Connect with us

Canada

Great Canadian Gaming Announces Third Quarter 2020 Results

Published

on

 

Great Canadian Gaming Corporation announced its financial results for the three month period ended September 30, 2020 .

THIRD QUARTER 2020 UPDATES

On November 10, 2020, the Company entered into a definitive agreement to be acquired by funds (the “Apollo Funds”) managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”). Under the terms of the agreement, Apollo Funds will acquire all the outstanding common shares of the Company for $39.00 per share.

Since the closures on March 16, 2020 in an effort to contribute to the containment of the COVID-19 coronavirus pandemic (“the Pandemic”), the Company has reopened its gaming properties under restricted operating conditions in Ontario and New Brunswick on September 28, 2020 and in Nova Scotia on October 5, 2020. Due to localized health authority mandates, Casino Woodbine and Casino New Brunswick were temporarily closed again on October 9, 2020, with Casino New Brunswick reopened again on October 23, 2020.

Shareholders’ net loss from continuing operations of $36.5 million or $0.66 per common share in the third quarter, compared to shareholders’ net earnings from continuing operations of $49.7 million or $0.85 per common share in the same period in the prior year.
“We are pleased that the transaction with Apollo represents a great opportunity for our shareholders, while continuing to support the success of the business longer term. We believe this transaction is beneficial for our shareholders, our team members, our guests, and other stakeholders as we continue to execute on our operational and development plans into 2021 and beyond, while we navigate through this volatile time,” stated Rod Baker, the Company’s Chief Executive Officer.

“We were able to safely reopen our gaming properties under restricted operating conditions in Ontario and in the Atlantic region, allowing us to initially bring back to work a small complement of team members in these provinces. We have worked diligently these past several months on comprehensive reopening plans that adhere to provincial guidelines on health and safety. We will continue to follow the direction of provincial governments and local health authorities, which continues to be rapidly fluctuating and will require the Company to adjust the operating environment in the future as conditions evolve, and may include temporary resuspensions like those we experienced with some of our properties,” continued Mr. Baker. “Although we have partially reopened our gaming properties, gaming revenues in each jurisdiction are significantly reduced due to the restricted operating conditions.”

FINANCIAL REVIEW

The temporary suspension of all of the Company’s gaming facilities for almost the entire third quarter resulted in decreases in revenues, expenses, Adjusted EBITDA1, shareholders’ net earnings (loss), Free Cash Flow1, and total cash flows, when compared to the same period in the prior year.

____________________________

1 Adjusted EBITDA and Free Cash Flow are non-IFRS measures, as described in the disclaimer section of this press release, and excludes discontinued operations

The Company incurred negative Free Cash Flow during the temporary suspension period. During the third quarter, the Company had negative Free Cash Flow of $54.8 million, which was primarily due to $62.2 million in capital expenditures related to our capital developments in Ontario. Negative Free Cash Flow for the third quarter of 2020 was an improvement from negative Free Cash Flow of $123.4 in the second quarter of 2020, which included capital expenditures of $98.6 million. This negative Free Cash Flow was funded with borrowings from the Company’s credit facilities, and the remaining from available cash balances.

The Company had cash outflow of $26.3 million for the third quarter, which was lower than the cash outflow of $97.8 million in the same period in 2019, due to reduced cash outflows from financing and investing activities. The Company repurchased $8.0 million of common shares under the normal course issuer bid in the third quarter of 2020, compared to $71.9 million of repurchases in the same period in the prior year.

OUTLOOK

“Despite the impact that the Pandemic has had on our construction projects, we are moving forward with our GTA capital development programs, primarily our Pickering Casino Resort and Casino Woodbine integrated resort developments, which will be primarily funded by our capital expenditures credit facility. We continue to assess the timing for the launch of these developments; however, we do not anticipate any impact to our total planned capital spend. As we continue to incur the expenditures related to these development programs, we are encouraged by the partial reopening of our gaming facilities which will assist us in improving our cash flow profile for the remainder of 2020 and beyond, subject to our gaming properties remaining open.”

“Great Canadian remains proactive in maintaining its capital structure while minimizing cash outflows and taking measures to reduce operating expenses as appropriate. As at September 30, 2020, Great Canadian continues to remain in stable capital and liquidity position with a cash balance of $471.9 million and $1,062.5 million of available undrawn credit on its credit facilities, subject to applicable covenants. The Company has entered into agreements with its lenders to temporarily waive compliance with its financial and operational covenants under certain of its credit facilities. As at September 30, 2020, we were in compliance with all applicable covenants and we are currently in preliminary discussions to extend our waiver period with our banking partners, who continue to provide ongoing support to our business,” concluded Mr. Baker.

SOURCE Great Canadian Gaming Corporation

Continue Reading
Advertisement

BCLC

Surrey Resident Wins Record-Breaking $80-Million Lotto Max Jackpot

Published

on

surrey-resident-wins-record-breaking-$80-million-lotto-max-jackpot

Justin Simporios is normally a sound sleeper who “can fall asleep anywhere” – but he had a very sleepless night, after learning he won an $80-million Lotto Max jackpot from the May 9, 2025 draw. This is the largest lottery jackpot ever won in B.C. and is also the largest jackpot ever won by a single individual in Canada.  

“It was 10:30 p.m.,” recalled Simporios of the moment he realized he won. “I saw that someone won $80 million in Surrey. I was joking and told my wife ‘we’re millionaires!’ and she told me to stop making that joke. After, I manually checked each number before scanning [using the BCLC Lotto! I cried and shouted, ‘we’re millionaires!’” 

The Surrey resident woke up his wife to share the news. “She was in complete disbelief and a bit mad at me because our daughter wasn’t feeling well.” Simporios’ wife luckily agreed this was a good reason to wake her.  

While still in disbelief about his win, Simporios is ultimately most excited to share his windfall with his family. “I want to help my family and my wife’s family. I’ll pay off my sister’s medical school debt and help my mom retire early – just giving my family a head start in life.”  

Giving back to the community in Surrey and B.C. is also a key priority for Simporios. “I’ve struggled before and needed help. Even if I can give an ounce of happiness, I want to help where we can. This feels like a dream.”  

As an avid LA Lakers fan, Simporios mentioned he would like to see LeBron James play before James retires. He also plans to visit his family in the Philippines for a family reunion. “My wife and kid have never visited!”   

On how it feels to win a record-breaking jackpot?   

“The biggest change will be having more time with my wife and family. We want to live with a purpose – to help the community around us.”  

Simporios purchased the winning ticket at the Walmart Supercentre in Central City on King George Boulevard in Surrey. 

So far in 2025, B.C. lottery players have redeemed more than $101 million from Lotto Max. Lotto Max is a nationwide lottery game drawn on Tuesdays and Fridays after 7:30 p.m. (PST).  

Players can purchase tickets at lottery retailers or at PlayNow.com. Winning numbers and group release forms can be found online at www.bclc.com. Players can check their lottery tickets anytime, anywhere on iOS and Android devices. Learn more about the BCLC Lotto! 

BCLC offers socially responsible gambling entertainment while generating income to benefit all British Columbians. Players can visit PlayNow.com to learn how to set time and money limits. 

The post Surrey Resident Wins Record-Breaking $80-Million Lotto Max Jackpot appeared first on Gaming and Gambling Industry in the Americas.

Continue Reading

AGCO

AGCO calls on media platforms to step up the fight against unregulated online gambling sites

Published

on

agco-calls-on-media-platforms-to-step-up-the-fight-against-unregulated-online-gambling-sites

 

The Alcohol and Gaming Commission of Ontario (AGCO) has contacted more than a dozen traditional and digital media platforms, calling on them to stop promoting unregulated online gambling and sports betting sites like Bodog to Ontario residents.

Operated by Il Nido Inc., Bodog is an offshore operator actively targeting Ontarians by advertising on popular traditional and digital media platforms. Despite blocking players in Quebec and Nova Scotia from accessing their unregulated gambling and sports betting sites, Bodog continues to allow Ontarians to access these sites while advertising heavily on traditional and digital media platforms targeting Ontarians.

Under the Gaming Control Act, 1992, Bodog and other online gambling sites are required to register with the AGCO and sign an operating agreement with iGaming Ontario in order to operate in Ontario. Ontario’s regulated igaming framework requires operators to meet comprehensive requirements related to game integrity, player protection, anti-money laundering and information privacy. Bodog’s efforts to direct Ontarians to unregulated gambling undermine player protection and other safeguards which exist in the regulated market, as well as fair market principles.

By airing ads for Bodog and other unregulated operators, legitimate media platforms are providing a veneer of legitimacy to unregulated and high-risk sites and creating confusion for Ontarians. The AGCO is therefore calling on these platforms to take a stand against the promotion of unregulated online gambling sites and remove the ads. By doing so, broadcasters and digital media companies will help reduce the risks these sites pose to Ontarians and support the long-term sustainability of Ontario’s regulated igaming market – all key objectives of the AGCO.

The AGCO will continue to work with its partners – both in Ontario and internationally – to combat these unregulated sites and protect the public.

“The AGCO is committed to protecting Ontario players and ensuring they have the safest experience by playing on regulated igaming sites. By refusing to carry advertising from unregulated and high-risk operators like Bodog, media organizations can exemplify social responsibility and play an important role in protecting Ontarians and supporting Ontario’s regulated market.”  – Dr. Karin Schnarr, Chief Executive Officer and Registrar, AGCO.

The post AGCO calls on media platforms to step up the fight against unregulated online gambling sites appeared first on Gaming and Gambling Industry in the Americas.

Continue Reading

Caesars Entertainment

OLG Selects Caesars Entertainment as the Service Provider for Windsor Casino

Published

on

olg-selects-caesars-entertainment-as-the-service-provider-for-windsor-casino

 

The Ontario Lottery and Gaming Corporation has selected Caesars Entertainment as the Service Provider in the Windsor Casino procurement process. This is the final procurement process in the OLG’s land-based gaming modernization initiative.

Tom Reeg, CEO of Caesars Entertainment, said: “We are thrilled to be selected as the service provider for the Windsor Casino by the OLG. Caesars has a long history of managing Windsor and looks forward to continuing to deliver exceptional guest service and experiences at the property.”

Caesars and its predecessor companies have partnered with the OLG to operate Caesars Windsor (fka. Casino Windsor) since the opening of the temporary facility in 1994. Caesars will assume responsibility for gaming and non-gaming operations of the Windsor casino on behalf of the OLG under a 20-year operating agreement, which is expected to begin in 2026.

OLG requires an 18-month restriction on any organizational changes consistent with other gaming bundle modernizations in Ontario. Unionized employees will continue to be governed by the terms of their collective agreement.

The post OLG Selects Caesars Entertainment as the Service Provider for Windsor Casino appeared first on Gaming and Gambling Industry in the Americas.

Continue Reading

Trending