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IGT Announces Layoffs as Gaming Industry Evolves
Analysts say it's too early to determine the long-term impact on the slot machine giant's Nevada operations.
Apr. 3, 2026 at 4:05pm
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As the gaming equipment industry undergoes major consolidation, the future direction of market leaders like IGT remains uncertain.Providence TodayGaming equipment manufacturer IGT has announced it is laying off 700 workers globally, about 10% of its workforce. Analysts say the downsizing is primarily due to the recent merger between IGT and Everi Holdings, as well as the acquisition of both companies by Apollo Global Management. While the layoffs were expected, it's still unclear how they will affect IGT's operations in Nevada, the nation's gaming capital.
Why it matters
The gaming equipment manufacturing industry is undergoing significant changes, with mergers, acquisitions, and technological shifts. The layoffs at IGT, a major player in the slot machine market, could have ripple effects across the Nevada gaming landscape, potentially opening opportunities for competitors or leading to uncertainty for IGT's customers and partners.
The details
IGT CEO Hector Fernandez said the layoffs are required to 'align resources with business priorities and streamline operations.' Analysts say the downsizing was expected due to the overlap of positions between IGT and Everi following their merger. The delay between the merger announcement and the deal closing also gave competitors a chance to gain market share during the uncertainty. Now that the restructuring is underway, IGT is aiming to position itself for future growth, though the long-term impacts on its Nevada operations remain to be seen.
- IGT and Everi Holdings merger was first announced in February 2025.
- Apollo Global Management announced it was acquiring both IGT and Everi in July 2025.
- IGT CEO Hector Fernandez announced the 700 global layoffs in a letter to employees on March 23, 2026.
The players
IGT
A global gaming equipment manufacturer that has been a market leader in slot machines and casino operating systems. The company has recently undergone a merger and acquisition process.
Everi Holdings
A Las Vegas-based gaming equipment and financial technology company that merged with IGT in 2025.
Apollo Global Management
A private equity firm that acquired IGT and Everi Holdings in a $6.3 billion deal in 2025.
Hector Fernandez
The CEO of IGT who announced the 700 global layoffs in a letter to employees.
Phil Bernard
An analyst with California-based Eilers & Krejcik who commented on the IGT layoffs.
What they’re saying
“It makes sense, although it's always a tough decision. I would also say the delay between the merger announcement and the deal closing was a bigger opportunity for competitors to gain share due to the uncertainty over the future direction of the company.”
— Phil Bernard, Analyst, Eilers & Krejcik
“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. We examined where we focus, how we operate, and how our structure supports our strategy.”
— Hector Fernandez, CEO, IGT
What’s next
Analysts will continue to monitor how the IGT layoffs and restructuring affect the company's operations in Nevada, the nation's gaming capital, and whether any competitors are able to capitalize on the changes.
The takeaway
The gaming equipment manufacturing industry is undergoing significant consolidation and technological shifts, with the layoffs at IGT representing the latest example. While the long-term impacts remain uncertain, the changes highlight the cyclical nature of the sector and the need for companies to adapt to evolving market demands.
