Stars Group Announces Job Losses at Isle of Man Office
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The Stars Group has announced job losses at its Isle of Man office due to the operational difficulties that its PokerStars brand experiencing in some international markets. The group has not confirmed the number of people who will be losing their jobs.
“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-optimisation opportunities, as we’ve done in the past, to reassess our fixed cost base and realign our costs with our global growth strategy,” the group said.
“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,” the group added.
PokerStars moved to the Isle of Man in 2005. Isle of Man staff numbers have increased dramatically since it moved to the island, growing from just five employees in 2005 to more than 400. The Stars Group saw an 11.7% decrease in international poker revenue during the second quarter of 2019. The group said last year that it would be impacted by regulatory changes in Switzerland and Russia.
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