Some of the world’s leading names in international gaming have been facing an uphill battle since the world’s economy fell onto shaky ground. For a large number of trusted names, profits are rarely up at the end of each quarter. However, shareholders and game players alike will be happy to know that the Great Canadian Gaming Corporation (Great Canadian) is moving towards the future with profits to report. Over the past three months, Great Canadian is reporting a one percent increase in profits worldwide. This one percent increase represents revenues that exceed $103.1 million. Although a one percent rise in profits may not seem like much at first glance, this current bottom line for their revenue is up a total of nine percent from this quarter in the previous year.
Coming Back Strong
The success means more to the company than further stability when it comes to keeping their doors open and providing healthcare benefits and paychecks to their workers. There were many aspects of their organization that had to be cut in recent time due to financial set backs. These venues and attractions can now reopen their doors to the public thanks to the upswing in profits. Among the aspects of their business making their way back to the gaming scene is the Hard Rock Casino in Vancouver. Great Canadian was also able to purchase substantial shares of stock that were vital to its business that had formerly fallen out of their hands, stabilizing the prospects for potential and current investors both public and private.
Trimming the Fat
Analysis of the organization has revealed that the increased revenue is primarily due to the growth that has taken place at the River Rock Casino Resort. Other casinos in operation certainly contributed to the success as well while the only real losses took place at the Ontario Racetracks that are owned and operated by the company. There were also definite marketing and investment strategies of the company that came into play as well. An estimated $14.2 million of the revenue was made possible thanks to efforts to increase non-recurring expenses over an annual period. Such dimensions of the business included foreign exchange losses and various financing costs as well.