Gaming Corp. reported a drop in quarterly profit compared with a year ago. The company said yesterday that it would slow the pace of its project developments due to the turmoil in the economy and financial markets.
At the company's River Rock casino it will reallocate the capital currently devoted towards a third hotel tower toward additional gaming capacity, upgrades to the property's amenities and VIP offerings.
The company also said it will revise the timing of the improvements at its View Royal Casino on Vancouver Island that were to be completed by the end of next year.
"New timelines for both the River Rock hotel tower and the View Royal gaming floor will be announced once further clarity is available around the impact of the current economic climate," Great Canadian chairman and chief executive Ross McLeod said.
For the three months ended September 30, Great Canadian said it earned $5.7 million or seven cents per share for the three months ended September 30 compared with a profit of $12.6 million or 15 cents per share a year ago.
Great Canadian operates standardbred racetracks Fraser Downs in Surrey, BC, and Flamboro and Georgian Downs in Ontario.
Revenue in the quarter totalled $105.1 million, up from $103.2 million.
Shares in the company, which reported its results after the close of markets, were down 12 cents at $3.99 on the Toronto Stock Exchange yesterday.
(The Canadian Press)