Canada
Great Canadian Gaming Announces Second Quarter 2020 Results
Great Canadian Gaming Corporation announced its financial results for the three month period ended June 30, 2020 (the “second quarter”).
SECOND QUARTER 2020 UPDATES
The Company’s gaming facilities and ancillary amenities across the country have been temporarily closed since March 16, 2020 in an effort to contribute to the containment of the COVID-19 coronavirus pandemic (“the pandemic”).
Shareholders’ net loss from continuing operations of $31.4 million or $0.57 per common share in the second quarter, compared to shareholders’ net earnings from continuing operations of $48.0 million or $0.81 per common share in the same period in the prior year.
The Company has resumed certain Ontario capital projects after government mandated closures on non-critical construction projects were lifted by the Government of Ontario on May 19, 2020.
“We had a full quarter of business closure as a result of the temporary suspensions since March 16, 2020 in response to the pandemic. While we have taken actions to significantly reduce our operating expenses during the closure period, our second quarter results were negatively impacted materially by the closures. Since the closure of our 25 operations across the country almost five months ago, we worked closely with key stakeholders such as our Provincial Crown corporations and regulators to ensure our plans properly address provincial health authorities’ guidance and recommendations as provincial economies reopen,” stated Rod Baker, the Company’s Chief Executive Officer. “Certain provinces have now approved casinos to reopen as part of their phased reopening plans, and we are working diligently on determining the reopening timelines and dates as we complete the necessary health and safety enhancements outlined in our plans.”
FINANCIAL REVIEW
The temporary closures of the Company’s operations resulted in a decrease in revenues, expenses, Adjusted EBITDA1, Free Cash Flow1, and cash flows when compared to the same period in the prior year.
During the second quarter, the Company took measures to significantly reduce its operating expenses to mitigate the decline in revenues from the gaming facility closures. Human resource expenses in the second quarter primarily consisted of costs related to remaining personnel required to support the business during the closure period. For the three months ended June 30, 2020, approximately half of the property, marketing and administration expenses were related to direct property operating costs, including property taxes, insurance, utilities and maintenance, with the remaining half related to administration costs, including licenses, subscriptions and professional fees.
Revenues and Adjusted EBITDA for the second quarter were $62.8 million and $31.8 million, respectively. Revenues for the second quarter primarily consisted of the Ontario bundles’ annual entitlement of service provider fees for permitted capital expenditures recognized in full in the second quarter and continued service provider base fixed fees under the respective casino operating agreements, which resulted in a positive Adjusted EBITDA. Adjusted EBITDA was also positively impacted by $20.9 million in lease payments which are no longer recognized as operating expenses in Adjusted EBITDA due to the implementation of IFRS 16, the new lease accounting standard adopted in the prior year.
The Company recognized negative cash flows in the second quarter due to the temporary suspension of operations. In the second quarter, the Company had negative of $123.4 million, which was consisted of Adjusted EBITDA of $31.8 million, as previously discussed, less changes in non-cash working capital of $22.2 million, capital expenditures of $98.6 million, substantially all of which was in Ontario, payment of lease liabilities of $20.9 million, and interest paid of $13.5 million. The Company funded the negative Free Cash Flow of $123.4 million by borrowing an additional $60.7 million on its credit facilities for capital expenditures in Ontario and the remainder from available cash balances.
The Company had cash outflow of $383.7 million for the second quarter. Prior to the end of the first quarter of 2020, the Company drew $325.0 million on the revolving portion of the Senior Secured Credit Facilities to ensure it had sufficient liquidity available, which was repaid in full during the second quarter of 2020. Other cash outflows for the second quarter included payments to satisfy working capital obligations, payment of lease liabilities and capital expenditures, as discussed above.
Shareholders’ net loss from continuing operations was $31.4 million in the second quarter due to the above mentioned facility closures, which had a negative impact on revenues.
SOURCE Great Canadian Gaming Corporation
BetConstruct
BetConstruct Becomes the First iGaming Company to Offer Both B2B and B2C Licenses in Canada through Affiliate Entity
BetConstruct, a global pioneer in iGaming and sports betting solutions, has announced a significant milestone in the gaming industry. Through its affiliate entity, BetConstruct has become the first iGaming company authorized to facilitate the issuance of both Business-to-Business (B2B) and Business-to-Consumer (B2C) licenses. This remarkable achievement was made possible by obtaining a direct license authorization from the Tobique First Nation in Canada.
The Tobique First Nation, renowned for its innovative and forward-thinking regulatory approach, has entrusted BetConstruct’s affiliate entity with the authority to oversee applications and facilitate the issuance of licenses from its jurisdiction. This partnership underscores shared values of innovation, transparency, and a commitment to responsible gaming practices.
This historic development places BetConstruct at the forefront of the Canadian iGaming market, redefining the opportunities available to gaming operators. By leveraging its affiliate entity’s licensing capabilities, BetConstruct empowers businesses to navigate a streamlined and transparent regulatory environment, unlocking new opportunities for growth and innovation.
“At BetConstruct, we’ve always strived to push the boundaries of what’s possible in iGaming. This landmark achievement with the Tobique First Nation reflects our unwavering dedication to creating opportunities for our partners while upholding the highest standards of responsibility and integrity in gaming,” said Vigen Badalyan, Co-Founder of BetConstruct.
The issuance of dual licenses under the watchful eye of BetConstruct’s affiliate not only highlights BetConstruct’s commitment to supporting its partners but also reinforces the company’s role as a trusted leader in the global iGaming landscape.
This milestone signals a new era for regulated iGaming, as BetConstruct takes bold steps to establish a robust ecosystem for operators and consumers alike. With its direct license authorization from the Tobique First Nation, BetConstruct is setting a new standard for innovation, consumer protection, and sustainable growth in Canada and beyond.
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Canada
Great Canadian Entertainment and Petroglyph Development Group Announce Closing of the Acquisition of Casino Nanaimo and Elements Casino Victoria
Great Canadian Entertainment and Petroglyph Development Group Ltd. announced that PDG has closed the previously announced acquisitions of Casino Nanaimo and Elements Casino Victoria from Great Canadian, in historic transactions for both parties. PDG is a wholly owned corporation of Snuneymuxw First Nation (the “Nation”) and is dedicated to realizing the economic potential of the Nation.
The transactions, originally announced on June 24, 2024, for Casino Nanaimo and September 10, 2024, for Elements Casino Victoria, have received all required approvals from the regulatory authorities.
“We are thrilled to have completed these transactions. An incredible amount of work has been undertaken by our corporate team, our on-site teams at both properties, and PDG to achieve this successful closing. I am grateful for their efforts, as well as everyone at the B.C. Lottery Corporation and the Gaming Policy Enforcement Branch, who were thoughtful, diligent, and thorough in facilitating these closings,” said Matt Anfinson, Chief Executive Officer of Great Canadian.
“We look forward to working closely with PDG during the transition period to support the continued successful operation of Casino Nanaimo and Elements Casino Victoria,” Anfinson added.
“We celebrate the closing of our two casino acquisitions and our continued progress toward building a strong Snuneymuxw economy. For decades, Snuneymuxw leadership has worked tirelessly toward this moment, recognizing the connection between a strong economy, self-determination, and the foundation of nationhood. Today, we honour the achievements of those who came before us by securing businesses that will strengthen our Nation for generations to come. Thank you to the PDG and Great Canadian teams for your exceptional work. We look forward to a rewarding partnership with the B.C. Lottery Corporation, driving economic growth for the Nation and Province,” said Chief Mike Wyse.
Erralyn Joseph, President of PDG, said: “This measured acquisition marks an important milestone for PDG as we continue growing a corporate enterprise that reinvests directly into the prosperity of our Nation. With a strong operating plan focused on risk mitigation and yielding sizable returns, PDG continues to generate sustainable wealth for Snuneymuxw. With every step we are realizing our socio-economic potential and influence at a local, national, and global level. On behalf of the Board of Directors, we are pleased to share this news and remain committed to advancing economic growth in support of all residents connected to Snuneymuxw territory.”
“Acquiring these assets marks a pivotal shift for Snuneymuxw and Vancouver Island. This transition will fuel the Island’s economy, strengthening the Snuneymuxw Nation and ensuring the benefits stay local,” said Ian Simpson, Chief Executive Officer of PDG.
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The Ottawa Black Bears announced an extensive partnership agreement with PowerPlay Online Sportsbook and Casino that will see the company’s logo featured on the club’s home and away jerseys.
In addition to the jersey partnership, PowerPlay will also have branding elements inside the goal crease, behind the bench, on the LED display ring, and along the rinkboards for Black Bears home games at Canadian Tire Centre. As part of the deal, PowerPlay also becomes the exclusive sportsbook and online casino partner for the Ottawa Black Bears.
“We are thrilled to have PowerPlay on board for our inaugural season with such a comprehensive partnership agreement. Their investment with the Black Bears represents a foundational agreement for our lacrosse club. And we’re proud to wear their logo alongside ours as we launch our franchise,” said Chelsea McDermott, Vice President of Business Operations for the Ottawa Black Bears.
“We are excited to bring PowerPlay’s bold, community-driven spirit to Ottawa-Gatineau, partnering with the Black Bears as they establish themselves as a force in lacrosse. This partnership celebrates a sport deeply tied to Canada’s heritage and competitive energy. Together, we’ll ignite passion, energize fans, and deliver excitement all season long,” said Thomas Vermeulen, Marketing Director for PowerPlay.
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