Canada Casino Buyout Status Report from GCGC

The Great Canadian Gaming Corporation (GCGC) is still feeling the effects of the worldwide health crisis. Despite the difficulties, the Canadian casino company insists there is much cause to be optimistic. The casino operator reported encouraging quarterly revenue for the sites that had been given permission to reopen. It maintains an upbeat outlook despite severe constraints.

The company’s sales dropped 81% from $273.8 million to $52.3 million for the period ending 31 March 2021, while the net loss increased from $28.5 million to $44.2 million.


Conditional Use Prohibited

For a chunk of the quarter, Great Canadian Gaming has limited access to run its Atlantic and Ontario casinos. Local regulations necessitated the temporary closure of all establishments.


At the end of the first quarter, the only operating casinos for the Canada-based corporation were the Elements Casino Grand River and the Shorelines Casino Belleville, both located in Atlantic. All casinos in Ontario and Nova Scotia were ordered to close at the conclusion of the quarter. The corporation has halted all non-essential building on its Ontario properties.


Advances of a Serious Nature

Canada’s casino operator will continue to follow all local authorities’ instructions as they pertain to the worldwide health problem, as stated by interim GCGC CEO Terrence Doyle. Despite the difficulties of the last year, he said, the organization has many reasons for optimism.


According to the CEO, Great Canadian Gaming’s preparedness is demonstrated by the company’s speedy and effective compliance with local health standards. He also said that the corporation is committed to reopening all of its casinos at the appropriate moment. To this point, every Great Canadian Gaming team has proven that it is possible for the company to function without compromising the safety of its employees or customers.


The imminent buyout was discussed, and he provided an update. Following Investment Canada Act clearance, Raptor Acquisition Group has completed the purchase. According to Doyle, the deal is very close to being finalized. Canada’s casino operator is confident that this deal will be good for business for its investors, employees, and customers. It is working hard to get the necessary regulatory clearances and fulfill all other closing conditions.

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