The shift comes as IGT restructures to become a lottery-only business. As part of that strategy, Voyager Parent, LLC, an affiliate of Apollo Global Management, will simultaneously acquire Everi and IGT’s two other divisions to create a new private company.

IGT expects the transaction to close by July 1, 2025.

Brightstar to Emerge as a Standalone Lottery Company

Upon the closing of the Voyager acquisition, IGT’s legal name will change to Brightstar Lottery Plc, registered in the UK. Its ordinary shares will begin trading on the New York Stock Exchange under the ticker symbol BRSL. The company projects that it will commence BRSL around July 2.

Vince Sadusky, Brightstar’s CEO, emphasized the company’s nearly 50-year legacy of dependable innovation. He says that will serve as the foundation for a “future-forward” Brightstar that will help lottery clients navigate digital adoption, evolving player expectations, and broader gaming options.

Executive Chair Marco Sala added: “Brightstar will be well-positioned to focus on driving innovation and growing the potential of the lottery business responsibly for the entertainment of players, the success of our customers, and the support of the good causes they fund in their communities.”

Brightstar Lottery will continue to serve about 90 lotteries across six continents, including seven of the world’s largest lotteries. In the US, Brightstar will serve 26 of the 46 state lotteries. That includes several online lotteries such as in Connecticut, Kentucky, and Rhode Island.

IGT and Everi Merger Creates Slot Manufacturing Powerhouse

In the spring of 2024, IGT announced that it would become solely a lottery company. That plan included spinning off its PlayDigital and Global Gaming divisions through a merger with Everi. Under the original terms, IGT shareholders would own 54% of the combined company, while Everi’s stockholders would own 46%.

However, that was unappealing to some investors amid potential regulatory concerns. Then, after revisions, Apollo, through its affiliates, created Voyager to serve as the parent company for both businesses. IGT and Everi investors approved the new formula.

Under the new structure, the newly formed company will become private, with shareholders receiving a cash payout. Once the transaction closes, the new private company will combine two of the largest slot manufacturers.

Some of IGT’s most popular slots include the Wheel of Fortune series, Cleopatra, Double Diamond, Wolf Run, and Lucky Larry’s Lobstermania.

Meanwhile, Everi is renowned for its classic stepper slots, which are popular in retail casinos. The company also creates digital versions of some of these games, such as Cash Machine and Black Diamond.

Combining all these titles under one roof will give the new company an advantage, as it will enhance its value and image among operators.

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Apollo Global’s deal for Everi and IGT’s Gaming & Digital business has been in place since July earlier this year, with it covering a previous merger agreement in place between Everi and IGT.

At a recent stockholders’ special meeting, the casino gaming content and products provider noted that “approximately 99.88% of the shares voted were voted in favour of the merger, which represented approximately 71.48% of the total outstanding shares of Everi common stock as of October 3, 2024, the record date for the Special Meeting”.

Everi stated that per the terms of the merger agreement, stockholders will “receive $14.25 per share in cash for every share of Everi common stock they own immediately prior to the effective time of the merger”.

“We are pleased that our stockholders supported our transaction with the Apollo Funds,” commented Michael Rumbolz, Chair of Everi’s Board of Directors. 

“We now shift our focus to the important next steps toward completing the transaction and maximising value for Everi stockholders.”

In line with what IGT said earlier this week alongside its third-quarter financials, Everi said that the proposed transaction is expected to close by the end of Q3 2025, assuming a timely satisfaction of necessary closing conditions.

At the time of Apollo’s initial acquisition announcement in July, Daniel Cohen, Partner at Apollo, stated: “We are excited to reach this agreement with IGT and Everi, which establishes a leading, diversified solutions provider that is well positioned across the entire gaming ecosystem. As an active investor in the gaming and leisure sector for many years, we have long admired both companies and their highly talented teams. 

“We strongly believe in the value proposition of the combination and are confident these complementary gaming platforms will be even better positioned under private ownership to capture the opportunities ahead to grow and create value. We look forward to working in partnership with all the people at IGT Gaming and Everi to propel the combined enterprise forward.”

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This has seen Raptor Acquisition acquire all the issued and outstanding common shares of the company at a price of C$45 per share.

As a result of the completion of the merger, shares of Great Canadian’s common stock no longer trade on the Toronto Stock Exchange.

Alongside the purchase, the firm has also appointed Anthony Rodio as chief executive officer effective immediately, where will lead Great Canadian from its headquarters in Toronto, Ontario. Rodio will also join the board of directors.

“Tony is one of the industry’s most accomplished executives, and we are confident that his experience leading businesses through transformative periods of innovation and growth will help to take Great Canadian to new heights,” commented Alex van Hoek, Apollo partner and chair of the board of Great Canadian. 

“We are excited to have him at the helm and to support Great Canadian as the Company continues to prioritise and enhance the experience of the guests, team members and communities they serve.”

Rodio, who boasts almost almost 40 years gaming industry experience, was most recently CEO of Caesars Entertainment, where he led the casino and entertainment company from April 2019 through its acquisition by Eldorado Resorts in July 2020.

Prior to this, he served as the CEO of Affinity Gaming as well as president and CEO of Tropicana Entertainment, as well as holding senior roles at Hollywood Casino and Harrah’s Entertainment.

“Great Canadian is an incredible gaming and entertainment franchise and I’m excited to lead the company as we continue to safely welcome back team members and guests across the country,” added Rodio. 

“Together with Apollo and my management team, we see tremendous opportunity to build on Great Canadian’s leading market position, improving the guest experience and entering new channels for growth, with a continuous focus on the importance of our relationships with our Crown agencies and other key stakeholders.”

Terrance Doyle, who served as Great Canadian’s interim CEO, will assume the position of national president of business development, reporting directly to the board of directors.

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Firstly, alongside affiliates of Apollo Global Management, the group finalised the $6.25bn purchase of The Venetian Resort Las Vegas and the Sands Expo and Convention Center from Las Vegas Sands.

The transaction, initially detailed in March 2021, saw Apollo acquire the operations of venues for $2.25bn, with Vici gaining all land and real estate assets for $4bn.

Furthermore, subsequent to quarter end, the company closed a previously announced acquisition of MGM Growth Properties for total consideration of approximately $17.2bn, inclusive of the assumption of approximately $5.7bn of net debt.

“In February, we closed on our $4bn / 6.25 per cent cap rate acquisition of The Venetian Las Vegas, one of the largest and most dynamic real estate assets in the world,” commented Edward Pitoniak, Chief Executive Officer of Vici Properties.

“Last week, we announced the closing of our $17.2bn strategic acquisition of MGM Growth Properties, through which we added 15 class-A real estate assets to our portfolio and created a new partnership with MGM Resorts, one of the world’s foremost leisure and entertainment companies. 

“Additionally, with the ongoing support of our equity and credit investors, we have been able to transform our balance sheet and recently received investment grade ratings from S&P and Fitch, enhancing our overall access to debt, as evidenced by our inaugural investment grade notes offering of $5bn to fund a portion of the MGP acquisition.”

This comes as the REIT disclosed that revenue through the first quarter of the year increased 11.3 per cent to $416.6m from the $374.3m produced one year earlier.

Net income attributable to common stockholders dropped to $240.4m (2020: $269.8m), with adjusted funds from operations reported as $305.5m, an uptick of 19.8 per cent year-on-year compared to $255m.

“At Vici, we made 2021 a year of initiating transformation through $21bn of transaction announcements and $5.4bn of related equity raising,” Pitoniak noted. 

“We have made the beginning of 2022 a period in which we’ve completed this transformation through the final financing and closing of these transactions.” 

Furthermore, the company has also updated AFFO guidance for the year, which it expects to be between $1.66bn and $1.69bn.

Pitoniak added: “Today, Vici owns 43 of the highest-quality Las Vegas and regional gaming assets, has grown to an estimated enterprise value of $43bn and has over $2.6bn of annualised contractual rent and income from loans. 

“We look forward to continuing to pursue accretive growth opportunities within the gaming space and non-gaming experiential space.”

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The transaction, initially detailed in March 2021, will see an affiliate of funds managed by affiliates of Apollo Global Management acquire the operations of venues for $2.25bn, with Vici gaining all land and real estate assets for $4bn.

Following the sale, LVS has voiced great belief in the future potential of the facilities as well as the Las Vegas area in general, emphasising that its importance to international leisure and tourism “will only grow in the future”. The company will also maintain its corporate headquarters in the city.

The immediate focus now turns to the Asian market, where LVS says that a “long-term” commitment includes a $1bn reinvestment at Marina Bay Sands in Singapore and the completion of the $2.2bn renovation of The Londoner in Macau.

Robert Goldstein, Las Vegas Sands Chair and Chief Executive Officer, explained “Looking forward from the sale, we believe our strong balance sheet and an industry-leading portfolio of integrated resorts in Macao and Singapore, position the company to experience a new era of opportunity and growth.

“The top priorities for our company include heavily reinvesting in our portfolio in Asia while at the same time pursuing new land-based development opportunities and executing our long-term strategy for participating in the digital marketplace.”

The Venetian, lauded as a “marquee property on the Las Vegas strip” by Apollo, features three hotel towers that include more than 7,000 all-suite rooms, 225,000 square feet of gaming space, which includes approximately 210 table games and 1,480 slot machines and electronic table games, and 2.3 million square feet of meeting space.

“We’re thrilled to complete the acquisition of The Venetian, a premier Las Vegas resort that’s backed by a world-class team,” said David Sambur, Apollo Partner and Co-Head of private equity. 

“Over the last year, we have only grown more excited by the recovery and outlook for Las Vegas and in particular The Venetian, where we can invest behind an unrivaled set of guest amenities and experiences. 

“Sheldon Adelson was a true visionary in building The Venetian more than two decades ago and we look forward to sustaining its success in this next chapter.”

Simultaneous with the closing of the transaction, Apollo has entered into a triple-net lease agreement with real estate investment trust Vici, this includes an initial annual rent of $250m and term of 30 years, with two ten-year tenant renewal options. 

Additionally, Vici also has the opportunity to fund up to an additional $1bn development at the property through the company’s Partner Property Growth Fund.

John Payne, President and Chief Operating Officer of VICI Properties, said, “We are thrilled to complete the acquisition of this remarkable world-class asset.

“Over the past two quarters, the Venetian’s financial results far exceeded our initial underwriting expectations, demonstrating the significant attractiveness of the property to consumers and proving the relevance of Las Vegas as a global entertainment destination.

“We are excited about our partnership with Apollo in Las Vegas and have confidence in their vision for the continued success of the Venetian.”

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Updating investors this morning, the gambling group revealed that it had received mandatory regulatory approvals covering antitrust and pre-completion gaming requirements, maintaining that it is still on course to fully take control of William Hill’s non-US international assets in the first quarter of the new year.

Having secured the regulatory requirements, 888 explained that it has been conducting integration planning to secure its goal of acquiring William Hill in Q1 2021, on which it is ‘progressing well’.

These preparations have included the appointment of Guy Cohen as SVP director of integration, having previously served as SVP head of B2C for the FTSE250 company. His new responsibilities have seen Cohen continue to report to 888 CEO, Itai Pazner, whilst working with a senior team from William Hill to ‘advance integration preparations’.

Additionally, the company reiterated its ambition to generate £500 million of gross proceeds by issuing new equity via a capital raise, a process which is expected to be finished prior to the completion of the William Hill takeover.

Commenting on developments, Pazner said: “This transaction will create one of the world’s leading online betting and gaming groups with superior scale, leading technology, increased diversification, and a platform for strong growth, supported by a portfolio of iconic brands.

“The appointment of Guy Cohen to the critical role of SVP, Director of Integration also strengthens our leadership and commitment to this important process, as we look to leverage the significant expertise and talent from both businesses to benefit the combined group.”

888 Holdings’ successful buyout of William Hill with a £2.2bn bid for the betting firm from the latter’s new owner Caesars Entertainment was confirmed on 9 September of this year. 

Caesars had previously confirmed its plans to sell off all of William HIll’s non-US divisions upon completing its own acquisition earlier this year, having maintained an interest in purely North America focused operations.

However, full finalisation of the merger is still dependent upon the some financial caveats, firstly, the Financial Conduct Authority must approve the re-admission of 888’s ordinary shares to the premium listing segment of the official list.

Additionally, the London Stock Exchange must also approve the re-admission to trading on the main market for listed securities and the completion of a re-organisation of the William Hill group, as the legacy bookmaker must separate its US and non-US businesses, now owned by two separate gambling conglomerates.

Lastly, 888 still requires the full consent of its shareholders by ordinary resolution, which the company hopes to secure at its next General Meeting, having set out an ambition to publish a prospectus relating to the Acquisition and Capital Raise in early 2022 – referring to the aforementioned £500 million capital raise plans.

Pazner concluded: “I’m delighted that we have now checked off a number of important milestones towards completion of the Acquisition. Given the strong progress we have made, we now expect the transaction to complete in the first quarter of 2022 and are excited about the opportunities ahead of us as we combine two powerful and complementary businesses.”

Although 888 has now taken another step to significantly bolstering its UK and international presence by acquiring William Hill, it is unknown whether the company will continue to retain control over its new subsidiary’s extensive suite of retail outlets. 

888’s bidding competitor in the William HIll auction, Apollo Global Management – which also bid against Ceasars in the initial acquisition – is reportedly still eyeing up some available assets, whilst Betfred owner Fred Done and BoyleSports have also been cited as interested in further strengthening their current retail operations.

According to Regulus Holdings, 40 per cent of 888’s revenue is now generated from retail holdings and 70 per cent is from the UK market, but Pazner’s stated ambition to create “one of the world’s leading online betting and gaming groups” could suggest a sell-off of its newly acquired high-street venues.

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Expected to close in the second quarter of 2022, the transaction – consisting of $5.825bn in cash and an earn-out of up to $225m based on the achievement of certain EBITDA targets in 2022 and 2023 – is subject to applicable regulatory approvals and customary closing conditions. 

Barry Cottle, president and chief executive officer of Scientific Games, explained: “This transaction is transformative in accelerating the delivery of our stated strategy to optimise our portfolio, aggressively de-lever our balance sheet and position us to invest in future growth. 

“We conducted a thorough review of paths to divest the lottery business and we are confident that this transaction maximises value and certainty while minimising complexity and execution risk, and positions both Scientific Games and SG Lottery for continued success along their unique growth trajectories. 

“The significant near-term proceeds from this transaction as well as our previously announced sale of Sports Betting will transform our balance sheet and provide the financial flexibility to invest organically and inorganically to accelerate our strategies.

“This marks a major milestone and puts us on a clear path to achieve our vision to become the leading cross-platform global game company and unlock our full value for shareholders.”

Through the acquisition of SG Lottery, Brookfield is set to integrate a subsidiary which maintains partnerships with “approximately 130 government and non-government lottery entities in over 50 countries”, providing turn-key solutions including instant and terminal-generated lottery games, sports betting, lottery systems, retail technology and ilottery. 

Earlier this week, Bloomberg reported that Brookfield Asset Management was one of two international investment companies, alongside Apollo Global Management, interested in acquiring SG Lottery.

“We are thrilled with this outcome and what it means for the future of Scientific Games Lottery and our customers,” added Patrick McHugh, chief executive of Scientific Games Lottery.

“”I am confident that, with Brookfield’s support, we will have the flexibility and agility to expand our deep product portfolio to meet our customers’ evolving needs and maximise lottery beneficiary proceeds across the globe, enabling us to capture the significant opportunities we see ahead.”

As part of the announcement, David Nowak, managing partner at Brook Business Partners, lauded the Scientific lottery team for building a “leading business” and expressed his excitement towards the future of “supporting management in continued growth of the business.” 

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The arrangement, which was initially agreed in November 2020 before being amended one month later, will see Raptor Acquisition, an affiliate of funds managed by affiliates of Apollo Global Management, acquire all the issued and outstanding common shares of the company at a price of C$45 per share.

Subject to the satisfaction of customary closing conditions, it is expected that the closing of the arrangement will occur on or about September 23, 2021.

Following completion, it is anticipated that shares and debentures will be delisted from the Toronto Stock Exchange, and that the firm will apply to cease to be a reporting issuer under applicable Canadian securities laws.

“On behalf of the company’s board of directors, I want to extend a sincere thank you to the entire Great Canadian team for their tireless efforts and dedication in not only supporting the significant amount of work undertaken to complete the Apollo transaction over the past ten months, but concurrently supporting the reopening of all of our properties across Canada,” stated Peter Meredith, Great Canadian Gaming chair.

“There was no playbook for our company to turn to in order to combat the unprecedented impact of the pandemic, but our team created a robust work plan to safely and successfully navigate through such turbulent times. 

“To do this while also working to complete the Apollo transaction is truly remarkable and a testament to the commitment, work ethic and dedication of our management team.”

In December 2020, Great Canadian Gaming announced an amended arrangement regarding its buyout by funds managed by affiliates of Apollo Global Management.

Under the revision, it was detailed that Apollo Funds would acquire all the outstanding common shares for the aforementioned price C$45 per share in cash, an approximate 15.4 per cent increase from the original purchase price of C$39 per share which represented a transaction with a total enterprise valuation exceeding C$3.3bn. 

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The casino operator, commenting in its latest quarterly financial update, says that visitation has been encouraging at properties that were allowed to reopen, despite the restricted conditions, with optimism also voiced on the continued vaccination roll-out.

Revenue recorded by the firm, during the period closing March 31, 2021, plummeted 81 per cent from $273.8m to $52.3m, with net loss swinging to $44.2m from a $28.5m profit during Q1 2020, and adjusted EBITDA down 80 per cent to $20.5m (2020: $103m).

The company operated certain gaming properties in the Ontario and Atlantic regions under restricted operating conditions for a portion of the quarter, but was required to temporarily close the majority of these at various dates due to localised health authority mandates. 

At the period’s close, all properties, except for the Atlantic venues, Elements Casino Grand River and Shorelines Casino Belleville, were closed. Subsequent to quarter-end, the remaining Ontario and Casino Nova Scotia properties were mandated to shutdown operations, and all non-critical construction activities on the company’s Ontario developments were suspended.

Terrance Doyle, the company’s interim CEO, explained: “Great Canadian remains committed to help contain the spread of COVID-19 by adhering to all directives and guidance issued by public health authorities in each jurisdiction that we operate, including suspending our operations when mandated to do so. 

“Our ability to respond to local health mandates promptly and efficiently is a testament to the preparation and readiness of our team members. The company remains focused on reopening our gaming properties and ancillary amenities as appropriate, and our teams have demonstrated through our results thus far that we can operate while continuing to prioritize the health and safety of team members and guests.

“We have reason to remain optimistic, despite the challenges we have faced since the start of the pandemic. For our properties that were allowed to reopen, we have observed encouraging visitation levels despite operating under restricted conditions. 

“Additionally, we are encouraged by the continued progress of the mass vaccination program across Canada, as well as the initial results of the wider reopening of other markets where vaccination levels are higher.”

Furthermore, the firm also provides an update to its impending buyout after Raptor Acquisition Corp, an affiliate of funds managed by affiliates of Apollo Global Management, gained approval under the Investment Canada Act for the acquisition. Completion is anticipated during Q2 2020.

“Significant progress has been made in the closing of the arrangement with Apollo Funds, as demonstrated by the recent Investment Canada Act approval,” added Doyle.

“We believe this transaction is beneficial for our shareholders, our team members, our guests, and other stakeholders, and we are working diligently to satisfy all remaining closing conditions, including required regulatory approvals.”

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The agreement, which includes The Venetian Resort Las Vegas and the Sands Expo and Convention Center, will see an affiliate of funds managed by affiliates of Apollo Global Management acquire the operating assets of the business for $2.25bn.

Alex van Hoek, Apollo Partner, explained: “The Venetian is America’s premier integrated resort, with an unrivaled set of amenities to serve guests across hospitality, meeting events, gaming, and entertainment – categories that we believe are well positioned for strong recovery and long-term growth. 

“The team at Las Vegas Sands, under the leadership and vision of Sheldon Adelson, built an irreplaceable asset that is renowned for its quality, scale and integrated offerings, and we see significant opportunity to invest in and accelerate its growth. 

“This investment also underscores our conviction in a strong recovery for Las Vegas as vaccines usher in a reopening of leisure and travel in the United States and across the world.”

Real estate investment trust Vici Properties will subsequently pay $4bn for the land and real estate assets associated with the aforementioned facilities. 

Simultaneous with the closing of the transaction, the company will enter into a triple-net lease agreement for the Venetian Resort with an affiliate of the Apollo Funds. This will have an initial total annual rent of $250m and an initial term of 30 years, with two ten-year tenant renewal options.

John Payne, president and COO of Vici Properties, commented: “We are absolutely thrilled to enhance our portfolio of market-leading experiential assets with the iconic Venetian Resort complex. 

“We have long admired the incomparable size, scale and quality of the Venetian Resort and are proud to opportunistically acquire the asset at an attractive, accretive cap rate for shareholders. Additionally, we are confident Apollo’s vision will greatly benefit the property’s operations for years to come.”

LVS asserts that both companies are the right fit to create new growth opportunities and lead the property into the future, as the group aims to uphold a long-held strategy of reinvesting in Asian operations.

“The Venetian changed the face of future casino development and cemented Sheldon Adelson’s legacy as one of the most influential people in the history of the gaming and hospitality industry.  

“As we announce the sale of The Venetian Resort, we pay tribute to Mr. Adelson’s legacy while starting a new chapter in this company’s history,” said Robert Goldstein, Las Vegas Sands chairman and CEO. 

“This company is focused on growth, and we see meaningful opportunities on a variety of fronts. Asia remains the backbone of this company and our developments in Macao and Singapore are the centre of our attention. 

“We will always look for ways to reinvest in our properties and those communities. There are also potential development opportunities domestically, where we believe significant capital investment will provide a substantial benefit to those jurisdictions while also producing very strong returns for the company.”

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