Great Canadian Gaming Corporation has published its Q1 update for the period ended March 31, 2019, showing revenues of $312.1m, up 35% on Q1 2018. Growth in revenue was, said the firm, primarily attributable to a full quarter of operations from the West GTA Gaming Bundle, 22 additional operating days from the GTA Gaming Bundle, and new revenues from the introduction of table games at Woodbine.
The company added that revenues also increased from the East Gaming Bundle due to the additional revenues from Shorelines Casino Peterborough, which opened on October 15, 2018 and Shorelines Slots at Kawartha Downs, which re-opened under agreed terms on December 19, 2018. These increases were partially offset by the previously mentioned extreme weather conditions in the first quarter of 2019.
“With a successful 2018 behind us, the company remains focused on the execution of its operational and development plans for 2019 and beyond,” stated CEO Rod Baker. “This includes the upcoming launch of the new world-class casino resort in Pickering, Ontario as well as several exciting facility and operational upgrades to our recently acquired properties in Ontario.
“We also worked diligently with OLG to extend operations at Ajax Downs beyond the opening of Pickering, allowing this gaming and horse racing facility – that was previously expected to close – to continue making economic contributions to the community it serves. Despite the strong progress made to grow the business, our first quarter in 2019 experienced challenges from the extreme weather conditions, which negatively impacted guest visitation at our Ontario gaming facilities.”
On the outlook, Baker commented: “We continue to execute on our comprehensive development plans in the GTA and West GTA Gaming Bundles, with construction underway at several gaming facilities. Development plans for the gaming facilities in these bundles will expand gaming offerings and introduce an exciting mix of hospitality and entertainment features at the properties that will deliver exceptional guest experiences within our respective markets.
“Construction of the new world-class casino resort in the Durham region located in Pickering, Ontario is well underway. Elements Casino Mohawk is expected to launch expanded gaming in the second quarter of 2019, and will feature approximately 1,500 slot machines and 60 table games once renovations are complete.”
“Great Canadian continues to make meaningful investments and explore opportunities that will drive its business forward and provide added value to our shareholders and guests, as evidenced by the recent divestiture of Great American.”