GTECH S.p.A will spend $6.4 billion to buy International Game Technology, or IGT, in a deal that brings together the world’s largest provider of lottery systems with the biggest slot machine manufacturer.
GTECH will spend $4.7 billion in cash and stock and assume $1.7 billion in debt. The acquisition is expected to be completed by June 2015 and is subject to approval by Nevada gaming regulators. The merger is also expected to achieve some $280 million in costs savings.
Meanwhile, Boston Mayor Marty Walsh is refusing to participate in arbitration with Wynn Resorts for a financial compensation deal.
The Las Vegas-gaming company is proposes a $1.6 billion resort-casino in neighboring Everett as it competes with Mohegan Sun for the sole state gambling license for the Boston area.
Reaching financial deals with municipalities is a crucial part of seeking a state gaming license. The deals are meant to compensate qualified cities or towns for any impacts on local services or traffic from a new casino.
GUESTS
Howard Stutz, reporter with the Las Vegas Review-Journal
Father Richard McGowan, adjunct associate professor at the Carroll School of Management at Boston College
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