Casino News

Great Canadian Gaming Financially Ready for Pickering Casino Resort

Great Canadian Gaming Corporation recently issued more information on its financial performance over the past three months, as well as the entire 12-month period coming to an end on December 31, 2019. The annual performance managed to see a surge of 15 percent to CA$1,355.6 which is an improvement when compared with the previous fiscal year. The fourth quarter also saw year-on-year improvement.

The end of every fiscal quarter brings a time of review and reevaluation of the goals and achievements on the table. With the ending of a year, every gaming company benefits from the retrospect it is able to make thanks to the detailed report going over it. Thus the company has the chance to see whether it has reached its projections and goals.

2019 Financial Report Issued

Great Canadian Gaming issued more information on the gaming activities it has been conducting across the Canadian provinces and the details seem to showcase a positive direction of development. The fourth quarter of fiscal 2019 saw gaming revenue of CA$357.4 million which marks an 8-percent increase when compared to the fourth quarter of fiscal 2018.

This amount was added to the overall gaming revenue of CA$1,355.6. When it comes to the adjusted EBITDA, it amounted to CA$152 million over Q4 2019, once again marking a surge when compared to the previous fourth quarter. Back in the last months of 2018, the casino operator witnessed adjusted EBITDA amounting to CA$117.8 million. As for the entire year of gaming operation, this sum surged to CA$557.3 million.

When compared to the previous fiscal year, Great Canadian Gaming saw yet another jump, as fiscal 2018 saw CA$466 million. It could be recalled that the fourth quarter of fiscal 2019 was also a rather busy one, as it announced the official appointment of Matthew Anfinson as the Company’s Chief Operating Officer. This happened on December 13, 2019 and greenlighted a new phase for the company.

More Info Issued over the Next Months

Fast-forward to this year, Great Canadian Gaming is preparing for yet another positive year of the gaming operation, making 2020 one of its memorable ones. Mid-February the company gave its nod to a process that would seek to purchase for cancellation up to CA$500 of its outstanding common shares from current shareholders. March 20 is about to see the end of this special offer according to the initial plan for action.

The official financial report focusing on the said time window was issued on March 3. The leading casino corporation hosted a conference call once the market closes on that Tuesday, shedding more light onto the goals reached at the end of 2019, as well as the entire 12-month period. Rod N. Baker, Chief Executive Office; Terrance Doyle, President, Strategic Growth & Chief Compliance Officer; as well as Mr. Matthew Anfinson, Chief Operating Officer were present during the conference call.

It should be taken into account that this year is an important one for Great Canadian Gaming, as it would see the official launch of Pickering Casino Resort. This project is part of a bigger construction area with multiple phases. The ribbon-cutting ceremony of this first phase is about to take place this April, welcoming individuals ready for Las Vegas-style gaming in Ontario.