International Game Technology (IGT)
IGT makes slot machines, lottery systems and casino tech, now owned by Apollo after a 2025 buyout.
On the record
Checkpoint: First full quarter results under CEO Hector Fernandez and CPTO Andy Hendrickson
The call
IGT keeps running casino floors and lotteries worldwide while Apollo squeezes costs and eyes an IPO that has no filed paperwork yet.
IGT makes slot machines and digital gaming systems for casinos and governments worldwide. The company is hard to replace because it has decades of licenses from regulators in over 100 countries, physical machines already sitting in casinos, and long-term contracts with governments, but Aristocrat and Light & Wonder are stronger competitors that are beating IGT on profitability. The company is cutting costs (700 jobs in 2026) and may sell itself or go public within three to five years, so the real test is whether the new owner Apollo can improve profits faster than its two bigger rivals, or whether the company will need to find a buyer.
Why
01
AI pressure: None apparent. AI is not reshaping slot machine hardware or lottery contracts yet, the fight here is old-fashioned market share. Could AI do the core job? Unlikely.
02
Bigger players: Aristocrat Technologies and Light & Wonder. Apollo's own partner admits Aristocrat holds the top spot and IGT's margins run well below both rivals. Could a giant copy it? No, they are blocked.
03
What protects it. Decades of gaming licenses across 100+ jurisdictions and machines already bolted onto casino floors make quick replacement hard.
What would change this call
Whether IGT's margin gap to Aristocrat and Light & Wonder narrows or widens over the next 2 to 3 quarters. Shows if cost-cutting under new CEO is restoring competitiveness or just shrinking the company.
Whether IGT files an S-1 or announces a concrete IPO timeline within the next year. Would show Apollo's exit plan is moving from guidance to reality, aiding equity value.
Whether IGT announces another round of layoffs beyond the March 2026 700-job cut. Would suggest deeper financial strain than initially framed, not a one-time integration step.
Whether IGT files an S-1 or announces a concrete IPO timeline within the next year. Would show Apollo's exit plan is moving from guidance to reality, aiding equity value.
Whether IGT announces another round of layoffs beyond the March 2026 700-job cut. Would suggest deeper financial strain than initially framed, not a one-time integration step.
Key numbers
- Legacy IGT 2024 revenue $2.5B, down 1% YoY
- 700 jobs cut, about 10% of workforce
- Brightstar Lottery spinoff revenue $587-590M
Named risks
- Mid-LBO cost cutting active with 700 jobs cut March 2026 and margins admitted lower than Aristocrat and Light & Wonder.
- Full exit of Electronic Table Games division by 2027 could trigger faster customer churn than planned.
- IPO timeline is speculative Apollo guidance of three to five years with no S-1 filed as of July 2026.
- Employee headcount estimates vary widely (7,200 to 10,001+) signaling integration and reporting instability.
- Land-based gaming segment lags online operators in AI adoption per May 2026 KPMG/UNLV index.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Aristocrat Technologies | losing to | Apollo partner Daniel Cohen admitted Aristocrat holds top sector spot ahead of IGT, June 2025 |
| Light & Wonder | losing to | Named as on a multi-year hot streak since 2021-2022 divestitures, shares up ~30% over five years, July 2026 |
| Interblock | contesting | ETG market leader Interblock gains ground as IGT exits its own ETG division entirely by 2027 |
Questions people ask
- Is IGT profitable in 2026?
- No public 2026 financials exist since IGT went private under Apollo on July 1, 2025. Legacy IGT PLC's last public year (FY2024) showed revenue of $2.5B, down 1%, and adjusted EBITDA of $1.1B, down 4%. Apollo's own partner admitted in June 2025 the merged entity's margin profile is significantly lower than rivals.
- Who owns IGT now?
- IGT has been privately owned by funds managed by Apollo Global Management since the deal closed July 1, 2025, combining legacy IGT's Gaming & Digital unit with Everi Holdings in a roughly $6.3B transaction. Italian holding company De Agostini reportedly retains a minority stake.
- Is IGT laying off workers in 2026?
- Yes. In March 2026, IGT cut approximately 700 jobs, about 10% of its global workforce, under new CEO Hector Fernandez, explicitly framed as post-merger integration and cost reduction following Apollo's 2025 leveraged buyout.
- Who is IGT's biggest competitor?
- Aristocrat Technologies holds the top spot in the sector, ahead of both Light & Wonder and IGT, according to an admission by Apollo partner Daniel Cohen in June 2025 while seeking Nevada regulatory approval for the IGT-Everi deal.
- Could AI replace IGT's business?
- Unlikely soon. IGT's core is regulated, physical gaming hardware and licensing across 100+ jurisdictions, which AI cannot replicate without regulatory approval and manufacturing. A May 2026 KPMG/UNLV survey found land-based gaming suppliers like IGT lag online operators in AI maturity, scoring 39 versus 54.
- Will IGT go public again?
- Apollo told Nevada regulators in June 2025 it may IPO IGT within three to five years of the July 2025 close, but as of July 2026 no S-1 has been filed and no concrete date exists. This remains guidance, not a confirmed plan.
Timeline
- 2026-07-21IGT signs deal adding 720 Sierra27 VLTs for Western Canada Lottery Corporation in Saskatchewan
- 2026-07-01IGT announces multi-year sportsbook tech deal with Boyd Gaming through 2028
- 2026-05-19Trade press speculates IGT relisting in three to five years from July 2025 close
- 2026-05-12Brightstar Lottery (spun-off ex-IGT unit) reports Q1 2026 revenue of $587-590M
- 2026-03-24IGT cuts about 700 jobs, roughly 10% of global workforce, under CEO Hector Fernandez
- 2026-03-17IGT launches next-gen Superlink jackpot system at AHG Brisbane
- 2026-01-01IGT creates new CPTO role, hires Andy Hendrickson from Activision/Disney background
- 2025-12-01Hector Fernandez, ex-Aristocrat Gaming CEO, becomes IGT's new CEO
- 2025-07-01Apollo completes $6.3B acquisition, forms new private IGT from Gaming & Digital plus Everi
Revision history
23 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- EX-99.1 (2025-06-30)
- IGT posts slight declines in '24 as Everi merger looms (2025-02-25)
- Venetian owner Apollo gets green light to acquire IGT and Everi (2025-06-26)
- NGCB Gives First Approval to IGT-Everi Merger (2025-06-13)
- Brightstar Lottery PLC (BRSL) Q1 2026 Earnings Call Highlights (2026-05-12)
- IGT Employee Directory, Headcount & Staff (2026-06-01)
- IGT Cuts 700 Jobs Globally as New CEO Drives Post-Apollo Restructuring (2026-03-24)
- IGT's 700 Layoffs Are Not About Jobs (2026-05-19)
- International Game Technology (IGT) Stock News (2026-07-20)
- IGT debuts AI-driven gaming, digital content, fintech integration (2025-09-30)
- News Room Details (2026-03-17)
- IGT ending its ETG business in 2027 as part of its focus on core business priorities (2026-07-15)