The Stars Group cuts jobs in Malta hub
PokerStars owner announces latest round of job losses following redundancies in its Isle of Man office last week
The Stars Group is to make further redundancies in its international PokerStars business after announcing job losses in the company’s Malta office, EGR can reveal.
The operator confirmed job losses in its Isle of Man headquarters last week, citing headwinds in its international PokerStars business.
Similar cuts have now been made in the firm’s Malta office in Spinola Bay, which was initially opened in 2017 with room for 350 staff.
A PokerStars spokesperson declined to comment on the scale of job losses, but said the changes would help the firm deliver “long-term sustainable growth”.
“Given rapid changes in the industry, we are constantly reviewing our cost base, and have decided to review some potential changes to certain locations to better align our costs with our global growth strategy,” the spokesperson said.
“We believe our proposals will help to position us to deliver our mid-term growth targets and long-term sustainable growth. Malta will remain an important hub for the business.”
The Stars Malta office
The Stars Group has posted mixed financial results in recent months as it continues its integration of the Sky Betting and Gaming and BetEasy businesses.
The firm reported a 2.5%cc decline in revenues from its international business to $322m in Q2, with significant impacts from so-called disrupted markets like Norway and Russia.
In its H1 update, the firm warned FY19 revenues could come in up to $200m below previous estimates, with a new range of $2.5bn-$2.75bn.