Great Canadian Gaming Corp., owner of Fraser Downs, Flamboro Downs and Georgian Downs, has announced that its profits for the second quarter of 2009 increased

by 51 per cent.

Via release, the BC-based gaming company stated that costs were reduced by making adjustments to staffing levels, streamlining marketing efforts, and reducing corporate costs.

Great Canadian reported net earnings of $6.2 million (seven cents per diluted share). The numbers are up from the same time last year when net earnings were $4.2 million, or five cents per diluted share.

"These results reveal the full impact of our various expense reduction initiatives, which have generated significant and sustainable improvement to our cost structure," GCGC chairman and CEO Ross McLeod said.

Although net earnings were up for the second quarter of 2009 in comparison to the same time in 2008, revenue was down from $101.6 million to $93.8 million, a drop of 7.7 per cent.

To view the GCGC release in its entirety, click here.

(With files from GCGC)