HomeNews ❯ Great Canadian Posts 2019 1st Quarter Results

Advertiser Discolusure We want to bring you the best content and the best offers. Just so you know, we may collect compensation from the links on this page and some of our reviewers are compensated for contributing content to this website.

Great Canadian Posts 2019 1st Quarter Results

Great Canadian Gaming Corporation has published results for its first quarter of 2019, and the results are interesting. We all know that Great Canadian is one of the leading names in the Canadian casino industry, and the company has a lot of developments in the works right now. Having endured a mixed 2018, GCG will be hoping to see vast growth and improvement in 2019, and the early signs do look promising.

[Canadian_Posts shortcode=”Canadian_Posts “]

It’s been a big couple of weeks for Great Canadian, as the company made $56 million profit from selling its US-based casinos to Maverick Gaming LLC. This has cleared the decks Stateside and allowed the company to focus on building and developing operations in Canada instead. This is also going to have a positive impact on the figures posted for the first quarter as well.

The results show a surge in overall profit for the company, with a revenue growth believed to be around 35%. This growth increased the revenue to C$312.1 million, and demonstrates a highly impressive growth for the company. There have been a lot of positives for Great Canadian in 2019, and this has been reflected by the figures shown in their first quarter results.

Financials - online-casinos-canada

Another of the big factors involved in Great Canadians profits could well be the fact that the company secured a new gaming bundle with the OLG, teaming up with the Ajax Downs. It is these sorts of partnerships that make all the difference to the success of a company, and this is a really important partnership for Great Canadian in 2019. To find out more information about this partnership and further developments in the industry, you should revisit our site.

Great Canadian Gaming is not the only big name casino company in Canada, but it is certainly one of the most important and influential. Posting positive 1st quarter results is always important for a company like this, but the news hasn’t been exclusively positive. There has been a lot of restructuring with regards to the laws surrounding casino gambling in 2018/19. A lot of focus has been on preventing and reducing the risk of money laundering, and this has led to new mandates imposed by the government.

As a result of these new laws, customers wishing to gamble with C$10,000 or more need to provide evidence of where they got the money from. An unfortunate side-effect for companies like Great Canadian is that this has led to a reduction in the number of high-rollers. These anti-money laundering laws have impacted high-stakes play, and led to a table drop.

Company CEO Rod Baker claimed that “VIP play is still down here in B.C.,” and this is likely to be the case for some time, at least until players become more accustomed to the changes. This is something that has affected profits for GCG, but not hugely. The company has still managed to post a healthy profit, and will be happy to see VIP revenue creep up slowly in the future once more.

FAQ about Online Casinos in Canada

Follow the Latest Casino News

OCC Weekly News Digest #11

July 30, 2020 Read ❯

OCC Weekly News Digest #10

July 23, 2020 Read ❯

OCC Weekly News Digest #9

June 25, 2020 Read ❯

Read More News

All rights reserved 2020.
Gambling can be addictive, Please Play Responsibly.

Follow Us: