Racetrack owner Great Canadian Gaming Corp. has released its numbers for the first quarter of 2009
, ending March 31.
The releases states the GCGC revenues decreased by 4 per cent, primarily due to the weakening economy; and that expense reductions of $6.6 million drive EBITDA (earnings before interest, taxes, depreciation, and amortization) increase of 9 per cent. The company also reported a net loss of $2 million, primarily due to $11.4 million worth of restructuring charges.
"I'm very pleased with the progress visible in Great Canadian's results for the first quarter of 2009," Ross McLeod, Great Canadian's chairman and chief executive officer, said in the company's release. "In March, I stated that we were preparing our cost structure for a severe revenues decline, and that we would be rewarded if such a decline failed to materialize. Although the weakening economy did impact consumer spending at our properties during the first quarter, the resulting decline was not as severe as we anticipated. These results are our reward."
To view the complete report, which contains more numbers and comments from McLeod, click here.
(With files from GCGC)