Great Canadian Posts Q1 Results, Reveals Increase in Revenue
The Canadian gaming, entertainment and hospitality company, Great Canadian Gaming Corporation, has updated its financial results for the first quarter of the year, revealing the firm generated revenue of $312 million during this period. This represents an improvement of 35% when compared to the corresponding period of the previous year.
A full quarter of West GTA Gaming Bundle assets doing business has been cited as the main driving force behind growth, as the Bundle was 22 additional days in operation, along with the launch of casino table games at Woodbine.
Numbers Going Up
The figures also reveal an increase in revenue from the East Gaming Bundle. The biggest contributors to this growth were earnings from Shorelines Casino Peterborough and Shorelines Slots at Kawartha Downs, which were launched in late October and late December last year, respectively.
Although the three-month period ending on March 31, 2019, was highlighted by the poor weather condition, which had a significant impact on the Shorelines venues, these establishments managed to record greater profits.
Commenting on the future endeavours, Rod Baker, Chief Executive Officer at Great Canadian Gaming Corporations stated that after a profitable 2018, the company had remained focused on operations and development in this and other years to follow. Baker pointed out the future plans included the launch of the Pickering casino resort, but also upgrading other properties across Ontario, recently acquired by the company.
Expanding Its Business
Located in the Durham region, the work on the Pickering casino resort has already begun. In addition to this, Elements Casino Mohawk, located in the Campbellville area of Halton, should extend its gaming offering during the second quarter of the year. Once the works on this venue are completed, it will feature around 1,500 slot machines and 60 table games.
By working together with the Ontario Lottery and Gaming, Great Canadian Corporation has successfully extended operations at Ajax Downs. Although the horse racing and gaming venue was facing closure at one point, it now represents a valuable addition to the economy of the local community. This is an achievement Rod Baker is very proud of.
What does the future hold for GC Gaming?
Great Canadian doesn’t stop there and has ambitious development plans for the West GTA and GTA Gaming Bundles, where construction on new gaming facilities is already underway. Once the work here is completed, the properties will boast an expanded offering of games, along with new entertainment and hospitality features. According to Baker, following this comprehensive development, these markets will be able to offer customers what he described as “exceptional guest experiences”.
Baker also stated the company would continue to further explore market opportunities and make investments, adding value for shareholders, guests, and communities around their properties. As the latest example of the company’s innovation and drive to move its business forward, Baker cited the recent sale of Great American Gaming, the firm’s US-based subsidiary.
About Great Canadian Gaming
Founded in 1982, Great Canadian today operates 28 gaming properties in Canada and the United States, consisting of casinos, horse race tracks and smaller-scale gaming centres. The company also runs hotels, restaurants, and entertainment facilities associated with its properties.