Playtech closes Italian Snaitech retail shops as coronavirus spreads

Playtech has announced that all of their Snaitech retail outlets in Italy will be closed through April 3^rd as the coronavirus spreads rapidly throughout the country. The local government announced over the weekend a decree that restricted movement within the country to assist in stopping the spread of the virus. While Playtech retail outlets will be closed, they will continue to offer online options.

Total Shutdown:

On March 8^th, Prime Minister Giuseppe Conte signed the decree enforcing restrictions on residents of the country, basically shutting down 16 million people from moving throughout 16 provinces. The goal is to stop the spread of the coronavirus, a virus that has made its way across the globe.

Playtech has closed its entire Snaitech portfolio due to the new restrictions, shutting down betting shops, bingo halls, and arcades. Snaitech is one of the largest retail operators in Italy, offering 2,150 gaming points.

According to SBCNews…

Trading of Playtech’s FTSE stock has seen share prices close at a year low at 213p. The market high for the company was 224p. After just recently publishing their 2019 results, Snaitech was a stand-out performer for Playtech, seeing a 62% increase in revenues, earning a total of €830 million.

What’s To Come?

As for the closing, Playtech stated they will continue to monitor the situation in Italy regarding the Coronavirus. They will be updating investors as more details are revealed. For now, the reopening date should be around April 3^rd or 4^th, though that could change depending on how the coronavirus continues to spread in the region.