Supplier News
Canada – Great Canadian sees 14 per cent improvement
By Phil - 9 March 2015
Great Canadian Gaming generated revenues of US$115.7m during the fourth quarter, representing a 14 per cent increase from the fourth quarter of 2013.
EBITDA during the fourth quarter was $47m, a 34 per cent increase from the fourth quarter of 2013. EBITDA as a percentage of revenues for the fourth quarter was 40.6 per cent, a six percentage point increase from the fourth quarter of 2013. Both the revenues and EBITDA increases were primarily due to continued strong performance at River Rock Casino Resort and improvements at Hard Rock Casino Vancouver and Great American Casinos.
Great Canadian generated net earnings of $20m during the fourth quarter and $76.8m during 2014, increases of $12.8m and $13.7m, respectively, when compared to the same periods in 2013. These increases were primarily due to the growth in the Company’s EBITDA, the annual impact of which was partly offset by reduced non-cash long-lived asset impairment reversals in 2014 as compared to those recognised in the prior year.
“River Rock Casino Resort continued to lead Great Canadian’s financial results throughout 2014,” stated Rod Baker, Great Canadian’s President and Chief Executive Officer. “River Rock generated significant growth in both gaming revenues and EBITDA throughout each quarter of 2014. We are pleased with these results, and are very proud of our River Rock colleagues who continue to deliver exceptional entertainment and service to our guests.
“Hard Rock Casino Vancouver has consistently improved both its revenues and operating performance since its re-launch in December 2013. We are continuing our efforts to increase the property’s visitation as it further establishes itself as one of Vancouver’s premier entertainment destinations. On February 17, 2015 we opened a new VIP table area and created a more exclusive VIP slot area at the property, which we expect will better service our guests.
“Great Canadian concluded 2014 with a strong cash balance and an undrawn revolving credit facility. The Company remains financially prepared to take advantage of new opportunities for value creation,” concluded Mr. Baker. “This includes any opportunities that may arise from Ontario’s plans to modernize gaming. While we pursue these potential opportunities, we will also continue to both efficiently manage our operations and explore other options to further grow our business.”
