bwin.party set to further cut costs

Under a new revised corporate strategy, bwin.party are set to undertake €10 million (£7.8 million) of cost cut measures, which senior management of the operator believe will help meet its end of year targets and additionally boost shareholder value.

bwin.party’s trading statement published on Tuesday said the operator had benefited from the FIFA World Cup in Brazil, but the statement choose to describe operator performance of its poker and casino business as “soft”.

Last month the operator’s senior management issued a statement that it would not look to sell any company assets or break up business and services divisions.

The proposed €10 million cost cuts come on top of a previously announced €20 million measures, as the operator seeks optimised shareholder value.

“We are taking steps to improve operating performance, simplify decision-making, reduce complexity and costs and, as a result, remain confident about the full-year outlook,” said Chief Executive Norbert Teufelberger.

In Early 2014 Jason Ader’s Spring Owl vehicle has taken a 5 percent stake in the company this year and has a place on the board. Ader has criticized the way the company has been managed since it was formed by a 2010 merger.