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What were the odds on this happening?

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One of the local recruitment agencies were recruiting for a “established” gaming company who are relocating here.

There is still plenty off good new Within the sector that doesn’t get a mention

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7 hours ago, trmpton said:

One of the local recruitment agencies were recruiting for a “established” gaming company who are relocating here.

There is still plenty off good new Within the sector that doesn’t get a mention

Wishful thinking. In the past 5 years there are at least 3 I am aware of that gave up the idea of relocating here because the regulations/compliance within financial services combined with the lack of workforce led them to conclude they'd head somewhere sunnier instead.

I do sincerely hope this is a blip, but it is unsettling of course both for the poor individuals who are about to lose their livelihood and potentially for the Island's economy. Being the largest employer next to the Government, the sector is by no means loyal to the Isle of Man. Yes, they have invested heavily in the Isle of Man which has had the likes of Skelly fawning over them like some drooling loved up pimply teenager, but...and this is the BUT...as easily as they swept in here with their millions, they could all disappear at the blink of an eye.

Never lose sight of the fact that the people that are behind these companies and manage them are as addicted to profits, as their customers can be to gambling. They will let nobody or anything get in the way of profit and their insatiable desire to increase their wealth.

 

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3 minutes ago, Manx Bean said:

Wishful thinking. In the past 5 years there are at least 3 I am aware of that gave up the idea of relocating here because the regulations/compliance within financial services combined with the lack of workforce led them to conclude they'd head somewhere sunnier instead.

I do sincerely hope this is a blip, but it is unsettling of course both for the poor individuals who are about to lose their livelihood and potentially for the Island's economy. Being the largest employer next to the Government, the sector is by no means loyal to the Isle of Man. Yes, they have invested heavily in the Isle of Man which has had the likes of Skelly fawning over them like some drooling loved up pimply teenager, but...and this is the BUT...as easily as they swept in here with their millions, they could all disappear at the blink of an eye.

Never lose sight of the fact that the people that are behind these companies and manage them are as addicted to profits, as their customers can be to gambling. They will let nobody or anything get in the way of profit and their insatiable desire to increase their wealth.

Very, very true. As well as Malta (EU) there's Singapore which wants a large(r) share of this business.

Lots of poaching going on...

Some interesting and ill-informed comments on IOM Today.

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10 hours ago, rodders said:

In all seriousness though, I hope the redundancies are voluntary.

Not voluntary, the 10 people have been advised to look for other work.

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1 hour ago, Manx Bean said:

Wishful thinking. In the past 5 years there are at least 3 I am aware of that gave up the idea of relocating here because the regulations/compliance within financial services combined with the lack of workforce led them to conclude they'd head somewhere sunnier instead.

I do sincerely hope this is a blip, but it is unsettling of course both for the poor individuals who are about to lose their livelihood and potentially for the Island's economy. Being the largest employer next to the Government, the sector is by no means loyal to the Isle of Man. Yes, they have invested heavily in the Isle of Man which has had the likes of Skelly fawning over them like some drooling loved up pimply teenager, but...and this is the BUT...as easily as they swept in here with their millions, they could all disappear at the blink of an eye.

Never lose sight of the fact that the people that are behind these companies and manage them are as addicted to profits, as their customers can be to gambling. They will let nobody or anything get in the way of profit and their insatiable desire to increase their wealth.

That’s a bit sensationalist to be honest. It hard to believe that the risks of downsizing in the IOM haven’t been flagged. Even John Webster this week pointed to the artificial inflation this sector puts into our GDP and how vulnerable we would be to a downturn in this sector. There have always been big risks around the entire sector and the risks around Stars got more enhanced when it was sold to a listed company as that makes it pretty much just the same as any big financial group that operates from here in that there is no loyalty to the IOM anymore. I don’t despise this sector as much as some clearly do but it has surely been clear to government for ages that the IOM offers little to these businesses anymore other than 0% tax. And 0% tax can be bought in loads of other places with better transport links, better infrastructure, lower operating costs etc so relocations have been pretty much obvious for years. 

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13 hours ago, Grounds Keeper Willy said:

It’s quite clear that Malta is their preferred future operational base but that they will always keep a management hub in the IOM so operations in the IOM will steadily shrink over time. 

I believe they have been downsizing in Malta and London too, Bulgaria is the new destination for Pokerstars I'm told!

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28 minutes ago, Max Power said:

I believe they have been downsizing in Malta and London too, Bulgaria is the new destination for Pokerstars I'm told!

Not sure they have downsized in Malta at all but I agree they are scaling up in Bulgaria so that might be giving that illusion. Their future is largely inside the EU for many reasons. Banking especially as they can’t even bank here in most cases due to our blinkered over regulated finance sector and so much of that is moving to the EU too. We don’t even have a plan for Brexit and most of the programmers will be Bulgarian or other Eastern European’s who are going to have problems working inside the insular old UK after Brexit so this should come as no shock. Britain doesn’t want foreigners and the Manx clearly don’t want e-gamers from the comments on IOM Newspapers so why would anyone want to stay in this soon to be even more insular backwater? 

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1 hour ago, Max Power said:

I believe they have been downsizing in Malta and London too, Bulgaria is the new destination for Pokerstars I'm told!

Pokerstars jobs in Bulgaria. Lots of them. Many reasons for operating out f the EU.

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1 hour ago, Roger Mexico said:

Senior staff were already being relocated to Dublin and Malta last year, so it's hardly surprising that those lower down are now being 'let go'.  The gradual sapping effect of Brexit on the economy will be seen in many, many actions like this - for example look at the VMCC statement that also implies Brexit uncertainty was a cause.

Brexit will be a factor with recruitment for sure but really the only benefit they get here anymore is 0% tax. Everything else costs more than it would in Malta or Bulgaria and we’re not even interested in banking their money either. It’s been obvious this sort of thing will happen for a while. I think sadly theres unlikely to be many replacement jobs either as the finance sector is very slow at the moment too. 

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1 hour ago, Grounds Keeper Willy said:

Brexit will be a factor with recruitment for sure but really the only benefit they get here anymore is 0% tax. Everything else costs more than it would in Malta or Bulgaria and we’re not even interested in banking their money either. It’s been obvious this sort of thing will happen for a while. I think sadly theres unlikely to be many replacement jobs either as the finance sector is very slow at the moment too. 

Isn't there a gaming tax Willy?

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Poker is going through a bit of a lull at the moment there was a massive boom from 2003 until a couple of years ago. Job losses were inevitable. 

 

Sad for those that have lost their jobs hopefully they can find something else

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32 minutes ago, Grounds Keeper Willy said:

We benefit from that not them.

Yes, I was wondering if our tax is competitive with elsewhere? Otherwise, as you say, we are hanging on to a sector which will inevitably move on.

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