The first steps in the massive transition to a new version of IGT were recommended for approval Wednesday by Nevada Gaming Control Board.
The members of the Board voted unanimously to approve the $ 6.3 billion agreement, which was first announced in July and involves London-based IGT, Everi Holdings of Las Vegas and controlled by New York-based Apollo Global Management Inc. IG IGT Gaming and Everi companies will be working as a private-owned company that will be privately owned by the APBOOD. The combined company will be called IGT and headquarters in Las Vegas.
Final regulatory approval is expected to be considered by the Nevada Gaming Commission on June 26. Apollo officials said that the final approval of the latest controller, Pennsylvania Gaming Control Board, is also scheduled June 26 and the deal is expected to end July 1.
Apollo supports the deal with resources of $ 20 billion in committed funds. Apollo Managing member Daniel Cohen explained details about the transaction in a 90-minute presentation.
In February 2024, IGT announced plans to divide their games and digital companies from their lottery operations into a merger with Everi, a manufacturing company for gaming equipment.
Five months later, Apollo offered an alternative transaction by acquiring both IGT and Everi. Over the past 11 months, all companies have made applications or requests for approvals in 36 jurisdictions to prepare for integration. Apollo noticed the acquisition and integration project and the temporary name as “Voyager Parent LLC”, but when the deal is closed, the company will carry the IGT name. The existing IGT will take a new name for its lottery company, which works globally with a large business center in Italy.
The Chairman of the Control Board Kirk Hendrick said that the complex transaction has been much easier for supervisory authorities because they are familiar with each company.
Apollo, who has invested in the Nevada casinos for two decades, is the parent company of the Venetian and Palazzo resorts on the strip and Cohen was controlled during the Venetian and the Palazzo license in 2022.
IGT has been a Nevada company since 1975 and its current president of Global Gaming, Nick Khin, was recommended for approval as a key leader and will become Interim CEO for the new IGT. Khin, who has been in the gaming industry for 23 years, said there are 2,000 IGT employees in Nevada.
When former aristocrat Gaming CEO Hector Fernandez complete a non-competing agreement in the fourth quarter, he will become IGT’s CEO and Khin will become head of IGT’s global gaming division.
Everi, formerly known as Global Cash Access when it was founded in 1998, has been licensed as a manufacturer since 2011 and its highest legal officer, Kate Lowenhar-Fisher, will become IGT’s Compliance Officer.
Former chairman of the Gaming Control Board Brin Gibson served as legal advisor for the Voyager transaction.
In a separate action, the Control Board recommended approval of an order that completed IGT’s registration as a listed company.
Contact Richard N. Velotta at rvelotta@ theplayerlounge.com or 702-477-3893. Follow @rickvelotta at X.
