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Enter Symbol
or Name
USA
CA



Great Canadian Gaming Corp
Symbol GC
Shares Issued 67,510,816
Close 2014-04-01 C$ 14.56
Market Cap C$ 982,957,481
Recent Sedar Documents

Great Cdn to receive funding for Georgian, Flamboro

2014-04-02 12:36 ET - News Release

Mr. Rod Baker reports

GREAT CANADIAN GAMING JOINS ONTARIO STANDARDBRED ALLIANCE

Great Canadian Gaming Corp. has signed agreements with five other Ontario racetrack operators and the Ontario Racing Commission (ORC) in support of the horse racing partnership plan that was previously announced by the Ontario Ministry of Agriculture and Food in October, 2013. These agreements establish an unprecedented standardbred alliance amongst a core group of race tracks centred around the concentrated horse supply in central and Southwestern Ontario, and provide better stability and clarity for all industry stakeholders.

The standardbred alliance members represent a three-tier racing hierarchy: grassroots (Clinton Raceway, Hanover Raceway), signature (Flamboro Downs, Georgian Downs, Grand River Raceway and the Raceway at Western Fair) and premier (Mohawk Racetrack and Woodbine Racetrack). The standardbred alliance has worked closely with government, regulators and industry participants to develop a racing plan that will see a co-ordinated year-round racing calendar that is attractive to both foreign and domestic customers, provides for consistent purse levels at each track, and enables enhanced operational efficiencies among the tracks.

Under a new five-year horse racing program that will be administered by the ORC, the company's Georgian Downs and Flamboro Downs racetracks will receive provincial funding for their racing purses. In addition, under the terms of the revenue-sharing agreements amongst the standardbred alliance members, the racetracks' pari-mutuel revenues will be pooled and shared amongst the tracks. These agreements are not expected to have a material financial impact on the company's Ontario racetrack operations and have replaced the horse racing transition funding that was previously received by the company's Ontario racetracks from the government of Ontario during the 12 months ended March 31, 2014.

"We are excited to continue to host live horse racing at both Flamboro Downs and Georgian Downs," stated Rod N. Baker, Great Canadian's president and chief executive officer. "The finalization of these agreements is good news for the future of horse racing in Ontario. We are committed to working with the provincial government and the standardbred alliance on implementing a long-term, sustainable model for racing in the province."

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