The IGT-Everi merger is nearing completion after clearing a hurdle in the form of Nevada’s Gaming Control Board (NGCB). Representatives from Apollo Global, IGT, and Everi appeared before the board to discuss the $6.3 billion acquisition.
They addressed key topics, including ownership transfers, corporate procedures, and compliance requirements tied to the deal. IGT and Everi are well-known game developers for popular online casinos. Their merger is one of the biggest ones in recent years, and will impact the US iGaming industry.
Apollo Global Management now secured approval for the deal in 36 U.S. jurisdictions. Following the NGCB’s approval, Nevada and Pennsylvania regulators will review the proposal on June 26. If both agencies approve the merger, it may close as soon as July 1.
IGT-Everi Merger Had Some Tweaks
The two company’s merger comes after a couple of strategic moves from IGT. Initially, IGT proposed the merger in February to separate its digital gaming and lottery operations. However, Apollo’s dual acquisition plan changed that strategy.
Backed by £20 million ($27 million USD), the new deal merges both firms into a private company under Apollo’s control. The new business will retain IGT’s name, focus on lottery products, and base its headquarters in Las Vegas.
IGT President Nick Khin appeared for suitability approval as interim CEO of the new company. Later this year, Hector Fernandez will take over after fulfilling his non-compete obligation.
Nevada Control Board Chairman Kirk Hendrick said the review was easier since all three firms had strong ties to Nevada. Everi is Nevada-based, while IGT has operated there since 1975, and Apollo owns major Vegas resorts like The Venetian and Palazzo.
The Merger Seeks to Bolster Apollo’s Gaming Portfolio
Apollo is merging IGT’s gaming business with Everi’s gaming and fintech operations into a private company keeping the IGT name. Meanwhile, IGT’s lottery business will become a separate, publicly traded company under a new brand.
Over the past 20 years, Apollo steadily increased its gaming investments. These include owning PlayAGS and currently controlling the Venetian-Palazzo casino on the Las Vegas Strip.
Apollo bought the casino for $6.25 billion in 2022, nearly matching the IGT-Everi acquisition price. Apollo partner Daniel Cohen appeared before the board alongside attorney J Brin Gibson, the former NGCB chairman.
Cohen emphasized Apollo’s focus on creating long-term value, highlighting past successful gaming industry investments:
“Our goal, long term, is to become the operator’s supplier… So if you’re the Venetian or Caesars or anyone else, you can come to IGT for basically every one of your product needs, which will allow us to continue to invest in products and innovate with our customers to really create the next generation of what casino technology products will look like.”
If the IGT-Everi merger has been finalized, it will be a significant milestone not just for the companies. The real money online casino market could see more big-name mergers down the line.