Genesis Global Goes Insolvent

This story was published more than 1 year ago.

Online gaming operator Genesis Global announced last week that it has filed for insolvency and is laying off all of its staff, notifying regulators that they may not be able to pay wages for staff for the month of December.

The announcement comes just two days before Christmas for the Malta-based company, who laid off all 140 of its employees. The company sent an email to employees, which read in part: "Earlier this week, the company initiated proceedings in the courts of Malta to be declared insolvent. As a consequence, this has unfortunately resulted in your position being declared redundant."

Genesis also noted that they may not be able to pay staff the wages they're owed, and that they're working with regulators to find solutions that would allow for them to be paid.

The failure of Genesis comes a few weeks after it pulled out of the UK and had company CEO Ariel Reem resign his position at the company.

Genesis operated the following brands: Casino Planet, Casoola, Kassu, Casino Cruise, Casino Gods, Casino Joy, Casino Lab, Casino Masters, Genesis Casino, Pelaa, Sloty, Spela, Spinit, and Vegas Hero.

Casino Listings News will update this story as more developments arise.

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About the author

Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.
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usbarbadosslim93
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26 December 2022 - 2:53pm
#1

Ouch. I feel really bad for the employees. There's nothing worse than being let go right before a holiday. It's happened to me and it sucks. I hope they all get the money they're due.

lvblck
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26 December 2022 - 3:24pm
#2

I've been following these news and it really is devastating. I think one of the worst things they've done is the fact that employees very likely won't be paid for their vacation, last salary and the salary for the notice they've been given. I never thought that Genesis would do this and it seems to me that they really crashed and burned. They launched dozens of brands in the course of a few years, had several troubles with UKGC and now this.