Internet Casino Company CryptoLogic Says Prospects Bright
Despite a revenue decline last year of over 35 percent, Internet casino software developer CryptoLogic says the future looks bright for the company. CryptoLogic reported losses of $35.5 million in 2009, up from $32.7 million the previous year, but $25 million of that was composed of one-time charges for impairments and restructuring.CryptoLogic pointed out in a written release that the company successfully reduced recurring costs by $20.6 million to a total of $55 million, allowing for a reasonable expectation of growth to rapidly return the online gambling giant to profitability.
In 2009, CryptoLogic increased its licensing base by 20 outlets, almost tripling the number of Internet gambling operators using CryptoLogic software. Included among the new signees are some of the biggest names in online wagering, such as Betfair, Sportingbet, and Virgin Games.
CryptoLogic also inked deals with DC Comics and Paramount Entertainment to use several iconic characters and themes for online casino games. Among the new products recently released or in development at CryptoLogic are games featuring Batman and Superman, as well as the movies Braveheart and Forrest Gump.
With costs expected to continue to drop as the company streamlines operations, and a growing number of branded games bringing increasing revenue, CryptoLogic executives feel the losses of the last few years may be coming to end in 2010.
