Growth on the cards as Great Canadian Gaming publishes financials

Growth on the cards as Great Canadian Gaming publishes financials

Monday, March 12, 2018 Posted by Luke Massey
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The company posted $151 million revenues in Q4 2017

Great Canadian Gaming Corp has published its Q4 and full year 2017 financial results, showing decent growth for the British Columbia-based casino, racetrack and resort operator.

In the fourth quarter, the company posted revenues of $151m which represented a six per cent increase from $143m generated in the corresponding period for 2016. Adjusted EBITDA grew by four per cent to $49.2m.

The company also sealed the acquisition of the West GTA Bundle during the quarter and entered into a five-year credit agreement that will enable it to expand its capital expenditures.

For the full-year, Great Canadian Gaming reported a revenue hike of eight per cent to $614.3m. Adjusted EBITDA, meanwhile, increased seven per cent to $223m, with net earnings climbing 12 per cent to $85.7m.

Having completed its GTA bundle deal, the company will now operate 11 gaming facilities in Ontario and expects to finalise the construction of the Shorelines Casino Peterborough in the second half of 2018. Also, this year Great Canadian Gaming said it will make the improvement of its facilities a continued priority after gaining access to a $1.05bn credit capacity. The West GTA Bundle will provide the partnership with exclusive rights for a minimum of 20 years.

Rod Baker, the firm’s President and CEO, commented: “Great Canadian generated increases to revenues at most of its properties, for both the fourth quarter and full year of 2017, when compared to the same periods in the prior year.

“Adjusted EBITDA improved for both the fourth quarter and full year of 2017, when compared to the same periods in 2016, at most of the company’s property groups. River Rock and Vancouver Island Casinos were both negatively impacted by major renovations during the fourth quarter. Adjusted EBITDA decreased at Great American Casinos mainly because of opening the new casino in Des Moines, Washington, which continues to ramp up since its launch in 2017.”

Totally Gaming says: Having successfully gone through an expensive period of acquisition and property renovation, Great Canadian Gaming appears well placed to pursue significant business growth and expansion opportunities in its existing properties. Expect the company to seek out additional options to expand its activities as well.

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