Canada
Great Canadian Gaming Announces Third Quarter 2020 Results
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
Powered by WPeMatico
BGaming
CasinoCanada launches free social slot tournament
CasinoCanada.com launches a new social tournament system built around free-to-enter slot competitions, combining daily, weekly, and monthly events with leaderboards, bonus prizes, and exclusive merchandise.
The tournaments are powered entirely by BGaming slots, marking the first industry collaboration between an affiliate brand and BGaming focused specifically on social tournament engagement.
Participation in all tournaments is free for registered users of legal gambling age.
Players compete across rotating tournaments featuring a changing lineup of BGaming titles, including hit titles Aztec Magic Bonanza, Bonanza Billion, and Elvis Frog, among others.
Prizes include various bonuses and free spins from CasinoCanada partner casinos.
Selected special tournaments also feature exclusive BGaming merchandise prizes.
Tournament performance is reflected in public leaderboards, adding a competitive and community-driven layer to the CasinoCanada experience.
While social slot tournaments have become increasingly common in iGaming, many existing formats are built around the same providers and similar tournament structures.
CasinoCanada’s approach focuses on free participation, rotating BGaming content, partner casino bonus rewards, merchandise prizes, and recurring competition.
Eugene Ravdin, Head of PR at CasinoCanada, said: “The affiliate industry is moving beyond static review pages and traditional bonus listings. Community features, recurring engagement formats, and social competition are becoming increasingly important for long-term audience retention.
“Our goal is to create something more interactive and community-driven while also giving more visibility to BGaming’s slot portfolio through a format that players can engage with on a daily basis.”
Kate Puteiko, CMO at BGaming, said: “Players and the community have always been the beating heart of everything we do here at BGaming.
Online play no longer has to be a solitary activity, and tournaments like this are an excellent way to connect players and enhance everyone’s experience.
CasinoCanada shares this vision, and this collaboration is a natural extension of that.
We are excited to see our games front and centre of these tournaments and for players to begin creating memorable moments competing with them.”
CasinoCanada plans to introduce additional community features in the future, including gamification systems and forum functionality designed to expand user interaction around the tournament ecosystem.
The tournaments are now live at: https://casinocanada.com/tournaments/
The post CasinoCanada launches free social slot tournament appeared first on Americas iGaming & Sports Betting News.
Betnova
Delasport Accelerates Canadian Growth
Delasport continues to strengthen its position in the Canadian regulated market, now powering three live brands in Ontario while preparing for further expansion into Alberta as the province moves toward opening its regulated online gaming market.
Delasport’s technology is currently live in Ontario with TitanPlay.ca, Maverick Games, and Betnova.ca. The company provides a combination of full turnkey platform solutions of Casino, Sport, Player Account Management and Managed Services as well as its high-performance Sportsbook iFrame technology. This enables operators to launch quickly while delivering a premium user experience tailored to the Canadian audience.
With Ontario continuing to establish itself as one of North America’s most competitive regulated markets, Delasport’s growing local presence reflects the company’s long-term commitment to Canada and its confidence in the market’s continued evolution.
“Ontario is a strategically important market for us, and it has already proven to be a strong success story. Seeing multiple brands successfully operating on our technology and services demonstrates the strength of our platform in acquiring and retaining players in Ontario. We’re excited to continue this momentum as we prepare for Alberta,” said Oren Cohen Shwartz, CEO of Delasport.
As part of its next phase of Canadian growth, Delasport has officially applied for Alberta’s upcoming B2B licensing framework and is already preparing to go live with a partner operator once the market opens.
The company’s Canadian momentum is further supported by its mobile-first approach. TitanPlay’s iOS application is already available on the Apple App Store for users in Ontario, delivering a seamless casino and sportsbook experience powered by Delasport technology.
Delasport’s platform in Canada includes a wide range of personalization and engagement tools designed to enhance user retention and entertainment value.
The company has continued to position itself as one of the industry’s leading providers in regulated markets worldwide, with a strong focus on scalable technology, localization, compliance, and player-centric innovation.
The post Delasport Accelerates Canadian Growth appeared first on Americas iGaming & Sports Betting News.
Canada
Responsible Gambling Council Urges Financial Institutions to Strengthen Protections Against Gambling Harm
The Responsible Gambling Council (RGC) has urged Canada’s financial sector to take a proactive role in mitigating gambling-related financial harm. A new whitepaper released highlights how banks and credit unions are uniquely positioned to protect the financial well-being of their customers.
The whitepaper, Opportunities for Impact: The Role of Financial Institutions in Mitigating Gambling-Related Harm, argues that financial institutions have a unique duty of care. Financial institutions have direct access to gambling transaction data that reveals early warning signs of financial vulnerability. These indicators include rapidly shrinking savings and an increased reliance on overdrafts or credit.
“The rapid expansion of regulated gambling in Canada requires an evolved response from our financial systems. By adopting tools already proven in other jurisdictions, Canadian banks can become leaders in protecting customer financial health,” said Tracy Parker, SVP, Accreditation, Advisory & Insights at RGC.
Jurisdictions like the UK and Australia have already recognized the powerful role financial institutions play. Banks such as Monzo and Starling in the UK were the first to offer voluntary gambling blocks to their customers. Similarly, the National Australia Bank provides dedicated support pages and links to financial counseling.
RGC recommends that Canadian financial institutions implement several key strategies:
• Improving the accuracy of Merchant Category Codes to better track gambling spend.
• Offering voluntary transaction blocks and self-defined monthly spend limits.
• Providing targeted messaging and support resources within digital banking platforms.
Beyond retail banking, RGC highlights the importance of commercial relationships. Financial institutions can influence industry practices by setting high harm prevention expectations for gambling operators. Integrating these considerations into due diligence processes helps mitigate reputational and regulatory risks.
The post Responsible Gambling Council Urges Financial Institutions to Strengthen Protections Against Gambling Harm appeared first on Americas iGaming & Sports Betting News.
-
AGCO6 days agoAGCO Takes Enforcement Action Against Two Companies for Allowing Their Games on Unregulated Gaming Websites
-
Caleta Gaming6 days agoCaleta Gaming launches Cluster Cup high-volatility football-themed slot
-
Apple4 days agoIBJR hails App Store approval as a milestone in the fight against illegal betting in Brazil
-
AB Trav och Galopp5 days agoRichard Woodbridge Elected to ATG Board of Directors
-
apuestas deportivas4 days ago¿Por qué Pix es central en la lucha contra el mercado ilegal de apuestas?
-
game release6 days agoSpinomenal adds Desperado Drifter Hold & Hit 3×3 to slot portfolio
-
Brazil4 days agoEsportes da Sorte campaign celebrates fans’ resilience in support of Brazil
-
Apple5 days agoEl mercado de apuestas brasileño enfrenta su semana más turbulenta



