March 9, 2016 – Richmond, BC – Great Canadian Gaming Corporation [TSX:GC]
(“Great Canadian,” or “the Company”) today announced its financial results for both
the three month period “the fourth quarter”) and the twelve month period (“2015,” or. “the full year”) ended December 31, 2015.
FOURTH QUARTER AND 2015 HIGHLIGHTS
- -Revenues of $121.1 million for the fourth quarter and $453.8 million for the full year, increases of 5% and 2% respectively, when compared to the same periods in the prior year.
- -Adjusted EBITDA(1) of $45.1 million in the fourth quarter and $180.6 million for the full year.
- -Shareholders’ net earnings of $17.6 million in the fourth quarter and $74.6 million for the full year.
- -On October 1, 2015, acquired Casino New Brunswick for cash purchase price of $97.3 million.
- On December 17, 2015, the redevelopment of Fraser Downs Racetrack and Casino in Surrey, B.C. was completed and the property was re-launched as Elements Casino.
- Repurchased and cancelled 1.9 million common shares of the Company at an average price of $15.97 during the fourth quarter.
- Subsequent to the conclusion of the fourth quarter, on January 11, 2016, a partnership in which the Company now owns a 90.5% share completed the acquisition of the first bundle in the Ontario Gaming Modernization Process.
- During the fourth quarter of 2015, partnerships in which the Company holds an interest were notified by Ontario Lottery and Gaming Corporation (“OLG”) that they were pre-qualified to submit a Request for Proposal (“RFP”) for two or more of the OLG’s Request for Pre-Qualifications (“RFPQ”) submissions: Gaming Bundle 4 (Southwest) (the “Southwest Gaming Bundle”) and Gaming Bundle 5 (GTA) (the “Greater Toronto Area Gaming Bundle”).