With a reported $1.7 million fourth-quarter loss for 2008 and a 62-per-cent drop from 2007 profits, casino and racetrack operator Great Canadian Gaming Corp. has

been forced to layoff 430 workers in recent months and scale back on a multi-million dollar expansion plan at its flagship River Rock Casino.

Chief financial officer Milton Woensdregt told the Vancouver Sun that the loss was due to weak consumer spending, a heavy December snowfall, the opening of a new competitive casino in Burnaby in November and declining consumer confidence for the poor fourth quarter.

"Our guests are not immune to the global economic crisis," Woensdregt said. "Consumer spending is falling and will almost certainly continue to do so. I'll be candid — we, like every business, are in for a challenging year."

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(With files from the Vancouver Sun)