Racetrack operator Great Canadian Gaming has announced that it has exercised its renewal option with the British Columbia Lottery Corporation to extend the term of the Casino Operational Services Agreement under which it operates the Fraser Downs Racetrack and Casino in Surrey, British Columbia.

"We wish to thank BCLC for their continued confidence in Great Canadian as the operator for Fraser Downs Racetrack and Casino in Surrey, British Columbia," Rod Baker, Great Canadian's president and chief executive officer, said via release. "We are pleased to have exercised the renewal option and look forward to incorporating changes to the property that are supported by market demand and which will continue to provide our guests exciting entertainment experiences."

The contents of the release appear below.

Great Canadian Gaming announces the 10-year extension of its casino operating contract for Fraser Downs Racetrack and Casino in Surrey, British Columbia

Great Canadian Gaming Corporation announced today that it has exercised its renewal option with the British Columbia Lottery Corporation to extend the term of the Casino Operational Services Agreement under which the Company operates the Fraser Downs Racetrack and Casino in Surrey, British Columbia. Under the terms of the contract extension, the Company will have an additional 10 years of term certainty as the casino operator of Fraser Downs to March 31, 2024 and has committed to complete market research that will determine the scope of a property redevelopment or renovation for 2015.

"We wish to thank BCLC for their continued confidence in Great Canadian as the operator for Fraser Downs Racetrack and Casino in Surrey, British Columbia," said Rod Baker, Great Canadian's President and Chief Executive Officer. "We are pleased to have exercised the renewal option and look forward to incorporating changes to the property that are supported by market demand and which will continue to provide our guests exciting entertainment experiences."

Great Canadian has been the operator of the Fraser Downs Racetrack and Casino since 2005. The property features four dining options, meeting facilities, seasonal Standardbred horseracing, as well as an exciting selection of the latest casino table games and slot machines.