Great Canadian Gaming Corporation Announces first Quarter Results
Great Canadian Gaming Corporation has announced first quarter results and the impact of COVID-19 pandemic are clearly seen on the results. The company temporarily suspended its operations starting March 16, 2020. The company also closed its construction project in Ontario on April 4 as per the government regulation on non-critical construction projects.
Compared to first quarter last year, GCG registered 10 percent decline in revenue at $278 million. The company reported EBITDA of $103.0 million during first quarter. The net earnings have been reported at $19.2 million for first quarter, nearly 38 percent lower compared to the same period last year.
Talking about the performance and plans to reopening, company CEO Rod Baker said, “The health and safety of our team members and guests is the priority and we are monitoring the pandemic closely, following the advisements provided by government authorities and workplace safety best practices in preparation of re-opening of our facilities.”
The company further informed that its financial position is stable. As at March 31, 2020, the Company had a cash balance of $881.9 million and $858.9 million of available undrawn credit on its credit facilities, subject to applicable covenants.
As the casinos have been closed due to government decision to deal with COVID-19 spread, online casino operators have been gaining consumers. The shift of offline gamblers to online casino could be a game changer for online casino operators. Many big casino operators are also considering serious plans to offer online platform in order to cater to rising demand for online betting services.
(The figures are in Canadian Dollars.)
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