IGT To Cut Around 700 Jobs Worldwide

IGT is cutting about 700 jobs across its global business, according to an internal memo sent Monday by chief executive Hector Fernandez. The reduction follows a review of operations after the combination of IGT gaming and digital business with Everi Holdings Inc.

Good to Know

IGT is reducing its global workforce by about 700 employees.
A report said the cuts affect roughly 10% of total staff.
Hector Fernandez said the company is trying to simplify structure and cut duplication.
IGT Cuts Jobs as Post Merger Review Reshapes Business

A fresh round of restructuring is underway at International Game Technology Plc. In a memo to staff, Hector Fernandez said IGT will reduce its global workforce by about 700 employees as management works to align resources with current business priorities.

The cuts were first reported by the Las Vegas Review-Journal, which said the layoffs would affect around 10% of total staff. Fernandez, who took over as CEO in December, told employees the step was needed to streamline operations and put the group in a better position for future growth.

That decision comes after a major corporate reshaping. Current IGT was formed through the combination of IGT Plc gaming and digital business and fintech specialist Everi Holdings Inc in a deal worth about $6.3 billion involving funds linked to Apollo Global Management Inc. The transaction closed in July last year.

Fernandez said leadership spent the last few months reviewing the business and making what he described as decisions to strengthen it. “We examined where we focus, how we operate, and how our structure supports our strategy,” Mr Fernandez stated.

From there, the review turned into job cuts. “As part of that review, we also had to make some difficult decisions about how our organisation is structured, and this work has led to a difficult but necessary step,” he added.

He also said a large part of the heavy lifting has already been done. In his words, “much of the foundational work needed for a stronger, more competitive organisation” has now been completed.

Management is framing the layoffs as part of a broader efficiency plan rather than a one-off cost action. “The changes we are announcing today are part of that effort to simplify our structure, reduce duplication, and enable us to move with greater clarity and speed,” he noted.

Workers affected by the layoffs will receive support packages, according to the memo. “For those leaving IGT as part of this action, we are committed to providing severance, outplacement support and transition resources,” the CEO stated.

Fernandez also tried to focus attention on what comes next for the company and the remaining workforce. He added: “What matters now is how we move forward together: supporting one another, focusing on our priorities and continuing the work that will define the next chapter of our company.”

He closed with a message aimed at customers and execution. The leaner IGT, he said, “will continue to drive innovation, execute our strategic priorities, and deliver the high-quality service our customers expect,” Mr Fernandez concluded.

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