Great Canadian Gaming Corporation
TSX : GCD

Great Canadian Gaming Corporation

May 30, 2006 16:22 ET

Great Canadian Reports Property Level EBITDA for the First Quarter Ended March 31, 2006

RICHMOND, BRITISH COLUMBIA--(CCNMatthews - May 30, 2006) - Subsequent to its Press Release of May 15th, 2006, Great Canadian Gaming Corporation (TSX:GCD) (the "Company") is providing supplemental, property level Canadian EBITDA information for the first quarter ended March 31st, 2006.

This information has been prepared on a basis consistent with that of the property level disclosure in the MD&A for the fourth quarter of 2005. The Company continues to review its method of allocating common costs to each property and future disclosures may be adjusted to reflect changes in both methodology and circumstances.

Great Canadian, home to approximately 5,200 employees, is a multi-jurisdictional gaming and entertainment operator with facilities in British Columbia, Ontario, Nova Scotia and Washington State. Great Canadian operates casinos, thoroughbred and standardbred racecourses, a community gaming centre, hotel, theatre, and various food and beverage facilities. The attached information is also available on the Company's website, www.gcgaming.com.

Howard S. Hum, CA, Chief Financial Officer

DISCLAIMER

The Company has referenced EBITDA figures in this news release. EBITDA, a non-GAAP earnings measure, means Earnings Before Interest and financing costs (net of interest income), Taxes, Depreciation and Amortization, stock-based compensation, restructuring costs, gain (loss) on investments and properties, accretive income, foreign exchange gain (loss) and non-controlling interests. EBITDA is derived from the consolidated statement of income, and is computed as revenues, less human resources, general and administration, marketing and promotion, occupancy costs and operating supplies. Readers are cautioned that this definition is not a recognized measure under Canadian GAAP, does not have a standardized meaning prescribed by GAAP, and should not be construed to be an alternative to net income determined in accordance with GAAP or as an indicator of performance or liquidity or cash flows. The Company's method of calculating this measure may differ from methods used by other entities and accordingly our measure may not be comparable to similarly titled measures used by other entities. The Company uses this earnings measure because it believes it provides useful information to both management and investors with respect to the operating and financial performance of the Company.



Canada Quarterly Revenues and EBITDA(i) by Location
(Unaudited - Prepared by Management)
Amounts in $ Thousand (CAD)

REVENUES, before deduction of promotional allowances
-----------------------------------------------------------------------
Reve-
Prop- Prov- nue Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
erty ince Type 2006 2005 2005 2005 2005 2004 2004 2004
-----------------------------------------------------------------------
Boule-
vard BC F&B,
hotel,
other 1,706 1,236 743 848 830 231 147 171
Boule-
vard BC Gam-
ing 12,885 9,703 7,664 8,592 8,813 9,225 8,297 9,809
-------------------------------------------------------
Boule-
vard
Total 14,591 10,939 8,407 9,440 9,643 9,456 8,444 9,980
-------------------------------------------------------
Fraser
Downs
&
San-
down BC Gam-
ing 2,429 2,330 2,224 2,456 421 - - -
Fraser
Downs
&
San-
down BC F&B,
hotel,
other 1,073 1,038 596 594 104 - - -
Fraser
Downs
&
San-
down BC Horse-
racing 1,353 1,269 986 810 177 - - -
-------------------------------------------------------
Fraser
Downs
&
San-
down
Total 4,855 4,637 3,806 3,860 702 - - -
-------------------------------------------------------
Hast-
ings
Race-
cou-
rse BC F&B,
hotel,
other 287 738 1,563 1,250 362 631 1,297 1,136
Hast-
ings
Race-
cou-
rse BC Gam-
ing 7 14 5 8 8 14 4 17
Hast-
ings
Race-
cou-
rse BC Horse-
racing 1,855 2,565 3,396 4,222 1,915 2,629 3,242 3,031
-------------------------------------------------------
Hastings
Race-
cou-
rse
Total 2,149 3,317 4,964 5,480 2,285 3,274 4,543 4,184
-------------------------------------------------------
Casino
on
Broad-
way
(form-
erly
Holi-
day
Inn) BC F&B,
hotel,
other 245 231 194 193 222 146 10 2
Casino
on
Broad-
way
(form-
erly
Holi-
day
Inn) BC Gam-
ing 2,565 2,441 2,397 2,616 2,536 2,813 2,500 2,624
-------------------------------------------------------
Casino
on
Broad-
way
Total 2,810 2,672 2,591 2,809 2,758 2,959 2,510 2,626
-------------------------------------------------------
Nanai-
mo BC F&B,
hotel,
other 271 258 244 230 184 45 40 17
Nanai-
mo BC Gam-
ing 3,130 3,305 3,396 3,318 2,980 3,125 3,273 2,993
-------------------------------------------------------
Nanai-
mo
Total 3,401 3,563 3,640 3,548 3,164 3,170 3,313 3,010
-------------------------------------------------------
Other
&
Cor-
por-
ate BC F&B,
hotel,
other 117 387 248 128 144 151 170 120
Other
&
Cor-
por-
ate BC Gam-
ing 514 403 866 260 236 230 438 -
-------------------------------------------------------
Other
&
Cor-
por-
ate
Total 631 790 1,114 388 380 381 608 120
-------------------------------------------------------
Rich-
mond
&
Ren-
aiss-
ance BC F&B,
hotel,
other - - - - - - 4 12
Rich-
mond
&
Ren-
aiss-
ance BC Gam-
ing - - - - - - - 5,960
Rich-
mond
&
Ren-
aiss-
ance
Total - - - - - - 4 5,972
River
Rock BC F&B,
hotel,
other 6,622 6,546 3,371 2,430 2,562 2,506 1,779 129
River
Rock BC Gam-
ing 18,456 19,142 18,159 19,082 19,270 21,294 18,315 1,363
-------------------------------------------------------
River
Rock
Total 25,078 25,688 21,530 21,512 21,832 23,800 20,094 1,492
-------------------------------------------------------
TBC BC F&B,
hotel,
other (64) 6 7 22 - - - -
TBC BC Horse-
racing 1,413 1,546 1,763 2,027 125 - - -
-------------------------------------------------------
TBC
Total 1,349 1,552 1,770 2,049 125 - - -
-------------------------------------------------------
View
Roy-
al BC F&B,
hotel,
other 590 618 628 666 543 148 124 117
View
Roy-
al BC Gam-
ing 5,316 4,958 4,934 4,911 4,533 4,670 4,413 4,486
-------------------------------------------------------
View
Roy-
al
Total 5,906 5,576 5,562 5,577 5,076 4,818 4,537 4,603
-------------------------------------------------------
Brit-
ish
Col-
umb-
ia
Total 60,770 58,734 53,384 54,663 45,965 47,858 44,053 31,987
-------------------------------------------------------
Nova
Sco-
tia NS F&B,
hotel,
other 1,486 1,971 1,916 910 - - - -
Nova
Sco-
tia NS Gam-
ing 10,474 10,795 12,586 5,248 - - - -
-------------------------------------------------------
Nova
Sco-
tia
Total 11,960 12,766 14,502 6,158 - - - -
-------------------------------------------------------
Flam-
boro
Dow-
ns ON F&B,
hotel,
other 1,387 1,125 - - - - - -
Flam-
boro
Dow-
ns ON Gam-
ing 2,671 2,215 - - - - - -
Flam-
boro
Dow-
ns ON Horse-
racing 1,190 1,130 - - - - - -
-------------------------------------------------------
Flam-
boro
Dow-
ns
Total 5,248 4,470 - - - - - -
-------------------------------------------------------
Georg-
ian
Dow-
ns ON F&B,
hotel,
other 1,042 1,353 - - - - - -
Georg-
ian
Dow-
ns ON Gam-
ing 2,531 2,507 - - - - - -
Georg-
ian
Dow-
ns ON Horse-
racing 597 670 - - - - - -
-------------------------------------------------------
Georg-
ian
Dow-
ns
Total 4,170 4,530 - - - - - -
-------------------------------------------------------
Ontario
Total 9,418 9,000 - - - - - -
-------------------------------------------------------
Grand
Total -
Canada 82,148 80,500 67,886 60,821 45,965 47,858 44,053 31,987
-------------------------------------------------------

EBITDA(i)
-----------------------------------------------------------------------
Prop- Prov- EBIT Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
erty ince DA 2006 2005 2005 2005 2005 2004 2004 2004
-----------------------------------------------------------------------
Boule-
vard BC 5,401 2,643 3,883 5,000 5,343 5,676 4,941 6,230
Fraser
Downs
&
San-
down BC 881 917 729 1,235 331 - - -
Hast-
ings
Race-
cou-
rse BC (247) (293) 413 886 370 236 937 217
Casino
on
Broad-
way
(form-
erly
Holi-
day
Inn) BC 331 66 221 255 385 562 473 733
Nanai-
mo BC 1,501 1,495 1,673 1,614 1,412 1,504 1,761 1,375
Other
&
Cor-
por-
ate BC (7,734)(9,752)(2,732)(5,760)(4,733)(4,964)(4,456)(3,788)
Rich-
mond
&
Ren-
aiss-
ance BC - - - - - (6) 74 3,130
River
Rock BC 8,644 6,157 8,642 9,644 9,854 11,336 10,461 948
TBC BC 140 359 524 720 27 - - -
View
Roy-
al BC 3,029 2,391 2,361 2,537 2,313 2,351 2,143 1,964
-------------------------------------------------------
Brit-
ish
Col-
umb-
ia
Total 11,946 3,983 15,714 16,131 15,302 16,695 16,334 10,809
-------------------------------------------------------
Nova
Sco-
tia NS 1,101 1,246 2,764 1,823 - - - -
-------------------------------------------------------
Nova
Sco-
tia
Total 1,101 1,246 2,764 1,823 - - - -
-------------------------------------------------------
Flam-
Boro
Dow-
ns ON 1,378 1,572 - - - - - -
Georg-
ian
Dow-
ns ON 1,476 1,522 - - - - - -
-------------------------------------------------------
Ontario
Total 2,854 3,094 - - - - - -
-------------------------------------------------------
Grand
Total -
Canada 15,901 8,323 18,478 17,954 15,302 16,695 16,334 10,809
-------------------------------------------------------

Note (i) - EBITDA, a non-generally accepted accounting principle (GAAP)
measure, means earnings before interest and financing costs (net of
interest income), income taxes, depreciation, amortization, stock-based
compensation, restructuring costs, gains (losses) on investments and
properties, accretive income, foreign exchange gain (loss) and non-
controlling interests. The Grand Total EBITDA is derived from the
Canadian consolidated statement of income and is computed as
revenues, less human resources, general and administration, marketing
and promotion, occupancy costs and operating supplies. The information
presented above has been prepared on a basis consistent with that of
the property level disclosure in the MD&A for the fourth quarter of
2005. The preparation of this table is based on the Company's
accounting records, and requires management's judgment in the
allocation of certain common costs. The Company continues to review its
methodology of allocating common costs to each property. Future
disclosures may be adjusted to reflect changes in methodology and
circumstances. Readers are cautioned that EBITDA is not a recognized
measure under Canadian GAAP, does not have a standardized meaning
prescribed by GAAP, and should not be construed to be an alternative
to net income determined in accordance with GAAP or as an indicator of
performance or liquidity or cash flows. The Company's method of
calculating this measure may differ from methods used by other
entities and accordingly our measure may not be comparable to
similarly titled measures used by other entities. The Company uses
this earnings measure because it believes it provides useful
information to both management and investors with respect to the
operating and financial performance of the Company.



Contact Information

  • Great Canadian Gaming Corporation - Investor Enquiries
    Thomas Bell
    Vice-President, Corporate Development & Investor Relations
    (604) 303-1000
    (604) 279-8605 (FAX)
    or
    Great Canadian Gaming Corporation - Media Enquiries
    Howard Blank
    Vice-President, Media & Entertainment
    (604) 303-1000
    (604) 279-8605 (FAX)
    www.gcgaming.com