CryptoLogic Restructuring Paying Off: Report
February 11, 2009 (CAP Newswire) — CasinoGamingStock.com, the website devoted to reporting casino gaming stock news, is reporting that CryptoLogic's ongoing company-wide reorganization, as we've been reporting at the CAP News page, has been paying off for the Dublin-based software provider.
"Since beginning a reorganization of the company this past fall, signs have been good for CryptoLogic’s present, and the future also looks bright for the casino software developer," reports the website. "By reassigning personnel, combining divisions, and dropping its effort to run a standalone poker network, CryptoLogic has moved to save $13 million this year in operating costs.
"CryptoLogic has returned to a business plan dedicated to its Internet gaming affairs already in operation," the article continued.
This profitable reorganization has not been completely painless, however. The article goes on to note that the company has eliminated some high-profile positions in order to become more financially viable. Those positions include its Chief Technology Officer (Michael Starzynski).
The article concludes with some intriguing speculation: "CryptoLogic has been viewed by many as making preparatory steps for a return to the U.S. market. If U.S. gambling laws were to change, software companies that didn’t resist the UIGEA compulsion to deny U.S. residents at online casinos may have favored status."