Ballys Corp
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
Contents
Restructuring Expense
- RESTRUCTURING EXPENSE
On January 18, 2023, 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 America Interactive segment which included a reduction of the Company’s then current Interactive workforce by up to 15 percent.
In furtherance of and as an expansion of the January 2023 restructuring plan, on October 20, 2023, the Company announced further restructuring initiatives targeted at reshaping the technology utilized by its Interactive segments. During the year ended December 31, 2023, the Company incurred restructuring charges of $31.0 million representing employee related severance costs as well as $5.7 million of impairment charges representing the impairment of certain technology which will no longer be utilized.
The components of restructuring charges by segment, for the year ended December 31, 2023, are summarized as follows:
| International Interactive | North America Interactive | Other | Total | |
|---|---|---|---|---|
| Severance and employee related benefits(1) | $19,591 | $9,735 | $1,688 | $31,014 |
| Impairment(2) | — | 5,745 | — | 5,745 |
| Total restructuring charges | $19,591 | $15,480 | $1,688 | $36,759 |
(1) Included within “General and administrative” of the consolidated statements of operations.
(2) Included within “Impairment charges” of the consolidated statements of operations.
The changes in the Company’s restructuring related liabilities for the year ended December 31, 2023 is as follows:
| (in thousands) | |
|---|---|
| Balance as of December 31, 2022 | $— |
| Charges | 31,014 |
| Payments | (26,649) |
| Effect of foreign exchange | 926 |
| Balance as of December 31, 2023 | $5,291 |
The restructuring liability as of December 31, 2023 is included within “Accrued liabilities” on the consolidated balance sheets.
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