Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has granted initial approval for a significant merger between International Game Technology (IGT) and Everi Holdings, which could reshape the gaming supplier landscape. Representatives from Apollo Global Management discussed their involvement in the $6.3 billion acquisition, emphasizing a focus on long-term value creation and operational efficiency.
Key Points
- The Nevada Gaming Control Board approved the merger proposal unanimously during its last meeting under Chairman Kirk Hendrick.
- Apollo Global Management is acquiring IGT’s gaming business and Everi’s gaming and financial technology business.
- The merger aims to create a combined entity focused on becoming the primary supplier for major operators like Caesars and the Venetian.
- Numerous regulatory approvals are still required, with a final decision expected from the Nevada Gaming Commission on 26 June.
- Fitch Ratings recognises the merger’s potential for cross-selling opportunities within the gaming industry.
Why should I read this?
This article is a must-read for anyone in the gaming industry. The potential IGT-Everi merger could drastically change the supplier landscape, impacting everything from technology offerings to competitive dynamics. With the stakes so high, staying informed on this major development is essential.