Business
Gamehost Announces Third Quarter 2021 Financial Results
RED DEER, AB / ACCESSWIRE / November 9, 2021 / Gamehost Inc. (TSX:GH) Management and Direct...
About this update from Gamehost Inc.
[{"type":"text","content":"Gamehost Announces Third Quarter 2021 Financial ResultsRED DEER, AB / ACCESSWIRE / November 9, 2021 / Gamehost Inc. (TSX:GH)Management and Directors of Gamehost Inc. (the \"Company\") present results for the nine- and three-month periods ended September 30, 2021 (the \"Period\" and \"Quarter\" respectively).In year-over-year comparison for the Quarter, operating revenue was up 57.0% from $10.0 to $15.7 ($16.9 - 2019), EBITDA was up 65.3% from $4.9 to $8.1 ($6.7 - 2019). Earnings per share for the Quarter was up 91.7% to $0.23 per share compared to $0.12 per share for the same quarter in 2020 ($0.16 - 2019).Following the announcement of Government of Alberta (\"GOA\") three stage 'Open for Summer' economic relaunch plan, the province reached the milestones required for stage three at the outset of the Quarter which allowed Company operations to operate with no capacity restrictions and no mandatory masking or physical distancing restrictions. The Company's Rivers Casino & Entertainment Centre (formerly Boomtown Casino) remained closed until July 6th to accommodate ongoing construction efforts. Albertan's clearly had a desire to exercise their new freedoms. Casino activity was robust, and management began reintroducing live entertainment to appreciative patrons looking to have some fun. The party lasted until September 16, 2021 when the GOA again declared a state of public health emergency with case counts hitting new highs and ICU's overflowing. The GOA reintroduced capacity restrictions, reduced hours for liquor service and required mandatory masking while imploring those eligible, but still unvaccinated to get the jab. At the same time, the GOA introduced a Restriction Exemption Program (\"REP\") for businesses willing to make proof of vaccination or a negative COVID-19 test mandatory for non-staff members entering their establishments. Gamehost opted-in to the REP and extended the mandatory vaccine or negative COVID-19 test requirement to our staff. The business witnessed an immediate drop in patron visitation and some fallout from staff reluctant to comply with the new requirements. Since the initial reaction, activity is moving higher again.We are optimistic for our business as we move closer to normalcy, even as Alberta is experiencing a setback with a fourth wave of COVID-19. We note that the results posted for the Qua...