Bally’s Corp. to cut 15% of interactive workforce19th January 2023 8:38 am GMT
New York-listed Bally’s Corp. plans to lay off 15 per cent of its interactive workforce in an effort to achieve profitable interactive operations in North America.
The reduction in the interactive workforce is expected to cost the company up to $15 million in cash severance costs, with the company providing no guidance on the savings that are expected to be achieved.
In a letter to employees dated Jan. 18, Bally’s chief executive Lee Fenton said that despite the efforts of last year, the company had not achieved everything that had been hoped for.
“Our mature businesses continue to grow but are facing into macro uncertainties. Our North America business remains an investment market, where the returns will be reaped but we can now see that this will take some time to come to fruition, so we need to manage our cost base appropriately. The pandemic boosted our business and we continued to hire at full pelt. I now can see that we may have over hired in some areas, and I take full responsibility for that,” he explained.
“For those who will be leaving, our priority is to fully support them, including of course with fair terms and treatment. We will offer more than is required in all the markets we operate in, although terms will be governed by local frameworks and will align with employment laws in every country.”
Employees and contractors who are affected by the plan will be contacted in the coming days.
Shares in Bally’s Corporation (NYSE:BALY) closed 3.58 per cent lower at $19.68 per share in New York Wednesday.