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The IGT Gaming-Everi merger, backed by Apollo Global Management, is nearing completion after navigating regulatory requirements in 36 jurisdictions, with Nevada’s Gaming Control Board on Wednesday recommending approval for the $6.3 billion deal.
The unanimous vote moves the transaction forward to the Nevada Gaming Commission, which is scheduled to review it on June 26. The same day, the Pennsylvania Gaming Control Board is also expected to decide on the merger. If both approvals are granted, the deal is expected to close on July 1.
The proposed transaction involves London-based International Game Technology (IGT), Las Vegas-based Everi Holdings, and Apollo Global Management, headquartered in New York.
Under the terms, IGT’s gaming and digital operations and Everi will merge into a single privately held entity under Apollo’s control. The combined business will operate under the IGT name and be based in Las Vegas.
Apollo, which committed $20 billion in financial backing for the deal, first proposed acquiring both units in July 2024, offering an alternative to IGT’s earlier plan to separate its lottery business from gaming and digital operations through a merger with Everi.
That plan was announced in February. Instead, Apollo offered to acquire both companies outright. The integration process has included regulatory applications and filings in 36 jurisdictions globally.
During Wednesday’s hearing, Apollo managing member Daniel Cohen presented details of the acquisition with regulators. The interim name for the enterprise during the approval process has been Voyager Parent LLC. Once finalized, the gaming and digital business will continue under the IGT name, while the existing IGT will rebrand its global lottery segment.
Control Board Chairman Kirk Hendrick noted that the review process was eased by regulators’ prior familiarity with all parties involved.
Apollo has been active in Nevada for two decades and currently owns The Venetian and Palazzo properties on the Las Vegas Strip. IGT has been a Nevada company since 1975.
Nick Khin, IGT’s current president of global gaming, was approved as a key executive and will serve as interim CEO. Once a non-compete agreement concludes in the fourth quarter, former Aristocrat Gaming CEO Hector Fernandez will assume the CEO role, and Khin will return to lead the global gaming division.
Everi’s chief legal officer, Kate Lowenhar-Fisher, will become IGT’s compliance officer. Former Gaming Control Board Chairman Brin Gibson served as legal counsel for the transaction.
The board also recommended approval of an order terminating IGT’s registration as a publicly traded company.
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