2nd Quarter Results Show Further Growth for Great Canadian Gaming
The growth and expansion of Great Canadian Gaming has certainly caught the eye of investors, and there is a good bet that such a successful second quarter will encourage further investment as well
The 2nd quarters are upon us, and this is traditionally the time companies announce their financial results and we get an idea of what the year is going to be like for them. Well, it is impressive news on the Canadian casino front, with industry heavyweights Great Canadian Gaming posting further growth in their second quarter. It has been an impressive year for the company, and their expansion only seems to be improving.
In fact, the company saw its revenue increase by a staggering 90% for the second quarter, and this bodes well for the business in the future. Company president and CEO Rod Baker could barely contain his excitement as he claimed the results “…secured the company’s position as the preeminent gaming operator in Canada.” To be honest, it’s rather difficult to argue with him there!
Great Canadian Gaming has had some year in 2018, and their highlights have included the acquisition of the West Greater Toronto Area Gaming Bundle, signing an OSA with the British Columbia Lottery Corporation, and netting shareholders’ earnings of around C$42 million. And all of this has come about despite some recent bad press that potentially threatened to derail the growth and expansion of the company.
First there was the probe into links between Great Canadian and potential money laundering in Asia. Fortunately for GCG, this doesn’t seem to have affected them too adversely, and they have shaken off any of the bad ties linked to this. More recently, the company made headlines again after their renegotiations with workers union UNIFOR over new contracts for many of their casino workers. This could well have ended up on a sour note for Great Canadian, but they managed to negotiate a good deal, and this has likely given them plenty of positive publicity as a result.
The growth and expansion of Great Canadian Gaming has certainly caught the eye of investors, and there is a good bet that such a successful second quarter will encourage further investment as well. As COO Terrance Doyle recently proclaimed in the transcript of the company’s Second Quarter Results conference call, “Investors should not place undue reliance on plans for the future,” and they should always do their homework. This goes without saying, and there is no doubt there will be a multitude of new investors for the third quarter.
The company is one of the biggest operators in Canada, and their rapid expansion over the past year has cemented their status as one of the biggest names in the industry. The second quarter figures reveal that customers have certainly bought into this model, and are excited to see what the business is going to do next. Having recently secured lucrative casino acquisitions in the Greater Toronto area, the future seems bright for Great Canadian.
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