Coronavirus: GVC executives agree to 20% pay cut

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Coronavirus: GVC executives agree to 20% pay cut

By Owain Flanders

GVC Holdings has provided an update on its board and executive remuneration as a result of the COVID-19 crisis.

The operator’s board of directors and members of its executive committee have agreed to take a voluntary 20% reduction on basic salary and fees for three months, effective immediately.

The executives and board members have also volunteered to forego their bonuses for the year.

The remuneration was considered after the operator published its Q1 trading update at the beginning of April.

GVC saw its net gaming revenue increase by 1% for Q1 2020, with online revenue up 19%.

The operator initially estimated the COVID-19 pandemic to reduce EBITDA by £100m ($125.4m) per month, however, this has since been recalculated at approximately £50m after the introduction of mitigating actions.

The operator said that despite the crisis, its financial position “remains robust.”

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