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Pre-Approval For Great Canadian Partnerships

Published: March 10, 2016 2:50 pm ET

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The Ontario Lottery and Gaming Corporation has notified the Great Canadian Gaming Corporation that two partnerships in which Great Canadian holds interests have been pre-qualified to submit RFPs for the Southwest Gaming Bundle and the Greater Toronto Area Gaming Bundle under the OLG’s gaming modernization plan.

Great Canadian announced the development in its fourth quarter and annual 2015 results, which can be viewed by clicking here.

In the announcement of the company’s results, Rod Baker, Great Canadian's president and chief executive officer, spoke directly about the RFP pre-qualifications for the southwest gaming bundle and the greater Toronto area gaming bundle.

"We are excited to be the first owners of a gaming bundle arising from the modernization of gaming in Ontario,” Baker was quoted as saying. “We were also recently notified by OLG that two partnerships in which the Company holds interests have been pre-qualified to submit RFPs for the Southwest Gaming Bundle and the Greater Toronto Area Gaming Bundle. We look forward to these opportunities to continue to participate in the future of gaming in Ontario."

Some of the major highlights from Great Canadian’s fourth-quarter and annual 2015 results appear below.

FOURTH QUARTER AND 2015 HIGHLIGHTS

  • Revenues of $121.1 million for the fourth quarter and $453.8 million for the full year, increases of 5% and 2%, respectively, when compared to the same periods in the prior year.

  • Adjusted EBITDA(1) of $45.1 million in the fourth quarter and $180.6 million for the full year.

  • Shareholders' net earnings of $17.6 million in the fourth quarter and $74.6 million for the full year.

  • Adjusted shareholders' net earnings(1) of $18.1 million in the fourth quarter and $77.8 million for the full year.

  • On October 1, 2015, acquired Casino New Brunswick for a cash purchase price of $97.3 million.

  • On December 17, 2015, the redevelopment of Fraser Downs Racetrack and Casino in Surrey, B.C. was completed and the property was re-launched as Elements Casino.

  • Repurchased and cancelled 1.9 million common shares of the Company at an average price of $15.97 during the fourth quarter.

  • Subsequent to the conclusion of the fourth quarter, on January 11, 2016, a partnership in which the Company now owns a 90.5% share completed the acquisition of the first bundle in the Ontario Gaming Modernization Process.

  • During the fourth quarter of 2015, partnerships in which the Company holds an interest were notified by Ontario Lottery and Gaming Corporation ("OLG") that they were pre-qualified to submit a Request for Proposal ("RFP") for two more of the OLG's Request for Pre-Qualifications ("RFPQ") submissions: Gaming Bundle 4 (Southwest) (the "Southwest Gaming Bundle") and Gaming Bundle 5 (GTA) (the "Greater Toronto Area Gaming Bundle").

(With files from Great Canadian)


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