Great Canadian Gaming Corporation has announced its Q2 financial results for the period ended June 30, 2018, revealing a 90 per cent increase in revenues to $305.3m on Q2 2017. Net earnings were ahead by 134 per cent to $64m, with adjusted EBITDA up 98 per cent at $124.6m. The jump in numbers was apportioned to a full quarter of operations from the firm’s GTA Gaming Bundle and two months of operations from its West GTA Gaming Bundle.
Commenting on the results, president and CEO Rod Baker told investors: “Our expanded presence in Ontario and the long term extensions in BC from the new OSAs secure the company’s position as the preeminent gaming operator in Canada. Great Canadian is now a much stronger and more diversified company that is well positioned for further growth.”
He added: “We are pleased with our early progress on the development plans for the GTA Gaming Bundle. Plans to transform Casino Woodbine into an international casino resort destination are underway. In the interim, Casino Woodbine plans to introduce table games and additional slot capacity in the second half of 2018. Our new offering of table games will help attract and develop our customer base and introduce them to our amazing resort when it is completed in 2021.”
“Included in our GTA Gaming Bundle expansion plans is the development of a second world-class casino resort destination in eastern GTA which is targeted to open in late 2019. In addition, at Great Blue Heron, construction has commenced and the first phase of the expanded casino is scheduled to launch in late 2018. Our plans will transform our facilities into premium tourist destinations for local and international guests that will create new jobs and economic growth in the Greater Toronto Area.”
On the outlook, Baker stated: “Great Canadian remains equally focused on the growth opportunities in the BC market. We now have the long-term security required to invest into our BC properties to pursue additional revenue opportunities. We remain committed to ensuring our operations in all jurisdictions continue to adhere to all regulatory requirements and maintain the highest standards of integrity for our industry.”