Great Canadian Gaming, the company behind some of the most popular land based casinos, this month illustrated that there is still a healthy demand among Canadian players for land based casino action when releasing their financial figures for the final reporting period of 2012.
The key details in the release are of course the revenues and net earnings, and both indicate that the company remains strong as more and more Canadians are flocking to online casinos. Revenues were $102.8 million for the period, making for total revenues across 2012 of $408.7 million, an increase of 7% and 5% respectively compared to the same periods in 2011. Adjusted net earnings remained healthy, at $8.8 million for the quarter and $45 million for the year in total.
While 2013 is bound to be somewhat challenging for the company, the figures indicate that local Canadians still have faith in their home operators. Great Canadian Gaming itself is a well-known brand among gamblers and operates gaming establishments throughout the country, with popular locations in British Columbia, Nova Scotia and Ontario among others. Their portfolio extends from hotel resorts with casinos as part of the package to racetrack casinos, and they are also one of the largest gambling related employers in Canada with over 4,000 staff, plus 600 in Washington State which is home to their only international operation.
River Rock and Chances Chilliwack, located in Vancouver and British Columbia respectively, were two of the main driving factors behind the company’s decent financial performance although one potential downside is the fact that their success managed to cover up issues in some other territories. Various legislation issues in Ontario, combined with challenging conditions in other areas of Canada, mean that there remains plenty for Great Canadian Gaming’s management team to tackle in the coming months. Ontario in particular could be an influential area for the company as they base much of their racetrack operations there and are facing the possibility of losing leases based on decisions made by OLG.
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