Great Canadian Gaming Corporation

Great Canadian Gaming Corporation

October 14, 2005 02:20 ET

Great Canadian Quarterly Results

RICHMOND, BRITISH COLUMBIA--(CCNMatthews - Oct. 14, 2005) - Great Canadian Gaming Corporation (the "Company") (TSX:GCD) anticipates the release of its results for the nine months ended September 30, 2005 on November 7, 2005 and will hold an analyst conference call to discuss the quarterly results on November 8, 2005. Details of the call in number for the quarterly results conference call will be disseminated upon the release of the September 30, 2005 results.

The Company is in the relatively early stages of its quarter-end financial closing process. However, based upon preliminary unaudited financial results to date, the Company believes that its third quarter results will not reach analyst estimates and estimates that the fully diluted earnings per share will fall within a range of $0.11 to $0.13 per share. We understand that the analyst estimates may not have reflected the revised timing of certain key deliverables and other factors, including: the delay in regulatory approval of the Georgian Downs acquisition; costs associated with the Coquitlam expansion (now scheduled to complete November 17, 2005) including increased staffing costs; the construction related temporary shutdown of certain gaming tables and reduction of parking availability; and dilution resulting from the issuance of approximately 3.9 million shares during the quarter as a result of financing activities associated with the purchase of Flamboro Downs, which was originally scheduled to close during the quarter. Additionally, the River Rock Casino Resort's newly opened hotel, theatre and expanded food and beverage operations contributed only one month of results in the third quarter.

Management considers that the above items are of a short term nature and represent normal variations in delivery timing having regard to the scope and complexity of projects being undertaken by the Company. These items do not change management's mid and long term view of the business.

About Great Canadian Gaming Corporation

Great Canadian Gaming Corporation, home to more than 5,100 employees, is a multi-jurisdictional gaming and entertainment operator with operations in British Columbia, Nova Scotia, Ontario and Washington State. The Corporation operates casinos, thoroughbred and standardbred racecourses, a community gaming center, a hotel and various associated food and beverage and entertainment facilities.


Howard Hum, Chief Financial Officer

Contact Information

  • Great Canadian Gaming Corporation
    Howard Blank
    Media Contact
    (604) 512-6066
    (604) 279-8605 (FAX)
    Great Canadian Gaming Corporation
    Thomas N. Bell
    Corporate Contact
    (604) 303-1000
    (604) 279-8605 (FAX)