Sizeable Growth for Great Canadian Gaming in Q3
It’s been a fruitful year for the Canadian gambling industry as a whole, with some operators in particular enjoying great results from their business to date. Great Canadian Gaming (GCG) has also enjoyed notable revenue growth during the three-month period ending on September 30, 2018, according to the company’s most recent financial report.
The company saw its operations bring in revenues of $343.2 million for the quarter, as well as adjusted EBITDA (earnings before interest, tax, depreciation and amortization) of $140.6 million. These figures represent impressive increases of 115% and 124%, respectively, when compared to the same period of 2017.
Shareholders in the Canadian gaming operator also experienced net earnings of $52.6 million collectively. In simpler terms, this comes to $0.86 per common share during the third quarter – an increase of 95% year on year, and excellent news for both local and offshore stakeholders in the firm.
Casino Woodbine Offerings Expanded
On August 30, the firm also announced the expansion of its self-owned Casino Woodbine’s gaming floor to its second level, which added another 50 table games and more than 300 slot machines to the property, including a variety of electronic table games. The installation of another 50 table games came as a big milestone for the company, coming as the first time that live dealer table games have been made available to players in the Greater Toronto region.
In the third quarter of this year, Casino Woodbine also added further gambling capacity to its premises, and more specifically, its third level. This brought the property’s total gaming capacity to a whopping 3,700 real money slot machines and 100 table games in total.
CEO Baker Comments on Results
Great Canadian Gaming’s company president and chief executive officer, Rod Baker, has commented on the results in a recent press release. According to the CEO, 2018 has been an exceptional year for his firm throughout, noting that its third quarter results have reflected a full three months of successful operations from the West GTA Gaming Bundle, which has been under GCG’s management since May this year.
Baker also added that the results have included one month’s worth of new revenues from Casino Woodbine, which have been generated thanks to the introduction of yet more slots and table games. According to him, his company is expecting the new additions, which have already been ‘well-received by the market’, to help it further develop its growing customer base in the coming months.