Bally’s Cuts 15% of Its Interactive Division Workforce in North America
As part of business restructuring, Bally’s Corporation has decided to cut 15% of workers from the North American interactive division. According to the company, it would help to reduce operating costs and continue Bally’s commitment to achieving profitable operations in its North American interactive segment.
The operator said that the elimination of positions within the interactive business were subject to local law and consultation requirements in certain countries, as well as the operator’s business needs.
It is expected that the redundancies will take place during the first quarter, while the 15% cut of workforce may cost from $10m to $15m in cash severance payments.
In a letter to Bally’s Interactive employees Lee Fenton, Bally’s chief executive, called the decision a difficult one.
Fenton noted that they’d reflected hard as a business to come to that conclusion; everyone put in so much effort last year, and he was proud of what they achieved together; however, they didn’t manage to achieve everything they had hoped for.
Fenton also said that their mature businesses continued to grow but were facing into macro uncertainties; their North America business remained an investment market, where the returns would be reaped but they could then see that would take some time to come to fruition, so they needed to manage their cost base appropriately.
Those employees who are to face the impact of the workforce cut will be contacted in the coming days and will be fully supported by Bally’s with fair terms and treatment.
Fenton noted that they had very special people there, and the employees being affected weren’t just colleagues, they’re friends. The CEO also called the rescoping of the company’s roadmaps to the right size “an opportunity to reset the business”.
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