Stars Group Reveals Job Losses At Office In Isle Of Man – Tunf.com News
The Stars Group has revealed some of their staffs have been laid off at its office in the Isle of Man because of the difficulties their facing. This can be attributed to the issues their PokerStars brand is facing on the international scene. The group hasn’t confirmed the number of staffs that would be relieved of their duties.
“As we’ve previously noted, our International segment (PokerStars) has faced many headwinds over the last year, including disruptions in some of our key markets. As a result, we are pursuing operational initiatives, including cost-optimization opportunities, as we’ve done in the past, to reassess our fixed cost base and realign our costs with our global growth strategy,” according to the group’s spokesperson.
They further went on to say that:
“We believe the proposed reductions in headcount on the Isle of Man are a component of our overall plans to position us to deliver our mid-term growth targets and long-term sustainable growth. Apart from the personal impact on affected individuals today’s news will have little foreseeable impact on our overall operations in the Isle of Man, which has always been a critical operational hub for the company and will remain so,”.
PokerStars launched their Isle of Man office in 2005. Since they moved to the beautiful island, the number of workers in the Isle of Man have increased significantly. They grew from a workforce of five in 2005 to about 400 and more. The Stars Group experienced an estimated 11.7% decrease in their revenue for poker internationally during the Q2 of 2019. Last year, the group said that it would be affected by regulatory changes in Russia and Switzerland.
Source: news.tunf.com