Executive haven’t said if the new IGT in Las Vegas will shrink or grow when the acquisition by Apollo Global Management is completed.
Apollo Global Management’s $6.3 billion acquisition of IGT and Everi Holdings is still on track, but there are still no details about what the new Las Vegas-based IGT will look like.
Executives with the London-based slot machine manufacturing and lottery company on Tuesday referenced the massive deal that will convert IGT’s gaming and digital business into a privately held Las Vegas-based subsidiary of Apollo with the IGT name by this year’s third quarter. The existing company will take on a new name and focus entirely on its global lottery holdings, which include operations in more than 100 jurisdictions.
IGT CEO Vince Sadusky said Tuesday the Apollo deal would “provide over $4 billion in gross cash proceeds, significantly strengthening our balance sheet and shareholder returns.”
Apollo, which is the parent company of the Strip’s Venetian and Palazzo resort properties, made no reference to the IGT deal in its Feb. 4 fourth-quarter earnings call with investors.
Local IGT officials also had no new information about the transaction later Tuesday.
The Apollo-IGT deal, which also folds in Everi Holdings, a smaller gaming equipment manufacturing company, must get regulatory approvals before the deal can close. The Nevada Gaming Control Board has given no indication when that would occur.
IGT, Apollo and Everi announced the blockbuster deal in July roughly five months after IGT, in February 2024, announced it was acquiring Everi for $6.2 billion. When Apollo’s new deal was announced, IGT and Everi said the previous transaction would be canceled.
IGT and Everi each have manufacturing operations in Las Vegas and IGT’s core slot machine manufacturing business grew in Reno after being founded by William “Si” Redd in 1975. The company adopted the name International Game Technology in 1981, eventually shortening it to IGT.
The company is best known for its development and distribution of Wheel of Fortune-themed slot machines.
Executives haven’t said if the current workforce would be maintained, increased or decreased once the transaction closes.
Most analysts have maintained their investment ratings on IGT.
