Great Canadian Gaming has re-emphasised a commitment to a series of development plans, as the firm reports a significant revenue increase for the first quarter of the year.
A group increase of 35 per cent to $312.1 m (2018: $230.5m) was felt due to a full quarter of operations from the West GTA Gaming Bundle, 22 additional operating days from the GTA Gaming Bundle, new revenues from the introduction of table games at its Woodbine property and increased performance in its East Gaming Bundle.
Coming as a result of additional revenues from Shorelines Casino Peterborough, which opened on October 15, 2018 and Shorelines Slots at Kawartha Downs, which reopened under agreed terms on December 19, 2018, they were partially offset by extreme weather conditions in the first quarter of the year.
The company, that sold its Great American Gaming subsidiary to Maverick Gaming $56m last month, also recorded a 26 per cent boost in adjusted EBITDA to $111.6m (2018: $88.9m).
Rod Baker, CEO of Great Canadian, said of the firm’s latest financial report: “With a successful 2018 behind us, the company remains focused on the execution of its operational and development plans for 2019 and beyond.
“This includes the upcoming launch of the new world-class casino resort in Pickering, Ontario as well as several exciting facility and operational upgrades to our recently acquired properties in Ontario.
“We also worked diligently with OLG to extend operations at Ajax Downs beyond the opening of Pickering, allowing this gaming and horse racing facility – that was previously expected to close – to continue making economic contributions to the community it serves.
“Despite the strong progress made to grow the business, our first quarter in 2019 experienced challenges from the extreme weather conditions, which negatively impacted guest visitation at our Ontario gaming facilities.”
Commenting on Great Canadian’s outlook for the immediate future, Baker said of ongoing developments that it is hoped will drive guests experience further still: “We continue to execute on our comprehensive development plans in the GTA and West GTA Gaming Bundles, with construction underway at several gaming facilities.
“Development plans for the gaming facilities in these bundles will expand gaming offerings and introduce an exciting mix of hospitality and entertainment features at the properties, that will deliver exceptional guest experiences within our respective markets.
“Construction of the new world-class casino resort in the Durham region located in Pickering, Ontario is well underway. Elements Casino Mohawk is expected to launch expanded gaming in the second quarter of 2019, and will feature approximately 1,500 slot machines and 60 table games once renovations are complete.”