888 considers Malta move after Brexit
888 Holdings has said that it could relocate its headquarters from Gibraltar to Malta, should the former be negatively impacted by the UK’s exit from the European Union (EU).
Gibraltar is a British Overseas Territory, but the future of the nation after ‘Brexit’ is not yet clear, despite the UK government’s pledge to protect the island after its departure from the EU.
Gibraltar’s Chief Minister, Fabian Picardo, has also spoken positively about its future as a gambling hub in Europe.
However, 888 has said in its annual report that although it is keen to retain a presence in Gibraltar, it could relocate its main base to Malta, where it would be guaranteed free cross-border movement of people, goods, services and capital in a post-Brexit Europe.
“The proposed status of Gibraltar in relation to the United Kingdom as a result of ‘Brexit’ is at present unclear,” 888 said in the report.
“If 888 were to remain registered, licensed and operating in Gibraltar in these circumstances, its ability to rely on EU freedom of services/establishment principles in supplying its services within the EU will be limited.”
Last month, 888 revealed significant financial growth for the 12 months through to December 31, 2016.
Revenue jumped 13% year-on-year to $520.8 million (€491.9 million), while adjusted earnings before interest, tax, depreciation and amortisation climbed 12% to €90.2 million.
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