NGCB Approves Apollo Acquisition of Everi and IGT Assets
Apollo Global Management has received preliminary clearance from the Nevada Gaming Control Board (NGCB) to proceed with its $6.3 billion cash purchase of the gaming and digital segments of Everi and International Game Technology (IGT). The deal, which combines both entities into a single operation, now moves to the Nevada Gaming Commission (NGC) for a final decision expected on June 26.
LISTEN TO THIS ARTICLE:Once the acquisition is finalized, the unified business will operate privately under the IGT name and will be based in Las Vegas. Apollo, a major global investment firm with a growing footprint in gaming, including ownership of the Venetian, Palazzo, and Venetian Expo, plus a stake in Great Canadian Entertainment, will manage the new enterprise. This transaction replaces a prior February 2024 plan between IGT and Everi aimed at forming a publicly listed gaming and FinTech conglomerate.
Related: Apollo Considering Purchase of Gaming Supplier IGTThe combination blends IGT's wide-ranging assets with Everi's strong presence in slot machine production, gaming content, and software systems supporting both physical and digital bingo platforms. Credit agency Fitch Ratings projects that the new company will operate more slot machines across North America than Light & Wonder and will hold a market share that exceeds both Light & Wonder and Aristocrat.
Daniel Cohen, a partner at Apollo, stated that the firm draws its funding from a mix of institutional sources including pensions, endowments, and high-net-worth individuals. He added that operating as a private company allows Apollo to prioritize long-term strategy without being burdened by the short-term financial pressures that public companies often face.
Cohen noted that Apollo has seen its strongest private equity returns in the gaming sector. He referenced the firm's previous work with PlayAGS, where Apollo expanded the company significantly through over 20 acquisitions during a nine-year stretch.
Efforts to acquire IGT originally surfaced in 2014 and were revived in late 2023 when IGT began exploring the sale of its gaming unit. Although talks initially stalled, renewed discussions gained momentum when a merger with Everi became possible. This eventually led to Apollo's February 2024 bid to acquire both companies as one entity. Cohen highlighted that the talks were constructive and mutually supported by both boards.
As part of the deal, shareholders of Everi will be paid $14.25 per share in cash—a 56% increase over the company's closing stock price in July 2024. IGT will receive $4.05 billion in gross proceeds, a portion of which will be used to reduce debt and return capital to investors. Cohen stressed that switching from a stock-based offer to an all-cash proposal allowed Apollo to absorb the investment risk while forming a broader and more resilient business model.
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New IGT to Span Multiple Industries
The new IGT will deliver an expansive lineup of services across land-based gaming, FinTech, digital betting, and casino systems, targeting the full operational needs of modern casino operators. Cohen emphasized that significant investments will be made in research, development, and innovation to improve product margins and better compete with industry leaders like Aristocrat and Light & Wonder. Cost savings are also expected through streamlined purchasing, staff integration, and shared production capabilities.
In 2024, the combined revenues from IGT's gaming division and Everi reached $2.5 billion, resulting in $1.1 billion in earnings before interest, taxes, depreciation, and amortization (EBITDA). Around two-thirds of that total came from IGT.
Income will be balanced between slot machine sales and leases, as well as ongoing revenue from software systems, FinTech tools, iGaming platforms, and cash access services—giving the business a steady and diversified cash flow. The company will also maintain $450 million in available cash and an additional $750 million in liquidity to support future expansion and development.
Nicholas Khin, IGT's current global gaming president, will serve as interim CEO during the integration phase. Once former Aristocrat CEO Hector Fernandez's noncompete agreement expires later this year, he will step in as the full-time CEO of the new company, following his departure from Aristocrat in December 2024.
At that time, Khin will move into a leadership role overseeing the gaming division. Apollo plans to build the executive team with leaders from IGT, Everi, and external industries, aiming to combine deep experience with fresh thinking.
Cohen mentioned that Apollo's role will center on strategic direction, financial planning, and executive hiring while leaving the day-to-day operations to company leadership. He said this is consistent with how Apollo manages other gaming investments, such as the Venetian.
The acquisition is projected to close by the third quarter of 2025, pending the completion of all regulatory approvals.
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