On Wednesday, November 6, the Great Canadian Gaming Corp. announced its financial results for the three-month period ended September 30, 2013 (the third quarter of 2013).
According to Great Canadian’s release, highlights from the third quarter included:
- Revenues of $103.1 million, a 1% increase when compared to the prior year
- EBITDA(1) of $39.1 million, a 9% increase when compared to the prior year
- Net earnings of $13.3 million, a $14.2 million increase when compared to the prior year
- Adjusted net earnings(2) of $13.3 million, a 10% increase when compared to the prior year
- Opened the permanent Chances Maple Ridge facility on October 23, 2013 (formerly the temporary 'Maple Ridge Community Gaming Centre')
- Announced that Boulevard Casino will re-launch as the Hard Rock Casino Vancouver, opening on December 20, 2013
- During the third quarter and early October of 2013, repurchased and cancelled 1.7 million common shares at an average price of $11.14
The release quoted Great Canadian's President and CEO Rod Baker as saying, "Since April 1, 2013, Great Canadian's Ontario racetracks have operated under interim lease arrangements with the Ontario Lottery and Gaming Corporation. Under the terms of these agreements, these two racetracks now receive both lease revenues from the OLG and horse racing transition funding from the Government of Ontario. However, they no longer receive a fixed percentage of the OLG's slot revenues, and do not directly share in horse racing pari-mutuel wagering revenues. As a result of these changes, these facilities witnessed declines in both overall revenues and EBITDA. We are pleased to continue our relationship with the OLG, and look forward to developing this relationship further as the gaming industry in Ontario continues its evolution.”
Baker went on to say, "Great Canadian is financially prepared to take advantage of new value-added growth opportunities, including those in Ontario.”
To view a copy of the Great Canadian release, click here.
(With files from GCGC)