Great Canadian Gaming Corporation has published its financial results for the three month period ended September 30, 2019, with revenues and EBITDA ahead year-on-year. The increase, said the firm, was attributable to the expansion of gaming and non-gaming amenities in its Ontario properties.
Looking at the headline figures, Q3 revenues of $341.1m in the third quarter, were ahead by 3% on the same period in the prior year. Adjusted EBITDA for the trading period came in at $142.3m, up from $137.9m year-on-year, but aided by a $20.7m positive impact from IFRS 16 adoption.
President and CEO Rod Baker, updating investors, commented: “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 added: “Great Canadian continues to enhance its capital structure. The company completed the refinancing of the revolving credit facility of OGELP in September 2019 and subsequent to the third quarter, extended its senior secured credit facilities for another year.
“The new credit facility agreements provide improved financial flexibility that will enhance the company’s ability to achieve its strategic objectives. We continue to increase shareholder interest as demonstrated by the repurchase of 3,105,822 common shares this year under the normal course issuer bids.”
“As at September 30, 2019, the company remains in a strong financial position with cash of $309.8m, available capacity of $397.6m on the senior secured credit facilities, available capacity of $855.5m on OTG’s revolving and capital expenditures credit facilities, $137.5 on the revolving credit facility of OGWGLP, and $76.1m on the revolving credit facility of OGELP, each subject to compliance with any applicable financial covenants.”
