On Monday, May 10, the Canadian racetrack owner Great Canadian Gaming Corporation announced its financial results for the first quarter of 2010, the three-month
period ended March 31, 2010.
The GCGC announcement was highlighted by revenues of $93 million, a 3% decline from the same period in 2009; an income before interest and taxes and depreciation and amortization (EBITA) of $31.4 million, a 7% improvement from the same period in 2009; and an EBITDA margin of 33.8%, a 3.3 percentage point improvement from the same period in 2009.
"Great Canadian's results for the first quarter of 2010 have further fortified the company's financial position. We attained this position through the adoption of a conservative philosophy. We will maintain this philosophy going forward, and seek to further improve both our efficiency and our offerings," stated Great Canadian's Gaming Corporation Chairman and Chief Executive Officer Ross J. McLeod. "Although we have made progress in this regard, it remains not only our focus for 2010, but also our greatest near-term opportunity for increasing stakeholder value."
To read GCGC's complete first quarter report, click here.
(With files from GCGC)