Nevada Gaming Commission Gives Final Approval to Apollo’s $6.3 Billion IGT–Everi Takeover

Apollo Global Management has secured the final go‑ahead from the Nevada Gaming Commission for its $6.3 billion acquisition of IGT’s gaming and digital divisions and Everi Holdings. The unanimous 4‑0 vote on June 26, 2025 clears the regulatory barrier for this major deal.

This landmark transaction brings together two iGaming and land‑based gaming powerhouses under Apollo’s private umbrella. The newly merged enterprise will continue under the IGT brand, with its headquarters returning to Las Vegas. The separate lottery arm will be rebranded as Brightstar Lottery.

Leadership & Integration Plans:

• Nicholas Khin, IGT’s current President of Global Gaming, steps in as interim CEO.

• Hector Fernandez, formerly of Aristocrat, is slated to take the reins once his non‑compete expires later this year.

The unified company is expected to generate approximately $2.6 billion in revenue with $1.1 billion EBITDA, with more than 80% recurring revenue, merging land‑based, digital, fintech, igaming, and payments.

Deal Financing:
Apollo has assembled $4.3 billion in debt financing and $2.4 billion in equity—broken down into $1.3 B from Apollo Fund 10, $820 M from co‑investors, and $275 M from the De Agostini family. The deal leaves the company with substantial liquidity of over $1 billion, including a $750 M revolver and $400 M cash reserves .

Everi shareholders will receive $14.25 in cash per share, representing a 56% premium, while IGT will gain $4.05 B to manage its debts and return capital.

Strategic Vision:
Apollo’s Daniel Cohen emphasizes a long‑term, value‑creation strategy, planning to grow the merged entity in a private setting before pursuing a potential IPO within 3–5 years. 

Key Points:

• Nevada Gaming Commission unanimously approved the $6.3 billion deal on June 26, 2025.

• The acquisition merges IGT’s gaming/digital arm with Everi under Apollo’s ownership.

• A new IGT will be headquartered in Las Vegas; the lottery business (Brightstar Lottery) will spin off.

• Interim CEO: Nicholas Khin; Hector Fernandez (ex-Aristocrat) to take over later in 2025.

• Combined business projected at $2.6 billion revenue and $1.1 billion EBITDA; over 80% recurring revenue.

• Funding mix: $4.3 B debt, $2.4 B equity (Apollo Fund 10, co‑investors, De Agostini family).

• Everi shareholders to receive $14.25/share, a 56% premium.

• Apollo aims for long‑term value creation and potential IPO in 3–5 years.