Nevada board gives initial approval to IGT-Everi megadeal
Summary
The Nevada Gaming Control Board has given initial approval to a significant merger between International Game Technology (IGT) and Everi Holdings, facilitated by Apollo Global Management, valued at $6.3 billion. This merger is poised to greatly impact the gaming supplier sector as final approvals are awaited.
Key Points
- The merger aims to merge IGT’s gaming business with Everi’s gaming and financial technology business.
- New leadership roles are shifting as current IGT CEO Vince Sadusky departs for the lottery business spin-off.
- The Nevada Gaming Commission will provide final approval on June 26.
- The combined entity could potentially have a slot machine base exceeding both Aristocrat and Light & Wonder.
- Regulatory hurdles remain, with approvals needed from eight jurisdictions before the deal closes on July 1.
Why should I read this?
If you’re keeping an eye on the gaming industry, this article offers you insights into a mega merger that could change the landscape significantly. It’ll keep you updated on who the big players are and the future of gaming tech. Plus, knowing how these transformations unfold can lend a peek into investment trends and market shifts.