Some Radical Changes at Online Casino
CryptoLogic has announced that it is right on track this year to realize all of
the restructuring plans that were announced over the past several months.
CryptoLogic has experienced some pretty major changes and challenges over the
past few years (largely because of the US withdrawal from the online casino
gambling industry) and that has meant that the company really needed to
restructure and refocus the direction and offerings. The CryptoLogic brand is
one of the top in the software development industry – and though it has slipped
a bit in the past year, all of that is apparently a part of the company’s
efforts to streamline operations and offer online casinos a more solid gaming
product.
This month more information was released concerning CryptoLogic’s precise plan
and just what is included in the company’s restructuring plan. First on the list
was the reduction of operating costs by $13 million by the end of 2009. Sadly
that meant that CryptoLogic had to say goodbye to its former CTO, Michael
Starzynski. Starzynski is no longer needed at the company as CryptoLogic
streamlines and outsources some of its labor through strategic partnerships. The
partnership with GTECH Corporation is a solid development and means that all of
the current internet poker gamblers using CryptoLogic powered online casinos
will now play on the large GTECH International Poker Network.
The first quarter of the year has been largely dedicated to realizing the
restructuring – this means cutting out some of the operating costs that were
still weighing down the company as well as cutting some previous offerings. All
of CryptoLogic’s core products and offerings for the online casino gambling
industry are still in place, the restructuring is largely internal and in an
effort to help the company boost it quarterly and annual profits. |