|Land-based casino operator Great Canadian Gaming Corporation has announced its highest ever levels of earnings and revenues thanks, in part, to a 27 percent rise in profits for its Boulevard Casino in British Columbia.|
The Richmond-based firm operates ten casinos in Canada and the US and stated that revenues were up three per cent to $100.7 million on the final quarter of 2006 while net earnings reached $13 million compared to $11.5 million the year before. In addition, annual revenues came inn at $397.2 million for the year with earnings before tax up 13 per cent to $110 million.
“We completed several strategic gaming and service expansions, announced plans for additional developments, continued to enhance our operating efficiency and established a financial structure that provides flexibility for the pursuit of further value-creating opportunities,” said Ross McLeod, Chairman and Chief Executive Officer for Great Canadian Gaming Corporation.
“Our record revenues and earnings were led by Boulevard Casino and River Rock Casino Resort, both of which continue to benefit from impressive levels of patronage. These can be attributed to revitalised marketing efforts, hospitality upgrades and the continued success of our show theatres. Our effectiveness in executing against ongoing operating efficiency initiatives allowed us to achieve year-over-year combined earnings growth for these two flagship properties of nearly 15 percent while earnings as a percentage of revenues increased by 280 basis points.
“In addition to the operating improvements at Boulevard and River Rock, the company benefited in the second half of 2007 from the introduction of new gaming supply at both Fraser Downs and Hastings Racecourse. The initial contributions from these expansions provide an example of the significant growth Great Canadian is poised to realise given our strong pipeline of development initiatives.”