The governance of Toronto TSX-listed The Stars Group Inc has confirmed that it will reduce employee headcount within its Isle of Man office, restructuring its flagship PokerStars online gambling division.
Stars Group governance has chosen not to disclose specific figures with regards to staff being made redundant from its Isle of Man offices, which have served as the company’s operational headquarters since 2005.
Issuing a short statement to press, the Stars Group governance detailed that the firm was ‘pursuing operational initiatives, including cost-optimisation opportunities’.
In addition, the online gambling group cites a number if international headwinds, impacting the performance and expectations of its PokerStars division, which has been affected by market closures in Russia and Switzerland, combined with severe currency fluctuations impacts.
“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 TSX enterprise detailed in its statement.