Entain to Cut 400 Jobs Amid UK Gambling Tax Hikes
MGD sits 20% above its 52-week low of $1,479.57.
Summary
Entain is cutting 400 jobs in its customer care division, about one in five employees there, as it grapples with higher UK gambling taxes. The remote gaming duty rose to 40% from 21% in April, and a new 25% remote betting duty takes effect next April. CEO Stella David warned that doubling machine games duty to 40% would add £100m to annual UK retail costs, potentially forcing 1,470 shop closures and 15,900 job losses. The company is consulting with affected staff and has written to the Prime Minister. Shares fell 1% on the news.
At the time of this announcement, MGD was trading at $1,782.15 on NYSE in the Trade & Services sector. The 52-week trading range was $1,479.57 to $1,934.29. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: ShareCast.