2019.10.01

The Second Quarter of 2019 Records a 20% Rise in Revenue of Great Canadian Gaming

Intending to hold on to its top position in the coming years is one of the industry’s leading entities, Great Canadian Gaming Corporation.

In order to main its place, the company is persistent in its hard work and recent reports show these efforts have been fruitful. Through the publication of its financial report for 2019’s second quarter, which ended 30 June, Great Canadian has generated C$354.4 million in revenue.

Increasing Numbers

There has been a leap of 20% when compared to the same period last year. Great Canadian Gaming documented revenue of C$295.2 million in the same period of 2019.

When a company’s quarterly report is published, it becomes an opportunity for the said company to re-evaluate its present schemes and targets and rearrange them if necessary, for its further growth.

The report thus shows there were a lot of decisive moves made in the last period that are bound to play a longstanding role in the functions of the company.

One of the best moves by Great Canadian Gaming was to sell off Great American Gaming, its US based subsidiary to Maverick Gaming for $56 million, which covered a number of venues in Washington such as Great American Casino Lakewood, Great American Casino Tukwila, Great American Casino Lakewood and Great American Casino Everett.

Spotlight on Ontario

As per the company’s plan to concentrate on its expansion of Canadian online gaming, particularly Ontario, this move seemed to have been the right decision.

With price of shares at C$0.80 per share, the total sale of shares was C$47 million approximately for the Canadian gaming magnate.

An important instant in the last quarter was IFRS 16 being introduced, which is the benchmark for smooth lease management.

The company can now fully concentrate on Ontario with the signing of a new deal with Ontario Lottery and Gaming Corporation.  Great Canadian Gaming will carry on running Casino Ajax till 31 March 2026 under the terms of the latest agreement with the regional entrepreneur.  It has been further agreed by the two companies that the new agreement could be extended beyond that date for another twelve years.

Elements Casino Mohawk has been the beneficiary of 60 table games and 1500 slots under Great Gaming’s expansion process. Great Canadian Gaming is carrying on with phase 1 of its project, Pickering Casino Resort, which should be ready for launching by 2020 beginning.

Gist on Great Canadian Gaming

Running 28 gaming houses throughout US and Canada, which include smaller gaming centres, casinos and horse tracks, makes Great Canadian Gambling one of the more prominent names in the gambling industry. The organization also owns entertainment amenities, restaurants and hotels.