Great Canadian Gaming Corporation (GCGC) announced Friday that it has signed definitive agreements with the Government of Ontario for horse racing transition funding.

This funding will provide support to continue horse racing at GCGC's Georgian Downs and Flamboro Downs racetracks for up to two years beyond March 31, 2013 as Ontario's horse racing industry adapts to a more sustainable model.

Under the terms of these agreements, GCGC will receive transition funding from the provincial government for track operations at its Georgian Downs and Flamboro Downs racetracks. In the 12 months ended March 31, 2014, GCGC expects that Georgian Downs will run approximately 25 race days over a three-month period and Flamboro Downs will run approximately 100 race days over a six-month period. The exact numbers of race days are subject to approval by the Ontario Racing Commission.

"Thanks to the efforts of both the Ontario Ministry of Agriculture and Food and the Ministry of Finance, we are pleased to be able to continue to host live horse racing fans at Flamboro Downs and Georgian Downs," stated Howard Blank, Great Canadian's Vice President of Communications, Entertainment and Responsible Gaming. "The finalization of these agreements is good news for the short term future of horse racing in Ontario. We are committed to working with the Provincial Government and the Province's horse racing industry to pursue a longer term, more sustainable business model for horseracing in Ontario."

(With files from GCGC)