Nevada Board Approves Big Merger of IGT and Everi

The Nevada Gaming Control Board (NGCB) has given initial approval to Apollo Global Management’s $6.3 billion acquisition of International Game Technology’s (IGT) gaming business and Everi Holdings, advancing one of the most significant gaming supply mergers in recent memory. The move, if finalized, would reshape the supplier landscape at a time of intensified regulatory scrutiny and market consolidation.

The approval, issued unanimously on Wednesday during outgoing Chairman Kirk Hendrick’s final board meeting, now shifts to the Nevada Gaming Commission for a final decision expected on June 26. If granted, Apollo would merge IGT’s gaming operations with Everi’s gaming and financial technology units into a privately held company under the IGT brand. The deal excludes IGT’s lottery division, which is being spun off into a separately traded company, set to close by July 1.

 

A Transformative Deal Anchored in Nevada

The merger, first publicly detailed last July, marks Apollo’s latest high-profile bet on the gaming sector, following its acquisition of the Venetian-Palazzo resort in 2022. The firm has framed the IGT-Everi transaction as a way to establish a full-service supplier for casino operators. “Our goal long term is to become the operator’s supplier,” said Daniel Cohen, partner at Apollo, during the hearing. “This allows us to invest in the next generation of casino technology.”

The merged entity will be headquartered in Nevada, reinforcing the state’s influence in gaming regulation. As such, state approval represents one of the highest regulatory hurdles. Cohen acknowledged the competitive gap IGT faces against leading peers Aristocrat and Light & Wonder, but said Apollo’s ownership aims to close that margin disparity while enabling broader cross-selling opportunities.

Fitch Ratings, which maintained Everi’s “BB-” long-term issuer rating on Monday, said the combined entity would operate nearly 70,000 gaming machines, surpassing its main competitors in scale.
Corporate Strategy, Compliance, and Changing Leadership

The hearing also introduced key leadership transitions. Nick Khin, currently IGT president, was approved as interim CEO of the new company. Former Aristocrat CEO Hector Fernandez will assume the role later this year following the expiration of a non-compete clause. Current IGT CEO Vince Sadusky will instead lead the newly independent lottery company.

The deal itself marks an unusual pivot. IGT and Everi had previously agreed to a merger independently, but Apollo entered with a last-minute all-cash offer, prompting both firms to abandon their original stock-based transaction. The change led to shifts in management roles, including the absence of a new position for Everi Chairman Mike Rumbolz, who was previously slated to chair the combined board. Apollo’s move, according to Cohen, was partly based on earlier interest dating back to 2014. “We were able to turn the stock consideration into cash for shareholders,” he said, reducing integration risk for public investors.

 

Regulatory Backdrop: Compliance and Board Transition

Wednesday’s meeting also highlighted the current regulatory climate. Board member George Assad criticized recent anti-money laundering (AML) failures by casino operators, expressing frustration that compliance measures are often sidelined in favor of marketing incentives. Though none of the violations were connected to suppliers, Assad pressed officials on how compliance would be integrated post-merger.

Everi’s Chief Legal Officer Kate Lowenhar-Fisher said both compliance teams would be combined eventually, with further guidance expected from the board. “We’re going to learn a lot from each other,” she said, noting that eight jurisdictional approvals remain before the July 1 closing target, including Pennsylvania and final sign-off from the Nevada Gaming Commission.

The meeting was also Chairman Hendrick’s last, as he steps down ahead of his original term ending in 2027. He will be succeeded on June 23 by Mike Dreitzer, former CEO of Gaming Arts. Hendrick becomes the fourth NGCB chair to step down early since 2019, underscoring recent instability in Nevada's top regulatory post.

This transition comes amid what some in the industry describe as a “bleak” era for Nevada regulation. Several major AML fines in 2025 — including actions against Resorts World, MGM Resorts, and Wynn Resorts — were initiated by federal agencies rather than state regulators, raising concerns about oversight efficacy.

 

Our goal long term is to become the operator’s supplier,” said Apollo partner Daniel Cohen. “This allows us to invest in products and innovate with our customers to create the next generation of casino technology.

 

Outlook

The IGT-Everi deal represents a rare dual acquisition aimed at building a vertically integrated, full-spectrum supplier under Apollo’s stewardship. If completed, it will mark a new chapter for IGT while reinforcing Apollo’s role as a gaming sector heavyweight.

With regulatory decisions pending and leadership transitions underway, both the merger and the state’s regulatory body are entering pivotal moments. For stakeholders, the coming weeks could define not just the future of a key industry player, but also the direction of U.S. gaming oversight more broadly.