Great Canadian Gaming Corporation
TSX : GC

Great Canadian Gaming Corporation

November 27, 2007 19:53 ET

Great Canadian Gaming to Acquire Assets of Ridge Meadows Bingo Association

RICHMOND, BRITISH COLUMBIA--(Marketwire - Nov. 27, 2007) - Great Canadian Gaming Corporation (TSX:GC) ("the Company") announced today that it has entered into an agreement to purchase the assets and undertaking of Ridge Meadows Bingo Association (RMBA) located in Maple Ridge, British Columbia for $1.0 million. The agreement between the Company and RMBA also includes potential additional future consideration of up to $1.25 million over ten years if approvals to establish a Community Gaming Centre in Maple Ridge are granted by the British Columbia Lottery Corporation (BCLC) and the District of Maple Ridge. The purchase of the assets of Ridge Meadows Bingo Association is expected to be completed near the end of 2007 and is subject to execution of a definitive agreement and required regulatory approvals.

Ridge Meadows Bingo Association operates the Haney Bingo Plex, a 525-seat bingo gaming hall located in downtown Maple Ridge, 45 kilometers (28 miles) East of Vancouver. The facility offers bingo 7 days a week and features a restaurant, the Oasis Cafe. In November 2006, Great Canadian acquired approximately 4 acres of land in central Maple Ridge and the Company's current plans are to utilize this land for potential development of a gaming property. Great Canadian expects little to no change in the current operation of the Haney Bingo Plex while it considers this longer-term potential redevelopment.

Ross J. McLeod, Chairman and CEO of Great Canadian Gaming, commented, "This is a great opportunity to expand our presence in one of Lower Mainland's fastest growing communities through the operation of this local bingo facility and the potential for a future Community Gaming Center at this site. We look forward to working with RMBA's staff, BCLC, and the District of Maple Ridge to continue delivering entertaining gaming offerings to the residents of the greater Vancouver area."

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 eleven casinos, five thoroughbred or standardbred racecourses, a community gaming centre, a hotel, two show theatres, 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, non-realization 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 2006, 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.

ON BEHALF OF GREAT CANADIAN GAMING CORPORATION

Thomas Bell, Vice President, Corporate Development and Investor Relations

Contact Information

  • Great Canadian Gaming Corporation - Investor Enquiries
    Mr. Thomas Bell
    Vice-President, Corporate Development & Investor Relations
    (604) 303-1000
    (604) 279-8605 (FAX)
    or
    Jaffoni & Collins Incorporated - Investor Enquiries
    Mr. Richard Land
    (212) 835-8500
    or
    Jaffoni & Collins Incorporated - Investor Enquiries
    Mr. David Jacoby
    (212) 835-8500
    Email: GC@jcir.com
    or
    Great Canadian Gaming Corporation - Media Enquiries
    Mr. Howard Blank
    Vice-President, Media & Entertainment
    (604) 512-6066
    Website: www.gcgaming.com