May 24 - GSD Concerned And Disappointed By Bet365's Departure
The GSD says it is concerned and disappointed by Bet365's announcement stating they will be relocating operations to Malta.
They say it is understood that roughly 500 local members of staff have been offered the opportunity to relocate.
GSD Party Spokesperson Orlando Yeats said: "The announcement is a big blow for Bet365 employees and Gibraltar in general, apart from the job losses this announcement will have a knock-on effect on the local economy. Gaming companies generate huge wealth via corporate taxes, rents and utilities, their staff also spend much of their disposable income propping up the local retail and hospitality sectors.
"The GSD is concerned that the Government’s aimless strategy of backing Mrs May to the hilt and its inexplicable endorsement of the one-sided Tax Treaty has contributed to the climate of uncertainty. To the extent that the current uncertainty is the reason for the company moving large parts of its operations to Malta, the Government needs to share the responsibility for that loss to the economy.
"A year ago, the Government issued a press release stating that they had a high degree of confidence that there will be positive outcome for Gibraltar companies as the Brexit negotiations progress and that Bet365 were committed to maintaining its workforce in Gibraltar, sadly this has not been the case and year on after the tax treaty announcement the company has decided to relocate.
"Bet365’s departure continues a worrying trend of gaming companies relocating operations to jurisdictions such as Malta.
"In Government the GSD would be committed to do everything possible to keep gaming companies in Gibraltar as we recognize they are major employers and an integral part of our economy.”
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