Home	Tutorial	Online Casino Reviews	Best Online Casinos	Casino Software	Casino News

Online Casino Gambling --- Casino News

Calgary Operations Affected

Once Neteller firmly announced its withdrawal from the U.S. and Canadian markets the company quickly recognized that the current size and breath of its physical operations were not necessary to support the smaller market share. The U.S. banned online casinos and thus made Neteller’s services as an e-gaming payment processor obsolete in the U.S. market. The company’s six month report (long overdue and including the first half of 2007 up until June 30, 2007) shows Neteller’s quick reaction to a North American market withdrawal. Included in the report are the anticipated sales of Neteller’s two Calgary, Canada properties.

Neteller’s restructuring plan centered on the idea that the company would focus on emerging and growing online casino markets. But these market at present will not support the Neteller’s previous expected revenue base, so the company has also begun to downsize and reorganize. With Neteller no longer operating in the Canadian market, a strong company presence in Calgary is no longer necessary.

The report notes that Neteller scaled back employees at the Calagary and UK offices to the tune of roughly 575 employees and staff. Neteller previously boasted the title of one of the largest payment processing companies in the online casino gaming industry. Now though, the focus on the Asian Pacific and European markets are for the future financial health of the company, rather than an extremely profitable current market position.

Neteller’s report showed that sales are eminent on both Calgary properties. The smaller, the 41st property is due to sell in a few short days for CAD $4 million. Of note, the sale agreement includes a clause for CAD $0.75 million payable as a take back mortgage. The second property should sell for about CAD $39 million – this is located on 27th Avenue. But the online casinos e-wallet still has plans to maintain a small operation located in the 27th Avenue office. Neteller has announced plans to rent space in the building.