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Great Canadian Gaming Announces First Quarter 2019 Results
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Great Canadian Gaming Corporation announced its financial results for the three month period ended March 31, 2019 (the “first quarter”).
FIRST QUARTER 2019 HIGHLIGHTS
- Revenues of $312.1 million in the first quarter, an increase of 35% when compared to the same period in the prior year.
- Adjusted EBITDA(1)(2) of $111.6 million in the first quarter, which included a $20.8 million positive impact from IFRS 16 adoption. Adjusted EBITDA of $88.9 million in the same prior year period.
- Shareholders’ net earnings(2) of $32.6 million or $0.55 per common share in the first quarter, which had a $2.2 million or $0.04 per common share negative impact from IFRS 16 adoption. Shareholders’ net earnings of $29.2 million or $0.48 per common share in the same prior year period.
- On April 24, 2019, Great Canadian announced that it has completed agreements with the Ontario Lottery and Gaming Corporation (“OLG”) and the owners of Ajax Downs racetrack to continue operations at Casino Ajax beyond the opening of the Company’s new casino resort property currently under development in Pickering, Ontario.
- On April 26, 2019, the Company announced an agreement to sell its subsidiary Great American Gaming Corporation (“Great American”) for proceeds of US$56.0 million.
- 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.
- During the first quarter of 2019, Elements Casino Mohawk and Elements Casino Grand River added approximately 290 slot machines and 190 slot machines, respectively.
- During the first quarter of 2019, the Company purchased for cancellation 136,810 common shares at a weighted average price of $48.49 per share. The Company has purchased a total of 3,582,462 common shares under the current normal course issuer bid which expires on July 2, 2019.
“With a successful 2018 behind us, the Company remains focused on the execution of its operational and development plans for 2019 and beyond,” stated Rod Baker, the Company’s Chief Executive Officer. “This includes the upcoming launch of the new world-class casino resort in Pickering, Ontario as well as several exciting facility and operational upgrades to our recently acquired properties in Ontario. We also worked diligently with OLG to extend operations at Ajax Downs beyond the opening of Pickering, allowing this gaming and horse racing facility – that was previously expected to close – to continue making economic contributions to the community it serves. Despite the strong progress made to grow the business, our first quarter in 2019 experienced challenges from the extreme weather conditions, which negatively impacted guest visitation at our Ontario gaming facilities.”
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(1) |
Adjusted EBITDA is a non-IFRS measure as described in the disclaimer section of this press release. |
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(2) |
2019 financial results reflect the adoption of IFRS 16, Leases as described in the Financial Review section of this press release. Comparative information has not been adjusted for IFRS 16 |
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FINANCIAL REVIEW
Revenues increased during the first quarter of 2019, when compared to the same period in the prior year, primarily attributable to a full quarter of operations from the West GTA Gaming Bundle, 22 additional operating days from the GTA Gaming Bundle, and new revenues from the introduction of table games at Woodbine. Revenues also increased from the East Gaming Bundle due to the additional revenues from Shorelines Casino Peterborough, which opened on October 15, 2018 and Shorelines Slots at Kawartha Downs, which re-opened under agreed terms on December 19, 2018. These increases were partially offset by the previously mentioned extreme weather conditions in the first quarter of 2019.
Adjusted EBITDA increased during the first quarter, when compared to the same period in the prior year, mainly due to the accounting impact of IFRS 16, the new lease accounting standard adopted on January 1, 2019. Readers are cautioned that the financial results for the comparative period in 2018 have not been adjusted for IFRS 16.
Implementation of IFRS 16:
IFRS 16 specifies how to recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all material leases.
The following are the key changes in the first quarter due to adoption of IFRS 16:
- On January 1, 2019, the Company recognized right-of-use assets and lease liabilities of $996.0 million and $947.3 million, respectively.
- Adjusted EBITDA was increased by $20.8 million due to certain lease payments, previously recognized as “property, marketing and administration” expense, being recorded against lease liabilities.
- Amortization expense was increased by $14.2 due to amortization of right-of-use assets, and interest and financing costs, net, was increased by $12.4 due to interest accretion on lease liabilities.
- Net earnings was decreased by $5.0 million and Shareholders’ Net earnings was decreased by $2.2 million.
See Great Canadian’s Condensed Interim Consolidated Financial Statements and Management’s Discussion & Analysis for the three months ended March 31, 2019 for further information.
OUTLOOK
“We continue to execute on our comprehensive development plans in the GTA and West GTA Gaming Bundles, with construction underway at several gaming facilities,” said Mr. Baker. “Development plans for the gaming facilities in these bundles 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. Construction of the new world-class casino resort in the Durham region located in Pickering, Ontario is well underway. Elements Casino Mohawk is expected to launch expanded gaming in the second quarter of 2019, and will feature approximately 1,500 slot machines and 60 table games once renovations are complete.”
“Great Canadian’s enhanced capital structure after its corporate refinancing in the fourth quarter of 2018 has given the Company additional financial flexibility to invest in our business as well as pursue other opportunities to enhance value. In the fourth quarter of 2018, we utilized $40.0 million of capacity on our revolving credit facility to repurchase shares under the normal course issuer bid which was fully repaid in the first quarter of 2019, demonstrating our disciplined approach to use of capital that has allowed us to maintain our strong financial position. Great Canadian continues to make meaningful investments and explore opportunities that will drive its business forward and provide added value to our shareholders and guests, as evidenced by the recent divestiture of Great American,” concluded Mr. Baker.
CONFERENCE CALL
Great Canadian will host a conference call for investors and analysts today, May 6, 2019, at 8:00 AM Pacific Time in order to review the financial results for the quarter ended March 31, 2019. 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. 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.
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 supports hundreds of non-profits, community groups, and in 2018, Great Canadian team members spent over 15,000 hours volunteering for various charitable and community initiatives. 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 Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis at www.gcgaming.com or www.sedar.com (available on May 6, 2019) for detailed financial information and analysis.
The financial results on the following page are unaudited and prepared by management. Expressed in millions of Canadian dollars, except for per share information.
Source: Great Canadian Gaming Corporation
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 First Quarter 2019 Results
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JioBLAST Launches All Stars vs India powered by Campa Energy: A New Era of Creator-Driven Esports Entertainment
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JioBLAST today announced the launch of JioBLAST All Stars vs India powered by Campa Energy, an exciting new creator-led, competitive entertainment format featuring BGMI, that brings gaming icons and fans together on one stage. The high-octane event will take place on 29th–30th November 2025 at NESCO, Mumbai, with registrations open on the JioGames app.
JioBLAST All Stars marks JioBLAST’s debut in India’s rapidly growing gaming and esports entertainment landscape and will headline GamingCon Bharat 2025, one of the country’s premier gaming festivals. Designed for India’s massive gaming audience base, All Stars vs India is a unique format that allows fans to either team up with or take on their favourite creators, transforming audiences into participants in an immersive, interactive show experience.
The tournament is a first-of-its-kind creator-led esports entertainment format featuring two fan-driven competitions, including a Jio Solo Tournament, exclusive for Jio customers to play with their favourite stars and an open Team Tournament for squads across India to play against the All stars.
Speaking on the announcement, Charlie Cowdrey, CEO, JioBLAST, said: “We’re thrilled to launch JioBLAST All Stars vs India, a fan-first, creator-powered format designed to bring India’s next wave of gamers into the spotlight. This is just the beginning of how JioBLAST will redefine competitive entertainment in India – more events, bigger line-ups, and new formats that level up every season. We’re thankful to KRAFTON for enabling us to bring this experience to the BGMI community.”
On the partnership, Megha Raturi, CMO, Reliance Consumer Products Ltd, said: “Campa Energy is more than a beverage; it’s an attitude. By partnering with JioBLAST, we’re tapping into the spirit of India’s unstoppable youth, those rewriting the rules of competition and resilience through gaming. All Stars vs India is a celebration of that unbreakable drive.”
At its core, JioBLAST All Stars represents a new era of competitive entertainment, where creators, fans, and communities converge in a format that celebrates participation. With open online qualifiers for players, JioBLAST is enabling aspiring gamers to share the stage with some of India’s most followed and respected gaming content creators at GamingCon Bharat.
Star-Studded Creator Line-up
- Payal Gaming
- Shreeman Legend
- Soul Regaltos
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Fans can qualify through open tournaments hosted on JioGames, leading to the Creator vs Community showcase matches on the main stage. The live event will feature professional production, live shoutcasting, fan meet-and-greets, and exclusive creator-driven content, ensuring a premium experience both on-ground and online.
JioBLAST All Stars vs India Registration Details:
- Event: JioBLAST All Stars vs India powered by Campa Energy
- Venue: GamingCon Bharat, Nesco, Mumbai
- Dates: 29–30 November 2025
- Game: Battlegrounds Mobile India
- Registrations to compete: Open until November 14th on the JioGames app
- Team Tournament: Open for all players across India
- Jio Solo Tournament: Exclusive for Jio users
- Total tournament Prize Pool : INR 10,00,000
Gaming enthusiasts can buy GaminCon Bharat 2025 tickets from District by Zomato. JioBLAST is a joint venture between Jio, BLAST, and RISE Worldwide Limited, combining Jio’s 500+ million-strong digital ecosystem with BLAST’s global expertise in esports entertainment and RISE’s leadership in sports and event management. Together, they aim to build India’s most engaging and scalable esports IP ecosystem – from world-class tournaments to creator-driven entertainment formats.
With India emerging as one of the world’s largest gaming markets and the Online Gaming Bill 2025 actively supporting industry growth, JioBLAST is set to accelerate the nation’s journey towards becoming a global esports powerhouse.
The post JioBLAST Launches All Stars vs India powered by Campa Energy: A New Era of Creator-Driven Esports Entertainment appeared first on European Gaming Industry News.
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Rapidly-expanding software provider enters its 13th regulated market following Italian regulator’s approval of Elysium Studios – Driven by Swintt titles
Having previously outlined its intentions to enter more regulated markets throughout 2025, sought-after software provider Swintt has announced that it has now officially been greenlit by Italy’s Agencia delle Dogane e dei Monopoli (ADM) to offer its slots in the country.
The new certification has initially been granted for Elysium Studios – Driven by Swintt titles, and though further approval is planned for both SwinttPremium and SwinttSelect releases in the not-too-distant future, the provider has already put pen to paper with two of Italy’s leading operators.
Launched in 2024 following Swintt’s acquisition of Elysium Studios, Elysium Studios – Driven by Swintt is a cutting-edge collection of releases that incorporates elements of social, mobile and casino gaming to deliver a more engaging experience that’s custom-made for the modern player.
Featuring inventive themes, innovative features and intuitive, mobile-first game mechanics, some of the biggest hits to come from the collaboration to date include the quirky, folk lore-inspired I Hate Fairytales and the swashbuckling skull and bones epic, Pirate Pledge Hold & Win.
Given both titles boast a cast of characters that includes everything from punk rock princesses to salty sea dogs and a huge selection of rewarding bonus rounds, the two games and many more from the Elysium Studios line-up are certain to prove a popular addition among Italian audiences.
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David Mann, Chief Executive Officer at Swintt, said: “At Swintt, our focus has always been on ensuring that our content gets put in front of players in as many regulated markets as possible – and acquiring ADM approval to offer our games in Italy is another significant step on this journey.
“As an established iGaming market with a huge emerging player base, we feel our Elysium Studios – Driven by Swintt line-up can make a big impact in the region and we look forward to being able to roll out our other core line-ups very soon.”
The post Swintt games go live in Italy after receiving ADM certification appeared first on European Gaming Industry News.
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Here are this weeks latest slots releases compiled by European Gaming
Relax Gaming is diving to the ocean floor for Treasure Tumble Dream Drop, an 8×8 cluster-pays adventure in the hit Tumble series starring fearless explorer Scarlett Spinz. Momentum is everything as position multipliers build, cluster wins cascade and a suite of blocker-busting power-ups keeps the action flowing, with a maximum win potential of 10,000x.
Get ready for a fresh, fruity adventure with Amusnet’s newest slot – 20 Bulky Fruits Buy Bonus! This colourful game brings classic fruit symbols to life across 20 paylines, offering plenty of ways to hit winning combinations and enjoy nonstop excitement. The Buy Bonus feature lets you jump straight into the action, unlocking bonus rounds whenever you want for instant thrills.
TaDa Gaming, has added to its renowned TriLuck series with a classic Chinese themed slot game, 3 Lucky Baozhu. Offering multiple ways to win, 1000x max and 97% RTP, this gorgeously colourful game sparkles and crackles with fortune and good luck. The five reels, three rows, 50 fixed paylines grid holds traditional symbols including Caishen god of wealth, lucky red envelopes, lanterns and musical instruments.
Spinomenal has released Demi Gods VII Ultra Mode as part of its hugely successful Demi Gods Series. This is a 5×4 reel 50 lines video slot that takes players on an epic journey through the realm of the immortals, where financial fate rests with the gods. A powerful, surging soundtrack amplifies the gameplay and makes for a thunderous reels experience.
Endorphina has released its newest Halloween title, 3 Witch Pots. The slot features 5 reels, 4 rows, and 40 fixed paylines. This Halloween addition to the Endorphina slots portfolio takes players on a mystical journey to help a skillful witch’s lair.
Witness the downfall of John, a man of order, a devoted father, a loyal husband and a pillar of routine. Nolimit City’s latest release, Disorder, unearths the twisted origin story of Mental and Mental II. This highly anticipated slot falls under the extreme themed category of Nolimit City slots such as Serial and Disturbed.
BGaming invites players to saddle up and head to the Wild West in the brand-new Wild Wick online slot. The game is the latest to be developed in collaboration with Strmlytics, a leader in live-streaming data analytics. Wild Wick introduces players to a charismatic bounty hunter inspired by classic Western Heroes from Clint Eastwood’s Man with No Name and Terence Hill’s Lucky Luke to the animated cowboys of the Soviet cartoon Treasure Island.
Stakelogic is closing out spooky season in style with Soul Slayer, a gripping slot experience where every spin becomes a battle for survival. Set in a world consumed by demonic forces, Soul Slayer challenges players to embrace their inner warrior and strike back with precision, fury, and Wild-filled rewards.
Red Rake Gaming presents Get the Coins!, a slot that combines gold coins with Major, Minor, and Grand prizes in a dynamic, fast-paced experience. This release offers rapid gameplay and an exclusive Mini-Game that delivers unique reward opportunities in every session. With its 3×3 reel format, each spin can generate coins and trigger the “Get the Coins!” Mini-Game with collectible coins whenever at least one coin appears on each reel.
Spinmatic announced the launch of Elemental Fusion, a revolutionary title that fuses the mechanics of Video Slots with the engaging features of Plinko games. This innovative product release highlights Spinmatic’s commitment to developing unique and compelling gaming experiences for the igaming market.
Amusnet has released 20 Golden Coins: Reel Fishing, a next-generation video slot that combines the charm of the game classics with the thrill of modernity. This 5-reel, 20-payline release brings the joy of fishing to life with vibrant visuals, engaging features and a soundtrack that fully immerses players in a sunny day by the water.
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The post Week 45/2025 slot games releases appeared first on European Gaming Industry News.
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