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Great Canadian Gaming Announces Fourth Quarter and Annual 2018 Results
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Great Canadian Gaming Corporation announced its financial results for the three month period ended December 31, 2018 (the “fourth quarter”) and the twelve month period ended December 31, 2018 (“2018”, or “the full year”).
FOURTH QUARTER AND 2018 HIGHLIGHTS
- Revenues of $342.0 million in the fourth quarter and $1,221.0 million in the full year, an increase of 126% and 99%, respectively, when compared to the same periods in the prior year.
- Adjusted EBITDA(1) of $120.3 million in the fourth quarter and $474.4 million in the full year, an increase of 145% and 113%, respectively, when compared to the same periods in the prior year.
- Shareholders’ net earnings of $27.4 million or $0.46 per common share in the fourth quarter, an increase of 112% and 119%, respectively, when compared to the same period in the prior year. Shareholders’ net earnings of $151.2 million or $2.49 per common share in the full year, an increase of 79% and 80%, respectively, when compared to the same period in the prior year.
- During the fourth quarter of 2018, the Company purchased for cancellation 3,167,052 common shares at a weighted average price of $48.69 per share and further purchased 136,810 common shares subsequent to 2018 at a weighted average price of $48.49. The Company has purchased a total of 3,582,462 common shares under the current normal course issuer bid.
- On October 15, 2018, Shorelines Casino Peterborough opened.
- On December 11, 2018, the Company completed the redemption of the Senior Unsecured Notes using proceeds from the $350.0 million term loan facility under the Senior Secured Credit Facilities agreement and available cash reserves.
- On December 19, 2018, Shorelines Slots at Kawartha Downs re-opened after temporarily closing on October 14, 2018.
- On December 21, 2018, the Company introduced table games at Elements Casino Mohawk and Elements Casino Flamboro, marking the first time live dealer table games are available in the Halton Region and in the City of Hamilton where these facilities are located.
- On January 23, 2019, Great Blue Heron Casino opened its new building addition to expand the gaming floor, which introduced over 200 new slot machines and a new food and beverage option.
“With a remarkable 2018 complete, Great Canadian remains focused on the continued execution of its operational and development plans for 2019 and beyond,” stated Rod Baker, the Company’s President and Chief Executive Officer. “We achieved several milestones this year including the acquisition and integration of the GTA and West GTA Gaming Bundles, the renovation and expansion of several gaming facilities, the introduction of live dealer table games for the first time in the Greater Toronto Area at Casino Woodbine, and completed corporate and project financings to support our plans to grow the business.”
Increases in revenues and Adjusted EBITDA during the fourth quarter and full year, when compared to the same periods in the prior year, reflect the contributions from the GTA Gaming Bundle and the West GTA Gaming Bundle acquisitions, which began operations under the management of Great Canadian on January 23, 2018 and May 1, 2018, respectively.
“We have begun our comprehensive development plans in the GTA and West GTA Gaming Bundles, with many of our gaming facilities commencing construction during 2018 and will continue into 2019 and 2020,” said Mr. Baker. “Development plans for these sites will expand gaming offerings and introduce an exciting mix of hospitality and entertainment features at the properties that will deliver exceptional guest experiences within our respective markets.”
“The opening of the new Shorelines Casino Peterborough marks the culmination of the Company’s significant capital investment requirements into the East Gaming Bundle, which is now expected to deliver significant free cash flow. We also worked diligently with OLG to resume operations at the Shorelines Slots at Kawartha Downs, allowing this gaming and horse racing facility to continue making meaningful economic contributions to the community it serves.”
“As we make progress on the development of our Ontario properties, we continue to explore opportunities to reinvest in our properties in B.C., Atlantic, and United States. In particular, we plan to make capital investments to enhance our B.C. properties in the next few years. We remain committed to finding opportunities to enhance guest experiences at all our properties,” added Mr. Baker.
“At the end of the fourth quarter, Great Canadian had a cash balance of $336.8 million, available capacity of $356.8 million on its Senior Secured Credit Facilities, available capacity of $918.0 million on OTG’s credit facilities, and $151.0 million on OGWGLP’s revolving credit facility. The comprehensive development plans for the Ontario gaming bundles will be supported by their respective non-recourse credit facilities, reinvested cash flows from operations, and any partner contributions required,” continued Mr. Baker.
“Great Canadian has made significant enhancements to its capital structure during the fourth quarter of 2018, resulting in long-term financial stability for the Company. We completed our corporate refinancing with the redemption of the Senior Unsecured Notes on December 11, 2018, which effectively reduced our borrowing costs. Furthermore, the new Senior Secured Credit Facilities provides the Company with the additional financial flexibility to invest in our businesses or to pursue other opportunities to enhance value. To date, we repurchased a total of 3,582,462 common shares under the current normal course issuer bid, which increased shareholder interest by 6.2%. Great Canadian continues to find opportunities to make meaningful investments that will drive its business forward and provide added value to our shareholders and guests,” concluded Mr. Baker.
Great Canadian will host a conference call for investors and analysts today, March 5, 2019, at 2:00 PM Pacific Time in order to review the financial results for the quarter and year ended December 31, 2018. To participate in the conference call, please dial 416-764-8688, 778-383-7413, or toll free at 1-888-390-0546. Questions will be reserved for analysts and institutional investors. Interested parties may also access the call via the Investor Relations section of the Company’s website, www.gcgaming.com/financials. Investors using the website should allow 15 minutes for the registration and installation of any necessary software. A replay of the call will also be available at www.gcgaming.com/financials.
ABOUT GREAT CANADIAN GAMING CORPORATION:
Founded in 1982, Great Canadian Gaming Corporation is a BC based company that operates 28 gaming, entertainment and hospitality facilities in Ontario, British Columbia, New Brunswick, Nova Scotia, and Washington State. Fundamental to the company’s culture is its commitment to social responsibility. “PROUD of our people, our business, our community” is Great Canadian’s brand that unifies the company’s community, volunteering and social responsibility efforts. Under the PROUD program, Great Canadian annually invests over $2.5 million in our communities, and in 2017, over 1,900 charitable organizations were supported by Great Canadian. In each Canadian gaming jurisdiction, a significant portion of gross gaming revenue from gaming facilities is retained by our Crown partners on behalf of their provincial government for the purpose of supporting programs like healthcare, education and social services.
Please refer to the consolidated financial statements, management’s discussion and analysis, and annual information form at www.gcgaming.com (available on March 5, 2019) or www.sedar.com (available on March 6, 2019) for detailed financial information and analysis.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Great Canadian Gaming Announces Fourth Quarter and Annual 2018 Results
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Pennsylvania Skill, powered by Pace-O-Matic, applauds casinos for hitting revenue record of $6 billion in 2024
Incredible success creates questions about why casinos continue assault on skill games
Pace-O-Matic, the developer of Pennsylvania Skill games, congratulated the Pennsylvania Gaming Control Board (PGCB) and state casinos which saw an all-time high of $6.1 billion in revenue in 2024 and broke records during every month except one.
The 7.7% revenue increase from 2023 to 2024 comes from slot machines, table games, internet gaming, sports wagering, fantasy contests, and video gaming terminals (VGTs). The record includes a 25% increase in online gaming — iGaming — revenue over the previous year as more people turn to that form of gambling.
As the PGCB and casinos celebrate yet another enormous 12-month financial win, small businesses, veterans groups, volunteer fire companies, and other fraternal clubs across the state are also hailing the supplemental income they receive from operating legal skill games. Many would need to make difficult economic decisions without the revenue.
“It is tremendous that the state ended the year on such a high financial note with monthly and annual record-breaking revenue totals from casinos and other gambling enterprises under the jurisdiction of the PGCB,” said Mike Barley, chief public affairs officer for Pace-O-Matic, which created legal Pennsylvania Skill games. “This proves that casino gambling and small businesses and volunteer organizations that host skill games can coexist and succeed. No competition exists between the two.”
As the new legislative session begins, Barley also said he hopes casinos will not oppose legislation that fairly regulates and taxes skill games.
There is bipartisan, bicameral backing for legislation to be introduced by Sen. Gene Yaw and Rep. Danilo Burgos that will put guardrails around skill game operations and provide $250 million in new tax revenue for the state during the first year.
That revenue will only be generated through a reasonable tax on skill games. Barley added that casinos oppose the current 16% tax on skill games and want to see it more than doubled.
“Sadly, after years of unsuccessful legislation and legal challenges seeking an outright ban of skill games, the casino industry is now working to stop skill games through a business-killing tax rate. There is no way small businesses, American Legions, volunteer fire companies, Elks Clubs, and other places that count on skill games can pay the outrageous tax rate casinos champion.”
Propelled by a huge 25% increase in iGaming revenue, the combined 2024 revenue number is $6,137,414,455. During the last two years, as casinos fought skill games, this is the breakdown of the record revenue they were enjoying, according to the PGCB.
Percentage increases are for 2023 over the same months in 2022
- January – 18% increase
- February – 22% increase
- March – 11% increase
- April – 3% increase
- May – 7% increase
- June – 13% increase
- July – 9% increase
- August – 7.5%
- September – 6.2%
- October – 7.3%
- November – 1.7%
- December – 12.5%
Percentage increases are for 2024 over the same months in 2023
- January – 2.7%
- February – 9%
- March – 7.6%
- April – 5.9%
- May – 8.8%
- June – 7.1%
- July – 7.2%
- August – 11.6%
- September – 6.1%
- October – 2.8%
- November – 26%
- December – Nearly the same number as last year
For further information CONTACT: Jeanette Krebs, Pennsylvania Skill , [email protected]
The post Pennsylvania Skill, powered by Pace-O-Matic, applauds casinos for hitting revenue record of $6 billion in 2024 appeared first on European Gaming Industry News.
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It merges the hustle of the iGaming world with a unique token approach, weaving both real-time payouts and cutting-edge compliance tech into one flexible system. Folks who’ve been tracking this market may recall all sorts of attempts at payment gateways, but ZNX initiative sets its sights on bridging that gap between operators who demand stable clearing channels and players who crave quick gains. The end result is a setup that rewards everyone involved.
Redefining the iGaming Ecosystem
Since its inception in 2021, Zenex has been on a mission to reshape the iGaming industry by creating a resilient and forward-thinking ecosystem. With Zenex 2.0, this vision is elevated to new heights, addressing key industry challenges such as payment compliance, user engagement, and the optimization of operational costs through in-house IT developments and blockchain technology.
OnRamp Solution: Mitigating Miscode Risks
A major obstacle for iGaming businesses has been the issue of miscode transactions, which can result in fines ranging from $50,000 to $450,000 per violation. Despite this, many industry leaders are forced to operate in regions with restrictions, relying on methods that expose them to penalties. Zenex OnRamp provides a less risky alternative: it recasts deposits as token acquisitions instead of labeling them as gambling payments. This subtle shift cuts the chance of miscodes and simplifies how users fund their accounts.
Exclusive Discounts for Payment Services and Lowered Rolling Reserves
Traditionally, iGaming businesses are required to maintain high rolling reserves, leading to substantial initial deposits. With the introduction of Zenex tokens, businesses now have a more efficient and advantageous solution. By holding rolling reserves in ZNX tokens, merchants can access discounts on payment services. Additionally, transactions made through Zenex tokens come with reduced fees, including discounts on payment processing, risk management tools, and custom software development.
Zenex for Players, Token Holders, and Investors
Growth through the Burning Mechanism: A percentage (1-2%) of tokens used in transactions is permanently burned, reducing the circulating supply and driving up the value of ZNX tokens.
- Reward Programs: Zenex will offer attractive incentives for token holders and ecosystem participants, ensuring long-term engagement and loyalty.
- ZNX Jackpot Lottery: Token holders will have the chance to participate in the weekly Zenex lottery, where lucky ZNX holders can win a growing jackpot.
- Zenex iGaming NFTs: Token holders will also be able to become co-owners of iGaming venues such as casinos or betshops, receiving a share of the profits generated by these establishments.
Revolutionary Payment Cards for VIPs
Zenex introduces its groundbreaking payment cards that revolutionize how users interact with both online and offline casinos. These cards offer several benefits:
- One Card, Multiple Currencies: Store your crypto and fiat in a single account. Spend or withdraw instantly without juggling separate wallets or exchange apps.
- Cash on Demand: Loading up is easy at local cash points in regions like Morocco, Algeria, Tunisia, and Egypt, smoothing out deposits for players on the go.
- Truly Global Coverage: ZNX cards cut out transaction limits, so you can shop at home or abroad without hitting a spending ceiling. Plus, they support withdrawals in the local currency across 150 countries—reassuring for frequent travelers.
- Dedicated IBANs: Players get individual IBANs, simplifying big deposits and ensuring a more transparent, hassle-free experience for all.
What’s Next for Zenex?
Zenex 2.0 will begin its rollout across multiple regions starting in Q1 2025, with a primary focus on forming strategic partnerships with gaming operators, payment providers, and local businesses. Zenex is also exploring the expansion of token utility into innovative areas such as NFT-based franchise models and equity-linked wallets.
The post Zenex 2.0: Revolutionizing the iGaming Industry in 2025 appeared first on European Gaming Industry News.
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RubyPlay, known for its gaming solutions, entered into an agreement with Internet Vikings for VMware cloud hosting in the U.S. Internet Vikings’ delivery of RubyPlay’s infrastructure was completed in record time. The first order was successfully deployed within just one week, and subsequent orders were fulfilled the same or next day after agreement sign-off.
Following its successful launch in New Jersey, RubyPlay has extended its collaboration with Internet Vikings by opting for bare metal servers hosted in Internet Vikings’ data center near Atlantic City as a backup solution, ensuring data integrity and uninterrupted operations as RubyPlay expands its footprint in the U.S.
“We are proud to support RubyPlay’s expansion and to deliver their infrastructure in such a short time. We look forward to a long-term collaboration with them.” said Rickard Vikström, CEO and Founder of Internet Vikings.
When RubyPlay made the decision to enter the U.S. market, Internet Vikings’ tailored hosting solutions and proven expertise presented the perfect fit. The team’s responsiveness and collaborative approach have further enhanced this partnership, ensuring smooth operations throughout.
For press inquiries, please contact: [email protected]
The post Internet Vikings Supplies RubyPlay with U.S. Hosting Solutions appeared first on European Gaming Industry News.
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