IGT Cuts 700 Jobs Globally as New CEO Drives Post-Apollo Restructuring
IGT CEO Hector Fernandez announced the elimination of approximately 700 roles worldwide, roughly 10% of the global workforce
IGT is eliminating approximately 700 positions worldwide. The cuts represent roughly 10% of the company’s global workforce.
CEO Hector Fernandez announced the layoffs in a letter distributed to employees on Monday. He described the reductions as necessary to align resources with business priorities and streamline operations. This news breaks just weeks after Andy Hendrickson was recently named CTO.
The announcement follows months of internal review that began shortly after Fernandez took the CEO role in December 2025.
The Context: A New Company Under Private Equity
The current IGT is the product of a major transformation completed last year. In July 2025, Apollo Global Management acquired the gaming and digital division of the former IGT and combined it with Everi Holdings in a deal valued at approximately $6.3 billion.
The merged company retained the IGT name and is headquartered in Las Vegas, which now serves as the corporate base after IGT’s previous ownership under Italian lottery group Gtech Holdings.
Fernandez, who previously served as CEO of Aristocrat Gaming, was named IGT’s chief executive in December. He held his first companywide town hall shortly after taking the role.
He told employees at the time that the company would move quickly to evaluate its structure and make decisions to strengthen it. Monday’s layoff announcement is the direct outcome of that review.
What Fernandez Said
Fernandez was explicit that the cuts are not performance-related. He described them as reflecting the structural alignment required to operate as a unified company, leverage combined strengths, and compete with focus and discipline in a changing industry.
In his letter, he outlined the work already completed. He said the company has completed much of the foundational work needed to become a stronger, more competitive organization. The job reductions, he said, are aimed at simplifying the structure, reducing duplication, and enabling faster decision-making.
He outlined five priorities that will guide IGT going forward: culture, capabilities, content, commercialization, and cash-flow creation. He described these as his core drivers of long-term value.
Fernandez addressed remaining employees directly. He acknowledged that some would feel sadness for departing colleagues or uncertainty about the future. He said those feelings are natural and emphasized the importance of moving forward together.
Geographic Distribution Not Disclosed
IGT has not disclosed how the 700 layoffs are distributed across its global footprint. The company declined to specify how many positions are based in Nevada or Las Vegas. Given that Las Vegas is now the corporate headquarters, a meaningful portion of the cuts is likely concentrated there, though that has not been confirmed.
All affected employees will receive severance packages, outplacement support, and transition resources, according to Fernandez’s letter. Where possible, the company said it will also seek to place affected employees in other roles within the organization.
An Industry in Transition
IGT’s restructuring reflects broader pressure on gaming equipment manufacturers and technology suppliers. The merged IGT-Everi entity operates across three main business units: Gaming, Digital, and Fintech. The combined company competes in a market that has grown more competitive as AI-driven game development, digital gaming, and cashless payment systems accelerate the pace of change.
Fernandez’s language signals a leaner operating model built around speed and focus rather than size. Whether the restructuring is sufficient to reposition IGT competitively against rivals such as Light & Wonder and Aristocrat will become clearer as the company enters the second half of 2026 with its new structure in place.
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