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Casinos Austria’s supervisory board has finalised its major restructuring plans. Robert Chvátal, chief executive of its majority shareholder Sakza Group, has been named chairman of the board.

Under the so-called ReFIT plan, Casinos Austria aims to reduce costs by up to €45m, and cut around 350 full-time roles from across the business.

The exact number of layoffs, it said, would be determined following discussions with employees, and it noted that most job losses would be through staff mutually agreeing to depart, retiring, or shifting to part-time working.

“[The] supervisory board has ensured that [Casinos Austria Group’s future] is sustainably secured and that high quality forms of gambling can continue to be offered,” Bettina Glatz-Kremsner, chief executive of Casinos Austria, said.

“The package was developed almost entirely on the basis of internal expertise in record time. I thank my colleagues for their professional and committed cooperation, and to the employee representatives for their constructive attitude in often difficult negotiations for the good of the company,” Bettina Glatz-Kremsner added.