Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has given initial approval for the $6.3 billion merger of International Game Technology (IGT) and Everi Holdings. This decision marks a significant step in reshaping the gaming supplier landscape, as Apollo Global Management facilitates this merger. Nick Khin of IGT has been approved as interim CEO of the combined entity.
Key Points
- The Nevada Gaming Control Board has approved the merger, which could significantly alter the gaming supplier landscape.
- Apollo Global Management is acquiring both IGT and Everi, positioning them together for enhanced market competitiveness.
- Nick Khin has been given interim leadership approval, while the current CEO of IGT, Vince Sadusky, will lead the spun-off lottery business.
- The combined company will continue to operate under the IGT name but will also establish separate branding for the lottery segment.
- The final ruling from the Nevada Gaming Commission is expected on 26 June.
Why should I read this?
If you’re keeping an eye on the gaming industry, this is huge news! The IGT-Everi merger could reshape the market and influence how gaming technology develops. With significant investments involved, understanding the details and implications of this deal can provide you insights into the future of gaming suppliers.