##### Table of Contents









UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549


Form 10-Q


|           |  |                                                                                             
|---------- |  | --------------------------------------------------------------------------------------------
|(Mark One) |  |                                                                                             
|þ          |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934 
|          
|           |  | For the quarterly period ended June 30, 2005                                                
|          
|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 333-117218


GLOBAL CASH ACCESS, INC.


(Exact name of Registrant as specified in its charter)


|                                                                                             |  |                           
|-------------------------------------------------------------------------------------------- |  | --------------------------
|DELAWARE                                                                                     |  | 94-3309549                
|(State or Other Jurisdiction of
    Incorporation or Organization)                           |  | (I.R.S. Employer I.D. No.)
|                                                                                            
|3525 EAST POST ROAD, SUITE 120
    LAS VEGAS, NEVADA(Address of Principal Executive Offices) |  | 89120(Zip Code)           

Registrants telephone number, including area code:


(800) 833-7110


þ o


o þ












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TABLE OF CONTENTS


|                                  |  |                                                                                               |    |                                                                                                                                                  |    |  |   | 
|--------------------------------- |  | --------------------------------------------------------------------------------------------- | -- | ------------------------------------------------------------------------------------------------------------------------------------------------ | -- |  | - | 
|                                  |  |                                                                                               |    | Page                                                                                                                                             |   
|                                  |  |                                                                                               |    |                                                                                                                                                  |   
|PART I: FINANCIAL
    INFORMATION
|Item 1:                           |  | Unaudited Condensed Consolidated Financial
    Statements                                     |    |                                                                                                                                                  | 3  | 
|                                  |  |                                                                                               |    | Unaudited Condensed Consolidated Balance
    Sheets as of June 30, 2005 and December 31, 2004                                                    |    |  | 3 | 
|                                  |  |                                                                                               |    | Unaudited Condensed Consolidated Statements
    of Income and Comprehensive Income for the three and six months
    ended June 30, 2005 and 2004 |    |  | 4 | 
|                                  |  |                                                                                               |    | Unaudited Condensed Consolidated Statements
    of Cash Flows for the six months ended June 30, 2005 and
    2004                                |    |  | 5 | 
|                                  |  |                                                                                               |    | Notes to Unaudited Condensed Consolidated
    Financial Statements                                                                               |    |  | 6 | 
|Item 2:                           |  | Managements Discussion and Analysis
    of Financial Condition and Results of
    Operations |    |                                                                                                                                                  | 22 | 
|Item 3:                           |  | Quantitative and Qualitative Disclosures
    About Market Risk                                |    |                                                                                                                                                  | 35 | 
|Item 4:                           |  | Controls and Procedures                                                                       |    |                                                                                                                                                  | 35 | 
|                                 
|PART II: OTHER INFORMATION       
|Item 1:                           |  | Legal Proceedings                                                                             |    |                                                                                                                                                  | 36 | 
|Item 6:                           |  | Exhibits                                                                                      |    |                                                                                                                                                  | 36 | 
|Signatures                        |  |                                                                                               | 37 |                                                                                                                                                 
|EXHIBIT 31.1                     
|EXHIBIT 31.2                     
|EXHIBIT 32.1                     
|EXHIBIT 32.2                     



2



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##### Table of Contents






PART I: FINANCIAL INFORMATION







|        |                                                          
|------- | ---------------------------------------------------------
|ITEM 1. | UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS

GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


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


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)





CONDENSED CONSOLIDATED BALANCE SHEETS


|                                                    |                                                                                                                        |                                             |         |         |              |   |         |         |         |  
|--------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------- | ------------------------------------------- | ------- | ------- | ------------ | - | ------- | ------- | ------- | -
|                                                    |                                                                                                                        | June 30,                                    |         |         | December 31, |  
|                                                    |                                                                                                                        | 2005                                        |         |         | 2004         |  
|                                                    |                                                                                                                        |                                             |         |         |              |  
|                                                    |                                                                                                                        | (Unaudited)                                 |        
|                                                    |                                                                                                                        | (Amounts in thousands,                      |        
|                                                    |                                                                                                                        | except par value and shares)                |        
|ASSETS                                             
|Cash and cash equivalents                           |                                                                                                                        | $                                           | 28,968  |         |              | $ | 48,877  |        
|Settlement receivables                              |                                                                                                                        |                                             | 19,812  |         |              |   | 30,357  |        
|Receivables, other                                  |                                                                                                                        |                                             | 4,541   |         |              |   | 4,641   |        
|Prepaid and other assets                            |                                                                                                                        |                                             | 14,896  |         |              |   | 13,725  |        
|Property, equipment and leasehold improvements, net |                                                                                                                        |                                             | 9,153   |         |              |   | 10,341  |        
|Goodwill, net                                       |                                                                                                                        |                                             | 156,719 |         |              |   | 156,733 |        
|Other intangibles, net                              |                                                                                                                        |                                             | 14,297  |         |              |   | 16,546  |        
|Deferred income taxes, net                          |                                                                                                                        |                                             | 207,914 |         |              |   | 214,705 |        
|                                                    |                                                                                                                        |                                             |         |         |              |  
|                                                    |                                                                                                                        | Total assets                                |         | $       | 456,300      |   |         | $       | 495,925 |  
|                                                    |                                                                                                                        |                                             |         |         |              |  
|                                                   
|LIABILITIES AND STOCKHOLDERS DEFICIT              
|LIABILITIES:                                        |                                                                                                                        |                                             |         |         |              |   |         |        
|                                                    | Settlement liabilities                                                                                                 |                                             | $       | 24,219  |              |   | $       | 42,192  |        
|                                                    | Accounts payable                                                                                                       |                                             |         | 17,233  |              |   |         | 20,617  |        
|                                                    | Accrued expenses                                                                                                       |                                             |         | 13,671  |              |   |         | 12,258  |        
|                                                    | Borrowings                                                                                                             |                                             |         | 443,964 |              |   |         | 478,250 |        
|                                                    |                                                                                                                        |                                             |         |         |              |  
|                                                    |                                                                                                                        | Total liabilities                           |         |         | 499,087      |   |         |         | 553,317 |  
|                                                    |                                                                                                                        |                                             |         |         |              |  
|COMMITMENTS AND CONTINGENCIES                       |                                                                                                                        |                                             |         |         |              |   |         |        
|MINORITY INTEREST                                   |                                                                                                                        |                                             | 273     |         |              |   | 87      |        
|STOCKHOLDERS DEFICIT                               |                                                                                                                        |                                             |         |         |              |   |         |        
|                                                    | Common stock, $0.001 par value, 1,000 shares
    authorized and outstanding at June 30, 2005 and
    December 31, 2004 |                                             |         |        |              |   |         |        |        
|                                                    | Accumulated deficit                                                                                                    |                                             |         | (44,745 | )            |   |         | (59,429 | )      
|                                                    | Accumulated other comprehensive income                                                                                 |                                             |         | 1,685   |              |   |         | 1,950   |        
|                                                    |                                                                                                                        |                                             |         |         |              |  
|                                                    |                                                                                                                        | Total stockholders deficit                 |         |         | (43,060      | ) |         |         | (57,479 | )
|                                                    |                                                                                                                        |                                             |         |         |              |  
|                                                    |                                                                                                                        | Total liabilities and stockholders deficit |         | $       | 456,300      |   |         | $       | 495,925 |  
|                                                    |                                                                                                                        |                                             |         |         |              |  



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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


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


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)





CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME


|                                                                             |                                                                |                                      |        |         |                  |   |         |         |        |   |         |         |         |   |         |         |         |  
|---------------------------------------------------------------------------- | -------------------------------------------------------------- | ------------------------------------ | ------ | ------- | ---------------- | - | ------- | ------- | ------ | - | ------- | ------- | ------- | - | ------- | ------- | ------- | -
|                                                                             |                                                                | Three Months Ended                   |        |         | Six Months Ended |  
|                                                                             |                                                                | June 30,                             |        |         | June 30,         |  
|                                                                             |                                                                |                                      |        |         |                  |  
|                                                                             |                                                                | 2005                                 |        |         | 2004             |   |         | 2005    |        |   | 2004    |        
|                                                                             |                                                                |                                      |        |         |                  |   |         |         |        |   |         |        
|                                                                             |                                                                | (Unaudited)                          |       
|                                                                             |                                                                | (Amounts in thousands)               |       
|REVENUES:                                                                    |                                                                |                                      |        |         |                  |   |         |         |        |   |         |         |         |   |         |        
|                                                                             | Cash advance                                                   |                                      | $      | 57,933  |                  |   | $       | 50,352  |        |   | $       | 114,710 |         |   | $       | 100,807 |        
|                                                                             | ATM                                                            |                                      |        | 45,217  |                  |   |         | 39,051  |        |   |         | 88,989  |         |   |         | 77,382  |        
|                                                                             | Check services                                                 |                                      |        | 6,734   |                  |   |         | 5,682   |        |   |         | 13,043  |         |   |         | 11,520  |        
|                                                                             | Central Credit and other revenues                              |                                      |        | 2,576   |                  |   |         | 2,626   |        |   |         | 5,383   |         |   |         | 5,372   |        
|                                                                             |                                                                |                                      |        |         |                  |   |         |         |        |   |         |        
|                                                                             |                                                                | Total revenues                       |        |         | 112,460          |   |         |         | 97,711 |   |         |         | 222,125 |   |         |         | 195,081 |  
|COST OF REVENUES                                                             |                                                                |                                      | 76,112 |         |                  |   | 65,443  |         |        |   | 148,709 |         |         |   | 130,383 |        
|                                                                             |                                                                |                                      |        |         |                  |   |         |         |        |   |         |        
|GROSS PROFIT                                                                 |                                                                |                                      | 36,348 |         |                  |   | 32,268  |         |        |   | 73,416  |         |         |   | 64,698  |        
|                                                                             | Operating expenses                                             |                                      |        | (12,163 | )                |   |         | (13,919 | )      |   |         | (24,044 | )       |   |         | (24,872 | )      
|                                                                             | Amortization                                                   |                                      |        | (1,295  | )                |   |         | (1,410  | )      |   |         | (2,659  | )       |   |         | (2,849  | )      
|                                                                             | Depreciation                                                   |                                      |        | (1,932  | )                |   |         | (1,995  | )      |   |         | (3,884  | )       |   |         | (3,964  | )      
|                                                                             |                                                                |                                      |        |         |                  |   |         |         |        |   |         |        
|OPERATING INCOME                                                             |                                                                |                                      | 20,958 |         |                  |   | 14,944  |         |        |   | 42,829  |         |         |   | 33,013  |        
|                                                                             |                                                                |                                      |        |         |                  |   |         |         |        |   |         |        
|INTEREST INCOME (EXPENSE), NET                                               |                                                                |                                      |        |         |                  |   |         |         |        |   |         |         |         |   |         |        
|                                                                             | Interest income                                                |                                      |        | 181     |                  |   |         | 295     |        |   |         | 633     |         |   |         | 589     |        
|                                                                             | Interest expense                                               |                                      |        | (10,828 | )                |   |         | (10,144 | )      |   |         | (21,760 | )       |   |         | (13,241 | )      
|                                                                             |                                                                |                                      |        |         |                  |   |         |         |        |   |         |        
|                                                                             |                                                                | Total interest income (expense), net |        |         | (10,647          | ) |         |         | (9,849 | ) |         |         | (21,127 | ) |         |         | (12,652 | )
|                                                                             |                                                                |                                      |        |         |                  |   |         |         |        |   |         |        
|INCOME BEFORE INCOME TAX (PROVISION) BENEFIT AND MINORITY
    OWNERSHIP LOSS |                                                                |                                      | 10,311 |         |                  |   | 5,095   |         |        |   | 21,702  |         |         |   | 20,361  |        
|INCOME TAX (PROVISION) BENEFIT                                               |                                                                |                                      | (3,712 | )       |                  |   | 209,245 |         |        |   | (7,813  | )       |         |   | 208,082 |        
|                                                                             |                                                                |                                      |        |         |                  |   |         |         |        |   |         |        
|INCOME BEFORE MINORITY OWNERSHIP LOSS                                        |                                                                |                                      | 6,599  |         |                  |   | 214,340 |         |        |   | 13,889  |         |         |   | 228,443 |        
|MINORITY OWNERSHIP LOSS                                                      |                                                                |                                      | 44     |         |                  |   | 122     |         |        |   | 94      |         |         |   | 122     |        
|                                                                             |                                                                |                                      |        |         |                  |   |         |         |        |   |         |        
|NET INCOME                                                                   |                                                                |                                      | 6,643  |         |                  |   | 214,462 |         |        |   | 13,983  |         |         |   | 228,565 |        
|                                                                             | Foreign currency translation                                   |                                      |        | (85     | )                |   |         | (147    | )      |   |         | (264    | )       |   |         | (204    | )      
|                                                                             | Income tax benefit related to other comprehensive income items |                                      |        | 30      |                  |   |         | 53      |        |   |         | 95      |         |   |         | 73      |        
|                                                                             |                                                                |                                      |        |         |                  |   |         |         |        |   |         |        
|COMPREHENSIVE INCOME                                                         |                                                                | $                                    | 6,588  |         |                  | $ | 214,368 |         |        | $ | 13,814  |         |         | $ | 228,434 |        
|                                                                             |                                                                |                                      |        |         |                  |   |         |         |        |   |         |        



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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


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


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)





CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


|                                                                          |                                                                                   |                                              |                          |                                           |       |         |         |          |          |         |         |  
|------------------------------------------------------------------------- | --------------------------------------------------------------------------------- | -------------------------------------------- | ------------------------ | ----------------------------------------- | ----- | ------- | ------- | -------- | -------- | ------- | ------- | -
|                                                                          |                                                                                   | Six Months Ended                             |                         
|                                                                          |                                                                                   | June 30,                                     |                         
|                                                                          |                                                                                   |                                              |                         
|                                                                          |                                                                                   | 2005                                         |                          |                                           | 2004  |        
|                                                                          |                                                                                   |                                              |                          |                                           |       |        
|                                                                          |                                                                                   | (Unaudited)                                  |                         
|                                                                          |                                                                                   | (Amounts in thousands)                       |                         
|CASH FLOWS FROM OPERATING ACTIVITIES:                                     |                                                                                   |                                              |                          |                                           |       |         |         |         
|                                                                          | Net income                                                                        |                                              | $                        | 13,983                                    |       |         | $       | 228,565  |         
|                                                                          | Adjustments to reconcile net income to cash provided by
    operating activities: |                                              |                          |                                           |       |         |         |          |         
|                                                                          |                                                                                   | Amortization of financing costs              |                          |                                           | 990   |         |         |          | 637      |        
|                                                                          |                                                                                   | Amortization of intangibles                  |                          |                                           | 2,659 |         |         |          | 2,849    |        
|                                                                          |                                                                                   | Depreciation                                 |                          |                                           | 3,884 |         |         |          | 3,964    |        
|                                                                          |                                                                                   | Deferred income taxes                        |                          |                                           | 6,780 |         |         |          | (209,776 | )      
|                                                                          |                                                                                   | Minority ownership loss                      |                          |                                           | (94   | )       |         |          | (122     | )      
|                                                                          |                                                                                   | Changes in operating assets and liabilities: |                          |                                           |       |         |         |          |          |        
|                                                                          |                                                                                   |                                              | Settlement receivables   |                                           |       | 10,375  |         |          |          | 5,569   |        
|                                                                          |                                                                                   |                                              | Receivables, other       |                                           |       | (312    | )       |          |          | (21     | )      
|                                                                          |                                                                                   |                                              | Prepaid and other assets |                                           |       | (1,969  | )       |          |          | (843    | )      
|                                                                          |                                                                                   |                                              | Settlement liabilities   |                                           |       | (17,800 | )       |          |          | (18,281 | )      
|                                                                          |                                                                                   |                                              | Accounts payable         |                                           |       | (3,349  | )       |          |          | 6       |        
|                                                                          |                                                                                   |                                              | Accrued expenses         |                                           |       | 1,369   |         |          |          | 10,892  |        
|                                                                          |                                                                                   |                                              |                          |                                           |       |        
|                                                                          |                                                                                   |                                              |                          | Net cash provided by operating activities |       |         | 16,516  |          |          |         | 23,439  |  
|                                                                          |                                                                                   |                                              |                          |                                           |       |        
|CASH FLOWS FROM INVESTING ACTIVITIES:                                     |                                                                                   |                                              |                          |                                           |       |         |         |         
|                                                                          | Purchase of property, equipment and leasehold improvements                        |                                              |                          | (2,671                                    | )     |         |         | (1,596   | )       
|                                                                          | Purchase of other intangibles                                                     |                                              |                          | (433                                      | )     |         |         | (1,198   | )       
|                                                                          |                                                                                   |                                              |                          |                                           |       |        
|                                                                          |                                                                                   |                                              |                          | Net cash used in investing activities     |       |         | (3,104  | )        |          |         | (2,794  | )
|                                                                          |                                                                                   |                                              |                          |                                           |       |        
|CASH FLOWS FROM FINANCING ACTIVITIES:                                     |                                                                                   |                                              |                          |                                           |       |         |         |         
|                                                                          | Borrowings under credit facility                                                  |                                              |                          |                                          |       |         |         | 484,087  |         
|                                                                          | Repayments under credit facility                                                  |                                              |                          | (34,286                                   | )     |         |         | (3,250   | )       
|                                                                          | Debt issuance costs                                                               |                                              |                          | (90                                       | )     |         |         | (2,488   | )       
|                                                                          | Minority capital contributions                                                    |                                              |                          | 280                                       |       |         |         | 300      |         
|                                                                          | Capital contributions                                                             |                                              |                          | 700                                       |       |         |         |         |         
|                                                                          | Redemption of membership interests and distributions to partners                  |                                              |                          |                                          |       |         |         | (509,106 | )       
|                                                                          |                                                                                   |                                              |                          |                                           |       |        
|                                                                          |                                                                                   |                                              |                          | Net cash used in financing activities     |       |         | (33,396 | )        |          |         | (30,457 | )
|                                                                          |                                                                                   |                                              |                          |                                           |       |        
|NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS          |                                                                                   | $                                            | 75                       |                                           |       | $       | (75     | )       
|                                                                          |                                                                                   |                                              |                          |                                           |       |        
|NET DECREASE IN CASH AND CASH EQUIVALENTS                                 |                                                                                   |                                              | (19,909                  | )                                         |       |         | (9,887  | )       
|CASH AND CASH EQUIVALENTS  Beginning of period                           |                                                                                   |                                              | 48,877                   |                                           |       |         | 23,423  |         
|                                                                          |                                                                                   |                                              |                          |                                           |       |        
|CASH AND CASH EQUIVALENTS  End of period                                 |                                                                                   | $                                            | 28,968                   |                                           |       | $       | 13,536  |         
|                                                                          |                                                                                   |                                              |                          |                                           |       |        
|SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                         |                                                                                   |                                              |                          |                                           |       |         |         |         
|                                                                          | Cash paid for interest                                                            |                                              | $                        | 20,585                                    |       |         | $       | 6,564    |         
|                                                                          |                                                                                   |                                              |                          |                                           |       |        
|                                                                          | Cash paid for income taxes, net of refunds                                        |                                              | $                        | 1,934                                     |       |         | $       | 224      |         
|                                                                          |                                                                                   |                                              |                          |                                           |       |        
|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.)


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)





NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


(UNAUDITED)




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

Business






Basis of Presentation






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

Principles of Consolidation




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


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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


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


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










|                                                                                                             |  |                    |       |   |                  |   |         |      |  |   |        |   |  |   |         | 
|------------------------------------------------------------------------------------------------------------ |  | ------------------ | ----- | - | ---------------- | - | ------- | ---- |  | - | ------ | - |  | - | ------- | 
|                                                                                                             |  | Three Months Ended |       |   | Six Months Ended |  
|                                                                                                             |  | June 30,           |       |   | June 30,         |  
|                                                                                                             |  |                    |       |   |                  |  
|                                                                                                             |  | 2005               |       |   | 2004             |   |         | 2005 |  |   | 2004   |  
|                                                                                                             |  |                    |       |   |                  |   |         |      |  |   |        |  
|Net income, as reported                                                                                      |  | $                  | 6,643 |   |                  | $ | 214,462 |      |  | $ | 13,983 |   |  | $ | 228,565 | 
|Less: total stock-based compensation determined under fair-value
    based method for all awards, net of tax |  |                    | (947  | ) |                  |   |        |      |  |   | (1,823 | ) |  |   |        | 
|                                                                                                             |  |                    |       |   |                  |   |         |      |  |   |        |  
|Pro forma net income                                                                                         |  | $                  | 5,696 |   |                  | $ | 214,462 |      |  | $ | 12,160 |   |  | $ | 228,565 | 
|                                                                                                             |  |                    |       |   |                  |   |         |      |  |   |        |  

Recently Issued Accounting Standards Share-Based Payment


Accounting Changes and Error Corrections.


Accounting for Uncertain Tax Positions Accounting for Income
Taxes.


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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


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


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Reclassifications




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

Bank of America Amended Treasury Services
Agreement


Site Funded ATMs




|   |                              
|-- | -----------------------------
|4. | COMMITMENTS AND CONTINGENCIES









|   |           
|-- | ----------
|5. | BORROWINGS

Senior Secured Credit Facility


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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


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


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)












|   |                           
|-- | --------------------------
|6. | RELATED PARTY TRANSACTIONS









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##### Table of Contents



GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


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


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                       |  |                                                                                                                               |  |                |       |  |                |   |     |      |  |   |       |  |  |   |       | 
|---------------------- |  | ----------------------------------------------------------------------------------------------------------------------------- |  | -------------- | ----- |  | -------------- | - | --- | ---- |  | - | ----- |  |  | - | ----- | 
|                       |  |                                                                                                                               |  | Three Months   |       |  | Six Months     |  
|                       |  |                                                                                                                               |  | Ended June 30, |       |  | Ended June 30, |  
|                       |  |                                                                                                                               |  |                |       |  |                |  
|Name of Related Party  |  | Description of Transaction                                                                                                    |  | 2005           |       |  | 2004           |   |     | 2005 |  |   | 2004  | 
|                       |  |                                                                                                                               |  |                |       |  |                |   |     |      |  |   |       | 
|M&C Affiliates:        |  |                                                                                                                               |  |                |       |  |                |   |     |      |  |   |       |  |  |   |       | 
|Infonox on the Web     |  | Software development costs and maintenance expense included in
    operating expenses and other intangibles, net              |  | $              | 382   |  |                | $ | 368 |      |  | $ | 822   |  |  | $ | 749   | 
|USA Payments           |  | Transaction processing charges included in cost of revenues                                                                   |  |                | 809   |  |                |   | 655 |      |  |   | 1,523 |  |  |   | 1,270 | 
|USA Payments           |  | Pass through billing related to gateway fees, telecom and other
    items included in cost of revenues and operating expenses |  |                | 309   |  |                |   | 412 |      |  |   | 603   |  |  |   | 924   | 
|Bank of America, N.A.: |  |                                                                                                                               |  |                |       |  |                |   |     |      |  |   |       |  |  |  
|Bank of America, N.A.  |  | Bank fees and cash preparation fees for cash accounts maintained
    included within operating expenses                       |  |                | 431   |  |                |   | 113 |      |  |   | 866   |  |  |   | 191   | 
|Bank of America, N.A.  |  | Cash usage fee included within interest expense                                                                               |  | $              | 2,238 |  |                | $ | 228 |      |  | $ | 4,220 |  |  | $ | 228   | 



|                          |                                                             |          |      |      |              |   |      |      |  
|------------------------- | ----------------------------------------------------------- | -------- | ---- | ---- | ------------ | - | ---- | ---- | -
|                          |                                                             | June 30, |      |      | December 31, |  
|                          |                                                             | 2005     |      |      | 2004         |  
|                          |                                                             |          |      |      |              |  
|M&C and related companies |                                                             | $        | 23   |      |              | $ | 45   |     
|Bank of America           |                                                             |          | 18   |      |              |   | 6    |     
|                          |                                                             |          |      |      |              |  
|                          | Total included within receivables, other                    |          | $    | 41   |              |   | $    | 51   |  
|                          |                                                             |          |      |      |              |  
|USA Payments              |                                                             | $        | (367 | )    |              | $ | (325 | )   
|Infonox on the Web        |                                                             |          | (14  | )    |              |   | (52  | )   
|Bank of America           |                                                             |          | (150 | )    |              |   | (137 | )   
|                          |                                                             |          |      |      |              |  
|                          | Total included within accounts payable and accrued expenses |          | $    | (531 | )            |   | $    | (514 | )
|                          |                                                             |          |      |      |              |  

10



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##### Table of Contents



GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


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


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|   |                       
|-- | ----------------------
|7. | PRO FORMA INCOME TAXES



|                                                                                          |  |                    |        |   |                  |   |        |  
|----------------------------------------------------------------------------------------- |  | ------------------ | ------ | - | ---------------- | - | ------ | -
|                                                                                          |  | Three Months Ended |        |   | Six Months Ended |  
|                                                                                          |  | June 30, 2004      |        |   | June 30, 2004    |  
|                                                                                          |  |                    |        |   |                  |  
|Income before income tax provision (benefit) and minority
    ownership loss  historical |  | $                  | 5,095  |   |                  | $ | 20,361 |  
|Income tax provision  historical, exclusive of tax
    benefit, net                      |  |                    | (1,379 | ) |                  |   | (2,542 | )
|Pro forma income tax provision                                                            |  |                    | (455   | ) |                  |   | (4,788 | )
|Minority ownership loss  historical                                                      |  |                    | 122    |   |                  |   | 122    |  
|                                                                                          |  |                    |        |   |                  |  
|Pro forma net income                                                                      |  | $                  | 3,383  |   |                  | $ | 13,153 |  
|                                                                                          |  |                    |        |   |                  |  





|                                        |  |                    |       |   |                  |   |        |  
|--------------------------------------- |  | ------------------ | ----- | - | ---------------- | - | ------ | -
|                                        |  | Three Months Ended |       |   | Six Months Ended |  
|                                        |  | June 30, 2004      |       |   | June 30, 2004    |  
|                                        |  |                    |       |   |                  |  
|Income before income taxes, as reported |  | $                  | 5,095 |   |                  | $ | 20,361 |  
|Effective pro forma income tax rate     |  |                    | 36.00 | % |                  |   | 36.00  | %
|                                        |  |                    |       |   |                  |  
|Pro forma income tax expense            |  | $                  | 1,834 |   |                  | $ | 7,330  |  
|                                        |  |                    |       |   |                  |  



|   |                    
|-- | -------------------
|8. | SEGMENT INFORMATION

Disclosures About Segments of an Enterprise and Related
Information




11



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##### Table of Contents



GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


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


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






Major customers 




|                                 |  |         |         |   |     |   |         |          |  |        |           |   |  |       |       |   |       |   |      |   |  |   |         |  
|-------------------------------- |  | ------- | ------- | - | --- | - | ------- | -------- |  | ------ | --------- | - |  | ----- | ----- | - | ----- | - | ---- | - |  | - | ------- | -
|                                 |  | Cash    |         |   |     |   | Check   |          |  | Credit |           |   |  |       |      
|                                 |  | Advance |         |   | ATM |   |         | Services |  |        | Reporting |   |  | Other |       |   | Total |  
|                                 |  |         |         |   |     |   |         |          |  |        |           |   |  |       |       |   |       |  
|Three Months Ended June 30, 2005 |  |         |         |   |     |   |         |          |  |        |           |   |  |       |       |   |       |   |      |   |  |   |         |  
|Revenues                         |  | $       | 57,933  |   |     | $ | 45,217  |          |  | $      | 6,734     |   |  | $     | 2,245 |   |       | $ | 331  |   |  | $ | 112,460 |  
|Depreciation and amortization    |  |         | (1,083  | ) |     |   | (1,993  | )        |  |        | (9        | ) |  |       | (20   | ) |       |   | (122 | ) |  |   | (3,227  | )
|Operating income (loss)          |  |         | 11,243  |   |     |   | 6,775   |          |  |        | 2,077     |   |  |       | 864   |   |       |   | (1   | ) |  |   | 20,958  |  
|Interest income                  |  |         | 181     |   |     |   |        |          |  |        |          |   |  |       |      |   |       |   |     |   |  |   | 181     |  
|Interest expense                 |  |         | (4,426  | ) |     |   | (5,692  | )        |  |        | (514      | ) |  |       | (171  | ) |       |   | (25  | ) |  |   | (10,828 | )
|Income taxes                     |  |         | (2,519  | ) |     |   | (390    | )        |  |        | (563      | ) |  |       | (249  | ) |       |   | 9    |   |  |   | (3,712  | )
|Minority ownership loss          |  |         |        |   |     |   |        |          |  |        |          |   |  |       |      |   |       |   | 44   |   |  |   | 44      |  
|Net income                       |  | $       | 4,479   |   |     | $ | 693     |          |  | $      | 1,000     |   |  | $     | 444   |   |       | $ | 27   |   |  | $ | 6,643   |  
|Three Months Ended June 30, 2004 |  |         |         |   |     |   |         |          |  |        |           |   |  |       |       |   |       |   |      |   |  |   |         |  
|Revenues                         |  | $       | 50,352  |   |     | $ | 39,051  |          |  | $      | 5,682     |   |  | $     | 2,304 |   |       | $ | 322  |   |  | $ | 97,711  |  
|Depreciation and amortization    |  |         | (1,209  | ) |     |   | (1,981  | )        |  |        | (2        | ) |  |       | (92   | ) |       |   | (121 | ) |  |   | (3,405  | )
|Operating income (loss)          |  |         | 8,357   |   |     |   | 3,629   |          |  |        | 2,048     |   |  |       | 934   |   |       |   | (24  | ) |  |   | 14,944  |  
|Interest income                  |  |         | 295     |   |     |   |        |          |  |        |          |   |  |       |      |   |       |   |     |   |  |   | 295     |  
|Interest expense                 |  |         | (4,312  | ) |     |   | (5,139  | )        |  |        | (501      | ) |  |       | (167  | ) |       |   | (25  | ) |  |   | (10,144 | )
|Income taxes                     |  |         | 127,151 |   |     |   | 82,909  |          |  |        | (557      | ) |  |       | (276  | ) |       |   | 18   |   |  |   | 209,245 |  
|Minority ownership loss          |  |         |        |   |     |   |        |          |  |        |          |   |  |       |      |   |       |   | 122  |   |  |   | 122     |  
|Net income                       |  | $       | 131,491 |   |     | $ | 81,399  |          |  | $      | 990       |   |  | $     | 491   |   |       | $ | 91   |   |  | $ | 214,462 |  
|Six Months Ended June 30, 2005   |  |         |         |   |     |   |         |          |  |        |           |   |  |       |       |   |       |   |      |   |  |   |         |  
|Revenues                         |  | $       | 114,710 |   |     | $ | 88,989  |          |  | $      | 13,043    |   |  | $     | 4,599 |   |       | $ | 784  |   |  | $ | 222,125 |  
|Depreciation and amortization    |  |         | (2,226  | ) |     |   | (3,993  | )        |  |        | (18       | ) |  |       | (63   | ) |       |   | (243 | ) |  |   | (6,543  | )
|Operating income                 |  |         | 22,591  |   |     |   | 13,579  |          |  |        | 4,428     |   |  |       | 2,117 |   |       |   | 114  |   |  |   | 42,829  |  
|Interest income                  |  |         | 633     |   |     |   |        |          |  |        |          |   |  |       |      |   |       |   |     |   |  |   | 633     |  
|Interest expense                 |  |         | (9,058  | ) |     |   | (11,247 | )        |  |        | (1,030    | ) |  |       | (363  | ) |       |   | (62  | ) |  |   | (21,760 | )
|Income taxes                     |  |         | (5,100  | ) |     |   | (840    | )        |  |        | (1,223    | ) |  |       | (631  | ) |       |   | (19  | ) |  |   | (7,813  | )
|Minority ownership loss          |  |         |        |   |     |   |        |          |  |        |          |   |  |       |      |   |       |   | 94   |   |  |   | 94      |  
|Net income                       |  | $       | 9,066   |   |     | $ | 1,492   |          |  | $      | 2,175     |   |  | $     | 1,123 |   |       | $ | 127  |   |  | $ | 13,983  |  

12



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##### Table of Contents



GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


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


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                               |  |         |         |   |     |   |        |          |  |        |           |   |  |       |       |   |       |   |      |   |  |   |         |  
|------------------------------ |  | ------- | ------- | - | --- | - | ------ | -------- |  | ------ | --------- | - |  | ----- | ----- | - | ----- | - | ---- | - |  | - | ------- | -
|                               |  | Cash    |         |   |     |   | Check  |          |  | Credit |           |   |  |       |      
|                               |  | Advance |         |   | ATM |   |        | Services |  |        | Reporting |   |  | Other |       |   | Total |  
|                               |  |         |         |   |     |   |        |          |  |        |           |   |  |       |       |   |       |  
|Six Months Ended June 30, 2004 |  |         |         |   |     |   |        |          |  |        |           |   |  |       |       |   |       |   |      |   |  |   |         |  
|Revenues                       |  | $       | 100,807 |   |     | $ | 77,382 |          |  | $      | 11,520    |   |  | $     | 4,710 |   |       | $ | 662  |   |  | $ | 195,081 |  
|Depreciation and amortization  |  |         | (2,467  | ) |     |   | (3,914 | )        |  |        | (2        | ) |  |       | (183  | ) |       |   | (247 | ) |  |   | (6,813  | )
|Operating income (loss)        |  |         | 17,739  |   |     |   | 8,949  |          |  |        | 4,277     |   |  |       | 2,060 |   |       |   | (12  | ) |  |   | 33,013  |  
|Interest income                |  |         | 589     |   |     |   |       |          |  |        |          |   |  |       |      |   |       |   |     |   |  |   | 589     |  
|Interest expense               |  |         | (5,395  | ) |     |   | (6,979 | )        |  |        | (614      | ) |  |       | (216  | ) |       |   | (37  | ) |  |   | (13,241 | )
|Income taxes                   |  |         | 126,701 |   |     |   | 83,347 |          |  |        | (1,319    | ) |  |       | (664  | ) |       |   | 17   |   |  |   | 208,082 |  
|Minority ownership loss        |  |         |        |   |     |   |       |          |  |        |          |   |  |       |      |   |       |   | 122  |   |  |   | 122     |  
|Net income                     |  | $       | 139,634 |   |     | $ | 85,317 |          |  | $      | 2,344     |   |  | $     | 1,180 |   |       | $ | 90   |   |  | $ | 228,565 |  

|                 |  |          |         |  |              |   |         | 
|---------------- |  | -------- | ------- |  | ------------ | - | ------- | 
|                 |  | June 30, |         |  | December 31, |  
|Total Assets     |  | 2005     |         |  | 2004         |  
|                 |  |          |         |  |              |  
|Cash advance     |  | $        | 282,681 |  |              | $ | 316,904 | 
|ATM              |  |          | 128,032 |  |              |   | 133,005 | 
|Check services   |  |          | 3,729   |  |              |   | 4,223   | 
|Credit reporting |  |          | 41,726  |  |              |   | 41,263  | 
|Other            |  |          | 132     |  |              |   | 530     | 
|                 |  |          |         |  |              |  
|Total assets     |  | $        | 456,300 |  |              | $ | 495,925 | 
|                 |  |          |         |  |              |  



|   |                      
|-- | ---------------------
|9. | GUARANTOR INFORMATION

3 4


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##### Table of Contents



GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


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


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)


CONDENSED CONSOLIDATING SCHEDULE  BALANCE SHEET
INFORMATION


June 30, 2005


|                                                    |                        |                        |         |          |            |          |        |            |        |             |          |       |       |              |         |         |         |         |         |         |         |         | 
|--------------------------------------------------- | ---------------------- | ---------------------- | ------- | -------- | ---------- | -------- | ------ | ---------- | ------ | ----------- | -------- | ----- | ----- | ------------ | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | 
|                                                    |                        |                        |         |          |            | Combined |        |            |        |             |         
|                                                    |                        |                        |         | Combined |            |          | Non-   |            |        | Elimination |          |       |      
|                                                    |                        | Parent                 |         |          | Guarantors |          |        | Guarantors |        |             | Entries* |       |       | Consolidated |        
|                                                    |                        |                        |         |          |            |          |        |            |        |             |          |       |       |              |        
|                                                    |                        | (Unaudited)            |        
|                                                    |                        | (Amounts in thousands) |        
|ASSETS                                             
|Cash and cash equivalents                           |                        | $                      | 24,580  |          |            | $        | 434    |            |        | $           | 3,954    |       |       | $            |        |         |         | $       | 28,968  |        
|Settlement receivables                              |                        |                        | 19,340  |          |            |          |       |            |        |             | 472      |       |       |              |        |         |         |         | 19,812  |        
|Receivables, other                                  |                        |                        | 8,614   |          |            |          | 18,928 |            |        |             | 18       |       |       |              | (23,019 | )       |         |         | 4,541   |        
|Prepaid and other assets                            |                        |                        | 14,893  |          |            |          | 3      |            |        |             |         |       |       |              |        |         |         |         | 14,896  |        
|Investment in subsidiaries                          |                        |                        | 62,624  |          |            |          |       |            |        |             |         |       |       |              | (62,624 | )       |         |         |        |        
|Property, equipment and leasehold improvements, net |                        |                        | 9,010   |          |            |          | 3      |            |        |             | 140      |       |       |              |        |         |         |         | 9,153   |        
|Goodwill, net                                       |                        |                        | 116,574 |          |            |          | 39,470 |            |        |             | 675      |       |       |              |        |         |         |         | 156,719 |        
|Other intangibles, net                              |                        |                        | 14,062  |          |            |          | 162    |            |        |             | 73       |       |       |              |        |         |         |         | 14,297  |        
|Deferred income taxes, net                          |                        |                        | 207,341 |          |            |          |       |            |        |             | 573      |       |       |              |        |         |         |         | 207,914 |        
|                                                    |                        |                        |         |          |            |          |        |            |        |             |          |       |       |              |        
|                                                    |                        | TOTAL                  |         | $        | 477,038    |          |        | $          | 59,000 |             |          | $     | 5,905 |              |         | $       | (85,643 | )       |         | $       | 456,300 |        
|                                                    |                        |                        |         |          |            |          |        |            |        |             |          |       |       |              |        
|                                                   
|LIABILITIES AND STOCKHOLDERS (DEFICIT) EQUITY     
|LIABILITIES:                                        |                        |                        |         |          |            |          |        |            |        |             |          |       |       |              |         |         |         |         |         |        
|                                                    | Settlement liabilities |                        | $       | 23,865   |            |          | $      |           |        |             | $        | 354   |       |              | $       |        |         |         | $       | 24,219  |        
|                                                    | Accounts payable       |                        |         | 17,034   |            |          |        | 4          |        |             |          | 195   |       |              |         |        |         |         |         | 17,233  |        
|                                                    | Accrued expenses       |                        |         | 34,962   |            |          |        | 73         |        |             |          | 1,655 |       |              |         | (23,019 | )       |         |         | 13,671  |        
|                                                    | Borrowings             |                        |         | 443,964  |            |          |        |           |        |             |          |      |       |              |         |        |         |         |         | 443,964 |        
|                                                    |                        |                        |         |          |            |          |        |            |        |             |          |       |       |              |        
|                                                    |                        | Total liabilities      |         |          | 519,825    |          |        |            | 77     |             |          |       | 2,204 |              |         |         | (23,019 | )       |         |         | 499,087 |        
|                                                    |                        |                        |         |          |            |          |        |            |        |             |          |       |       |              |        
|COMMITMENTS AND CONTINGENCIES                       |                        |                        |         |          |            |          |        |            |        |             |          |       |       |              |         |         |         |         |         |        
|MINORITY INTEREST                                   |                        |                        | 273     |          |            |          |       |            |        |             |         |       |       |              |        |         |         |         | 273     |        
|STOCKHOLDERS (DEFICIT) EQUITY                      |                        |                        | (43,060 | )        |            |          | 58,923 |            |        |             | 3,701    |       |       |              | (62,624 | )       |         |         | (43,060 | )      
|                                                    |                        |                        |         |          |            |          |        |            |        |             |          |       |       |              |        
|                                                    |                        |                        | TOTAL   |          | $          | 477,038  |        |            | $      | 59,000      |          |       | $     | 5,905        |         |         | $       | (85,643 | )       |         | $       | 456,300 | 
|                                                    |                        |                        |         |          |            |          |        |            |        |             |          |       |       |              |        






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

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GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


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


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)


CONDENSED CONSOLIDATING SCHEDULE  BALANCE SHEET
INFORMATION


December 31, 2004


|                                                    |                        |                        |         |          |            |          |        |            |        |             |          |       |       |              |         |         |         |         |         |         |         |         | 
|--------------------------------------------------- | ---------------------- | ---------------------- | ------- | -------- | ---------- | -------- | ------ | ---------- | ------ | ----------- | -------- | ----- | ----- | ------------ | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | 
|                                                    |                        |                        |         |          |            | Combined |        |            |        |             |         
|                                                    |                        |                        |         | Combined |            |          | Non-   |            |        | Elimination |          |       |      
|                                                    |                        | Parent                 |         |          | Guarantors |          |        | Guarantors |        |             | Entries* |       |       | Consolidated |        
|                                                    |                        |                        |         |          |            |          |        |            |        |             |          |       |       |              |        
|                                                    |                        | (Unaudited)            |        
|                                                    |                        | (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 (DEFICIT) 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 (DEFICIT) EQUITY                      |                        |                        | (57,479 | )        |            |          | 56,743 |            |        |             | 2,976    |       |       |              | (59,719 | )       |         |         | (57,479 | )      
|                                                    |                        |                        |         |          |            |          |        |            |        |             |          |       |       |              |        
|                                                    |                        |                        | TOTAL   |          | $          | 512,720  |        |            | $      | 57,118      |          |       | $     | 5,051        |         |         | $       | (78,964 | )       |         | $       | 495,925 | 
|                                                    |                        |                        |         |          |            |          |        |            |        |             |          |       |       |              |        






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

15



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##### Table of Contents



GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


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


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)


CONDENSED CONSOLIDATING SCHEDULE  STATEMENT OF
INCOME INFORMATION


Three Months Ended June 30, 2005


|                                                                          |                                   |                                      |        |          |            |          |       |            |       |   |               |       |       |              |        |        |        |   |        |         |         |  
|------------------------------------------------------------------------- | --------------------------------- | ------------------------------------ | ------ | -------- | ---------- | -------- | ----- | ---------- | ----- | - | ------------- | ----- | ----- | ------------ | ------ | ------ | ------ | - | ------ | ------- | ------- | -
|                                                                          |                                   |                                      |        |          |            | Combined |       |            |       |   |              
|                                                                          |                                   |                                      |        | Combined |            |          | Non-  |            |       |   |               |      
|                                                                          |                                   | Parent                               |        |          | Guarantors |          |       | Guarantors |       |   | Eliminations* |       |       | Consolidated |       
|                                                                          |                                   |                                      |        |          |            |          |       |            |       |   |               |       |       |              |       
|                                                                          |                                   | (Unaudited)                          |       
|                                                                          |                                   | (Amounts in thousands)               |       
|REVENUES:                                                                 |                                   |                                      |        |          |            |          |       |            |       |   |               |       |       |              |        |        |        |   |        |        
|                                                                          | Cash advance                      |                                      | $      | 56,706   |            |          | $     |           |       |   | $             | 1,227 |       |              | $      |       |        |   | $      | 57,933  |        
|                                                                          | ATM                               |                                      |        | 45,217   |            |          |       |           |       |   |               |      |       |              |        |       |        |   |        | 45,217  |        
|                                                                          | Check services                    |                                      |        | 6,381    |            |          |       | 353        |       |   |               |      |       |              |        |       |        |   |        | 6,734   |        
|                                                                          | Central Credit and other revenues |                                      |        | 1,360    |            |          |       | 2,245      |       |   |               | 24    |       |              |        | (1,053 | )      |   |        | 2,576   |        
|                                                                          |                                   |                                      |        |          |            |          |       |            |       |   |               |       |       |              |       
|                                                                          |                                   | Total revenues                       |        |          | 109,664    |          |       |            | 2,598 |   |               |       | 1,251 |              |        |        | (1,053 | ) |        |         | 112,460 |  
|COST OF REVENUES                                                          |                                   |                                      | 74,875 |          |            |          | 489   |            |       |   | 748           |       |       |              |       |        |        |   | 76,112 |        
|                                                                          |                                   |                                      |        |          |            |          |       |            |       |   |               |       |       |              |       
|GROSS PROFIT                                                              |                                   |                                      | 34,789 |          |            |          | 2,109 |            |       |   | 503           |       |       |              | (1,053 | )      |        |   | 36,348 |        
|                                                                          | Operating expenses                |                                      |        | (10,715  | )          |          |       | (1,229     | )     |   |               | (386  | )     |              |        | 167    |        |   |        | (12,163 | )      
|                                                                          | Amortization                      |                                      |        | (1,272   | )          |          |       | (17        | )     |   |               | (6    | )     |              |        |       |        |   |        | (1,295  | )      
|                                                                          | Depreciation                      |                                      |        | (1,927   | )          |          |       |           |       |   |               | (5    | )     |              |        |       |        |   |        | (1,932  | )      
|                                                                          |                                   |                                      |        |          |            |          |       |            |       |   |               |       |       |              |       
|OPERATING INCOME (LOSS)                                                   |                                   |                                      | 20,875 |          |            |          | 863   |            |       |   | 106           |       |       |              | (886   | )      |        |   | 20,958 |        
|                                                                          |                                   |                                      |        |          |            |          |       |            |       |   |               |       |       |              |       
|INTEREST INCOME (EXPENSE), NET                                            |                                   |                                      |        |          |            |          |       |            |       |   |               |       |       |              |        |        |        |   |        |        
|                                                                          | Interest income                   |                                      |        | 163      |            |          |       |           |       |   |               | 18    |       |              |        |       |        |   |        | 181     |        
|                                                                          | Interest expense                  |                                      |        | (10,828  | )          |          |       |           |       |   |               |      |       |              |        |       |        |   |        | (10,828 | )      
|                                                                          |                                   |                                      |        |          |            |          |       |            |       |   |               |       |       |              |       
|                                                                          |                                   | Total interest income (expense), net |        |          | (10,665    | )        |       |            |      |   |               |       | 18    |              |        |        |       |   |        |         | (10,647 | )
|                                                                          |                                   |                                      |        |          |            |          |       |            |       |   |               |       |       |              |       
|INCOME (LOSS) BEFORE INCOME TAX PROVISION AND MINORITY
    OWNERSHIP LOSS |                                   |                                      | 10,210 |          |            |          | 863   |            |       |   | 124           |       |       |              | (886   | )      |        |   | 10,311 |        
|INCOME TAX PROVISION                                                      |                                   |                                      | (3,611 | )        |            |          |      |            |       |   | (101          | )     |       |              |       |        |        |   | (3,712 | )      
|                                                                          |                                   |                                      |        |          |            |          |       |            |       |   |               |       |       |              |       
|INCOME (LOSS) BEFORE MINORITY OWNERSHIP LOSS                              |                                   |                                      | 6,599  |          |            |          | 863   |            |       |   | 23            |       |       |              | (886   | )      |        |   | 6,599  |        
|MINORITY OWNERSHIP LOSS                                                   |                                   |                                      | 44     |          |            |          |      |            |       |   |              |       |       |              |       |        |        |   | 44     |        
|                                                                          |                                   |                                      |        |          |            |          |       |            |       |   |               |       |       |              |       
|NET INCOME (LOSS)                                                         |                                   | $                                    | 6,643  |          |            | $        | 863   |            |       | $ | 23            |       |       | $            | (886   | )      |        | $ | 6,643  |        
|                                                                          |                                   |                                      |        |          |            |          |       |            |       |   |               |       |       |              |       






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

16



---



##### Table of Contents



GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


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


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)


CONDENSED CONSOLIDATING SCHEDULE  STATEMENT OF
INCOME INFORMATION


Three Months Ended June 30, 2004


|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |      |     |              |        |        |        |   |         |         |        |  
|------------------------------------------------------------------------- | --------------------------------- | ------------------------------------ | ------- | -------- | ---------- | -------- | ----- | ---------- | ----- | - | ------------- | ---- | --- | ------------ | ------ | ------ | ------ | - | ------- | ------- | ------ | -
|                                                                          |                                   |                                      |         |          |            | Combined |       |            |       |   |              
|                                                                          |                                   |                                      |         | Combined |            |          | Non-  |            |       |   |               |     
|                                                                          |                                   | Parent                               |         |          | Guarantors |          |       | Guarantors |       |   | Eliminations* |      |     | Consolidated |       
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |      |     |              |       
|                                                                          |                                   | (Unaudited)                          |        
|                                                                          |                                   | (Amounts in thousands)               |        
|REVENUES:                                                                 |                                   |                                      |         |          |            |          |       |            |       |   |               |      |     |              |        |        |        |   |         |        
|                                                                          | Cash advance                      |                                      | $       | 49,574   |            |          | $     |           |       |   | $             | 778  |     |              | $      |       |        |   | $       | 50,352  |       
|                                                                          | ATM                               |                                      |         | 39,051   |            |          |       |           |       |   |               |     |     |              |        |       |        |   |         | 39,051  |       
|                                                                          | Check services                    |                                      |         | 5,682    |            |          |       |           |       |   |               |     |     |              |        |       |        |   |         | 5,682   |       
|                                                                          | Central Credit and other revenues |                                      |         | 1,465    |            |          |       | 2,599      |       |   |               | 19   |     |              |        | (1,457 | )      |   |         | 2,626   |       
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |      |     |              |       
|                                                                          |                                   | Total revenues                       |         |          | 95,772     |          |       |            | 2,599 |   |               |      | 797 |              |        |        | (1,457 | ) |         |         | 97,711 |  
|COST OF REVENUES                                                          |                                   |                                      | 64,890  |          |            |          | 73    |            |       |   | 480           |      |     |              |       |        |        |   | 65,443  |        
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |      |     |              |       
|GROSS PROFIT                                                              |                                   |                                      | 30,882  |          |            |          | 2,526 |            |       |   | 317           |      |     |              | (1,457 | )      |        |   | 32,268  |        
|                                                                          | Operating expenses                |                                      |         | (12,786  | )          |          |       | (907       | )     |   |               | (304 | )   |              |        | 78     |        |   |         | (13,919 | )     
|                                                                          | Amortization                      |                                      |         | (1,327   | )          |          |       | (83        | )     |   |               |     |     |              |        |       |        |   |         | (1,410  | )     
|                                                                          | Depreciation                      |                                      |         | (1,987   | )          |          |       | (8         | )     |   |               |     |     |              |        |       |        |   |         | (1,995  | )     
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |      |     |              |       
|OPERATING INCOME (LOSS)                                                   |                                   |                                      | 14,782  |          |            |          | 1,528 |            |       |   | 13            |      |     |              | (1,379 | )      |        |   | 14,944  |        
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |      |     |              |       
|INTEREST INCOME (EXPENSE), NET                                            |                                   |                                      |         |          |            |          |       |            |       |   |               |      |     |              |        |        |        |   |         |        
|                                                                          | Interest income                   |                                      |         | 279      |            |          |       |           |       |   |               | 16   |     |              |        |       |        |   |         | 295     |       
|                                                                          | Interest expense                  |                                      |         | (10,144  | )          |          |       |           |       |   |               |     |     |              |        |       |        |   |         | (10,144 | )     
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |      |     |              |       
|                                                                          |                                   | Total interest income (expense), net |         |          | (9,865     | )        |       |            |      |   |               |      | 16  |              |        |        |       |   |         |         | (9,849 | )
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |      |     |              |       
|INCOME (LOSS) BEFORE INCOME TAX PROVISION AND MINORITY
    OWNERSHIP LOSS |                                   |                                      | 4,917   |          |            |          | 1,528 |            |       |   | 29            |      |     |              | (1,379 | )      |        |   | 5,095   |        
|INCOME TAX PROVISION                                                      |                                   |                                      | 209,423 |          |            |          |      |            |       |   | (178          | )    |     |              |       |        |        |   | 209,245 |        
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |      |     |              |       
|INCOME (LOSS) BEFORE MINORITY OWNERSHIP LOSS                              |                                   |                                      | 214,340 |          |            |          | 1,528 |            |       |   | (149          | )    |     |              | (1,379 | )      |        |   | 214,340 |        
|MINORITY OWNERSHIP LOSS                                                   |                                   |                                      | 122     |          |            |          |      |            |       |   |              |      |     |              |       |        |        |   | 122     |        
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |      |     |              |       
|NET INCOME (LOSS)                                                         |                                   | $                                    | 214,462 |          |            | $        | 1,528 |            |       | $ | (149          | )    |     | $            | (1,379 | )      |        | $ | 214,462 |        
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |      |     |              |       






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

17



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##### Table of Contents



GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


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


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)


CONDENSED CONSOLIDATING SCHEDULE  STATEMENT OF
INCOME INFORMATION


Six Months Ended June 30, 2005


|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |       |       |              |        |        |        |   |         |         |         |  
|------------------------------------------------------------------------- | --------------------------------- | ------------------------------------ | ------- | -------- | ---------- | -------- | ----- | ---------- | ----- | - | ------------- | ----- | ----- | ------------ | ------ | ------ | ------ | - | ------- | ------- | ------- | -
|                                                                          |                                   |                                      |         |          |            | Combined |       |            |       |   |              
|                                                                          |                                   |                                      |         | Combined |            |          | Non-  |            |       |   |               |      
|                                                                          |                                   | Parent                               |         |          | Guarantors |          |       | Guarantors |       |   | Eliminations* |       |       | Consolidated |       
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |       |       |              |       
|                                                                          |                                   | (Unaudited)                          |        
|                                                                          |                                   | (Amounts in thousands)               |        
|REVENUES:                                                                 |                                   |                                      |         |          |            |          |       |            |       |   |               |       |       |              |        |        |        |   |         |        
|                                                                          | Cash advance                      |                                      | $       | 112,290  |            |          | $     |           |       |   | $             | 2,420 |       |              | $      |       |        |   | $       | 114,710 |        
|                                                                          | ATM                               |                                      |         | 88,989   |            |          |       |           |       |   |               |      |       |              |        |       |        |   |         | 88,989  |        
|                                                                          | Check services                    |                                      |         | 12,598   |            |          |       | 445        |       |   |               |      |       |              |        |       |        |   |         | 13,043  |        
|                                                                          | Central Credit and other revenues |                                      |         | 3,284    |            |          |       | 4,599      |       |   |               | 46    |       |              |        | (2,546 | )      |   |         | 5,383   |        
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |       |       |              |       
|                                                                          |                                   | Total revenues                       |         |          | 217,161    |          |       |            | 5,044 |   |               |       | 2,466 |              |        |        | (2,546 | ) |         |         | 222,125 |  
|COST OF REVENUES                                                          |                                   |                                      | 146,656 |          |            |          | 539   |            |       |   | 1,514         |       |       |              |       |        |        |   | 148,709 |        
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |       |       |              |       
|GROSS PROFIT                                                              |                                   |                                      | 70,505  |          |            |          | 4,505 |            |       |   | 952           |       |       |              | (2,546 | )      |        |   | 73,416  |        
|                                                                          | Operating expenses                |                                      |         | (21,368  | )          |          |       | (2,269     | )     |   |               | (698  | )     |              |        | 291    |        |   |         | (24,044 | )      
|                                                                          | Amortization                      |                                      |         | (2,596   | )          |          |       | (57        | )     |   |               | (6    | )     |              |        |       |        |   |         | (2,659  | )      
|                                                                          | Depreciation                      |                                      |         | (3,875   | )          |          |       |           |       |   |               | (9    | )     |              |        |       |        |   |         | (3,884  | )      
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |       |       |              |       
|OPERATING INCOME (LOSS)                                                   |                                   |                                      | 42,666  |          |            |          | 2,179 |            |       |   | 239           |       |       |              | (2,255 | )      |        |   | 42,829  |        
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |       |       |              |       
|INTEREST INCOME (EXPENSE), NET                                            |                                   |                                      |         |          |            |          |       |            |       |   |               |       |       |              |        |        |        |   |         |        
|                                                                          | Interest income                   |                                      |         | 590      |            |          |       |           |       |   |               | 43    |       |              |        |       |        |   |         | 633     |        
|                                                                          | Interest expense                  |                                      |         | (21,760  | )          |          |       |           |       |   |               |      |       |              |        |       |        |   |         | (21,760 | )      
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |       |       |              |       
|                                                                          |                                   | Total interest income (expense), net |         |          | (21,170    | )        |       |            |      |   |               |       | 43    |              |        |        |       |   |         |         | (21,127 | )
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |       |       |              |       
|INCOME (LOSS) BEFORE INCOME TAX PROVISION AND MINORITY
    OWNERSHIP LOSS |                                   |                                      | 21,496  |          |            |          | 2,179 |            |       |   | 282           |       |       |              | (2,255 | )      |        |   | 21,702  |        
|INCOME TAX PROVISION                                                      |                                   |                                      | (7,607  | )        |            |          |      |            |       |   | (206          | )     |       |              |       |        |        |   | (7,813  | )      
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |       |       |              |       
|INCOME (LOSS) BEFORE MINORITY OWNERSHIP LOSS                              |                                   |                                      | 13,889  |          |            |          | 2,179 |            |       |   | 76            |       |       |              | (2,255 | )      |        |   | 13,889  |        
|MINORITY OWNERSHIP LOSS                                                   |                                   |                                      | 94      |          |            |          |      |            |       |   |              |       |       |              |       |        |        |   | 94      |        
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |       |       |              |       
|NET INCOME (LOSS)                                                         |                                   | $                                    | 13,983  |          |            | $        | 2,179 |            |       | $ | 76            |       |       | $            | (2,255 | )      |        | $ | 13,983  |        
|                                                                          |                                   |                                      |         |          |            |          |       |            |       |   |               |       |       |              |       






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

18



---



##### Table of Contents



GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


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


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)


CONDENSED CONSOLIDATING SCHEDULE  STATEMENT OF
INCOME INFORMATION


Six Months Ended June 30, 2004


|                                                                                    |                                   |                                       |         |          |            |          |       |            |       |   |               |        |       |              |        |        |        |   |         |         |         |  
|----------------------------------------------------------------------------------- | --------------------------------- | ------------------------------------- | ------- | -------- | ---------- | -------- | ----- | ---------- | ----- | - | ------------- | ------ | ----- | ------------ | ------ | ------ | ------ | - | ------- | ------- | ------- | -
|                                                                                    |                                   |                                       |         |          |            | Combined |       |            |       |   |              
|                                                                                    |                                   |                                       |         | Combined |            |          | Non-  |            |       |   |               |       
|                                                                                    |                                   | Parent                                |         |          | Guarantors |          |       | Guarantors |       |   | Eliminations* |        |       | Consolidated |       
|                                                                                    |                                   |                                       |         |          |            |          |       |            |       |   |               |        |       |              |       
|                                                                                    |                                   | (Unaudited)                           |        
|                                                                                    |                                   | (Amounts in thousands)                |        
|REVENUES:                                                                           |                                   |                                       |         |          |            |          |       |            |       |   |               |        |       |              |        |        |        |   |         |        
|                                                                                    | Cash advance                      |                                       | $       | 98,915   |            |          | $     |           |       |   | $             | 1,892  |       |              | $      |       |        |   | $       | 100,807 |        
|                                                                                    | ATM                               |                                       |         | 77,382   |            |          |       |           |       |   |               |       |       |              |        |       |        |   |         | 77,382  |        
|                                                                                    | Check services                    |                                       |         | 11,520   |            |          |       |           |       |   |               |       |       |              |        |       |        |   |         | 11,520  |        
|                                                                                    | Central Credit and other revenues |                                       |         | 1,741    |            |          |       | 5,266      |       |   |               | 34     |       |              |        | (1,669 | )      |   |         | 5,372   |        
|                                                                                    |                                   |                                       |         |          |            |          |       |            |       |   |               |        |       |              |       
|                                                                                    |                                   | Total revenues                        |         |          | 189,558    |          |       |            | 5,266 |   |               |        | 1,926 |              |        |        | (1,669 | ) |         |         | 195,081 |  
|COST OF REVENUES                                                                    |                                   |                                       | 129,068 |          |            |          | 131   |            |       |   | 1,184         |        |       |              |       |        |        |   | 130,383 |        
|                                                                                    |                                   |                                       |         |          |            |          |       |            |       |   |               |        |       |              |       
|GROSS PROFIT                                                                        |                                   |                                       | 60,490  |          |            |          | 5,135 |            |       |   | 742           |        |       |              | (1,669 | )      |        |   | 64,698  |        
|                                                                                    | Operating expenses                |                                       |         | (21,134  | )          |          |       | (1,814     | )     |   |               | (2,101 | )     |              |        | 177    |        |   |         | (24,872 | )      
|                                                                                    | Amortization                      |                                       |         | (2,682   | )          |          |       | (167       | )     |   |               |       |       |              |        |       |        |   |         | (2,849  | )      
|                                                                                    | Depreciation                      |                                       |         | (3,949   | )          |          |       | (15        | )     |   |               |       |       |              |        |       |        |   |         | (3,964  | )      
|                                                                                    |                                   |                                       |         |          |            |          |       |            |       |   |               |        |       |              |       
|OPERATING INCOME (LOSS)                                                             |                                   |                                       | 32,725  |          |            |          | 3,139 |            |       |   | (1,359        | )      |       |              | (1,492 | )      |        |   | 33,013  |        
|                                                                                    |                                   |                                       |         |          |            |          |       |            |       |   |               |        |       |              |       
|INTEREST INCOME (EXPENSE), NET                                                      |                                   |                                       |         |          |            |          |       |            |       |   |               |        |       |              |        |        |        |   |         |        
|                                                                                    | Interest income                   |                                       |         | 518      |            |          |       |           |       |   |               | 71     |       |              |        |       |        |   |         | 589     |        
|                                                                                    | Interest expense                  |                                       |         | (13,241  | )          |          |       |           |       |   |               |       |       |              |        |       |        |   |         | (13,241 | )      
|                                                                                    |                                   |                                       |         |          |            |          |       |            |       |   |               |        |       |              |       
|                                                                                    |                                   | Total interest income (expense) , net |         |          | (12,723    | )        |       |            |      |   |               |        | 71    |              |        |        |       |   |         |         | (12,652 | )
|                                                                                    |                                   |                                       |         |          |            |          |       |            |       |   |               |        |       |              |       
|INCOME (LOSS) BEFORE INCOME TAX BENEFIT
    (PROVISION) AND MINORITY OWNERSHIP LOSS |                                   |                                       | 20,002  |          |            |          | 3,139 |            |       |   | (1,288        | )      |       |              | (1,492 | )      |        |   | 20,361  |        
|INCOME TAX BENEFIT (PROVISION)                                                      |                                   |                                       | 208,441 |          |            |          |      |            |       |   | (359          | )      |       |              |       |        |        |   | 208,082 |        
|                                                                                    |                                   |                                       |         |          |            |          |       |            |       |   |               |        |       |              |       
|INCOME (LOSS) BEFORE MINORITY OWNERSHIP LOSS                                        |                                   |                                       | 228,443 |          |            |          | 3,139 |            |       |   | (1,647        | )      |       |              | (1,492 | )      |        |   | 228,443 |        
|MINORITY OWNERSHIP LOSS                                                             |                                   |                                       | 122     |          |            |          |      |            |       |   |              |        |       |              |       |        |        |   | 122     |        
|                                                                                    |                                   |                                       |         |          |            |          |       |            |       |   |               |        |       |              |       
|NET INCOME (LOSS)                                                                   |                                   | $                                     | 228,565 |          |            | $        | 3,139 |            |       | $ | (1,647        | )      |       | $            | (1,492 | )      |        | $ | 228,565 |        
|                                                                                    |                                   |                                       |         |          |            |          |       |            |       |   |               |        |       |              |       






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

19



---



##### Table of Contents



GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


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


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)


CONDENSED CONSOLIDATING SCHEDULE  STATEMENT OF
CASH FLOWS


Six Months Ended June 30, 2005


|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |    |        |               |      |   |              |      |        |       |        |         |         |       |         |         |  
|---------------------------------------------------------------- | -------------------------------------------------------------------------------------------------- | -------------------------------------------- | ------------------------ | --------------------------------------------------- | ---------- | -------- | ------- | ---------- | -- | ------ | ------------- | ---- | - | ------------ | ---- | ------ | ----- | ------ | ------- | ------- | ----- | ------- | ------- | -
|                                                                 |                                                                                                    |                                              |                          |                                                     |            | Combined |         |            |    |        |              
|                                                                 |                                                                                                    |                                              |                          | Combined                                            |            |          | Non-    |            |    |        |               |     
|                                                                 |                                                                                                    | Parent                                       |                          |                                                     | Guarantors |          |         | Guarantors |    |        | Eliminations* |      |   | Consolidated |     
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |    |        |               |      |   |              |     
|                                                                 |                                                                                                    | (Unaudited)                                  |                         
|                                                                 |                                                                                                    | (Amounts in thousands)                       |                         
|CASH FLOWS FROM OPERATING ACTIVITIES:                            |                                                                                                    |                                              |                          |                                                     |            |          |         |            |    |        |               |      |   |              |      |        |       |        |         |        
|                                                                 | Net income (loss)                                                                                  |                                              | $                        | 13,983                                              |            |          | $       | 2,179      |    |        | $             | 76   |   |              | $    | (2,255 | )     |        | $       | 13,983  |      
|                                                                 | Adjustments to reconcile net income (loss) to cash provided by
    (used in) operating activities: |                                              |                          |                                                     |            |          |         |            |    |        |               |      |   |              |      |        |       |        |         |         |      
|                                                                 |                                                                                                    | Amortization of financing costs              |                          |                                                     | 990        |          |         |            |   |        |               |      |  |              |      |        |      |        |         |         | 990   |        
|                                                                 |                                                                                                    | Amortization of intangibles                  |                          |                                                     | 2,596      |          |         |            | 57 |        |               |      | 6 |              |      |        |      |        |         |         | 2,659 |        
|                                                                 |                                                                                                    | Depreciation                                 |                          |                                                     | 3,875      |          |         |            |   |        |               |      | 9 |              |      |        |      |        |         |         | 3,884 |        
|                                                                 |                                                                                                    | Deferred income taxes                        |                          |                                                     | 6,780      |          |         |            |   |        |               |      |  |              |      |        |      |        |         |         | 6,780 |        
|                                                                 |                                                                                                    | Equity (income) loss                         |                          |                                                     | (2,255     | )        |         |            |   |        |               |      |  |              |      |        | 2,255 |        |         |         |      |        
|                                                                 |                                                                                                    | Minority ownership loss                      |                          |                                                     | (94        | )        |         |            |   |        |               |      |  |              |      |        |      |        |         |         | (94   | )      
|                                                                 |                                                                                                    | Changes in operating assets and liabilities: |                          |                                                     |            |          |         |            |    |        |               |      |   |              |      |        |       |        |         |         |       |        
|                                                                 |                                                                                                    |                                              | Settlement receivables   |                                                     |            | 10,290   |         |            |    |       |               |      |   | 85           |      |        |       |       |         |         |       | 10,375  |        
|                                                                 |                                                                                                    |                                              | Receivables, other       |                                                     |            | (2,110   | )       |            |    | (1,975 | )             |      |   |             |      |        |       | 3,773  |         |         |       | (312    | )      
|                                                                 |                                                                                                    |                                              | Prepaid and other assets |                                                     |            | (1,978   | )       |            |    | (3     | )             |      |   | 12           |      |        |       |       |         |         |       | (1,969  | )      
|                                                                 |                                                                                                    |                                              | Settlement liabilities   |                                                     |            | (17,560  | )       |            |    |       |               |      |   | (240         | )    |        |       |       |         |         |       | (17,800 | )      
|                                                                 |                                                                                                    |                                              | Accounts payable         |                                                     |            | (2,867   | )       |            |    | (371   | )             |      |   | (111         | )    |        |       |       |         |         |       | (3,349  | )      
|                                                                 |                                                                                                    |                                              | Accrued expenses         |                                                     |            | 4,549    |         |            |    | 72     |               |      |   | 521          |      |        |       | (3,773 | )       |         |       | 1,369   |        
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |    |        |               |      |   |              |     
|                                                                 |                                                                                                    |                                              |                          | Net cash provided by (used in) operating activities |            |          | 16,199  |            |    |        | (41           | )    |   |              | 358  |        |       |        |        |         |       |         | 16,516  |  
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |    |        |               |      |   |              |     
|CASH FLOWS FROM INVESTING ACTIVITIES:                            |                                                                                                    |                                              |                          |                                                     |            |          |         |            |    |        |               |      |   |              |      |        |       |        |         |        
|                                                                 | Purchase of property, equipment and leasehold improvements                                         |                                              |                          | (2,519                                              | )          |          |         | (4         | )  |        |               | (148 | ) |              |      |       |       |        |         | (2,671  | )    
|                                                                 | Purchase of other intangibles                                                                      |                                              |                          | (170                                                | )          |          |         | (183       | )  |        |               | (80  | ) |              |      |       |       |        |         | (433    | )    
|                                                                 | Investments in subsidiaries                                                                        |                                              |                          | (700                                                | )          |          |         |           |    |        |               |     |   |              |      | 700    |       |        |         |        |      
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |    |        |               |      |   |              |     
|                                                                 |                                                                                                    |                                              |                          | Net cash (used in) provided by investing activities |            |          | (3,389  | )          |    |        | (187          | )    |   |              | (228 | )      |       |        | 700     |         |       |         | (3,104  | )
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |    |        |               |      |   |              |     
|CASH FLOWS FROM FINANCING ACTIVITIES:                            |                                                                                                    |                                              |                          |                                                     |            |          |         |            |    |        |               |      |   |              |      |        |       |        |         |        
|                                                                 | Repayments under credit facility                                                                   |                                              |                          | (34,286                                             | )          |          |         |           |    |        |               |     |   |              |      |       |       |        |         | (34,286 | )    
|                                                                 | Debt issuance costs                                                                                |                                              |                          | (90                                                 | )          |          |         |           |    |        |               |     |   |              |      |       |       |        |         | (90     | )    
|                                                                 | Minority capital contributions                                                                     |                                              |                          | 280                                                 |            |          |         |           |    |        |               |     |   |              |      |       |       |        |         | 280     |      
|                                                                 | Capital contributions                                                                              |                                              |                          | 700                                                 |            |          |         |           |    |        |               | 700  |   |              |      | (700   | )     |        |         | 700     |      
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |    |        |               |      |   |              |     
|                                                                 |                                                                                                    |                                              |                          | Net cash (used in) provided by financing activities |            |          | (33,396 | )          |    |        |              |      |   |              | 700  |        |       |        | (700    | )       |       |         | (33,396 | )
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |    |        |               |      |   |              |     
|NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |                                                                                                    |                                              | 129                      |                                                     |            |          |        |            |    |        | (54           | )    |   |              |     |        |       |        | 75      |        
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |    |        |               |      |   |              |     
|NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS             |                                                                                                    |                                              | (20,457                  | )                                                   |            |          | (228    | )          |    |        | 776           |      |   |              |     |        |       |        | (19,909 | )      
|CASH AND CASH EQUIVALENTS  Beginning of period                  |                                                                                                    |                                              | 45,037                   |                                                     |            |          | 662     |            |    |        | 3,178         |      |   |              |     |        |       |        | 48,877  |        
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |    |        |               |      |   |              |     
|CASH AND CASH EQUIVALENTS  End of period                        |                                                                                                    | $                                            | 24,580                   |                                                     |            | $        | 434     |            |    | $      | 3,954         |      |   | $            |     |        |       | $      | 28,968  |        
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |    |        |               |      |   |              |     






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

20



---



##### Table of Contents



GLOBAL CASH ACCESS, INC. AND SUBSIDIARIES


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


(A WHOLLY OWNED SUBSIDIARY OF GLOBAL CASH ACCESS HOLDINGS,
INC.)


CONDENSED CONSOLIDATING SCHEDULE  STATEMENT OF
CASH FLOWS


Six Months Ended June 30, 2004


|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |     |        |               |        |   |              |        |        |       |         |        |          |          |         |         |  
|---------------------------------------------------------------- | -------------------------------------------------------------------------------------------------- | -------------------------------------------- | ------------------------ | --------------------------------------------------- | ---------- | -------- | ------- | ---------- | --- | ------ | ------------- | ------ | - | ------------ | ------ | ------ | ----- | ------- | ------ | -------- | -------- | ------- | ------- | -
|                                                                 |                                                                                                    |                                              |                          |                                                     |            | Combined |         |            |     |        |              
|                                                                 |                                                                                                    |                                              |                          | Combined                                            |            |          | Non-    |            |     |        |               |       
|                                                                 |                                                                                                    | Parent                                       |                          |                                                     | Guarantors |          |         | Guarantors |     |        | Eliminations* |        |   | Consolidated |       
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |     |        |               |        |   |              |       
|                                                                 |                                                                                                    | (Unaudited)                                  |                         
|                                                                 |                                                                                                    | (Amounts in thousands)                       |                         
|CASH FLOWS FROM OPERATING ACTIVITIES:                            |                                                                                                    |                                              |                          |                                                     |            |          |         |            |     |        |               |        |   |              |        |        |       |         |        |         
|                                                                 | Net income (loss)                                                                                  |                                              | $                        | 228,565                                             |            |          | $       | 3,139      |     |        | $             | (1,647 | ) |              | $      | (1,492 | )     |         | $      | 228,565  |         
|                                                                 | Adjustments to reconcile net income (loss) to cash provided by
    (used in) operating activities: |                                              |                          |                                                     |            |          |         |            |     |        |               |        |   |              |        |        |       |         |        |          |         
|                                                                 |                                                                                                    | Amortization of financing costs              |                          |                                                     | 637        |          |         |            |    |        |               |        |  |              |        |        |      |         |        |          | 637      |        
|                                                                 |                                                                                                    | Amortization of intangibles                  |                          |                                                     | 2,682      |          |         |            | 167 |        |               |        |  |              |        |        |      |         |        |          | 2,849    |        
|                                                                 |                                                                                                    | Depreciation                                 |                          |                                                     | 3,949      |          |         |            | 15  |        |               |        |  |              |        |        |      |         |        |          | 3,964    |        
|                                                                 |                                                                                                    | Deferred income taxes                        |                          |                                                     | (209,776   | )        |         |            |    |        |               |        |  |              |        |        |      |         |        |          | (209,776 | )      
|                                                                 |                                                                                                    | Equity (income) loss                         |                          |                                                     | (1,492     | )        |         |            |    |        |               |        |  |              |        |        | 1,492 |         |        |          |         |        
|                                                                 |                                                                                                    | Minority ownership loss                      |                          |                                                     | (122       | )        |         |            |    |        |               |        |  |              |        |        |      |         |        |          | (122     | )      
|                                                                 |                                                                                                    | Changes in operating assets and liabilities: |                          |                                                     |            |          |         |            |     |        |               |        |   |              |        |        |       |         |        |          |          |        
|                                                                 |                                                                                                    |                                              | Settlement receivables   |                                                     |            | 5,491    |         |            |     |       |               |        |   | 78           |        |        |       |        |        |          |          | 5,569   |        
|                                                                 |                                                                                                    |                                              | Receivables, other       |                                                     |            | (7,549   | )       |            |     | (3,419 | )             |        |   | (2,797       | )      |        |       | 13,744  |        |          |          | (21     | )      
|                                                                 |                                                                                                    |                                              | Prepaid and other assets |                                                     |            | (843     | )       |            |     |       |               |        |   |             |        |        |       |        |        |          |          | (843    | )      
|                                                                 |                                                                                                    |                                              | Settlement liabilities   |                                                     |            | (18,216  | )       |            |     |       |               |        |   | (65          | )      |        |       |        |        |          |          | (18,281 | )      
|                                                                 |                                                                                                    |                                              | Accounts payable         |                                                     |            | 7        |         |            |     | 4      |               |        |   | (5           | )      |        |       |        |        |          |          | 6       |        
|                                                                 |                                                                                                    |                                              | Accrued expenses         |                                                     |            | 21,472   |         |            |     |       |               |        |   | 3,164        |        |        |       | (13,744 | )      |          |          | 10,892  |        
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |     |        |               |        |   |              |       
|                                                                 |                                                                                                    |                                              |                          | Net cash provided by (used in) operating activities |            |          | 24,805  |            |     |        | (94           | )      |   |              | (1,272 | )      |       |         |       |          |          |         | 23,439  |  
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |     |        |               |        |   |              |       
|CASH FLOWS FROM INVESTING ACTIVITIES:                            |                                                                                                    |                                              |                          |                                                     |            |          |         |            |     |        |               |        |   |              |        |        |       |         |        |         
|                                                                 | Purchase of property, equipment and leasehold improvements                                         |                                              |                          | (1,596                                              | )          |          |         |           |     |        |               |       |   |              |        |       |       |         |        | (1,596   | )       
|                                                                 | Purchase of other intangibles                                                                      |                                              |                          | (1,198                                              | )          |          |         |           |     |        |               |       |   |              |        |       |       |         |        | (1,198   | )       
|                                                                 | Investments in subsidiaries                                                                        |                                              |                          | (750                                                | )          |          |         |           |     |        |               |       |   |              |        | 750    |       |         |        |         |         
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |     |        |               |        |   |              |       
|                                                                 |                                                                                                    |                                              |                          | Net cash used in investing activities               |            |          | (3,544  | )          |     |        |              |        |   |              |       |        |       |         | 750    |          |          |         | (2,794  | )
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |     |        |               |        |   |              |       
|CASH FLOWS FROM FINANCING ACTIVITIES:                            |                                                                                                    |                                              |                          |                                                     |            |          |         |            |     |        |               |        |   |              |        |        |       |         |        |         
|                                                                 | Borrowings under credit facility                                                                   |                                              |                          | 484,087                                             |            |          |         |           |     |        |               |       |   |              |        |       |       |         |        | 484,087  |         
|                                                                 | Repayments under credit facility                                                                   |                                              |                          | (3,250                                              | )          |          |         |           |     |        |               |       |   |              |        |       |       |         |        | (3,250   | )       
|                                                                 | Debt issuance costs                                                                                |                                              |                          | (2,488                                              | )          |          |         |           |     |        |               |       |   |              |        |       |       |         |        | (2,488   | )       
|                                                                 | Minority capital contributions                                                                     |                                              |                          | 300                                                 |            |          |         |           |     |        |               |       |   |              |        |       |       |         |        | 300      |         
|                                                                 | Capital contributions                                                                              |                                              |                          |                                                    |            |          |         |           |     |        |               | 750    |   |              |        | (750   | )     |         |        |         |         
|                                                                 | Redemption of membership interests and distributions                                               |                                              |                          | (505,157                                            | )          |          |         |           |     |        |               | (3,949 | ) |              |        |       |       |         |        | (509,106 | )       
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |     |        |               |        |   |              |       
|                                                                 |                                                                                                    |                                              |                          | Net cash used in financing activities               |            |          | (26,508 | )          |     |        |              |        |   |              | (3,199 | )      |       |         | (750   | )        |          |         | (30,457 | )
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |     |        |               |        |   |              |       
|NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |                                                                                                    |                                              | 167                      |                                                     |            |          |        |            |     |        | (242          | )      |   |              |       |        |       |         | (75    | )       
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |     |        |               |        |   |              |       
|NET DECREASE IN CASH AND CASH EQUIVALENTS                        |                                                                                                    |                                              | (5,080                   | )                                                   |            |          | (94     | )          |     |        | (4,713        | )      |   |              |       |        |       |         | (9,887 | )       
|CASH AND CASH EQUIVALENTS  Beginning of period                  |                                                                                                    |                                              | 14,665                   |                                                     |            |          | 195     |            |     |        | 8,563         |        |   |              |       |        |       |         | 23,423 |         
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |     |        |               |        |   |              |       
|CASH AND CASH EQUIVALENTS  End of period                        |                                                                                                    | $                                            | 9,585                    |                                                     |            | $        | 101     |            |     | $      | 3,850         |        |   | $            |       |        |       | $       | 13,536 |         
|                                                                 |                                                                                                    |                                              |                          |                                                     |            |          |         |            |     |        |               |        |   |              |       






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

21



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|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|ITEM 2. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
    CONDITION AND RESULTS OF OPERATIONS





22



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##### Table of Contents









Overview




3 4


23



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##### Table of Contents







Principal Sources of Revenues and Expenses






| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Cash Advance. Cash advance revenues are comprised of
    transaction fees assessed to gaming patrons in connection with
    credit card cash advances and POS debit cash advances at the
    time the transactions are authorized. Such fees are based on a
    combination of a fixed amount plus a percentage of the face
    amount of the credit card cash advance or POS debit card
    transaction amount.                                                                                                                                                                                                                                                                                                       
|
| | ATM. ATM revenues are comprised of transaction fees in
    the form of cardholder surcharges assessed to gaming patrons in
    connection with ATM cash withdrawals at the time the
    transactions are authorized and reverse interchange fees paid to
    us by the patrons issuing banks. Cardholder surcharges are
    recognized as revenue when a transaction is initiated and
    reverse interchange is recognized as revenue on a monthly basis
    based on the total transactions occurring during the month. The
    cardholder surcharges assessed to gaming patrons in connection
    with ATM cash withdrawals are currently a fixed dollar amount
    and not a percentage of the transaction amount.
|
| | Check Services. Check services revenues are principally
    comprised of check warranty revenues and are generally based
    upon a percentage of the face amount of checks warranted. These
    fees are paid to us by gaming establishments. In some cases,
    gaming establishments pass on the fees to patrons.                                                                                                                                                                                                                                                                                                                                                                                                   
|
| | Central Credit and Other Revenues. Central Credit
    revenues are based upon either a flat monthly unlimited usage
    fee or a variable fee structure driven by the volume of patron
    credit histories generated, while other revenues are primarily
    based on a fee for specific service performed.                                                                                                                                                                                                                                                                                                                                                                                                           





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Cost of Revenues. Cost of revenues are costs and expenses
    directly related to the generation of revenue. For cash advance,
    ATM and, to a lesser extent, check services, we pay a commission
    to the gaming establishment at which the transaction occurs.
    Commissions are the largest component of cost of revenues. We
    pay credit card associations and POS debit networks interchange
    fees for services they provide in routing transactions through
    their networks. In addition, we pay fees to participate in
    various ATM networks. The amounts of these interchange fees are
    determined by the card associations and networks in their sole
    discretion, and are subject to increase in their discretion from
    time to time. Many of our cash advance contracts enable us to
    pass through to our gaming establishment customers, who may in
    turn pass through to patrons, the amount of any increase in
    interchange or processing fees. We pay connectivity and
    processing fees to our network services providers. We incur
    warranty expense when checks that we have warranted through our
    Central Credit check warranty service or that TeleCheck has
    warranted through its check warranty service are dishonored upon
    presentment for payment. Our contract with TeleCheck limits our
    warranty expense for checks warranted by TeleCheck to a maximum

24



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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | percentage of the total face amount of dishonored checks. Other
    cost of revenues consists primarily of costs related to
    maintaining our Central Credit database and our patron
    transaction database.                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|
| | Operating Expenses. Operating expenses consist primarily
    of legal expenses, including legal settlements; salaries, wages
    and benefits; armored carrier expenses; telecommunications
    expenses; bank fees associated with the supply of cash for our
    ATMs; repair and maintenance expenses for our ATM and cash
    advance equipment.                                                                                                                                                                                                                                                                                                                 
|
| | Interest Income. We generate interest income on the
    amount of cash in our bank accounts and on cash that is
    deposited into accounts to settle our credit card cash advance
    and POS debit cash advances.                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | Interest Expense. Interest expense includes interest
    incurred on our senior secured credit facilities and our senior
    subordinated notes, and the amortization of deferred financing
    costs. Interest expense also includes the cash usage fees
    associated with the cash used in our ATM machines.                                                                                                                                                                                                                                                                                                                                                     
|
| | Income Tax. Our earnings are subject to taxation pursuant
    to the tax laws of the jurisdictions in which we operate. Prior
    to our conversion to a Delaware corporation, our domestic
    earnings were not subject to corporate taxation because we were
    organized as a Delaware limited liability company, a flow
    through entity. Subsequent to our conversion to a Delaware
    corporation, our domestic earnings have been subject to
    corporate taxation.                                                                                                                                                                                     
|
| | Minority Interest. We operate a cashless gaming joint
    venture with International Game Technology (IGT)
    through QuikPlay, LLC, a Delaware limited liability company, or
    QuikPlay, of which we own 60% of the equity interests and of
    which IGT owns 40% of the equity interests. The joint venture
    was formed to develop and market a cash access product that
    allows patrons to utilize a debit card to access cash directly
    at gaming machines. The minority interest shown on the
    consolidated financial statements reflects the addition to our
    net income of the 40% of QuikPlays losses that are
    attributable to IGT.

25



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Three months ended June 30, 2005 compared to three
months ended June 30, 2004




|                                                                             |                                   |                                      |        |         |               |   |      |       |       |    |         |         |        |   |       |       |       |   
|---------------------------------------------------------------------------- | --------------------------------- | ------------------------------------ | ------ | ------- | ------------- | - | ---- | ----- | ----- | -- | ------- | ------- | ------ | - | ----- | ----- | ----- | --
|                                                                             |                                   | Three Months Ended                   |       
|                                                                             |                                   |                                      |       
|                                                                             |                                   | June 30, 2005                        |        |         | June 30, 2004 |  
|                                                                             |                                   |                                      |        |         |               |  
|                                                                             |                                   | $                                    |        |         | %             |   |      | $     |       |    | %       |        
|                                                                             |                                   |                                      |        |         |               |   |      |       |       |    |         |        
|REVENUES:                                                                    |                                   |                                      |        |         |               |   |      |       |       |    |         |         |        |   |       |      
|                                                                             | Cash advance                      |                                      | $      | 57,933  |               |   |      | 51.5  | %     |    | $       | 50,352  |        |   |       | 51.5  | %    
|                                                                             | ATM                               |                                      |        | 45,217  |               |   |      | 40.2  | %     |    |         | 39,051  |        |   |       | 40.0  | %    
|                                                                             | Check services                    |                                      |        | 6,734   |               |   |      | 6.0   | %     |    |         | 5,682   |        |   |       | 5.8   | %    
|                                                                             | Central Credit and other revenues |                                      |        | 2,576   |               |   |      | 2.3   | %     |    |         | 2,626   |        |   |       | 2.7   | %    
|                                                                             |                                   |                                      |        |         |               |   |      |       |       |    |         |        
|                                                                             |                                   | Total revenues                       |        |         | 112,460       |   |      |       | 100.0 | %  |         |         | 97,711 |   |       |       | 100.0 | % 
|COST OF REVENUES                                                             |                                   |                                      | 76,112 |         |               |   | 67.7 | %     |       |    | 65,443  |         |        |   | 67.0  | %    
|                                                                             |                                   |                                      |        |         |               |   |      |       |       |    |         |        
|GROSS PROFIT                                                                 |                                   |                                      | 36,348 |         |               |   | 32.3 | %     |       |    | 32,268  |         |        |   | 33.0  | %    
|                                                                             | Operating expenses                |                                      |        | (12,163 | )             |   |      | (10.8 | )%    |    |         | (13,919 | )      |   |       | (14.2 | )%   
|                                                                             | Amortization                      |                                      |        | (1,295  | )             |   |      | (1.2  | )%    |    |         | (1,410  | )      |   |       | (1.4  | )%   
|                                                                             | Depreciation                      |                                      |        | (1,932  | )             |   |      | (1.7  | )%    |    |         | (1,995  | )      |   |       | (2.0  | )%   
|                                                                             |                                   |                                      |        |         |               |   |      |       |       |    |         |        
|OPERATING INCOME                                                             |                                   |                                      | 20,958 |         |               |   | 18.6 | %     |       |    | 14,944  |         |        |   | 15.3  | %    
|                                                                             |                                   |                                      |        |         |               |   |      |       |       |    |         |        
|INTEREST INCOME (EXPENSE), NET                                               |                                   |                                      |        |         |               |   |      |       |       |    |         |         |        |   |       |      
|                                                                             | Interest income                   |                                      |        | 181     |               |   |      | 0.2   | %     |    |         | 295     |        |   |       | 0.3   | %    
|                                                                             | Interest expense                  |                                      |        | (10,828 | )             |   |      | (9.6  | )%    |    |         | (10,144 | )      |   |       | (10.4 | )%   
|                                                                             |                                   |                                      |        |         |               |   |      |       |       |    |         |        
|                                                                             |                                   | Total interest income (expense), net |        |         | (10,647       | ) |      |       | (9.5  | )% |         |         | (9,849 | ) |       |       | (10.1 | )%
|                                                                             |                                   |                                      |        |         |               |   |      |       |       |    |         |        
|INCOME BEFORE INCOME TAX (PROVISION) BENEFIT AND MINORITY
    OWNERSHIP LOSS |                                   |                                      | 10,311 |         |               |   | 9.2  | %     |       |    | 5,095   |         |        |   | 5.2   | %    
|INCOME TAX (PROVISION) BENEFIT                                               |                                   |                                      | (3,712 | )       |               |   | (3.3 | )%    |       |    | 209,245 |         |        |   | 214.1 | %    
|                                                                             |                                   |                                      |        |         |               |   |      |       |       |    |         |        
|INCOME BEFORE MINORITY OWNERSHIP LOSS                                        |                                   |                                      | 6,599  |         |               |   | 5.9  | %     |       |    | 214,340 |         |        |   | 219.4 | %    
|MINORITY OWNERSHIP LOSS                                                      |                                   |                                      | 44     |         |               |   | 0.0  | %     |       |    | 122     |         |        |   | 0.1   | %    
|                                                                             |                                   |                                      |        |         |               |   |      |       |       |    |         |        
|NET INCOME                                                                   |                                   | $                                    | 6,643  |         |               |   | 5.9  | %     |       | $  | 214,462 |         |        |   | 219.5 | %    
|                                                                             |                                   |                                      |        |         |               |   |      |       |       |    |         |        
|OTHER DATA:                                                                  |                                   |                                      |        |         |               |   |      |       |       |    |         |         |        |   |       |      
|Aggregate dollar amount processed (in billions):                             |                                   |                                      |        |         |               |   |      |       |       |    |         |         |        |   |       |      
|                                                                             | Cash advance                      |                                      | $      | 1.1     |               |   |      |       |       |    | $       | 1.0     |        |   |       |       |      
|                                                                             | ATM                               |                                      |        | 2.5     |               |   |      |       |       |    |         | 2.1     |        |   |       |       |      
|                                                                             | Check Warranty                    |                                      | $      | 0.3     |               |   |      |       |       |    | $       | 0.2     |        |   |       |       |      
|Number of transactions completed (in millions):                              |                                   |                                      |        |         |               |   |      |       |       |    |         |         |        |   |       |      
|                                                                             | Cash advance                      |                                      |        | 2.3     |               |   |      |       |       |    |         | 2.2     |        |   |       |       |      
|                                                                             | ATM                               |                                      |        | 14.7    |               |   |      |       |       |    |         | 13.1    |        |   |       |       |      
|                                                                             | Check warranty                    |                                      |        | 1.2     |               |   |      |       |       |    |         | 1.1     |        |   |       |       |      

Total Revenues




26



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Cash Advance.


ATM.


Check Services.


Central Credit and Other.


Costs and Expenses


Cost of Revenues.




Operating Expenses.


Depreciation and Amortization.




Interest Income (Expense), Net.


27



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Income Tax.




Minority Ownership Loss.




28



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Six months ended June 30, 2005 compared to six months
ended June 30, 2004




|                                                                             |                                   |                                      |         |         |               |   |      |       |       |    |         |         |         |   |       |       |       |   
|---------------------------------------------------------------------------- | --------------------------------- | ------------------------------------ | ------- | ------- | ------------- | - | ---- | ----- | ----- | -- | ------- | ------- | ------- | - | ----- | ----- | ----- | --
|                                                                             |                                   | Six Months Ended                     |        
|                                                                             |                                   |                                      |        
|                                                                             |                                   | June 30, 2005                        |         |         | June 30, 2004 |  
|                                                                             |                                   |                                      |         |         |               |  
|                                                                             |                                   | $                                    |         |         | %             |   |      | $     |       |    | %       |        
|                                                                             |                                   |                                      |         |         |               |   |      |       |       |    |         |        
|REVENUES:                                                                    |                                   |                                      |         |         |               |   |      |       |       |    |         |         |         |   |       |      
|                                                                             | Cash advance                      |                                      | $       | 114,710 |               |   |      | 51.6  | %     |    | $       | 100,807 |         |   |       | 51.7  | %    
|                                                                             | ATM                               |                                      |         | 88,989  |               |   |      | 40.1  | %     |    |         | 77,382  |         |   |       | 39.7  | %    
|                                                                             | Check services                    |                                      |         | 13,043  |               |   |      | 5.9   | %     |    |         | 11,520  |         |   |       | 5.9   | %    
|                                                                             | Central Credit and other revenues |                                      |         | 5,383   |               |   |      | 2.4   | %     |    |         | 5,372   |         |   |       | 2.8   | %    
|                                                                             |                                   |                                      |         |         |               |   |      |       |       |    |         |        
|                                                                             |                                   | Total revenues                       |         |         | 222,125       |   |      |       | 100.0 | %  |         |         | 195,081 |   |       |       | 100.0 | % 
|COST OF REVENUES                                                             |                                   |                                      | 148,709 |         |               |   | 66.9 | %     |       |    | 130,383 |         |         |   | 66.8  | %    
|                                                                             |                                   |                                      |         |         |               |   |      |       |       |    |         |        
|GROSS PROFIT                                                                 |                                   |                                      | 73,416  |         |               |   | 33.1 | %     |       |    | 64,698  |         |         |   | 33.2  | %    
|                                                                             | Operating expenses                |                                      |         | (24,044 | )             |   |      | (10.8 | )%    |    |         | (24,872 | )       |   |       | (12.7 | )%   
|                                                                             | Amortization                      |                                      |         | (2,659  | )             |   |      | (1.2  | )%    |    |         | (2,849  | )       |   |       | (1.5  | )%   
|                                                                             | Depreciation                      |                                      |         | (3,884  | )             |   |      | (1.7  | )%    |    |         | (3,964  | )       |   |       | (2.0  | )%   
|                                                                             |                                   |                                      |         |         |               |   |      |       |       |    |         |        
|OPERATING INCOME                                                             |                                   |                                      | 42,829  |         |               |   | 19.3 | %     |       |    | 33,013  |         |         |   | 16.9  | %    
|                                                                             |                                   |                                      |         |         |               |   |      |       |       |    |         |        
|INTEREST INCOME (EXPENSE), NET                                               |                                   |                                      |         |         |               |   |      |       |       |    |         |         |         |   |       |      
|                                                                             | Interest income                   |                                      |         | 633     |               |   |      | 0.3   | %     |    |         | 589     |         |   |       | 0.3   | %    
|                                                                             | Interest expense                  |                                      |         | (21,760 | )             |   |      | (9.8  | )%    |    |         | (13,241 | )       |   |       | (6.8  | )%   
|                                                                             |                                   |                                      |         |         |               |   |      |       |       |    |         |        
|                                                                             |                                   | Total interest income (expense), net |         |         | (21,127       | ) |      |       | (9.5  | )% |         |         | (12,652 | ) |       |       | (6.5  | )%
|                                                                             |                                   |                                      |         |         |               |   |      |       |       |    |         |        
|INCOME BEFORE INCOME TAX (PROVISION) BENEFIT AND MINORITY
    OWNERSHIP LOSS |                                   |                                      | 21,702  |         |               |   | 9.8  | %     |       |    | 20,361  |         |         |   | 10.4  | %    
|INCOME TAX (PROVISION) BENEFIT                                               |                                   |                                      | (7,813  | )       |               |   | (3.5 | )%    |       |    | 208,082 |         |         |   | 106.7 | %    
|                                                                             |                                   |                                      |         |         |               |   |      |       |       |    |         |        
|INCOME BEFORE MINORITY                                                       |                                   |                                      |         |         |               |   |      |       |       |    |         |         |         |   |       |      
|OWNERSHIP LOSS                                                               |                                   |                                      | 13,889  |         |               |   | 6.3  | %     |       |    | 228,443 |         |         |   | 117.1 | %    
|MINORITY OWNERSHIP LOSS                                                      |                                   |                                      | 94      |         |               |   | 0.0  | %     |       |    | 122     |         |         |   | 0.1   | %    
|                                                                             |                                   |                                      |         |         |               |   |      |       |       |    |         |        
|NET INCOME                                                                   |                                   | $                                    | 13,983  |         |               |   | 6.3  | %     |       | $  | 228,565 |         |         |   | 117.2 | %    
|                                                                             |                                   |                                      |         |         |               |   |      |       |       |    |         |        
|OTHER DATA:                                                                  |                                   |                                      |         |         |               |   |      |       |       |    |         |         |         |   |       |      
|Aggregate dollar amount processed (in billions):                             |                                   |                                      |         |         |               |   |      |       |       |    |         |         |         |   |       |      
|                                                                             | Cash advance                      |                                      | $       | 2.3     |               |   |      |       |       |    | $       | 2.1     |         |   |       |       |      
|                                                                             | ATM                               |                                      |         | 4.8     |               |   |      |       |       |    |         | 4.1     |         |   |       |       |      
|                                                                             | Check Warranty                    |                                      | $       | 0.5     |               |   |      |       |       |    | $       | 0.5     |         |   |       |       |      
|Number of transactions completed (in millions):                              |                                   |                                      |         |         |               |   |      |       |       |    |         |         |         |   |       |      
|                                                                             | Cash advance                      |                                      |         | 4.6     |               |   |      |       |       |    |         | 4.4     |         |   |       |       |      
|                                                                             | ATM                               |                                      |         | 29.1    |               |   |      |       |       |    |         | 26.1    |         |   |       |       |      
|                                                                             | Check warranty                    |                                      |         | 2.3     |               |   |      |       |       |    |         | 2.2     |         |   |       |       |      

Total Revenues




29



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Cash Advance.


ATM.


Check Services.


Central Credit and Other.


Costs and Expenses


Cost of Revenues.




Operating Expenses.


Depreciation and Amortization.




30



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Interest Income (Expense), Net.




Income Tax.




Minority Ownership Loss.




LIQUIDITY AND CAPITAL RESOURCES




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



|                                                                 |  |                  |         |   |          |   |         |  
|---------------------------------------------------------------- |  | ---------------- | ------- | - | -------- | - | ------- | -
|                                                                 |  | Six Months Ended |        
|                                                                 |  |                  |        
|                                                                 |  | June 30,         |         |   | June 30, |  
|                                                                 |  | 2005             |         |   | 2004     |  
|                                                                 |  |                  |         |   |          |  
|Net cash provided by operating activities                        |  | $                | 16,516  |   |          | $ | 23,439  |  
|Net cash used in investing activities                            |  |                  | (3,104  | ) |          |   | (2,794  | )
|Net cash used in financing activities                            |  |                  | (33,396 | ) |          |   | (30,457 | )
|Net effect of exchange rate changes on cash and cash equivalents |  |                  | 75      |   |          |   | (75     | )
|                                                                 |  |                  |         |   |          |  
|Net decrease in cash and cash equivalents                        |  |                  | (19,909 | ) |          |   | (9,887  | )
|Cash and cash equivalents, beginning of period                   |  |                  | 48,877  |   |          |   | 23,423  |  
|                                                                 |  |                  |         |   |          |  
|Cash and cash equivalents, end of period                         |  | $                | 28,968  |   |          | $ | 13,536  |  
|                                                                 |  |                  |         |   |          |  



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|                          |  |          |         |   |              |   |         |  
|------------------------- |  | -------- | ------- | - | ------------ | - | ------- | -
|                          |  | June 30, |         |   | December 31, |  
|                          |  | 2005     |         |   | 2004         |  
|                          |  |          |         |   |              |  
|Cash and cash equivalents |  | $        | 28,968  |   |              | $ | 48,877  |  
|Settlement receivables    |  |          | 19,812  |   |              |   | 30,357  |  
|Settlement liabilities    |  |          | (24,219 | ) |              |   | (42,192 | )
|                          |  |          |         |   |              |  
|Net cash position         |  | $        | 24,561  |   |              | $ | 37,042  |  
|                          |  |          |         |   |              |  







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



32



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| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Applicable Margin over LIBOR on which our interest expense
    is based was reduced from 275 basis points to
    225 basis points, with further reductions possible
    dependent on our leverage ratio and credit ratings. Until
    April 14, 2006, we will be required to pay as a fee to Banc
    of America Securities, our agent with respect to the Amended
    Agreement, 50% of the savings in interest expense between what
    we would have paid under the terms of the original credit
    facility and what we actually pay. This fee will be included in
    interest expense in our financial statements.
|
| |  | The Excess Cash Flow Sweep percentage reduces from 75% to 50% at
    leverage levels below 4.25x and is eliminated at leverage levels
    below 3.0x.                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| |  | The requirement to devote 50% of the net proceeds on a
    Qualifying IPO to prepay borrowings under the Term Loan is
    eliminated.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| |  | The Company must use net proceeds from a Qualifying IPO to
    redeem up to 35% of the senior subordinated notes at the
    redemption price specified in the Indenture governing the notes.                                                                                                                                                                                                                                                                                                                                                                                                                                 
|
| |  | Capital expenditures may not exceed $8 million per annum.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    



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









33



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| |                               
| | ------------------------------
| | Off-Balance Sheet Arrangements





| |                     
| | --------------------
| | Effects of Inflation





| |                             
| | ----------------------------
| | Critical Accounting Policies



34



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|        |                                                               
|------- | --------------------------------------------------------------
|ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
    RISK












|        |                        
|------- | -----------------------
|ITEM 4. | CONTROLS AND PROCEDURES





35



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##### Table of Contents






PART II. OTHER INFORMATION







|        |                  
|------- | -----------------
|ITEM 1. | LEGAL PROCEEDINGS










|        |         
|------- | --------
|ITEM 6. | EXHIBITS

|         |    |       |  |                                                                                                                                                                                                                                                                                                                                    
|-------- | -- | ----- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibits |    |      
|         |    |      
|         | 10 | .1(1) |  | Amended and Restated Credit Agreement, dated as of
    April 13, 2005, by and among Global Cash Access Holdings,
    Inc., Global Cash Access, Inc., the banks and other financial
    institutions from time to time party thereto, and Bank of
    America, N.A., as Administrative Agent, Swing Line Lender and L/
    C Issuer.
|        
|         | 10 | .2(1) |  | Consent and Waiver, dated as of April 11, 2005, by and
    among Global Cash Access Holdings, Inc., Global Cash Access,
    Inc., the banks and other financial institutions from time to
    time party thereto, and Bank of America, N.A., as Administrative
    Agent.                                                          
|        
|         | 31 | .1    |  | Certification of Kirk E. Sanford, Chief Executive Officer of
    Global Cash Access, Inc. dated August 11, 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 August 11, 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 August 11, 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 August 11, 2005 in
    accordance with 18 U.S.C. 1350, as adopted pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                  






|    |                                                                                                                                                                                             
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Incorporated by reference to the same numbered exhibit to the
    Current Report of Global Cash Access, Inc. on Form 8-K
    (File No. 333-117218) filed with the SEC on April 15,
    2005.

36



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##### Table of Contents






SIGNATURES






| |                                 
| | --------------------------------
| | GLOBAL CASH ACCESS, INC.        
| | (Registrant)                    
|
| | /s/ Harry C. Hagerty            
| |                                 
| | Harry C. Hagerty                
| | Chief Financial Officer         
| | (For the Registrant and as      
| | Principal Financial Officer     
| | and as Chief Accounting Officer)

August 11, 2005


37



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##### Table of Contents



EXHIBIT INDEX


| |    |       |  |                                                                                                                                                                                                                                                                                                                                    
| | -- | ----- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 10 | .1(1) |  | Amended and Restated Credit Agreement, dated as of
    April 13, 2005, by and among Global Cash Access Holdings,
    Inc., Global Cash Access, Inc., the banks and other financial
    institutions from time to time party thereto, and Bank of
    America, N.A., as Administrative Agent, Swing Line Lender and L/
    C Issuer.
|
| | 10 | .2(1) |  | Consent and Waiver, dated as of April 11, 2005, by and
    among Global Cash Access Holdings, Inc., Global Cash Access,
    Inc., the banks and other financial institutions from time to
    time party thereto, and Bank of America, N.A., as Administrative
    Agent.                                                          
|
| | 31 | .1    |  | Certification of Kirk E. Sanford, Chief Executive Officer of
    Global Cash Access, Inc. dated August 11, 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 August 11, 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 August 11, 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 August 11, 2005 in
    accordance with 18 U.S.C. 1350, as adopted pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                  






|    |                                                                                                                                                                                             
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Incorporated by reference to the same numbered exhibit to the
    Current Report of Global Cash Access, Inc. on Form 8-K
    (File No. 333-117218) filed with the SEC on April 15,
    2005.