Nevada Board Gives Initial Approval to IGT-Everi Megadeal
Summary
In a significant development for the gaming supplier sector, the Nevada Gaming Control Board has granted initial approval for the $6.3 billion merger between International Game Technology (IGT) and Everi Holdings. This merger represents one of the most substantial corporate combinations in the industry, potentially reshaping the landscape significantly.
Key Points
- The merger is initiated by Apollo Global Management and involves the acquisition of IGT and Everi holdings.
- The Nevada Gaming Commission is expected to deliver a final ruling on the merger on 26 June 2025.
- The combined entity will focus on both gaming and financial technology operations while IGT’s lottery business will be spun off into a separate publicly traded company.
- Current IGT CEO Vince Sadusky is set to transition to lead the new lottery business, while Hector Fernandez will become the interim CEO of the merged entity.
- The merger is aimed at creating more cross-selling opportunities and enhancing product offerings to clients.
Why should I read this?
This article is a must-read if you’re into the gaming industry. The implications of this merger are enormous, potentially reshaping competition in the gaming supplier industry. Staying informed about such high-stake decisions can provide insights into future industry trends and developments.