Casino News

Great Canadian Gaming Marks Gaming Revenue Jump ahead of Pickering Launch

Great Canadian Gaming issued its financial performance over the third quarter of this fiscal year, showcasing its acquisitions and goals reached. Gaming revenue generated over the third quarter marked a 3-percent surge when compared with Q3 2018. The leading Canadian casino operator also highlighted it is now the sole owner of Ontario Gaming GTA Limited Partnership, in addition to a 50-percent owner of One Toronto Gaming.

Announcing its financial performance is crucial for every company, as it offers a snapshot of its operation to people interested in its development, shareholders, and business partners alike. It allows experts to compare the company’s performance throughout the years and see its general trajectory of development. This week was a special one for the Canadian leading casino operator, as it publicly issued information about its third-quarter operations.

Q3 2019 Info

According to the information available publicly, gaming revenue generated by brick-and-mortar casino locations across Canada reached CA$341.1 million over the three months in question. The third quarter of this fiscal year commenced at the beginning of July and came to an end on September 30. As for the adjusted earnings before interest, tax, depreciation, and amortization, this quarter realized some CA$142.3 million.

There is an increase visible when compared to the amount over Q3 2018 when the casino operator managed to amass some CA$137.9 million. As for the shareholders, they were able to earn some CA$49.7 million over the third quarter of this fiscal year. This equates to some CA$0.85 per a single common share. The previous fiscal year was able to bring them CA$0.83 per common share over the same period.

Great Canadian Gaming also achieved several amendments and agreements influencing its development down the road. This week was a special one for the company, as it acquired the ownership interest of Clairvest Group Inc., a transaction that amounted to some CA$51.8 million. The completed acquisition gives Great Canadian Gaming complete interest ownership of Ontario Gaming West GTA Limited Partnership.

Pickering Casino Resort Launches 2020

In addition to that, the Canadian casino operator is now the owner of 50 percent of One Toronto Gaming, a partnership formed by Brookfield Business Partners and Great Canadian Gaming. The entity oversees operation of Casino Woodbine, Great Blue Heron Casino, and Casino Ajax. It would also operate Pickering Casino Resort once it launches operation at the beginning of 2020.

It could be recalled that the casino operator dedicated this year to focused work on Ontario projects. Rod Baker, Chief Executive Officer of Great Canadian Gaming, made it clear that work on the first phase of Pickering Casino Resort is going according to plan. Pickering Casino Resort’s first phase would introduce premium offerings such as the casino floor welcoming everyone interested to see what Great Canadian Gaming has up for grabs.

The beginning of next year is also going to see the completion of the dining offerings available on-site, balancing the gaming element with family-friendly offerings available on site. The second phase construction is projected to commence after that, eventually guaranteeing the well-rounded complex.