Great Canadian Gaming Corporation is among the leading casino developers in Canada evident by the numerous casino locations it oversees on a daily basis. The beginning of this week was a special one for it, as it issued crucial information related to the financial performance of its gambling operation. It reflects the performance in the first quarter of 2019 fiscal year.
The spring months are usually a crucial period for every company, as it takes the time to evaluate its performance and inform its investors about the current snapshot of its business. The first quarter of the fiscal year is especially important because it sets the tone for the remainder of the year and could affect future plans and projects. The beginning of May was anticipated by many, as it revealed a 35-percent jump in the revenue increasing it to CA$312.1 million.
Gambling Revenue Jumps to CA$312.1M
When compared to the performance at the beginning of 2018 fiscal year, this amount equated to a 35-percent surge. Another important detail that needed to be revealed is the adjusted earnings before interest, tax, depreciation, and amortization. It reached CA$111.6 million over the first three months of operation for this fiscal year.
It could be recalled that the adjusted earnings over the period that ended March 31, 2018, managed to reach CA$88.9 million. In the meantime, British Columbia locations witnessed a drop in money spent on gambling equating to 12 percent. This meant that some CA$283 million were spent on casino chips over the first three months of the fiscal year. Such a drop was reasoned with the money laundering crackdown that is in progress province-wide and affecting negatively Richmond and Vancouver operation.
There have also been many pivotal moments over the first quarter that have reshaped the ultimate financial situation. The last days of January saw the casino operator announce the official expansion of Great Blue Heron Casino, bringing more to its players. The expansion project saw a brand new building being added to the gambling facility and as many as 200 slot machines being introduced to the local players.
Upcoming Months Bring New Projects
There is an overall theme of expansion and improvement going on, as Elements Casino Mohawk and Elements Casino Grand River also saw an upgrade. The former location witnessed as many as 290 new slot devices fully operational and ready to entertain local casino patrons, whereas the latter saw some 190 devices being added.
More recently, Great Canadian Gaming Corporation decided to make its exit from the US gambling market with the sale of subsidiary Great American Gaming Corporation. Once it received its payment of US$56 million the operator said it is willing to focus on its Canadian projects and work on upcoming major casino venue launches.
Pickering, Ontario is about to witness the extensive construction and launch of the new Durham Live complex that would feature a premium casino venue. Even though it stirred the pot, due to its proximity to Great Canadian Gaming’s Ajax location, both venues would be operational without fear of field cannibalization.