On the heels of their AGCC hearing next week, Full Tilt Poker has issued another statement regarding the company’s finances.
Key excerpts have been expertly copied & posted in the following blockquote:
“…Pocket Kings Ltd. (provider of marketing and technology services to Full Tilt Poker) has adopted a cost optimization program and estimates that they need to reduce their costs by approximately €12m. This program is intended to streamline the company’s operations in order to better position itself for future growth and profitability in Full Tilt Poker’s markets outside of the U.S…If all of the required cost savings were to be achieved through redundancies, approximately 250 positions could be affected…Pocket Kings firmly believes it has a very strong future in Full Tilt Poker’s Non-US Markets, and is fully committed to ensuring Full Tilt Poker restores the site and repay players in full….Full Tilt Poker has retained Sea Port Group Securities, LLC as its financial advisor with regard to raising capital and/or assisting in securing a strategic partner in order to fund continued operations…”
We’re not trying to be pithy, but when you lose 50% of your business and owe a few hundred million to your players and the DoJ, those €12m in reduced costs (monthly? annually?) should’ve happened sooner.
But like everything with Tilt, better later than never.
Read more about the cost cutting measures in the full statement here.
See more of Jessica Jane Clement cutting loose her clothing in the gallery.