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.