| Top > News > 2006 > September > 27 Sep 2006 |
Online Casino Provider Moves Head Office to Ireland |
| A well-known respected online casino software provider has shocked the online casino world with the announcement about moving its head office from Toronto to Ireland in an attempt to gain "strategic flexibility." The online casino software development personnel will stay in Canada and the company's president and CEO will resign, since family reasons keep him from moving to Ireland. He said: "CryptoLogic's business is increasingly centered in Europe, and establishing our organization in that market is the logical next step to support our international growth plans. For CryptoLogic, this is about being closer to our customers and to the world's most thriving Internet gaming markets." He also mentioned that Ireland has "gaming-friendly environment that enables the company to provide a wider range of marketing support and brand management services." One-time costs of the reorganization and head-office move are estimated at about US$8 million to US$8.5 million, and the company said there will be added operation and staff costs of US$2.5 million to US$3 million annually. The online casino provider already has its electronic cash processing system in Ireland, which is "recognized as an attractive Internet gateway to Europe with state-of-the-art technology infrastructure and skilled personnel." The company offers to swap its existing common shares for shares in a new Irish-based company that will have a slightly different name. |
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