Business
Gamehost Announces First Quarter 2022 Financial Results
Not intended for distribution to U.S. newswire services or for dissemination in the U.S. ...
About this update from Gamehost Inc.
[{"type":"text","content":"Gamehost Announces First Quarter 2022 Financial ResultsNot intended for distribution to U.S. newswire services or for dissemination in the U.S.RED DEER, AB / ACCESSWIRE / May 10, 2022 / Gamehost Inc. (TSX:GH) Management and Directors of Gamehost Inc. (the \"Company\") present results for the three-month period ended March 31, 2022 (the \"Quarter\").Gamehost casinos in the prior year comparable quarter were completely closed due to COVID-19. In the Quarter, Gamehost casinos operated under various levels of COVID-19 restrictions for two of the three months. Results in the Quarter are compared with both the prior year quarter and pre-COVID quarter in 2019 which are more indicative of performance. Operating revenue was $14.9 versus $1.1 ($17.0 - 2019), EBITDA to Shareholders was $4.5 versus nil ($6.3 - 2019), and Earnings per share for the Quarter was $0.09 versus loss $0.4 ($0.14 - 2019).The Company's casinos operated under Alberta's Restrictions Exemption Program (REP) from the start of the Quarter until February 9, 2022. Alberta lifted all remaining restrictions having a direct impact on our operations on March 1, 2022. Under the REP, only patrons willing to provide proof of vaccination or those providing a recent negative COVID-19 test or medical exemption certificate were permitted to enter Company casinos. REP limitations on beverage service hours and where they could be consumed curtailed both food and beverage sales and slot and table activity. Company hotels continued to operate with standard masking and physical distancing at check-in. REP had a negative affect on patron visitation and length of patron visits. This was most profound in Grande Prairie and to a lesser extent in Fort McMurray. Vaccination rates in these regions are lower than the provincial average and residents more apt to push back on government mandated, COVID-19 related restrictions.During the Quarter, the Company initiated a $2.0 refurbishment of the Great Northern Casino including a complete exterior refresh and complete food and beverage area renovations. With this latest project all Company properties will have been improved/expanded present to the public as newly built. Projects completed in 2021 at both Rivers in Fort McMurray and Deerfoot in Calgary are already providing expected returns.The Company repurchased 103,500 shares for an aggregate $0.9 ...