Lottery operator GTECH and MacAndrews & Forbes Holdings are also interested in the company, said Reuters, citing people familiar with the matter.
The firms are expected to submit binding offers for IGT, which currently has a market cap of nearly $4bn, in the next few weeks, said the sources.
IGT has hired Morgan Stanley to help find a buyer.
The company had debts of $2.2bn at the end of March, which means that the deal could be worth nearly $6bn, said the report.
Earlier this year, Apollo closed its latest flagship fund on $17.5bn, making it the biggest vehicle raised since the financial crisis.
Fund VIII is focused on distressed investments, corporate carve-outs and opportunistic buyouts.
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