IGT Cuts 700 Jobs After $6.3bn Merger

Dr. Annelies De Vos · 2026-03-24

It's tough news for the gaming industry this week. International Game Technology, better known as IGT, is letting go of about 700 employees. That's roughly 10% of its global workforce. You probably know IGT from their iconic slot machines—think Cleopatra, Da Vinci Diamonds, and Golden Goddess. They're the company behind those games you see in casinos everywhere. ### The New CEO's First Major Move Hector Fernandez, who took over as CEO in December, made the announcement on Monday. He framed it as part of a wider reorganization. The goal? To streamline operations and cut down on duplication. IGT has offices all over the world, from London and Las Vegas to Rome. When you're that big, sometimes you end up with teams doing the same work in different places. Fernandez says this is about getting leaner and more focused. He sent a letter to IGT workers explaining the decision. The aim, he wrote, is to be "best positioned for future growth." It's a classic corporate move after a big merger—trimming the fat to make the new, combined company more agile. They haven't said which departments or regions will be hit hardest. That uncertainty is always the hardest part for the people waiting to hear their fate. ### A Difficult But Necessary Step? Fernandez was quick to point out that these layoffs aren't about poor performance. It's not that people weren't doing their jobs well. Instead, he says management looked hard at the business after a company-wide meeting in December. They evaluated how things were running and how the structure supported their overall strategy. The conclusion was that they needed to change shape to "compete with focus and discipline in a changing industry." Let's be real, that's the kind of phrase you hear in every corporate restructuring. But it doesn't make it any easier for the 700 people getting that call. Fernandez called it a "difficult but necessary step." You have to wonder what the folks in the break room are saying about that. ### IGT Isn't Alone in This Trend It's worth noting that IGT isn't the only major player in the gaming supplier space tightening its belt. Games Global, the company behind mega-popular slots like Mega Moolah and Immortal Romance, announced its own round of layoffs back in October. They didn't give a specific number, but they said they were letting people go after re-evaluating their business. It seems the entire industry is in a bit of a contraction phase, figuring out the next play. ### The Backstory: A Massive $6.3 Billion Deal To understand why this is happening now, you have to look back at the huge deal that reshaped IGT. Last July, the private equity firm Apollo Global Management bought IGT's gaming business and another company called Everi Holdings. The price tag? A staggering $6.3 billion. They bought it from the Italian lottery company GTECH Holdings. This was one of the biggest acquisitions the gambling supplier industry has ever seen. At the time, Apollo said they planned to combine IGT's gaming know-how with Everi's expertise in payment solutions and casino technology. It's a classic synergy play—putting two puzzle pieces together to make a bigger, more complete picture. Hector Fernandez, who was previously the top boss at Aristocrat Gaming, was brought in to run this new joint company in December. The new IGT is now split into three main divisions: Gaming, FinTech, and Digital. ### What This Means for the Future So, where does this leave IGT? They've been a trailblazer since the 1970s. They helped launch the video poker market. They offered some of the first area-wide progressive jackpot slots. They brought branded content to the casino floor with games like Wheel of Fortune. They have a legacy of innovation. This move feels like a pivot. It's about shedding the old skin of two separate companies to become one streamlined entity. The hope is that by making these painful cuts now, they can invest in their strengths and come out stronger. Only time will tell if that bet pays off. For now, our thoughts are with the employees and their families navigating this uncertain time. The gaming floor might be about luck, but corporate restructuring rarely feels that way.