Yesterday, the casino and hospitality operator Great Canadian Gaming Corporation (GCGC) revealed its financial results for the second quarter of the ongoing fiscal year.
The Canadian company revealed that its revenue rose with the mind-blowing 90% over the three-month period which ended on June 30th, 2018. The casino operator further explained that its expansion continued over the latest financial quarter.
As revealed by the Great Canadian Gaming Corporation, its revenues for the three months until the end of June 2018 increased by 90% in comparison to the result posted a year earlier, reaching a total of CA$305.3 million. The gambling operator further reported net earnings amounting to CA$64 million, with the figure representing a 134% increase when compared to the amount posted in the same period a year earlier. The adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) for the three-month period rose by 98%, reaching CA$124.6 million.
The President and Chief Executive Officer of the company, Rod Baker, explained that the second fiscal quarter of GCGC reflected a full three months of operations from the GTA Gaming Bundle and two months of operations from the West GTA Gaming Bundle. Mr. Baker explained that the expanded presence of the operator on the territory of the Ontario Province, as well as the long-term expansion in British Columbia, boosted the company’s performance over the quarter.
The revenues and the adjusted EBITDA’s growth was generated thanks to the takeover of the GTA and West GTA Gaming Bundles.
Acquisitions and Expansion Boost GCGC Performance
Some of the highlights provided by the Great Canadian Gaming Corporation for its performance over the three-month period, included the acquisition of some gaming assets and leased property situated in the West Greater Toronto Area. The price of the purchase, which took place on May 1st, 2018, was estimated at CA$121.6 million, including CA$25.2-million working capital.
Then, a new Operational Services Agreements were signed between the Canadian company and the British Columbia Lottery Corporation (BCLC) on June 3rd, 2018. Under the agreement, the company’s rights to operate all of its properties in British Columbia for a term of minimum 20 years.
As far as the GTA and West GTA Gaming Bundle is concerned, the operator revealed that it intends to progress with its development plans. GCGC also reported that the plans for the transformation of Casino Woodbine into an international casino resort destination are already underway, with the casino set to introduce table games, as well as additional slot capacity by the end of 2018. The expansion of the gambling options is expected to help the company make the venue more popular among customers and attract more users to its customer base, especially when the resort is completed in 2021.
The GCGC revealed that it remains focused on further expansion, especially in terms of the gambling sector of British Columbia. The operator said that it intends to pursue additional revenue opportunities now that it has some long-term security.