CRYPTOLOGIC COST CUTTING

13 February 2009

$13 million reduction in operating costs the target

 

The Dublin-based online gambling software provider Cryptologic has disclosed that it plans to slash operating costs by $13 million as it reorganizes its business for a return to profitability.

The company is focusing on earning revenue from its Internet casino and branded gaming businesses, and reducing annual operating costs, a statement from the office of CEO Brian Hadfield confirmed.

CryptoLogic's plan includes eliminating the costs of operating a standalone poker network and reducing its servers by 75 percent, leading to the departure from the company of Chief Technology Officer Michael Starzynski.

The CTO position will not be directly replaced, and CryptoLogic is to divide operations and development responsibilities between other managers.

Commenting on Starzynski’s departure, Hadfield said: "All members of the CryptoLogic team join me in thanking Mike for his service over the last five years and wishing him well as he embarks on new challenges."

Online Casino News Courtesy of Infopowa

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