{"id":157614,"date":"2020-12-07T06:49:19","date_gmt":"2020-12-07T14:49:19","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=157614"},"modified":"2021-07-05T01:23:09","modified_gmt":"2021-07-05T08:23:09","slug":"igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/","title":{"rendered":"IGT Selling Italian Gaming Device, Sports Betting Units to Apollo Unit for $1.15 Billion"},"content":{"rendered":"

International Game Technology (NYSE:IGT) is selling its Italian digital gaming, gaming machine, and sports wagering operations to Gamenet Group S.p.A for $1.15 billion. Gamenet is a group of affiliated funds run by private equity giant Apollo Global Management.<\/p>\n

\"IGT
IGT is selling its Italian business to Apollo for $1.15 billion. CEO Marco Sala, seen here, says the valuation is attractive and proceeds will reduce debt. (Image: Las Vegas Review-Journal<\/em>)<\/figcaption><\/figure>\n

Selling the businesses known as Lottomatica Videolot Rete S.p.A. and Lottomatica Scommesse S.r.l. enables IGT to reduce debt, which stood at $7.24 billion at the end of the third quarter. On that basis, the divestment could prove attractive to investors, because the gaming device maker’s liabilities prior to today’s announcement were nearly triple its market capitalization. Its long-term debt-to-equity-ratio was 8.11x.<\/p>\n

The transaction enables IGT to monetize its leadership positions in the Italian B2C gaming machine, sports betting, and digital spaces at an attractive multiple to comparable Italian transactions, providing us with enhanced financial flexibility,\u201d said CEO Marco Sala in a statement.<\/p><\/blockquote>\n

The UK-based gaming technology company provides back-end services and solutions for lotteries and sportsbooks<\/a> around the world, and also manufacturers slot machines.<\/p>\n

Attractive Valuations<\/h2>\n

The sale price IGT is fetching for the two Italian units values those businesses at $1.33 billion after the pair generated nearly $251 million in 2019 adjusted earnings before interest, taxes, depreciation and amortization. (EBITDA).<\/p>\n

\n

Based on those figures, the gaming technology company is commanding a price that’s toward the higher end of deals previously reached for comparable assets in Italy, the Eurozone’s third-largest economy. In the US, IGT has partnerships in more than half the states<\/a> where sports wagering is currently live and legal.<\/p>\n<\/div>\n

IGT is receiving $908.97 million upfront, $121.19 million at the end of 2021, and $151.49 million on Sept. 30, 2022, according to the terms of the transaction<\/strong>.<\/p>\n

\u201cThe deferred payments are not subject to any conditions other than closing, and are secured by an equity commitment letter from the Apollo-managed funds,\u201d according to the statement.<\/p>\n

Apollo Loves Gaming Assets<\/h2>\n

The transaction with IGT marks the latest in a series of efforts by Apollo or related entities to scoop up various gaming assets outside the US.<\/p>\n

Just a couple of months ago, the private equity firm was said to be interested in UK bookmaker William Hill, until Caesars Entertainment flexed its muscles, snatching up the sportsbook operator. Apollo is now rumored to be mulling a run at William Hill’s European business<\/a>, which Caesars will almost certainly sell upon finalizing its takeover.<\/p>\n

Apollo is also attempting to acquire real money casino<\/a> operator Great Canadian Gaming Corp. (GCGC) for $2.5 billion in a deal announced last month. It remains to be seen what happens on that front. But several major GCGC shareholders are balking<\/a>, saying the private equity shop’s offer for GCGC substantially undervalues the company relative to its post-coronavirus pandemic potential.<\/p>\n","protected":false},"excerpt":{"rendered":"

International Game Technology (NYSE:IGT) is selling its Italian digital gaming, gaming machine, and sports wagering operations to Gamenet Group S.p.A for $1.15 billion. Gamenet is a group of affiliated funds run by private equity giant Apollo Global Management. Selling the businesses known as Lottomatica Videolot Rete S.p.A. and Lottomatica Scommesse S.r.l. enables IGT to reduce […]<\/p>\n","protected":false},"author":46,"featured_media":157615,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[32093,16693],"tags":[],"acf":[],"yoast_head":"\nIGT Selling Italy Gaming Machines, Sports Betting Units for $1.15 Billion<\/title>\n<meta name=\"description\" content=\"International Game Technology is unloading its Italy businesses to Apollo for $1.15 billion in a debt-reducing move.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IGT Selling Italy Gaming Machines, Sports Betting Units for $1.15 Billion\" \/>\n<meta property=\"og:description\" content=\"International Game Technology is unloading its Italy businesses to Apollo for $1.15 billion in a debt-reducing move.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-07T14:49:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-05T08:23:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/marco.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1050\" \/>\n\t<meta property=\"og:image:height\" content=\"699\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/\",\"url\":\"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/\",\"name\":\"IGT Selling Italy Gaming Machines, Sports Betting Units for $1.15 Billion\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/marco.jpg\",\"datePublished\":\"2020-12-07T14:49:19+00:00\",\"dateModified\":\"2021-07-05T08:23:09+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"International Game Technology is unloading its Italy businesses to Apollo for $1.15 billion in a debt-reducing move.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/marco.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/marco.jpg\",\"width\":1050,\"height\":699,\"caption\":\"IGT is selling its Italy business to Apollo for $1.15 billion. CEO Marco Sala, seen here, says the valuation is attractive and proceeds will reduce debt. (Image: Las Vegas Review-Journal)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Mergers and Acquisitions\",\"item\":\"https:\/\/www.casino.org\/news\/mergers-and-acquisitions\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"IGT Selling Italian Gaming Device, Sports Betting Units to Apollo Unit for $1.15 Billion\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"IGT Selling Italy Gaming Machines, Sports Betting Units for $1.15 Billion","description":"International Game Technology is unloading its Italy businesses to Apollo for $1.15 billion in a debt-reducing move.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/","og_locale":"en_US","og_type":"article","og_title":"IGT Selling Italy Gaming Machines, Sports Betting Units for $1.15 Billion","og_description":"International Game Technology is unloading its Italy businesses to Apollo for $1.15 billion in a debt-reducing move.","og_url":"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2020-12-07T14:49:19+00:00","article_modified_time":"2021-07-05T08:23:09+00:00","og_image":[{"width":1050,"height":699,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/marco.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/","url":"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/","name":"IGT Selling Italy Gaming Machines, Sports Betting Units for $1.15 Billion","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/marco.jpg","datePublished":"2020-12-07T14:49:19+00:00","dateModified":"2021-07-05T08:23:09+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"International Game Technology is unloading its Italy businesses to Apollo for $1.15 billion in a debt-reducing move.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/marco.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/marco.jpg","width":1050,"height":699,"caption":"IGT is selling its Italy business to Apollo for $1.15 billion. CEO Marco Sala, seen here, says the valuation is attractive and proceeds will reduce debt. (Image: Las Vegas Review-Journal)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/igt-selling-italy-gaming-machines-sports-betting-units-for-1-15-billion\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Mergers and Acquisitions","item":"https:\/\/www.casino.org\/news\/mergers-and-acquisitions\/"},{"@type":"ListItem","position":3,"name":"IGT Selling Italian Gaming Device, Sports Betting Units to Apollo Unit for $1.15 Billion"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/157614"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=157614"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/157614\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/157615"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=157614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=157614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=157614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}