The Great Canadian Gaming Corporation reported financial earnings during the third quarter of 2014.
The company reported that their Revenue was up by 9 percent over the second quarter, rising to hit a total of $112.3 million. They also saw increases in EBITDA, which increased by 16 percent to reach $45.5 million. The overall net earnings of $19.9 million was double what the company made during the same period in 2013, while the adjusted net earnings, which totaled $20.1 million, was a 51 percent increase.
The company owns both the River Rock Casino Resort and the Hard Rock Casino Vancouver, and both saw overall revenue increases. The River Rock's revenue was up 16 percent to $50.9 million, while its EBITDA was up 24 percent to $29.4 million.
The Hard Rock Casino Vancouver's revenue increase wasn't quite as high--the casino was up 10 percent, bringing in $12.8 million. Their EBITDA increase was higher than River Rock, though--their third quarter figures were up by 27 percent, for a total of $3.8 million.
Overall, the company has a total revenue of $330.8 million for the first nine months of 2014, an 8 percent increase over the $305.7 million it brought in during the first three-fourths of 2013. The EBITDA has increased 15 percent to $133.1 million this year over the $115.4 million from last year.
The president and CEO of the company stated that their financial results had much to do with the revenues coming for River Rock. They've seen increases in their quarterly table drop as well as the table hold (up to 27 percent and 28.6 percent respectively). While the Hard Rock Casino Vancouver isn't bringing in as much, the company is still pleased with the results. It's slowly establishing itself as one of the top entertainment and gambling destinations in Vancouver, and the CEO expects to see the Hard Rock continue to perform better and better each year.
Great Canadian Gaming held a conference call on November 5th for its investors and gaming analysts to present these figures and discuss the overall performance of the two casinos during the third quarter. While anyone was free to listen, only analysts and corporate investors were allowed to ask questions.
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