Great Canadian Gaming has published its financial results for Q2 of FY2021, reporting a return to sales growth and a positive EBITDA after what it described as a tough first quarter.
Total sales amounted to $70.7m for the three-month period ending June 30, driven mainly by the reopening of the firm’s Atlantic properties under restricted operating conditions for a portion of the second quarter of 2021.
Adjusted EBITDA of $41.8m in the period increased by $10m when compared to the same period in 2020, primarily due to costs relating to property, marketing and administration in Ontario decreasing and the reopening of the Atlantic properties following COVID-19 restrictions.
Shareholders’ net loss for the second quarter of $20.2m decreased compared to the last 12 months when they lost $31.4m in the same period in 2020. The group attributed this to the improved EBITDA in Ontario and, according to a company statement, ‘decreased share-based compensation expense, partially offset by increased amortization related to capital investments made to expand the Ontario properties’.
Interim CEO Terrance Doyle commented: “With significant progress being made with the mass vaccination program across Canada and the gradual lifting of restrictions by provincial governments, we are finally able to open all of our properties.
“We are happy to welcome back many more of our team members who have shown patience, perseverance and understanding during the temporary suspensions.
These past 16 months have proven to be the most challenging in the company’s history, but Great Canadian is still well-positioned to remain a leader as we emerge from the Pandemic. We want to thank all of our team members for their continued hard work and support for the business during these unprecedented times.”
Great Canadian Gaming announced a new Casino site at Pickering Casino Resort, which was completed at the end of 2020, and opened on July 26, 2021. This, twinned with the reopening of society following the coronavirus pandemic, is attributed to the rise in sales which is expected to continue going forward.
Doyle added: “We are pleased to finally announce that the casino at Pickering Casino Resort has opened on July 26, 2021. This is a major milestone for the company as we have worked on completing this significant part of our Ontario development since 2018.
“We have eagerly anticipated the opening of this casino, which is a preeminent addition to the gaming and entertainment marketplace in the Greater Toronto Area.”