Great Canadian Gaming Corporation is ready to reveal its financial performance over the most recent quarter of the 2020 fiscal year. It came to an end on September 30, 2020, and was considered the third quarter. It saw the official return of in-person gambling to the brick-and-mortar locations overseen by the casino operator.
The casino leader of Canada is ready to unveil its day-to-day operation over the recent months, highlighting everything achieved during the summer. It was an important period, as it witnessed the return of gambling at land-based casinos and gambling halls, a much-needed boost to the gaming revenue. It could be recalled that the month of March witnessed the closure of these venues.
Fiscal Quarter Results
The last days of September witnessed the reopening of casinos in Ontario and New Brunswick, making it possible for local players to explore everything they have up for grabs and do so in a safe manner. All health and safety protocols needed were present and introduced ahead of time, in order to reassure patrons that this is the place to be.
September 28 witnessed the official reopening of casinos in the two provinces, whereas October 5 saw the relaunch of in-person gambling in Nova Scotia. These actions brought much-needed support for the casino operator left without casino location operation for months. This is what Great Canadian Gaming relies on, making it an important move in the right direction. Net loss from continuing operations of the shareholders amounted to CA$36.5 million during those three months.
What should be pointed out is that the third quarter of the previous fiscal year had witnessed net earnings from continuing operations amounting to some CA$49.7 million the third quarter saw no in-person gambling, which eventually resulted in a negative Free Cash Flow. It amounted to some CA$54.8 million. However, this amount marked an improvement when compared with the second quarter of this fiscal year.
The weeks between the start of April and the end of June witnessed a negative Free Cash Flow of CA$123.4 million. Great Canadian Gaming also elaborated on its cash outflow generated over the third quarter of this fiscal year. It amounted to some CA$26.3 million. In this case, there is a positive change when compared to the same time period in the 2019 fiscal year.
Back then, the cash outflow amounted to some CA$97.8 million. Rod Baker, the casino leader’s Chief Executive Officer, said that the most recent quarter has seen the safe reopening of some casino locations despite the constantly changing situation on a national level. The direction of provincial governments and local health authorities will continue being followed going forward. Despite the casino reopening earlier this fall, gaming revenue is still restricted.
This is because of the casino patrons limit Ontario has established and the following closure of some of the venues, such as Casino Woodbine closing on October 9. Earlier this month, the casino operator announced that November 14 will see its official reopening, but this week saw the news that this reopening is not going to take place.