Regulators in Nevada indicatives of potential approval for takeover of IGT and Everi by Apollo Fund Management.
The Apollo Takeover: A Game-Changer in the Gaming Empire
The gaming world is abuzz with the latest exciting development: Apollo Global Management has its sights set on creating a gaming behemoth by acquiring Everi Holdings and International Game Technology (IGT) for a whopping $6.3 billion. This mega-merger is poised to reshape the North American gaming landscape, catapulting the merged entity to dominate slot machine suppliers, surpassing market heavyweights like Light & Wonder and Aristocrat Leisure with an estimated 70,000 to 77,000 installed units across the region—that's a significant leap from Light & Wonder's 54,397 units[1][2][4].
The Unfolding of the deal:
After gaining initial approval from the Nevada Gaming Control Board—a crucial milestone—the acquisition awaits green lights from eight additional jurisdictions before it can close, tentatively set for July 1, 2025[2][5]. Apollo's financing strategy involves a hefty debt component of $4.3 billion[1].
Redefining the Horizon:
The merged entity, to operate under the IGT brand, aspires to be an all-encompassing gambling supplier, catering to operators' every need from a single source. This integration offers enticing cross-selling prospects, particularly by leveraging IGT's expansive global sales channels alongside Everi's innovative FinTech and Class II gaming offerings[2][4].
At the Helm:
Nick Khin is slated to serve as interim CEO, with Hector Fernandez stepping into the permanent role in Q4 2025[2][4]. The privately-owned company may well adopt a new name and ticker once the acquisition wraps up[2][4].
Projected Revenues and Financial Standing:
With a projected pro forma 2024 revenue of $2.6 billion and adjusted EBITDA of $1.1 billion, the merged entity forecasts mid-single-digit revenue growth through 2026 according to current plans[1][4].
Looking Beyond the Shores:
The merger provides exciting avenues for the company to expand overseas, capitalizing on IGT's global networks to diversity revenue streams through gaming activities, equipment sales, systems and software, FinTech, and digital platforms[4].
In conclusion, Apollo's acquisition endeavors to carve out a dominant niche in the North American gaming market by expertly blending the strengths of IGT and Everi, capitalizing on their combined installed base and market share to fuel growth and diversification.
The merger between Apollo Global Management, IGT, and Everi Holdings promises to make significant strides in the business world, with a focus on the gaming industry and finance. The united entities aim to dominate the North American gaming landscape and venture into international markets, using their combined resources and technology to boost revenue and profitability.
