Great Canadian Gaming announces Q1 2021 report, with a promising buyout update despite a 81% drop in revenue
On Monday 4 May, Great Canadian Gaming Corporation published their Q1 report for this financial year. While revenue for this quarter was underwhelming as a result of the COVID-19 pandemic, the land-based company had good news regarding the progress on its impending buyout after Raptor Acquisition Corp received approval under the Investment Canada Act for the acquisition of Great Canadian .
According to the report, during the period closing March 31, 2021, revenue fell by a whopping 81% from $273.8m to $52.3m
Nonetheless, Great Canadian Gaming reaffirm that they have "reason to remain optimistic despite the challenges”.
Terrance Doyle (pictured right), the company’s interim CEO, shared in a statement:
Great Canadian remains committed to help contain the spread of COVID-19 by adhering to all directives and guidance issued by public health authorities in each jurisdiction that we operate, including suspending our operations when mandated to do so.
We have reason to remain optimistic, despite the challenges we have faced since the start of the pandemic. For our properties that were allowed to reopen, we have observed encouraging visitation levels despite operating under restricted conditions.
Additionally, we are encouraged by the continued progress of the mass vaccination program across Canada, as well as the initial results of the wider reopening of other markets where vaccination levels are higher.
He also spoke about Raptor Acquisition Corp's stand on the acquisition of Great Canadian, The Arrangement expected to be completed in the second quarter of 2021, stating:
Significant progress has been made in the closing of the arrangement with Apollo Funds, as demonstrated by the recent Investment Canada Act approval,
We believe this transaction is beneficial for our shareholders, our team members, our guests, and other stakeholders, and we are working diligently to satisfy all remaining closing conditions, including required regulatory approvals.
Source: Casino Beats
SiGMA Roadshow: Next stop Germany
Join us virtually for two engaging hours bursting with insightful conference con-tent and new business opportunities. These unique, interactive, virtual mini-conferences will take place in a different country every month. Next stop is Germany, join the conversation. We'll be covering various topics from localisation of content to regulation trends. Register now!