Great Canadian Gaming Corporation
TSX : GCD

Great Canadian Gaming Corporation

August 18, 2006 19:42 ET

Great Canadian Gaming Corporation: By-Law Permitting Slot Installation at Hastings Racecourse Withstands Petition

British Columbia Supreme Court Arrives at Favourable Decision for Great Canadian

RICHMOND, BRITISH COLUMBIA--(CCNMatthews - Aug. 18, 2006) - Great Canadian Gaming Corporation (TSX:GCD) (the "Company") announced today that the petition filed by the Hastings Park Conservancy in the Supreme Court of British Columbia has been dismissed. The petition sought an order to quash the City of Vancouver by-law amendment permitting slot machines at Hastings Racecourse.

In her reasons for judgment, The Honourable Madam Justice Dorgan stated that, "I am satisfied the decision to enact the by-law amendment allowing slot machines at Hastings Racecourse was intra vires the City's zoning powers. I am further satisfied that the City met its statutory procedural obligations and there was no breach of common law procedural fairness obligations. The petition is dismissed."

The Company continues to work with City of Vancouver staff on the issuance of an appropriate development permit. The Supreme Court's decision remains open to appeal for 15 days.

ABOUT GREAT CANADIAN

Great Canadian is a multi-jurisdictional gaming and entertainment operator with facilities in British Columbia, Ontario, Nova Scotia and Washington State. Great Canadian operates fourteen casinos, five thoroughbred or standardbred racecourses, a community gaming centre, a hotel, a show theatre, and various food and beverage facilities. Further information is available on the Company's website, www.gcgaming.com.

DISCLAIMER

This news release contains forward-looking statements which reflect management's current expectations regarding the Company's objectives, plans, goals, strategies, future growth, results of operations, performance and business prospects and opportunities. These forward-looking statements are not guarantees, but only predictions. Although the Company believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a number of factors that could cause actual results to vary significantly from current expectations. Such differences may be caused by factors which include, but are not limited to, ongoing requirements to comply with financial covenants associated with credit facilities, limited terms of operational service agreements with gaming regulators, pending and proposed legislative or regulatory developments, competition from established competitors and new entrants in the gaming business, dependence on key personnel, no assurance that systems, procedures and controls will be adequate to support expanding operations, potential undisclosed liabilities and capital expenditures associated with acquisitions, negative connotations linked to the gaming industry, First Nations claims with respect to public lands on which we conduct our operations, impact of legal proceedings, impact of smoking bans, interest and exchange rate fluctuations, nonrealization of cost reductions and synergies, acceptance and demand for new products and services, fluctuations in operating results and general economic conditions. The Company cautions that this list of factors is not exhaustive. These factors and other risks and uncertainties are discussed in the Company's materials filed with the Canadian securities regulatory authorities from time to time, including in the "Risks Factors" section of the Company's Annual Information Form for fiscal 2005, or as identified in the Company's disclosure record on www.sedar.com. The forward-looking statements included in this news release are made only as of the date of this news release and the Company does not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise.


Contact Information

  • Great Canadian Gaming Corporation - Investor Enquiries
    Mr. Thomas Bell
    Vice-President, Corporate Development & Investor Relations
    (604) 303-1000
    or
    Jaffoni & Collins Incorporated - Investor Enquiries
    Mr. Richard Land
    (212) 835-8500
    or
    Jaffoni & Collins Incorporated - Investor Enquiries
    Mr. David Jacoby
    (212) 835-8500
    GCD@jcir.com
    or
    Great Canadian Gaming Corporation - Media Enquiries
    Mr. Howard Blank
    Vice-President, Media & Entertainment
    (604) 303-1000
    (604) 279-8605 (FAX)
    www.gcgaming.com