It doesn't spell anything out, but has significance (albeit small significance):
SEGA = 7342
TAXI   = 8294
call 7342 for sega or 8294 for taxi?
Number    Letter
0    none (on some telephones, "OPERATOR" or "OPER")
1    none (on some older telephones, QZ)
2    ABC
3    DEF
4    GHI
5    JKL
6    MNO
7    PQRS (on older telephones, PRS)
8    TUV
9    WXYZ (on older telephones, WXY)