Online gambling giant 888 Group has confirmed a wave of job cuts in Israel as part of its broader organizational restructuring, impacting dozens of its regional employees. This move follows a similar round of layoffs in the country last January. Such events are rarely a good sign, but 888 should still be able to recapture its momentum and have a successful year.

The Group Commands a Sizeable Worldwide Presence

The 888 Group, with a total workforce of 11,000 individuals, including 500 in Israel, is undergoing significant changes in its operational structure. With dozens of job cuts, the company has joined a growing list of high-tech businesses that have reduced their workforce in the country, whether due to regional instabilities or rising macroeconomic pressures.

An 888 Group spokesperson commented on the layoffs, noting they were part of a broader organizational restructuring. The company aims to advance its long-term strategic plans, better positioning it for enduring success. 888 stated it would ensure the affected personnel would achieve adequate support to adapt to these changing circumstances.

Unfortunately, some of our positions in Israel have become redundant. We will offer our full support to those colleagues who were affected by the move.

888 Group statement

Exactly one year ago, the company went through another significant round of layoffs, reducing its 590 staff by almost 100. 888 again justified the move with an increasingly challenging operational environment, hoping to achieve cost reductions in all the company’s branches. The Group did not comment on whether it planned any additional layoffs.

The Layoffs Are Another Troubling Sign for 888

888 Group’s 2021 acquisition of William Hill added significant operational and regulatory complexity to its worldwide operations, necessitating the ongoing restructuring. However, the process has not been kind to the company, as disappointing financial results have damaged investor confidence. These results may indicate an unfortunate trend for the company as 2022 saw another 7% slump.

Despite ongoing difficulties, 888 maintains a positive outlook, reaffirming its efforts to promote responsible gambling across its retail business as it adapts to shifting regulatory landscapes. While 888 Group seeks to optimize its structure for long-term success, the impact on its workforce reflects the broader trend of companies in the gambling industry adjusting their operations to stay agile and competitive. 

As 888 Group moves through this restructuring phase, the industry will watch how the operator navigates the challenges posed by recent acquisitions, positioning itself for sustained growth in an increasingly competitive market. Recent high-level leadership shifts should provide fresh perspectives, hopefully reversing the negative trend and allowing 888 to better capitalize on its global presence.

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Full House Resorts, Inc. has been happy to confirm the arrival of its latest gaming destination that will bring together the well-established company tradition for innovative experiences and its advanced understanding of excellent accommodation practices.

More Full House Resorts in Cripple Creek

The new property opened doors in Cripple Creek, 45 miles from Colorado Springs, and 80 miles from Denver, making it well-positioned to draw crowds and excite the attention of travelers from far and wide.

The new property is adjacent to Bronco Billy’s Casino, which is owned by Full House Resorts, pointing to early-day synergies between the two properties, which is precisely what the Chamonix property is looking to achieve.

Yet, the Chamonix venue also hosts an elegant casino floor that features tons of slot machines, and a high-limit slot saloon for those players who wish to pursue something more exciting. The venue was also built to offer excellent views to guests which adds to the charm and the desirability of the destination.

Full House Resorts has made sure that the property features all the bells and whistles customary to a good expeirence, including garage and surface parking, a convenient valet, individual guestrooms and more. Chamonix is confident that the occupancy rates will be strong from the very start, although it will take some time to gather traction with visitors.

Bringing Visitors from Far and Wide

Meanwhile, there are more worthwhile aspects of the casino and property that will do much to seduce hesitant tourists, owing to the Chamonix Spa and rooftop pool all adding to the comfort and exclusivity of the property.

Commenting on the introduction of the property, Chamonix Casino Hotel general manager Baxter Lee said:

“Chamonix is a special place, unlike any other casino hotel in the state. It offers a high-end, Las Vegas experience in our beautiful Colorado mountain setting. We are overjoyed to open Chamonix’s doors on 27 December and to welcome our friends from Colorado and beyond.”

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A new study by Paysafe has revealed that consumers, although tightening their purses otherwise, are looking to continue spending on online sports wagers and in-game purchases.

This means that gaming companies that have digital exposure may not feel the pinch of an immediate economic downturn as online spending and experiences would continue to remain a preferred option for consumers.

There is also sufficient data to rebut doomsayers who expect inflation to bite into casino resorts’ purses may be blowing the issue out of proportion.

Consumers Prioritize Experiences and Stay-at-Home Entertainment

Streaming services and stay-at-home entertainment are beginning to gather momentum, Paysafe notes, considering the previous years that were marked by the onset of the COVID-19 pandemic, and the subsequent recovery from it.

Although gambling operators have turned mostly a profit, and many states around the United States have posted record-breaking revenue across sports gambling and online gambling, the land-based sector is still flagging. This though has enabled consumers to sustain their online spending habits driving sports betting up, and not all brick-and-mortar venues are affected equally.

Not all is bleak in the land-based sector, and Paysafe estimates that businesses which offer strong experiences over physical goods would do well. This is to say gaming companies should in theory perform better even in the land-based sector, as they create multi-tiered experiences that are not directly tied only to their gaming floors.

Land-Based Venues More Resilient Than the Economy Suggests

Places such as Las Vegas and Atlantic City are built around a 360-degree experience, which means that these brick-and-mortar properties are well-equipped to satisfy demand even if in-person entertainment’s prospects seem to be dimming on paper, edged sideways by home entertainment.

Some 51% of consumers prefer experiences, the report said. In other words, gaming may be a hook, but casino companies pull in a lot of revenue from lodging, food, and beverage, and not least the customary performances by world-known artists. When it comes to sports gambling, though, it is evident that consumers are not going to budge and would instead stick to their spending habits despite increasing costs of living.

The survey’s findings are reflected in the estimates of several analysts who have remained bullish on the stocks of popular gaming and entertainment companies, including Las Vegas Sands, MGM Resorts International, Caesars Entertainment, and Penn Entertainment.

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Poker machine properties in Victoria seem to be exploiting the local laws to avoid taxes. As reported by The Guardian, venues have spent $184 million of gambling profits on themselves over the last financial year to get tax cut.

The clubs in question justified the money as a “community benefit.” For reference, Victoria allows clubs to reinvest 8.33% of their revenue into community initiatives to get a tax cut. However, clubs in Victoria would often label renovations and operating costs as community causes, thus getting tax cuts while using the money for their own good.

In the meantime, poker machine venues only spent $23,000 beyond what the law requires on gambling harm prevention measures and tools.

This scheme has evidently attracted some opposition, with opponents criticizing the clubs for exploiting the law and the state for not patching up the loophole. Hume City mayor Joseph Haweil went as far as alleging that the scheme is being rorted by the poker machine clubs. His critique echoes the words of Tim Costello in New South Wales, who has criticized a similar scheme in the neighboring state.

Victoria Is Introducing New Regulations

The aforementioned figures were just published by the Victorian regulator and show that clubs, in fact, spent only $13 million on actual community initiatives, such as gifts, sponsorships and donations. The rest of the $184 million the clubs spent on themselves to pay off operating costs.

Amid intense scrutiny, the Victorian government is currently working on some reforms and is tightening controls on casinos. Under a newly introduced bill, all gambling machines in all gambling properties (with the exception of Crown Casino) will have to shut down between 4 am and 10 am. The measure will come into effect from mid-2024.

In addition, the Australian state plans to introduce mandatory loss limits for daily poker machine losses, although this measure is still in development. The measure will likely force players to use a card to sign in and will help the state‘s crackdown on gambling-related fraud.

The reforms come in the wake of huge scandals involving Star Entertainment and Crown Resorts. Speaking of Crown, the casino and hospitality operator is currently trying to renegotiate its taxation terms with the State of New South Wales amid financial trouble.

At the same time, workers from the Crown Melbourne property are preparing to strike.

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FS Gaming Investments is ending its voting rights agreement with Shay Segev, Entain’s former chief executive. This was announced in a regulatory filing filed by 888.

FS Gaming Investments is a fund owned by three ex-Entain (formerly GVC Holding) executives, namely Kenny Alexander, Lee Feldman and Stephen Morana. The new filing says that Segev, who used to be Alexander’s successor at Entain/GVC, has terminated his voting rights agreement with the fund.

Following the termination of the deal, FS Gaming Investments has also reduced its stake in 888. The fund will retain a 4.55% stake in 888 and will have its voting rights reduced.

Entain’s Trouble Prevented FS Gaming’s Arrangement with 888

The termination of the contract comes in the wake of FS Gaming’s failure to put former Entain executives in leadership roles at 888. Kenny Alexander, for example, sought the role of a CEO at the gambling holding, while Feldman and Morana sought the roles of chair and CFO, respectively.

The proposal was eventually rejected because of GVC Holdings’s past business in Turkiye and alleged involvement in misconduct. Now rebranded as Entain, the company recently expressed its desire to reach a settlement with the HMRC, even if it has to pay a fine.

Earlier this month, Entain announced that it has set aside some $747 million to settle a potential regulatory matter.

Entain Grows but Some Critique the Company’s Financial Decisions

In other news, Entain recently published its H1 results, reporting impressive growth. The company remained unwavering despite the regulatory setbacks.

Earlier this year, the company also acquired the Polish-based betting company STS Holding in a $945 million deal. Entain was enthusiastic about the acquisition although some blasted the deal as “destructive” for the gambling giant.

In an open letter, Eminence Capital experts critiqued Entain for proceeding with the deal despite being in a fairly unfavorable (according to Eminence Capital) position. Overall, the investment firm said that the move is likely to lead to a decline in share price, greatly hurting Entain’s business.

Eminence Capital warned that the move may also cost Entain the trust of its shareholders.

This followed an earlier acquisition that saw Entain acquire 365scores, a global sports media company, in a $150 million deal.

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Over the past several days, the Myanmar Provincial Electricity Authority or PEA has reportedly shut down the power supply to an entire town, Shwe Kokko, which is generally considered a hub for casinos and other activities.

China’s Signature All Over

However, the country’s military regime disconnected the town from PEA in a bid to curb gambling that was taking place there. This is one of the most dramatic examples of enforcing gambling prohibition in the region yet and goes beyond China’s snooping program that encourages citizens to spy on each other and report back participation in gambling.

The first media outlet to break the news was The Star which cited its sources and argued that China was involved in the latest crackdown on gambling in Myanmar as well. The country has long been exercising its influence in the region to ensure that countries that are typically visited by Chinese nationals for gambling would begin to phase out the activity altogether, among which Cambodia and a few unsuccessful attempts in the Philippines so far.

However, China’s determination to fight cross-border crime, including gambling, has not faltered over the past years. If anything, it has intensified. Respond to the cutting of power has followed, with the Karen Border Guard Force threatening to shut down the Thai-Myanmar Friendship Bridges if no electricity supply is restored.

Asia to Get Busier for Gamblers

The town is located alongside the border between Myanmar and Thailand and it beckons to gamblers in both countries to come out and try the gambling products. Meanwhile, the Karen Border Guard Force has insisted that the blanket cut of supply resulted in difficulties for local residents who may go on for only a few days without being more seriously affected by the measure.

Asia however is about to become a lot more interesting when it comes to gambling. Thailand is seriously considering introducing multiple locations for upcoming casino resort projects that are still being discussed privately for the most part with reports filtering through media noise. Japan is pushing forward with its own first integrated resort which is due to arrive in 2030 after multiple delays were suffered previously.

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