Canada

Great Canadian Gaming Announces Second Quarter 2020 Results

Published

4 years ago

August 14, 2020

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.

European Gaming Congress 2024 (Warsaw, Poland)

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

British Columbia Lottery Corporation (BCLC)

IGT Launches its Second Omnichannel Wide Area Progressive Game in Canada, Money Mania Slots

Published

2 days ago

September 6, 2024

GamingAmericas.com

igt-launches-its-second-omnichannel-wide-area-progressive-game-in-canada,-money-mania-slots

International Game Technology PLC announced that it recently launched its second omnichannel Wide Area Progressive (WAP) game for Canada, Money Mania slots. The game is currently available on British Columbia Lottery Corporation’s (BCLC) PlayNow.com site and at 22 BCLC-governed casinos throughout British Columbia. IGT is the only supplier in the world to offer omnichannel jackpot games with shared jackpot liquidity across the land-based, online and mobile versions of the games.

“We know our players love the excitement that the Powerbucks games offer, so BCLC is thrilled to launch IGT’s Money Mania – another title that draws upon the same opportunity for cross-channel jackpots. Both BCLC and IGT are passionate about bringing innovative games to players and fueling responsible growth in the industry. We also recognize that BCLC is in a unique position with our ability to offer cross-channel experiences for players. Whether players choose to play Money Mania at the casino or online, we’re confident this is another game they’ll love,” said Dan Beebe, BCLC Chief Operating Officer.

IGT’s Money Mania is a proven multi-level progressive (MLP) game that features player-favorite game mechanics and multiple base-game themes. The game includes a $100,000 top-level “Money Jackpot” and a fast-growing, fast-hitting second-level WAP jackpot – “Mania Jackpot”. With a jackpot-reset value of $4000, the game’s “Mania Jackpot” is designed to hit frequently, especially with land-based, online and mobile gameplay all simultaneously feeding the jackpot meter.

“IGT’s Money Mania omnichannel WAP game is designed to frequently deliver mid-to-large-size jackpots, drive cross-channel gameplay and engage BCLC players online and in casinos. Like Powerbucks, IGT’s Money Mania is at the forefront of jackpot innovation and supports IGT’s commitment to and leadership in omnichannel content and innovation,” said David Flinn, IGT SVP Sales, Canada, South and Central America.

BCLC was the first gaming operator in the world to offer an omnichannel jackpot game when it partnered with IGT for the 2016 launch of Powerbucks slots. Since then, IGT’s Powerbucks has remained one of the top-performing games in Canada and has minted more than 50 millionaires across the country.

BCLC

BCLC Launches PROLINE Sportsbook at B.C. Retail Locations

Published

3 days ago

September 5, 2024

GamingAmericas.com

bclc-launches-proline-sportsbook-at-bc.-retail-locations

BCLC has launched PROLINE – a first-of-its-kind digital retail sportsbook – across all B.C. lottery terminals.

PROLINE offers the most popular sports-betting options previously available on BCLC’s Sports Action, as well as other new offerings. In addition to Toto, Oddset 2-outcome, Oddset 3-outcome, money line, point spread, totals and props, single-event betting and dynamic odds will be offered for the first time at retail locations.

“This is an exciting evolution for BCLC and for sports bettors across the province. PROLINE offers an updated and innovative sports betting experience and is the pivotal next step for BCLC in offering exciting new sports products to our valued players,” Dan Beebe, Chief Operating Officer at BCLC, said.

To play, players will have to download the new BCLC PROLINE app on their phone, create their digital bet slips in the app and receive an app-generated QR code, which they can bring to any lottery retail location to scan and receive a printed ticket. As added flexibility, players can also create their PROLINE bets on their laptops or tablets through the PROLINE website.

BCLC is also planning for other new sports-betting experiences in the months ahead, which will include enhanced betting experiences at B.C. bars and pubs and exciting new offerings at B.C. casinos around the province.

BCLC is the official sports betting partner of the Vancouver Canucks, Abbotsford Canucks, Vancouver Warriors, BC Lions and the 11th Grey Cup, which takes place at Vancouver’s BC Place on November 17.

Aleksandra Drigo Sales Director at CasinoCanada

CasinoCanada Announces A New Partnership With RollXO Casino By N1 Partners

Published

4 days ago

September 4, 2024

GamingAmericas.com

casinocanada-announces-a-new-partnership-with-rollxo-casino-by-n1-partners

CasinoCanada, the number one gambling guide for players in Canada, is thrilled to announce its new partnership with RollXO Casino, a premier brand under the umbrella of N1 Partners.

This collaboration marks a significant step in CasinoCanada’s mission to provide its audience with the most comprehensive and up-to-date information on top gaming experiences.

The partnership agreement will grant RollXO premium visibility across high-traffic sections of CasinoCanada’s website, which has been a trusted source for Canadian players for over 20 years. As part of this collaboration, the CasinoCanada team will conduct an in-depth review of WinSpirit, ensuring their audience receives comprehensive insights into what the casino offers.

RollXO Casino, known as Canada’s hotspot for electrifying games, substantial rewards, and continuous entertainment, renowned for its impressive lineup of over 12,000 games from more than 100 game providers, offers a premium online casino experience that is both thrilling and rewarding, and a generous welcome bonus package totaling +350% up to €/$15,000.

N1 Partners, the multi-brand affiliate program that RollXO Casino is part of, boasts several high-converting casinos and betting brands, making this partnership a strategic move for both CasinoCanada and RollXO. By joining forces, both brands aim to leverage their strengths to deliver unmatched value to their readers and players, special offers, and unique insights to the Canadian gambling community.

“We are delighted to partner with RollXO Casino and bring its outstanding gaming options to our readers,” said Aleksandra Drigo, Sales Director at CasinoCanada. “This partnership aligns perfectly with our commitment to showcasing the best in the gaming industry and providing our audience with valuable insights and opportunities to enjoy world-class gaming experiences.”

The partnership is already live, with RollXO Casino reviews and exclusive offers now available on the CasinoCanada website. This collaboration promises to bring more exciting updates, exclusive content, and tailored promotions to the Canadian gambling audience.