VANCOUVER – Great Canadian Gaming Corporation (GCGC) recently announced its third quarter earnings report for 2019. Some of the highlights of the earnings report include:
- Excluding U.S. properties, revenues of $341.1 million in the third quarter. This produced an increase of 3% over the same period from 2018.
- Adjusted EBITDA of $142.3 million in the 2019 third quarter. An increase from $137.9 million in the same quarter in 2018.
- Shareholders’ net earnings from continuing operations was $0.85 per common share in the third quarter.
- GCGC completed the acquisition of Clairvest Group Inc’s ownership stake in Ontario Gaming West GTA Limited Partnership (OGWGLP) and the Ontario Gaming GTA Limited Partnership (OTG) for $51.8 million. GCGC now has a 100% ownership stake of OGWGLP and 50% in OTG.
As it pertains to the last point, Great Canadian Gaming Corporation Chief Executive Officer, Rod Baker, had this to say, “”Today, we completed the buyout of Clairvest’s interests in OGWGLP and OTG. We are pleased to have been able to increase our ownership interests in some of our key assets. Great Canadian thanks Clairvest for partnering with the Company in Ontario and wish them continued success,” said Baker.
In terms of the future outlook, Baker says it is looking bright, especially in Ontario.
“We are on track to execute the remaining Ontario developments, including the construction of the Pickering Casino Resort. The casino building, with the related dining options, are expected to complete by the end of the first quarter of 2020, and the hotel and entertainment venue are expected to open by the end of 2020. As we close in on our developments, we continue to be positive on the long-term value that will be created from our investments in these properties,” he said.
Great Canadian Gaming Corporation is a B.C. based company that has been in operation since 1982. They currently operate 25 gaming, entertainment, and hospitality facilities in British Columbia, Ontario, New Brunswick, and Nova Scotia.