Bally's Corp (BALY): restructuring charge — Bally's announces Interactive workforce cut of up to 15%; expects $10-15M severance in Q1 2023

Bally's Corp

Interactive segment workforce reduction of up to 15% to cut operating costs.
Estimated cash severance costs of $10M to $15M expected in Q1 2023.
CEO Lee Fenton cites over-hiring during pandemic and macro uncertainties as reasons.
Restructuring aims to achieve profitable operations in North American Interactive segment.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Bally's Corp announced a restructuring with charges of between approximately $10 million to $15 million affecting Interactive business / North American Interactive segment (reduction of the Company’s current Interactive workforce by up to 15 percent).

Type: restructuring
Charge: between approximately $10 million to $15 million
Affected area: Interactive business / North American Interactive segment
Headcount: reduction of the Company’s current Interactive workforce by up to 15 percent

Exact text from the filing

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 $10 million to $15 million 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

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Source: SEC EDGAR

accession 0001747079-23-000012

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