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."
We seek Safe Harbor.
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