IGT is cutting 700 jobs globally — approximately 10% of its total workforce — as newly appointed CEO Hector Fernandez moves to consolidate operations following the company’s $6.3bn Apollo-backed merger with Everi Holdings.
The cuts were announced on Monday via an internal letter from Fernandez to staff, first reported by the Las Vegas Review-Journal. IGT declined to specify how many of the roles being eliminated are based in Nevada or Las Vegas, now the company’s corporate headquarters, or how exposure is distributed across its international offices, including its historically significant European footprint.
Post-Merger Integration Drives Cuts
The restructuring follows Apollo Global Management’s completion of its $6.3bn acquisition of IGT’s Gaming and Digital business and Everi Holdings in July 2025. The combined entity — operating under the IGT name and headquartered in Las Vegas — was formed by bringing together IGT’s legacy gaming machines, iGaming and systems business with Everi’s FinTech and cash access capabilities. It is organised into three units: Gaming, Digital, and FinTech.
Fernandez, who joined IGT in December 2025 after a customary non-compete period following his departure from Aristocrat Gaming, said the reduction is not performance-related.
“This reflects the structural alignment required to operate as one company, leverage our combined strengths, and compete with focus and discipline in a changing industry.”
He described the cuts as part of a broader effort to “simplify our structure, reduce duplication, and enable us to move with greater clarity and speed,” signalling that the integration of two previously independent organisations has produced significant organisational overlap.
European Exposure Unconfirmed
IGT has a substantial European presence inherited from its origins as a combination of International Game Technology and Gtech Holdings — the Italian lottery group from which Apollo acquired the gaming division. Prior to its redomicile, the company was publicly listed in London and maintained significant operations across Europe, including Italy, where Gtech’s lottery infrastructure remains under the separately rebranded Brightstar Lottery entity.
The current IGT entity, focused on gaming machines, iGaming and FinTech, retains European-facing operations supplying land-based slot content and systems to regulated operators across multiple jurisdictions. The company has not disclosed which geographies or business units bear the largest share of the 700 positions being eliminated. European labour regulations in markets such as the UK, Italy, and Germany typically impose consultation requirements and notice periods that could extend the timeline of cuts in those locations relative to the US.
IGT has confirmed severance packages, outplacement support and transition resources for affected employees. The geographic split of the 700 positions has not been made public.
Fernandez Sets Strategic Direction
Fernandez, in his letter to staff, outlined what he termed the “5 C’s” as his operating framework: culture, capabilities, content, commercialisation, and cash-flow creation. He characterised the restructuring as foundational work completed over his first months in role.
“When we met in December for our first companywide town hall since I started as incoming CEO, I said we would move quickly to evaluate our business and make decisions to strengthen it. Over the past several months, we have kept that commitment.”
IGT is best known for its Wheel of Fortune slot franchise and holds a leading position in casino systems, land-based slot machines, iGaming content and cabinets. The post-merger entity also encompasses Everi’s financial technology and player engagement solutions, which serve casino operators primarily in North America.
The combined enterprise faces the challenge of integrating two distinct technology stacks and go-to-market organisations while competing in a global gaming equipment and content market that includes Aristocrat, Light & Wonder, and Scientific Games. Fernandez previously led Aristocrat’s US gaming division before becoming CEO of Aristocrat Gaming.
No guidance on the timeline for completing the restructuring or targets for the resulting cost reduction has been disclosed publicly. Further detail on the European and international scope of the cuts is expected to emerge as formal consultation processes are initiated in the relevant jurisdictions.
Source: Las Vegas Review-Journal
