Great Canadian Gaming Reveals Revenue Growth in Q3 2019
According to available information, Great Canadian generated 3% more gaming revenue when compared to the corresponding period of last year. In addition to this, Canada’s leading casino operator also announced it now had 100% ownership stake of the Ontario Gaming GTA Limited Partnership.
Here’s the Full Story
The report covering the most recent three-month period of the fiscal year offers an insight into the company’s operations and allows market experts to give their estimates of future development. Such a document is also important for both shareholders and business partners.
During the three-month period covered by this report – which started on July 1 and ended on September 30, 2019 – land-based casinos operated by Great Canadian generated C$341.1 million. At the same time, the adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) reached C$142.3 million.
A rise in revenue is evident when compared to the results from the corresponding period, during which the renowned operator generated C$137.9 million. The company’s shareholders can be happy with the latest quarter, as they managed to earn C$49.7 million – or C$0.85 per single common share. That’s also an improvement from the same period of 2018 when the price of a common share was at C$0.83.
This week has so far been an exciting period for the company, as it has successfully completed the acquisition of Clairvest Group Inc. in a deal worth C$51.8 million. Following this important move, Great Canadian has obtained the full interest ownership of the Ontario Gaming West GTA Limited Partnership.
Getting Ready for Pickering Launch
But that’s not all, as the renowned operator increased its ownership stake in One Toronto Gaming. Now, the company owns exactly half of this partnership formed in collaboration with Brookfield Business Partners, which at this moment oversees the operation of Casino Woodbine, Great Blue Heron Casino, and Casino Ajax. In a couple of months from now, once the operation at Pickering Casino Resort is launched, One Toronto Gaming will add this facility to this list.
Rod Baker, President and Chief Executive Officer at Great Canadian Gaming said the company was on track to execute the remaining Ontario developments, including the Pickering Casino Resort.
He pointed out the casino building, with related dining options, would be completed by the end of the first quarter of 2020, while the hotel and entertainment venue was expected to open by the end of the next year.
Baker further said the new credit facility agreements provided improved financial flexibility that would enhance the company’s ability to achieve its strategic objectives. The company’s CEO stated they continued to increase shareholder interest as demonstrated by the repurchase of 3,105,822 common shares this year under the normal course issuer bids.
About Great Canadian Gaming
Founded in 1982, Great Canadian Gaming today operates a total of 28 gaming properties and casinos in Canada and the United States, whose list includes casinos, horse race tracks (with slot machines), and smaller-scale gaming centres.
- Cision: https://www.newswire.ca/news-releases/great-canadian-gaming-announces-third-quarter-2019-results-and-acquisition-of-certain-non-controlling-interests-in-its-ontario-partnerships-814702132.html
- SBC Americas: https://sbcamericas.com/2019/11/05/great-canadian-on-track-and-showing-growth-according-to-q3-update/