Great Canadian Gaming Corp. (GCGC) published its financial results for the second quarter (April 1 – June 30) of 2018 today. The company reported its net income of $6.1 million for the quarter, compared to $6.3 million for the second quarter of 2017.
Great Canadian Gaming Corp.’s (Toronto, Canada) Q2 financials are out, and the good news is that revenue was up, while the bad news is that it was only up by about $1 million, and it’s not trending the right way. However, as a long term investor, the financials are nothing to worry about.
Great Canadian Gaming Corp. (TSX:GC) has consistently been a major contributor to the growth and development of the Canadian online gaming industry. In the second quarter of 2017, the company’s revenues increased by 10.4% to $57.7 million, up from $52.2 million in the first quarter, which was down from the preceding quarter. Casino revenue was up by 14.8%, due to a combination of warmer weather, increased customer activity, and a higher proportion of online gaming revenue.. Read more about great canadian gaming corporation annual report 2019 and let us know what you think.
The financial figures for the second quarter of 2021 were just released by Great Canadian Gaming Corporation. According to interim CEO Terrance Doyle, the business is recovering well from the unusual scenario, since limitations in the nation have been eased, and the company has just reopened all of its gaming facilities throughout the country.
The gambling giant was established in 1982 and now manages and controls 25 casino, entertainment, and hotel facilities across Ontario, British Columbia, New Brunswick, and Nova Scotia. The business is able to assist over 1,400 charity and non-profit groups in the nation via its PROUD program, and its gaming income is often utilized to fund healthcare, education, and social services.
Results for the Second Quarter
Mr. Doyle claims that, as a result of the increased mass vaccination rate, the firm has made considerable headway in reopening its assets throughout the country. He praised and welcomed back all of the company’s employees who have shown patience, persistence, and understanding throughout the firm’s most difficult period in its history, which lasted 16 months.
The interim CEO further said that the firm is making good progress in rebuilding its operations and that the completion of the Arrangement with Apollo Funds is still on track. RAC and its affiliate had previously stated that they had obtained approvals and were completing a private sale of US$350 million senior secured notes.
The Ontario bundles’ yearly entitlement of service provider fees for authorized capital expenditures recognized in their whole in Q2 of each year, as well as continuing service provider base fixed fees, are mostly included in the revenue figures for Q2 of 2021 and the preceding year. In contrast to last year’s second quarter, revenue rose as the business was able to reopen its Atlantic operations under limitations for a part of the three-month period.
During the second quarter of 2021, adjusted EBITDA is expected to reach CA$41.8 million, up CA$10 million over the previous year. Furthermore, the company has a negative Free Cash Flow of CA$22.8 million, compared to CA$123.4 million in the same quarter previous year. The cash outflow for Q2 was CA$0.3 million, down from CA$383.7 million in the same quarter of 2020.
Q1 Stats
The business released its financial results for the first quarter of this year in May. Except for the one in New Brunswick, the company’s gambling facilities were shuttered for the most of Q1. As a result, sales, expenditures, adjusted EBITDA1, cash flow, and shareholder profits have all decreased significantly. For example, the business recorded a negative Free Cash Flow of CA$70.5 million for the three months, which is expected to be CA$50.8 million in Q1 2020.
Reopening in Ontario
As the government reached Stage 3 of the reopening plan in July, the company was able to reopen 11 of its Ontario locations. Elements Casino Mohawk, Elements Casino Flamboro, Elements Casino Brantford, Elements Casino Grand River, Shorelines Casino Belleville, Shorelines Casino Peterborough, Shorelines Casino Thousand Islands, and Shorelines Slots at Kawartha Downs have all reopened.
Cision, August 10, 2021, “Great Canadian Gaming Announces Second Quarter 2021 Results.”
Great Canadian Gaming Corp. (GC) announced its results in Q2 2012 today, as the company reports being profitable for the fourth consecutive quarter.. Read more about great canadian gaming shareholders and let us know what you think.
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