International Game Technology PLC (NYSE: IGT) and Everi Holdings Inc. (NYSE: EVRI) have announced definitive agreements for a simultaneous acquisition by Apollo Global Management, Inc. (NYSE: APO) in a transaction valued at approximately $6.3 billion. This strategic move will see IGT’s Gaming & Digital business and Everi combining under a new holding company managed by Apollo Funds, marking a significant shift in the gaming industry landscape.
Impact on Mississippi Casinos
IGT, a global leader in gaming technology, is well-known for its wide range of popular slot games that can be found across Mississippi’s casinos. Some of the most beloved IGT slot games include “Cleopatra,” “Wheel of Fortune,” and “Red Hot Tamales,” which are staples in casinos such as Beau Rivage, Boomtown Casino, and Hard Rock Hotel and Casino in Biloxi.
IGT’s Popular Slot Games in Mississippi
- Cleopatra: This game offers a $0.25 progressive version, known for its high return-to-player (RTP) rates, making it a favorite among slots enthusiasts.
- Wheel of Fortune: A renowned series with multiple iterations like “3x4x5x Double Time” and “Double Diamond,” this game has made several players millionaires at casinos like Hard Rock Biloxi and Fitz Tunica Casino & Hotel.
- Red Hot Tamales: This classic slot with its $0.25 bets and progressive jackpots remains a popular choice among players.
These games contribute significantly to the vibrant gaming atmosphere in Mississippi, where casinos frequently offer a mix of IGT’s innovative and high-yield slot machines.
Strategic and Financial Implications
Under the terms of the new agreements, Everi stockholders will receive $14.25 per share in cash, a 56% premium over Everi’s closing share price on July 25, 2024. IGT will benefit from $4.05 billion in gross cash proceeds, which it plans to use to repay debt and return value to shareholders. The transaction has received unanimous approval from the boards of both IGT and Everi.
Future Outlook
Post-acquisition, IGT will transition to a pure-play global lottery business, while Everi will continue to innovate in gaming, FinTech, and digital industries. The combined enterprise, supported by Apollo’s investment expertise, is expected to focus on integrating their operations and exploring new opportunities for growth in the global gaming market.
