IGT Returns to Las Vegas with Apollo's $6.3B Acquisition

International Game Technology (IGT) is set to re-enter the Las Vegas market following its acquisition by Apollo Global Management for $6.3 billion. The deal, approved by the Nevada Gaming Commission, integrates IGT's gaming and digital business with Everi Holdings to form a newly consolidated corporation in Nevada. The acquisition will lead to the establishment of a scaled gaming-technology-platform headquartered in Las Vegas. Apollo, a veteran investor in the Nevada gaming market, plans to operate the new entity under the IGT brand, which left Las Vegas following its purchase by Gtech Holdings in 2015. Voyager Parent LLC will manage the transition, encompassing IGT’s gaming and digital assets and completing the purchase of Everi Holdings. Post-acquisition, IGT will rebrand as Brightstar Lottery, maintaining its global lottery operations. Apollo's strategy centers on long-term value generation, with Daniel Cohen and other executives outlining business plans at a public hearing. Strategically, Apollo aims to utilize its substantial liquidity and asset mix profile focused on digital, gaming, and fintech revenue streams. An IPO is anticipated within three to five years. The acquisition includes financial mechanisms such as a $4.3 billion debt raise and $2.4 billion in equity. A portion of company equity will be distributed among employees and executives to align goals. IGT shareholders expect significant returns, with the combined entity poised to challenge industry leaders and generate substantial state revenues.