Bally’s reducing current Interactive workforce by up to 15%

In a regulatory filing, Bally’s Corporation disclosed that on January 18 the company announced a restructuring plan of the Interactive business intended to reduce operating costs and "continue the company’s commitment to achieving profitable operations in its North American Interactive segment." The plan includes a reduction of the company’s current Interactive workforce by up to 15%. "Decisions regarding the elimination of positions are subject to local law and consultation requirements in certain countries, as well as the company’s business needs. The company estimates that it will incur between approximately $10M to $15M in cash severance costs in connection with the Plan, which the company expects to incur in the first quarter of 2023. The estimates of the charges and expenditures that the company expects to incur in connection with the plan, and the timing thereof, are subject to a number of assumptions, including local law requirements in various jurisdictions, and actual amounts may differ materially from estimates," the filing stated.