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Great Canadian Announces Results

Published: March 7, 2013 2:57 pm ET

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On Wednesday, March 6, Great Canadian Gaming Corp., the owner-operator of Flamboro Downs and Georgian Downs, announced its financial results for the fourth quarter of 2012 and the 12-month period (2012) that ended December 31, 2012.

Great Canadian announced revenues of $102.8 million in the fourth quarter, and $408.7 million for the year, a 7 per cent and 5 per cent increase, respectively, when compared to the prior year; EBITDA increased by $6.5 million, or 21 per cent, in the fourth quarter, and $8.7 million, or 6 per cent, for the year; net earnings of $2.5 million in the fourth quarter and net loss of $27.6 million for the year; and adjusted net earnings of $8.8 million in the fourth quarter and $45.0 million for the year.

"Although the results of both River Rock and Chances Chilliwack are encouraging, we continue to experience adverse local market conditions at some of our properties," said Great Canadian President and CEO Rod Baker.

"We also face significant uncertainty regarding the future of our Ontario racing properties and are continuing discussions with the Ontario Lottery and Gaming Corporation to negotiate leases that would facilitate the continued operation of these properties beyond March 31, 2013. Based on recent discussions, if leases are agreed, the Company expects these properties' EBITDA will decline as compared to the levels realized in 2012. If leases are not agreed, the Company may need to record additional impairments against the remaining $64.5 million of long-lived assets at these properties."

The table which appears below is taken from Great Canadian's official release.

(With files from Great Canadian)


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