Great Canadian Gaming Corporation attributes its first quarter EBITDA gain of 17% to $25.4 million compared to the first quarter of 2006 to corporate initiatives aimed at the realisation of operational efficiencies and human resource expense reductions. Revenue for the same period, to 31 March 2007, rose by 5% to $95.6 million, led by the performance of the River Rock Casino Resort in Richmond. Great Canadian operates 11 casinos, a thoroughbred racetrack, four standardbred racetracks, a community gambling centre, a hotel and two show theatres.

According to Chairman and CEO Ross J. McLeod, “Great Canadian’s operating results for the first quarter of 2007 reflect improvements at the majority of our properties and are evidence of the benefits of the revenue growth and operating efficiency strategies that were initiated in 2006.” He continued, “We made meaningful progress on the rationalization of human resources expenses at nearly every one of our properties, while simultaneously growing revenues. As human resources costs are the Company’s largest expense item, the continued focus on aligning these costs with revenue growth remains a leading corporate priority.”

In continuing to advance its strategies to grow revenue and market penetration, Great Canadian expects to realise additional benefits. The company is in the early stages of implementing a plan focused on improving customer service through a customised guest experience training programme. Efforts to drive new and repeat customer visitation will include optimising the value of the company’s theatres and internally managed hospitality offerings.

Mr. McLeod concluded, “The priorities for Great Canadian in 2007 remain revenue growth and EBITDA margin improvements and the first quarter results indicate that we are executing against these goals. We are also focused on project development opportunities at several of our properties, including River Rock and Hastings Racecourse, which can drive longer-term growth. As we begin to act on these development plans, the Company will benefit from the added flexibility and attractive cost of capital afforded by our new debt facility that closed in February and for which we have total borrowing capacity of more than CDN $600 million. I am confident that Great Canadian’s financial results will continue to reflect the benefits from the many initiatives we are pursuing as we continue to lay a solid foundation from which to generate increased value for our shareholders for many years to come.” (E-05.15.07)

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