Game Guides
Other Pages
Best Software Providers
Popular List
Best Payment Methods
Most Popular
Best Bonuses
Our Favourite Offers
Country Specific Pages
Popular List

Great Canadian Gaming Records Losses in 2020 Financial Report

Posted on March 12, 2021 | 10:16 am

Great Canadian Gaming Corporation, one of the largest gaming and entertainment companies in the country, recorded decreasing revenues and lost money in 2020, according to their official financial report for the year.

The company operates 26 gaming, entertainment and hospitality facilities in Ontario, British Columbia, New Brunswick, and Nova Scotia. Last year, most of their venues were closed due to restrictions related to the novel coronavirus pandemic.

Great Canadian reported a negative cash flow of 97.4 million Canadian dollars for the last quarter of 2020, and 326.4 million dollars for the entire year. Those figures are a lot worse than what was recorded in 2019 when the company had a negative cash flow of just 54.5 million dollars.

Cash outflow for the last quarter of 2020 was 37.1 million dollars, almost half of the 19.9 million of 2019. The difference between the two figures can be explained by the drop in cash accumulated due to closed gambling facilities for most of the year.

Despite the poor financial performance, Terrance Doyle, the company’s Interim Chief Executive Officer, insisted that the firm has “made significant steps” to achieve “long-term success.”

Doyle took over the position of CEO after Rodney Baker, the former leader of the company, was forced to step down after it was discovered that he broke health protocols in order to get a COVID-19 vaccine for himself and his wife.

Read More

Takeover Is Now Imminent

In November 2020, Apollo Global Management, a powerful private equity firm, made an attempt to acquire Great Canadian Gaming Corporation for just over 3.3 billion Canadian dollars. Apollo wanted to purchase all outstanding shares issued by Great Canadian Gaming at a price of 39 dollars per share.

The offer was accepted by Great Canadian Gaming’s board, but the shareholders wanted a better price per share and rejected the deal. Apollo made a new offer of 45 Canadian dollars per share, the trade value of Great Canadian shares in February, before the coronavirus pandemic started having a serious impact on the business.

The improved offer secured the approval of the majority of the shareholders, and was also approved by the Supreme Court of British Columbia. The acquisition is expected to be wrapped up in the second quarter of 2021, pending regulatory approval.

Source: “Great Canadian Gaming Announces Fourth Quarter and Annual 2020 Results“Newswire. March 2, 2021.

Read More

To make this site work properly, we sometimes place small data files called cookies on your device.