Apollo Global Management’s acquisition of $ 6.3 billion by IGT and Everi Holdings are still on track, but there are still no details about what the new Las Vegas-based IGT will look like.
Managers with the London-based slot machine production and lottery companies on Tuesday referred the huge deal that will convert IGT’s game and digital operations to a privately owned Las Vegas-based subsidiary to Apollo with the IGT name at the third quarter of the year. 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’s CEO Vince Sadusky said Tuesday that the Apollo business would “provide over $ 4 billion in gross the cash tests, which significantly strengthens our balance sheet and the shareholder’s return.”
Apollo, who is the parent company of Strip’s Venetian and Palazzo Resort Properties, did not refer to the IGT deal in its revenue for the fourth quarter with investors.
Local IGT officials also had no new information about the transaction later Tuesday.
The Apollo-Tig shop, which also folds in Everi Holdings, a smaller manufacturing company for gaming equipment, must receive government approaches before the deal can be closed. Nevada Gaming Control Board has shown no indication when it was to occur.
IGT, Apollo and Everi announced the blockbuster agreement in July about five months after IGT, in February 2024, announced that it acquired Everi for $ 6.2 billion. When Apollo’s new business was announced, IGT and Everi said that the previous transaction would be canceled.
IGT and Everi each have a manufacturing business in Las Vegas and IGT’s Core Slot Machine Manufacturing business grew in Reno after being founded by William “Si” Redd 1975. The company adopted the name International Game Technology 1981 and eventually shortened it to IG .
The company is best known for its development and distribution of Wheel of Fortune-the-themed slot machines.
Managers have not said whether the current labor force would be maintained, increased or decreased when the transaction is closed.
Most analysts have maintained their investment assessments at IGT.
Contact Richard N. Velotta at rvelotta@ theplayerlounge.com or 702-477-3893. Follow @rickvelotta at X.
