The Stars Group (TSG) has confirmed job cut at its Isle of Man (IOM) office. The Star Group operates popular online betting brands PokerStars and SkyBet.
While the company has not specified the number of staff it will downsize, the gambling operator’s Isle of Man office employs about 400 people.
The company has said that the move to downsize the workforce was crucial “to deliver its mid-term growth targets and long-term sustainable growth.”
The company has been facing challenges in overseas markets including Russia, Switzerland, and Norway. TSG has said that it has been “pursuing operational initiatives, including cost-optimization initiatives … to reassess our fixed cost base and realign our costs with our global growth strategy.”
Recently, Jack Entertainment LLC also announced to lay off at least 92 employees after the sale of Dan Gilbert’ Greektown casino to Penn National earlier in May this year.
The company has said that they would be completing the layoff by the first quarter of 2020. It should be noted that employees at the company are nonunionized and do not have bumping rights. Jack Entertainment claims to have 120 corporate employees in Detroit and more than 4,000 employees company-wide.
Earlier in May, the US gambling and hospitality giant MGM announced that they would be cutting at least 1000 jobs across the US. MGM says it plans to decrease its operational costs with the job cuts.