The goal of the Great Canadian Gaming Corporation is to further expand its presence across Ontario and British Columbia, as the company commends ongoing development in the final quarter and full year of 2019 with a solid financial display.
About the former, Rod Baker, Great Canadian CEO, has praised steady progress across the city, with the casino building at Pickering Casino Resort expected to open by the end of Q1 of 2020 before the hotel and entertainment facilities launch later in the year.
With developments in the expansion of Casino Woodbine, Great Blue Heron Casino hotel and West GTA development programmes, the company is also seeking reinvestment in facilities across British Columbia and Atlantic Canada, including the provinces of New Brunswick, Newfoundland and Labrador, Nova Scotia and Prince Edward Island.
“In particular, we plan to make capital investments to enhance our BC properties in the upcoming years. We remain committed to finding opportunities to enhance guest experiences at all our properties,” Baker asserted.
As the company reports revenue increases of eight percent and 15 percent for Q4 and FY 2019 to C$ 357.4 m (2018: C$ 331.4 m) and C$ 1.35bn (2018: C$ 1.17bn), respectively, the expansion expectations come. Great Canadian credits the increases in its Ontario assets to the growth of gaming and non gaming facilities.
Adjusted EBITDA rose 29 percent over the quarter from C$ 117.8 million to C$ 152 million, with its annual performance ending at C$ 557.3 million, up 20 percent from C$ 466 million.
The new lease accounting standard introduced on January 1, 2019, the aforementioned Ontario, primarily attributable to the accounting effect of IFRS 16, rises partially offset the higher operating costs related to expanded activities in the province.
The company’s net earnings for the quarter ended at C$ 62.4 million, marking a 27 percent increase from C$ 49.2 million, with its full-year figure increased 24 percent from C$ 239.8 million to C$ 297 million.
Baker continued: “2019 was a productive year with construction activities ramping up on several significant developments that will continue through 2020 and 2021,” continued Baker.
“In December 2019, we also successfully on-boarded our new chief operating officer, Matt Anfinson, who brings the skills and experience required to optimise on operational opportunities at current facilities, as well as develop strategies to successfully launch our new properties under development.
“We are also pleased with our recent efforts to enhance the company’s capital structure as we move into a busy 2020, including the previously announced accordion increase to the company’s senior secured revolving facility, closing the senior unsecured debenture offering, as well as the substantial issuer bid offer to shareholders.”