Bally’s cutting up to 15% of Interactive employees

Finance News

Bally’s said late Wednesday that it will cut the workforce in its Interactive business by up to 15%. The casino operator said in a regulatory filing that it expects to incur between $10 million and $15 million in cash severance costs in Q1.

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.”