Data Corporation            
|
| | 10 | .9  |  | Sponsorship Indemnification Agreement, dated as of
    March 10, 2004, by and between Global Cash Access, L.L.C.
    and First Data Corporation                                                                                                                                                                                     
|
| | 10 | .10 |  | Amended and Restated Software License Agreement, dated as of
    March 10, 2004, between Infonox on the Web and Global Cash
    Access, L.L.C.                                                                                                                                                                                      
|
| | 10 | .11 |  | Professional Services Agreement, dated as of March 10,
    2004, between Infonox on the Web and Global Cash Access, L.L.C.                                                                                                                                                                                                          
|
| | 10 | .12 |  | Patent License Agreement, dated as of March 10, 2004,
    between USA Payments and Global Cash Access, L.L.C.                                                                                                                                                                                                                       
|
| | 10 | .13 |  | Amended and Restated Electronic Payment Processing Agreement,
    dated as of March  10, 2004, between Global Cash
    Access, L.L.C., USA Payments Inc. and USA Payment Systems, Inc.                                                                                                                                              
|
| | 10 | .14 |  | Letter Agreement Relating to Technology, dated May 13,
    2004, among Global Cash Access, L.L.C., USA Payments, USA
    Payment Systems and Infonox on the Web                                                                                                                                                                     
|
| | 10 | .15 |  | Automated Teller Machine Sponsorship Agreement by and between
    Global Cash Access, L.L.C. and Western Union Bank, dated as of
    November 12, 2002, and First Amendment to Automated Teller
    Machine Sponsorship Agreement, dated as of March  10,
    2004, between Global Cash Access, L.L.C. and First Financial Bank     
|
| | 10 | .16 |  | Membership Unit Purchase Agreement, dated as of March 10,
    2004, by and among Bank of America Corporation, M&C
    International and GCA Holdings, L.L.C.                                                                                                                                                                        

102



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| |     |      |  |                                                                                                                                                                                                                                
| | --- | ---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | 10  | .17 |  | Amendment to Treasury Services Terms and Conditions
    Booklet  ATM Cash Services, dated as of March 8,
    2004, by and between Global Cash Access, L.L.C. and Bank of
    America, N.A.                                    
|
| | 10  | .18 |  | Limited Liability Company Agreement of QuikPlay, LLC, dated as
    of December 6, 2000, between Global Cash Access, L.L.C. and
    IGT                                                                                         
|
| | 10  | .19 |  | Registration Agreement, dated as of May 13, 2004, by and
    among GCA Holdings, L.L.C., the Investors named therein, M&C
    International and Bank of America Corporation                                                    
|
| | 10  | .20 |  | Stockholders Agreement, dated as of May 13, 2004, by and
    among GCA Holdings, L.L.C., the Investors named therein, M&C
    International and Bank of America Corporation                                                    
|
| | 10  | .21 |  | Investor Rights Agreement, dated as of May 13, 2004, by and
    among GCA Holdings, L.L.C., the Investors named therein and
    M&C International                                                                              
|
| | 10  | .22 |  | Noncompete Agreement, dated as of May 14, 2004, by and
    between GCA Holdings, Inc. and Kirk Sanford                                                                                                                         
|
| | *10 | .23 |  | Employment Agreement, dated as of July 12, 2004, by and
    between Global Cash Access, Inc. and Harry C. Hagerty                                                                                                              
|
| | *10 | .24 |  | Notice of Stock Option Award and Stock Option Award Agreement,
    dated as of September 1, 2004, by and between GCA Holdings,
    Inc. and Harry C. Hagerty                                                                   
|
| | *10 | .25  |  | GCA Holdings, Inc. 2005 Stock Incentive Plan                                                                                                                                                                                   
|
| | 21  | .1   |  | Subsidiaries of Global Cash Access, Inc.                                                                                                                                                                                       
|
| | 24  | .1   |  | Power of Attorney (see page 104)                                                                                                                                                                                               
|
| | 31  | .1   |  | Certification of Kirk E. Sanford, Chief Executive Officer of
    Global Cash Access, Inc. dated March 10, 2005 in accordance
    with 18 U.S.C. 1350, as adopted pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002 
|
| | 31  | .2   |  | Certification of Harry C. Hagerty, Chief Financial Officer of
    Global Cash Access, Inc. dated March 10, 2005 in accordance
    with 18 U.S.C. 1350, as adopted pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002
|
| | 32  | .1   |  | Certification of Kirk E. Sanford, Chief Executive Officer of
    Global Cash Access, Inc. dated March 10, 2005 in accordance
    with 18 U.S.C. 1350, as adopted pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002 
|
| | 32  | .2   |  | Certification of Harry C. Hagerty, Chief Financial Officer of
    Global Cash Access, Inc. dated March 10, 2005 in accordance
    with 18 U.S.C. 1350, as adopted pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002






|  |                                                                                                                                                                                                       
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Incorporated by reference to the same numbered exhibit to the
    Registration Statement of Global Cash Access, Inc. on
    Form S-4 (Registration No. 333 -117218) previously filed
    with the SEC.



|  |                                                            
|- | -----------------------------------------------------------
|* | Management contracts or compensatory plans or arrangements.

103



---



##### Table of Contents






SIGNATURES






| |                         
| | ------------------------
| | GLOBAL CASH ACCESS, INC.



| |     |                 
| | --- | ----------------
| | By: | /s/ Kirk Sanford

| |                        
| | -----------------------
| |                        
| | Kirk Sanford           
| | Chief Executive Officer



POWER OF ATTORNEY






|                                                   |  |                                                                                                |  |                |  | 
|-------------------------------------------------- |  | ---------------------------------------------------------------------------------------------- |  | -------------- |  | 
|Signature                                          |  | Title                                                                                          |  | Date          
|                                                   |  |                                                                                                |  |               
|                                                  
|/s/ Kirk SanfordKirk
    Sanford                   |  | President, Chief Executive Officer (Principal Executive
    Officer)
    and Director          |  | March 10, 2005
|                                                  
|/s/ Harry C. HagertyHarry
    C. Hagerty           |  | Chief Financial Officer
    (Principal Financial Officer and
    Principal Accounting Officer) |  | March 10, 2005
|                                                  
|/s/ Karim MaskatiyaKarim
    Maskatiya             |  | Director                                                                                       |  | March 10, 2005
|                                                  
|/s/ Robert CucinottaRobert
    Cucinotta           |  | Director                                                                                       |  | March 10, 2005
|                                                  
|/s/ Walter G. KortschakWalter
    G. Kortschak     |  | Director                                                                                       |  | March 10, 2005
|                                                  
|/s/ Charles J. FitzgeraldCharles
    J. Fitzgerald |  | Director                                                                                       |  | March 10, 2005
|                                                  
|/s/ E. Miles KilburnE.
    Miles Kilburn           |  | Director                                                                                       |  | March 10, 2005

104



---



##### Table of Contents






EXHIBIT INDEX


| |    |      |  |                                                                                                                                                                                                                                                                                                                                     
| | -- | ---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 2  | .1  |  | Restructuring Agreement, dated as of December 10, 2003, by
    and among Global Cash Access, L.L.C., Holdings, LLC, First Data
    Corporation, M&C International, Karim Maskatiya and Robert
    Cucinotta                                                                                                                         
|
| | 2  | .2  |  | First Amendment to Restructuring Agreement, dated as of
    January 20, 2004, by and among Global Cash Access, L.L.C.,
    FDFS Holdings, LLC, First Data Corporation, M&C
    International, Karim Maskatiya and Robert Cucinotta                                                                                                  
|
| | 2  | .3  |  | Second Amendment to Restructuring Agreement, dated as of
    February 20, 2004, by and among Global Cash Access, L.L.C.,
    FDFS Holdings, LLC, First Data Corporation, M&C
    International, Karim Maskatiya, Robert Cucinotta and GCA
    Holdings, L.L.C.                                                                      
|
| | 2  | .4  |  | Third Amendment to Restructuring Agreement, dated as of
    March 3, 2004, by and among Global Cash Access, L.L.C.,
    FDFS Holdings, LLC, First Data Corporation, M&C
    International, Karim Maskatiya, Robert Cucinotta and GCA
    Holdings, L.L.C.                                                                           
|
| | 2  | .5  |  | Securities Purchase and Exchange Agreement, dated as of
    April 19, 2004, by and among GCA Holdings, L.L.C., the
    Purchasers named therein, M&C International, Bank of America
    Corporation, Karim Maskatiya and Robert Cucinotta                                                                                           
|
| | 2  | .6  |  | Amendment, Assignment and Assumption Agreement, dated as of
    May 13, 2004                                                                                                                                                                                                                                                        
|
| | 3  | .1  |  | Certificate of Incorporation of Global Cash Access, Inc.                                                                                                                                                                                                                                                                            
|
| | 3  | .2  |  | Bylaws of Global Cash Access, Inc.                                                                                                                                                                                                                                                                                                  
|
| | 4  | .1  |  | Registration Rights Agreement, dated as of March 10, 2004,
    by and among Global Cash Access, L.L.C., Global Cash Access
    Finance Corporation, CCI Acquisition, LLC, Central Credit, LLC
    and Banc of America Securities LLC                                                                                                
|
| | 4  | .2  |  | Indenture relating to $235,000,000 aggregate principal amount of
    83/4% Senior
    Subordinated Notes due 2012                                                                                                                                                                                                                   
|
| | 4  | .3   |  | Form of
    83/4% Senior
    Subordinated Notes due 2012                                                                                                                                                                                                                                                                            
|
| | 4  | .4  |  | Assumption Agreement, dated as of June 7, 2004, by Global
    Cash Access, Inc. and the Subsidiary Guarantors named therein                                                                                                                                                                                                         
|
| | 10 | .1  |  | Lease Agreement, dated as of March 8, 2000, by and between
    Global Cash Access, L.L.C. and American Pacific Capital Gateway
    Bldg D Co., L.L.C.                                                                                                                                                                               
|
| | 10 | .2  |  | Credit Agreement dated as of March 10, 2004 among GCA
    Holdings, L.L.C., Global Cash Access, L.L.C., the lenders from
    time to time party thereto, Bank of America, N.A. as
    Administrative Agent, L/ C Issuer and Swingline Lender and Banc
    of America Securities LLC, as sole lead arranger and sole book
    manager
|
| | 10 | .3  |  | Amendment No. 1 to Credit Agreement, dated as of
    April 27, 2004, among GCA Holdings, L.L.C., Global Cash
    Access, L.L.C., the lenders from time to time party thereto,
    Bank of America, N.A. as Administrative Agent, L/ C Issuer and
    Swingline Lender                                                               
|
| | 10 | .4  |  | Guaranty, dated as of March 10, 2004, among GCA Holdings,
    L.L.C., the guarantors from time to time party hereto and Bank
    of America, N.A., as Administrative Agent                                                                                                                                                          
|
| | 10 | .5  |  | Security Agreement, dated as of March 10, 2004, among the
    loan parties from time to time party thereto and Bank of
    America, N.A., as Collateral Agent                                                                                                                                                                       
|
| | 10 | .6  |  | Pledge Agreement, dated as of March 10, 2004, among the
    loan parties from time to time party thereto and Bank of
    America, N.A., as Collateral Agent                                                                                                                                                                         
|
| | 10 | .7  |  | Membership Unit Redemption Agreement, dated as of
    March 10, 2004, between FDFS Holdings, LLC and GCA
    Holdings, L.L.C.                                                                                                                                                                                                       
|
| | 10 | .8  |  | Sponsorship Agreement, dated as of November 1999, by and between
    BA Merchant Services, Inc. and Global Cash Access, L.L.C., as
    amended by Amendment Number 1 to the Sponsorship Agreement,
    dated as of September 2000, among BA Merchant Services, Global
    Cash Access, L.L.C. and First Data Corporation            
|
| | 10 | .9  |  | Sponsorship Indemnification Agreement, dated as of
    March 10, 2004, by and between Global Cash Access, L.L.C.
    and First Data Corporation                                                                                                                                                                                     
|
| | 10 | .10 |  | Amended and Restated Software License Agreement, dated as of
    March 10, 2004, between Infonox on the Web and Global Cash
    Access, L.L.C.                                                                                                                                                                                      



---



##### Table of Contents



| |     |      |  |                                                                                                                                                                                                                                                                                                                                
| | --- | ---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | 10  | .11 |  | Professional Services Agreement, dated as of March 10,
    2004, between Infonox on the Web and Global Cash Access, L.L.                                                                                                                                                                                                       
|
| | 10  | .12 |  | Patent License Agreement, dated as of March 10, 2004,
    between USA Payments and Global Cash Access, L.L.C.                                                                                                                                                                                                                  
|
| | 10  | .13 |  | Amended and Restated Electronic Payment Processing Agreement,
    dated as of March  10, 2004, between Global Cash
    Access, L.L.C., USA Payments Inc. and USA Payment Systems, Inc.                                                                                                                                         
|
| | 10  | .14 |  | Letter Agreement Relating to Technology, dated May 13,
    2004, among Global Cash Access, L.L.C., USA Payments, USA
    Payment Systems and Infonox on the Web                                                                                                                                                                
|
| | 10  | .15 |  | Automated Teller Machine Sponsorship Agreement by and between
    Global Cash Access, L.L.C. and Western Union Bank, dated as of
    November 12, 2002, and First Amendment to Automated Teller
    Machine Sponsorship Agreement, dated as of March  10,
    2004, between Global Cash Access, L.L.C. and First Financial Bank
|
| | 10  | .16 |  | Membership Unit Purchase Agreement, dated as of March 10,
    2004, by and among Bank of America Corporation, M&C
    International and GCA Holdings, L.L.C.                                                                                                                                                                   
|
| | 10  | .17 |  | Amendment to Treasury Services Terms and Conditions
    Booklet  ATM Cash Services, dated as of March 8,
    2004, by and between Global Cash Access, L.L.C. and Bank of
    America, N.A.                                                                                                                                    
|
| | 10  | .18 |  | Limited Liability Company Agreement of QuikPlay, LLC, dated as
    of December 6, 2000, between Global Cash Access, L.L.C. and
    IGT                                                                                                                                                                                         
|
| | 10  | .19 |  | Registration Agreement, dated as of May 13, 2004, by and
    among GCA Holdings, L.L.C., the Investors named therein, M&C
    International and Bank of America Corporation                                                                                                                                                    
|
| | 10  | .20 |  | Stockholders Agreement, dated as of May 13, 2004, by and
    among GCA Holdings, L.L.C., the Investors named therein, M&C
    International and Bank of America Corporation                                                                                                                                                    
|
| | 10  | .21 |  | Investor Rights Agreement, dated as of May 13, 2004, by and
    among GCA Holdings, L.L.C., the Investors named therein and
    M&C International                                                                                                                                                                              
|
| | 10  | .22 |  | Noncompete Agreement, dated as of May 14, 2004, by and
    between GCA Holdings, Inc. and Kirk Sanford                                                                                                                                                                                                                         
|
| | *10 | .23 |  | Employment Agreement, dated as of July 12, 2004, by and
    between Global Cash Access, Inc. and Harry C. Hagerty                                                                                                                                                                                                              
|
| | *10 | .24 |  | Notice of Stock Option Award and Stock Option Award Agreement,
    dated as of September 1, 2004, by and between GCA Holdings,
    Inc. and Harry C. Hagerty                                                                                                                                                                   
|
| | *10 | .25  |  | GCA Holdings, Inc. 2005 Stock Incentive Plan                                                                                                                                                                                                                                                                                   
|
| | 21  | .1   |  | Subsidiaries of Global Cash Access, Inc.                                                                                                                                                                                                                                                                                       
|
| | 24  | .1   |  | Power of Attorney (see page 104)                                                                                                                                                                                                                                                                                               
|
| | 31  | .1   |  | Certification of Kirk E. Sanford, Chief Executive Officer of
    Global Cash Access, Inc. dated March   , 2005 in
    accordance with 18 U.S.C. 1350, as adopted pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                 
|
| | 31  | .2   |  | Certification of Harry C. Hagerty, Chief Financial Officer of
    Global Cash Access, Inc. dated March   , 2005 in
    accordance with 18 U.S.C. 1350, as adopted pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                
|
| | 32  | .1   |  | Certification of Kirk E. Sanford, Chief Executive Officer of
    Global Cash Access, Inc. dated March   , 2005 in
    accordance with 18 U.S.C. 1350, as adopted pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                 
|
| | 32  | .2   |  | Certification of Harry C. Hagerty, Chief Financial Officer of
    Global Cash Access, Inc. dated March   , 2005 in
    accordance with 18 U.S.C. 1350, as adopted pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                






|  |                                                                                                                                                                                                         
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Incorporated by reference to the same numbered exhibit to the
    Registration Statement of Global Cash Access, Inc.s on
    Form S-4 (Registration No. 333 -117218) previously
    filed with the SEC.



|  |                                                            
|- | -----------------------------------------------------------
|* | Management contracts or compensatory plans or arrangements.