The leading casino-entertainment company, Bally’s Corporation, announced it has taken the difficult decision to reduce its North American Interactive workforce by up to 15%.

The announcement came last week after the company filed Form 8-K with the US Securities and Exchange Commission. Bally’s plans to cut its operating costs while making its North American Interactive segments more profitable, according to the filing.

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Redundancies as Part of a Restructuring Plan

The announced restructuring plan involves the reduction of the current North American Interactive Segment workforce. According to Bally’s, the reduction in headcount will affect up to 15% of those employees. In light of this, the company did not provide an estimate of how many employees the restructuring plan will affect.

Bally’s revealed in its recent filing that it estimates its restructuring plan to deliver between $10 million and $15 million “in cash severance costs.” The proceeds as well as the redundancies are expected to take place in the first quarter of this year.

Bally’s Faced a Difficult Decision

Lee Fenton, Bally’s CEO, acknowledged that the company has taken a “difficult decision” to reduce its headcount. He explained that the business continues to face macroeconomic uncertainties on its way to further growth. Additionally, Fenton acknowledged that the operating environment continues to be challenging. In such times, he pointed out that companies need to effectively manage their costs to ensure their future growth.

The restructuring plan, according to Fenton, is an opportunity for Bally’s to “reset the business.” Speaking about the pandemic, the CEO said that the company continued to hire employees as the business received a significant boost. Still, Fenton said that overhiring may have happened in different areas.

Fully Committed to Support Employees 

The CEO pointed out that employees who are affected by the redundancies are going to be contacted. He outlined that Bally’s remains fully committed to supporting those employees with “fair terms and treatment.” Fenton explained: “They 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.”

Bally’s CEO urged the company’s members that are not affected by the redundancies to show support for their colleagues. He thanked all of the employees of the company for their hard work and dedication. The announced restructuring and redundancies come after only recently, Bally’s named Tracy Harris an independent member of its Board of Directors.

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