On Monday, May 8, racetrack operator Great Canadian Gaming Corporation announced its financial results for the three-month period ended March 31, 2017.
Great Canadian listed a string of highlights from the company’s first quarter. The list of highlights appears below.
FIRST QUARTER 2017 HIGHLIGHTS
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Revenues of $142.7 million, increased by 9% when compared to the same period in the prior year.
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Adjusted EBITDA(1) of $48.2 million, increased by 11% when compared to the same period in the prior year.
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Shareholder's net earnings of $17.8 million, increased by 71% when compared to the same period in the prior year. Shareholders' net earnings per common share of $0.29 cents, increased by 81% when compared to the same period in the prior year.
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Adjusted shareholders' net earnings(1) of $17.6 million, increased by 45% when compared to the same period in the prior year. Adjusted shareholders' net earnings(1) per common share of $0.29 cents, increased by 53% when compared to the same period in the prior year.
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Shorelines Casino in Belleville, Ontario opened on January 11, 2017, one year after Great Canadian acquired the Ontario Lottery and Gaming Corporation's ("OLG") East Gaming Bundle. Shorelines Casino Belleville is the first new casino opened in Ontario since 2006.
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The Company submitted bids on the Request for Proposals ("RFP") for OLG Gaming Bundle 1 (Ottawa) and Gaming Bundle 5 (GTA).
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The Company is currently assessing OLG's RFP for Gaming Bundle 6 (West GTA), which is due July 13, 2017.
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The Company has recently been pre-qualified to submit RFPs for OLG's Gaming Bundle 7 (Central) and Gaming Bundle 8 (Niagara).
To view Great Canadian’s release in full, click here.
(With files from Great Canadian Gaming Corporation)