Business
Gamehost Announces Third Quarter 2020 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 Third Quarter 2020 Financial ResultsNot intended for distribution to U.S. newswire services or for dissemination in the U.S.RED DEER, AB / ACCESSWIRE / November 10, 2020 / Gamehost Inc. (TSX:GH)Management and Directors of Gamehost Inc. (the \"Company\") present results for the nine and three month periods ended September 30, 2020 (the \"Period\" and \"Quarter\" respectively).Operating revenue for the Quarter was down 40.2% from the prior year or down $6.8 million to $10.1 million. Shareholder profit for the Quarter was down 23.7% from the prior year or down $0.9 million to $2.9 million for earnings per common share of $0.12 versus earnings per common share of $0.16. Earnings before interest, taxes, depreciation, and amortization (\"EBITDA\") that is attributable to shareholders of the Company (\"EBITDA to Shareholders\") was down 26.9% to $4.9 million versus $6.7 million in the year ago quarter.All three of the Company's casinos reopened for table play within a week of the AGLC lifting restrictions September 4, 2020. Results include a full Quarter of slot operations and a partial month of table operations. All Gamehost properties are operating with enhanced health and safety protocols to limit the risk of transmission of the COVID-19 virus. The Company is taking extra precaution and requiring mandatory face coverings at all of our casinos though some of the municipalities in which we operate do not require it. Guests have expressed appreciation for the Company's higher health and safety measures.Alberta has taken a more rapid approach to relaunching economic activity than some of its provincial peers. The province moved into Stage 2 of an economic relaunch plan on June 12, 2020. For a period of time following entering Stage 2, COVID-19 transmission remained reasonably stable. Like many other jurisdictions, Alberta is now seeing an upward trend in COVID-19 cases which is exacerbated as we enter the seasonal flu season. Alberta's relaunch strategy monitors all regions for COVID-19 trends and includes targeted provisions for enhanced restrictions where deemed necessary. None of the jurisdictions in which we operate are currently subject to any enhanced restrictions imposed by the province.The Company's dividend remains temporarily suspended. A decision to reinstate the dividend in whole or in part will be reviewe...