Nevada board gives initial approval to IGT-Everi megadeal

Nevada board gives initial approval to IGT-Everi megadeal

Summary

The Nevada Gaming Control Board has given its initial approval to a significant merger between International Game Technology (IGT) and Everi Holdings, potentially reshaping the gaming supplier landscape. Apollo Global Management is acquiring both companies for a total of $6.3 billion, marking a major development in the industry. The board’s vote is crucial as the firms navigate regulatory requirements, with further scrutiny expected at an upcoming Nevada Gaming Commission meeting.

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Key Points

  • The merger is set to create a combined entity focused on gaming technology, transforming the competitive landscape.
  • New leadership will include IGT’s president Nick Khin as interim CEO and Hector Fernandez from Aristocrat Gaming scheduled to take over later.
  • Fitch Ratings has maintained a positive outlook on Everi, anticipating strong performance post-merger.
  • Regulatory approvals are still required, with hopes that the deal will close by July 1.
  • Concerns were raised about compliance issues, particularly related to anti-money laundering violations within the sector.

Why should I read this?

If you’re into the gaming industry, or just curious about major corporate moves, this article lays down a pivotal deal that could change the game’s dynamics. The merger of IGT and Everi is not just numbers; it’s about how gaming innovation will evolve. Stay ahead of the curve and see what this could mean for the future of gaming technology!