On Wednesday, November 5, racetrack operator Great Canadian Gaming Corp. announced its results for the third quarter of 2014. The company also announced that two members of its management are planning on selling some shares.
In regard to its third-quarter results, Great Canadian announced that revenues and EBITDA increased by nine per cent and 16 per cent, respectively, to $112.3 million and $45.5 million. The company reported net earnings of $19.9 million, a 50 per cent increase when compared to the third quarter of 2013. Additionally, the company reported adjusted net earnings of $20.1 million, a 51 per cent increase when compared to the third quarter of 2013.
Via Great Canadian’s release, the company’s president and chief executive officer, Rod Baker, commented on Ontario.
"With our strong cash balance and our undrawn revolving credit facility, Great Canadian remains financially prepared to take advantage of new opportunities for value creation," said Baker. "This includes any opportunities that may arise from Ontario's plans to modernize gaming. While we pursue these potential opportunities, we will continue to efficiently manage our operations and look for other ways to continue to grow our business."
In regard to a pair of Great Canadian executives that are planning to sell shares, the company announced via release that Walter Soo, its vice president, Player Development, Casino Player Development, is intending to sell 243,040 common shares in the company. The company also announced that Darlene Doyle, its executive director, Operations, Corporate Casino Operations Management, will exercise 25,000 options and intends to sell 25,000 common shares.
(With files from Great Canadian)
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