In the latest report from Great Canadian Gaming, for the quarter ended 30 June 2007, the company states its revenue gains were complemented further by operating and corporate expense efficiencies. Revenue rose 2% for the quarter and EBIDTA by 11% but there was a slight drop in quarterly profits to $5.9 million from $6.1 million a year ago. In 2006 the company recorded a one-time income tax gain.

Improvements in the second quarter were led by Boulevard Casino where revenues and EBIDTA were up by 18% and 38% respectively. The Red Robinson Show Theatre at the facility saw increased patronage and there were also new marketing initiatives. Improved performances at British Columbia’s racinos and casinos offset the impact of a decline in hold percentage at the River Rock Casino Resort and the effect of last year’s smoking ban in the Nova Scotia casinos. Marketing initiatives to counteract the ban include additional slot and table games tournaments, room promotions, prize giveaways and increased bus tour marketing.

Chairman and CEO Ross J McCleod said, “We achieved significant revenue and EBITDA improvements at Boulevard Casino. These were driven primarily by slot coin-in, which rose by 22% in the second quarter of 2007 when compared to the second quarter of 2006. We believe these gains reflect the growing market acceptance of the Red Robinson Show Theatre, which in turn is driving increased patronage on the casino floor. As Boulevard’s volume of play increases, so does its operating leverage.”

Great Canadian is a multi-jurisdictional gaming and entertainment operator with facilities in British Columbia, Ontario, Nova Scotia and Washington State. Great Canadian operates eleven casinos, a thoroughbred racetrack, four standardbred racetracks (three of which offer slot machines), a community gaming centre, a hotel, two show theatres, and various food and beverage facilities.

Mr. McLeod concluded, “It was approximately one year ago that Great Canadian first embarked on a series of operational changes and cost savings initiatives. The initial progress of these measures in successfully rationalizing costs to revenue growth is visible in our improved operating results. In the past year, we strengthened our senior executive team, took over management of our hospitality function, and transformed our capital structure.” (E-08.14.07)

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