Nevada Board Gives Initial Approval to IGT-Everi Megadeal
Summary
In a notable move, the Nevada Gaming Control Board has granted initial approval for a significant merger between International Game Technology (IGT) and Everi Holdings. This transaction, valued at $6.3 billion and facilitated by Apollo Global Management, could radically alter the landscape of gaming suppliers. Details regarding ownership transfers and corporate protocol were discussed during the lengthy review, signalling a pivotal step towards final approval.
The board’s unanimous agreement marks a crucial advancement for this high-stakes deal, set for additional consideration by the Nevada Gaming Commission on 26 June. Representatives emphasised the goal of creating a leading gaming supplier entity, enhancing long-term value creation, and integrating IGT’s lottery business into a separate publicly traded company.
Key Points
- The merger could reshape the gaming supplier landscape, with the new entity aiming to close the competitive gap with rivals.
- Approval from the state of Nevada is crucial, as it is central to the gaming industry’s operations in the US.
- The new company will take IGT private while maintaining the brand, demonstrating Apollo’s commitment to long-term investment in the sector.
- Challenges remain, including obtaining approvals from additional jurisdictions.
- Board dynamics are shifting, with significant leadership changes set to occur amidst ongoing regulatory scrutiny.
Why should I read this?
If you’re in the gaming industry or just interested in the major shifts within it, this article’s a must-read. The IGT-Everi merger could redefine how gaming suppliers operate and compete, impacting everything from technology innovation to compliance standards—a real game changer for the industry!