Great Canadian Gaming Corporation has published its Q1 financial results for the period ended March 31, 2018, showing a 62 per cent growth in revenues to $230.5m year-on-year. Adjusted EBITDA was $88.9m for the first quarter, an increase of 84 per cent when compared to the same period in the prior year.
Revenues and adjusted EBITDA increased in the first quarter, when compared to the same period in the prior year, due to the contributions from the GTA Gaming Bundle since the acquisition on January 23, 2018, as well as increased revenues in the BC and Atlantic regions, and improved adjusted EBITDA in the Atlantic region.
Shareholders’ net earnings for the first quarter increased, when compared to the same period in the prior year, as a result of increased Adjusted EBITDA, partially offset by increases in amortization, business acquisition, restructuring and other, and income taxes primarily from the acquisition of the GTA Gaming Bundle.
“I am pleased with our first quarter’s performance, which reflects the full results of the GTA Gaming Bundle’s first 68 days of operations under the management of Great Canadian,” stated Rod Baker, the company’s president and CEO. “Also, with the recent acquisition of the West GTA Gaming Bundle, the company now operates 10 casinos and two racetracks in Ontario. These acquisitions mark a significant milestone for the company. After many years of hard work, we have completed our pursuit in Ontario’s gaming modernisation plan which represents a significant opportunity, and can now focus on the growth of these gaming bundles.”
He continued: “We are excited to bring transformational developments to the gaming facilities in the GTA Gaming Bundle. Our plans for Casino Woodbine will redevelop the site into an international destination casino resort, fully integrated with the existing racing operations, offering hotels, state-of-the-art theatre, a performance venue for live entertainment, extensive dining and retail options, as well as expanded gaming.
“Equally as ambitious, we intend to develop a world-class casino resort in Pickering, Ontario, located at the Durham Live entertainment district. The property will feature expanded gaming, hotel, retail, restaurants, and a multi-purpose entertainment venue. At Great Blue Heron Casino, plans are underway to expand the gaming floor and add premier non-gaming amenities including hotel, dining, and multi-purpose entertainment venue. Our investments in these gaming facilities will create vibrant tourist destinations in the GTA for both local and international guests, bringing new jobs and opportunities for economic growth in these communities.”