CryptoLogic to Restructure

The online casino giant, CryptoLogic, announced about a month ago what they expect their revenue to be at this year which is in the $9 to $10 million range. The latest news behind the company is that they plan to restructure their finances. The company announced in late 2008 that they were in the process of cutting costs related to the online casinos and the way that they have been operating their business. Based out of Ireland, the company wants to make drastic changes by the end of 2009 and cut its costs by a large sum of $13 million. They want to basically cut the online casino’s overhead costs which will be effectively reduced by 75 percent if they stick to the plan that they originally wanted.

The online casino website has partnerships with online casinos all over the world. One of the websites is the GTECH Corporation International Poker Network. This partnership allows for the players that already have access to all of the CryptoLogic games access to the large poker network that has over 15,000 active online casino and poker players from around the world. The merging of these two wonderful and powerful websites should be completed by the end of the first quarter in 2009. The merge will not only benefit players but will help CryptoLogic by removing the costs that are affiliated with running your own network. With a partner network the overhead is lower for the company and they are then able to focus on the important things like game development and technologically enhancing their websites.

The Chief Executive Officer of CryptoLogic, Brian Hadfield said, "CryptoLogic has taken radical steps to focus on its core strengths as a developer of exciting online gaming content. We are on track to return to profitability and generate cash from the second quarter of 2009." The online casino president also added, "Our streamlined operations, lower operating costs and commitment to creating compelling customer experience, together with a highly profitable build-once-sell-often model, provides a solid springboard for long-term growth and shareholder value." They also announced that they will be releasing new strategies for online casinos along with their annual report in May of 2009.