GCGC Reports Impressive Figures To Investors
It’s that time of the year again. As we move towards the second half of the year, all and sundry are eager to inform investors of the state of their investments and what to expect when looking ahead to the second half of the year as well as beyond. But it’s obviously only a momentous occasion when a business has been performing as expected, and this has definitely been so for Great Canadian Gaming Corporation (GCGC).
GCGC operates numerous casinos all over Canada, and the corporation is well known for its direct and hand-on approach in the management of the various venues that it oversees. Thanks to this particular style of management, the operator has achieved many a financial milestone, and the latest investor report is yet again a reflection of how a solid operational style really does pay off in big ways.
B.C. Remains A Concern
The corporation has shown year-on-year improvements that would make any investor proud. Revenue spiked by 35% when compared to the first quarter of the previous year, and the company’s EBITDA is on the up and up too, and by as much as approximately CA$23 million.
The figures would in all likelihood have been even more impressive were it not for the money laundering scandal currently on the loose in British Columbia. Casino revenue in the province as suffered a major blow due to the ongoing investigations into everyone’s operations. BC’s players too, have indicated on more than one occasion, that they are hesitant to play because of what appears to be happening in the province, and many players want to see how the investigations play out before going all-in again.
Looking To The Future
But there’s been good news and reports of expansion too. Great Canadian Gambling Corporation in January announced that it was in the process of expanding its Great Blue Heron Casino. A brand new building was added onto the existing venue, and the expansion made available the extra space needed for 200 additional slot machines.
In addition to the expansion of the Blue Heron, some very necessary upgrades were made to the Elements Casino Mohawk and the Elements Casino Grand River. More slot machines were added to both venues; with the Mohawk now home to 290 new slot machines, and the Grand River, to 190 new machines.
There are many plans in the pipeline for the remainder of the year, and it’s definitely an exciting time for the overall growth of the corporation.