DEARLY DEPARTED
On Monday,
CryptoLogic Ltd. announced the departure of
Michael Starzynski, the company's chief technology, officer and has eliminated the position for now.
The software provider said its reorganization to return to profitability includes reducing annual operating costs by $13 million. Therefore, Mr. Starzynski's role will not be filled, CryptoLogic said, but divided between other managers within the company.
“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,” said Brian H. Hadfield, CryptoLogic's president and chief executive, in a prepared statement.
REPORTING
Although Bingo.com Ltd. increased its year-over-year revenue, the company still posted a loss for the financial year ending Dec. 31, 2008 of $1.4 million.
Total revenue for 2008 was at $5.65 million, a 138 percent increase compared to $2.37 million revenue total in 2007.
“Like many international companies, we have been negatively affected by the dramatic volatility of the currency market, particularly the fall of the United Kingdom pound sterling and the strengthening of the United States dollar in relation to other world currencies,” said Tarrnie Williams, the company’s chief executive, in a prepared statement.
Additionally Mr. Williams said that the company will soon be implementing a multi-currency product feature to allow simultaneous exchanges in pounds sterling, United States dollars, euros and other currencies to “help alleviate our future exposure to currency risk and to aid our expansion into new markets.”
EXPANDING
Paddy Power has expanded into the Scottish retail sector with the opening of its first high street licensed betting office in Glasgow, the company announced on Monday.
By 2011, the Irish bookmaker said it hopes to open more than 80 shops across Scotland and other United Kingdom locations. Its estimated £16-20 million Scotland investment during the next two years will bring 400 new jobs to the area.
“Scottish punters have already experienced significant exposure to the unique brand offering of Paddy Power through our phone and online betting services,” said Patrick Kennedy, chief executive of Paddy Power, in a prepared statement. “This move to ground and complement our brand with a bricks and mortar presence is very exciting, and we look forward to bringing our unbeatable range of products and service to Scotland.”
On Monday, the first Paddy Power shop opened on Cambridge Street in Glasgow and additional shops on Gilmour Street on Feb. 14 and Duke Street on March 2 are scheduled to follow.
'RADICAL' CHANGE IS ON THE WAY
Everest Gaming Ltd., sponsors of the 2009 Spanish Poker Tour, said the tour will have a new brand image with some “radical” changes, which will be revealed when the tour commences on March 20.
Starting off at the Gran Casino Aranjuez in Madrid, the tour will have many new additions, according to the its executive producer Paloma Benito, including including new destinations, improved structure and more online qualification options.
“The Spanish Poker Tour is definitely a must on my agenda,” said Maria Maceiras, one of the top female poker players in Spain. “This tournament is very important for the career of any Spanish poker player.”
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