Новини постачальників

Після злиття встановлена ​​база IGT/Everi перевищить Light & Wonder та Aristocrat.

In light of its incoming merger with IGT, Fitch Ratings has maintained Everi Holdings’ ‘BB-‘ Long-Term Issuer Default Rating (IDR) saying it will have ‘stronger credit post-merger, due to the increased scale and diversification of the combined entity with IGT, material synergy opportunities, and potential growth.’

Fitch expects Everi’s revenue to decline 3.4 per cent in 2025 due to weakness in gaming operations and increase to low-single digits as operations stabilise.

Fitch said: “The combined entity generated 2024 pro forma revenue and adjusted EBITDA of $2.6bn and $1.1bn, respectively. The company would have an installed base of approximately 70,000 units, surpassing Light & Wonder, which has 54,397. Fitch estimates the combined pro forma slots sales market share in North America will exceed that of Light & Wonder, and Aristocrat Leisure. The merger should enable more cross-selling opportunities between the two entities.”

On July 26, 2024, Everi entered into definitive agreements with International Game Technology PLC (IGT) and Voyager Parent, LLC, whereby IGT Gaming and Everi would be simultaneously acquired by Voyager in an all-cash transaction.

Fitch added: “The combined entity would offer one-stop shopping across land-based gaming, iGaming, sports betting, and fintech. The revenue stream is diversified, with gaming operations accounting for 29 per cent, gaming sales 23 per cent, Systems and Software 23 per cent, FinTech 15 per cent, and digital 10 per cent. Management estimates mid-single-digit revenue growth through 2026 based on current business plans. Further growth potential includes distribution of Everi’s content into IGT’s existing networks, distribution of FinTech solutions in international and distributed gaming markets, and expansion of IGT game content into the Class II category.”

“Management expects $140m in run-rate cost synergies to be realized by the third year. These enhancements have been identified through the impact of a larger scale on supply chain and cost optimization, streamlined operations, and real estate consolidation. Management expects further savings of $20m to be realized in lower capex spending through synergies. Fitch believes the new combined entity has stronger business operations due to the increased scale, product diversification, synergies, and improved market position.”

Pro forma revenues and EBITDA of $2.6bn and $1.1bn, respectively, are slightly lower than those of Light & Wonder ($3.2bn and $1.3bn) and well below Aristocrat ($4.3bn and $1.6bn, adjusted for the current Australian dollar exchange rate). Although both Light & Wonder and Aristocrat Leisure have a stronger presence in iGaming, Everi’s FinTech segment offers a unique and compelling growth opportunity – given IGT’s sales presence and existing market position.