RICHMOND, BC, April 2, 2014 /CNW/ - Great Canadian Gaming Corporation [TSX:GC] ("Great Canadian" or "the Company") announced today that it 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 (the "Standardbred Alliance")
amongst a core group of race tracks centered around the concentrated
horse supply in Central and South Western Ontario and provide better
stability and clarity for all industry stakeholders.
The Standardbred Alliance members represent a three-tier racing
hierarchy, 'Grass Roots' (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 coordinated 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 twelve months
ended March 31, 2014.
"We are excited to continue to host live horse racing at both Flamboro
Downs and Georgian Downs," stated Mr. 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."
ABOUT GREAT CANADIAN GAMING CORPORATION
Great Canadian Gaming Corporation operates gaming, entertainment and
hospitality facilities in British Columbia, Ontario, Nova Scotia, and
Washington State. The Company's 17 gaming properties consist of three
community gaming centres, four racetracks, and ten casinos, including
one with a Four Diamond hotel resort. As of December 31, 2013, the
Company had approximately 4,000 employees in Canada and 600 in
Washington State. Further information is available on the Company's
website, www.gcgaming.com.
DISCLAIMER
This press release contains certain "forward-looking information" or
statements within the meaning of applicable securities legislation.
Forward-looking information is based on the Company's current
expectations, estimates, projections and assumptions that were made by
the Company in light of its historical trends and other factors. All
information or statements, other than statements of historical fact,
are forward-looking information including statements that address
expectations, estimates or projections about the future, the Company's
strategy for growth and objectives, expected future expenditures,
costs, operating and financial results, expected impact of future
commitments, the future ability of the Company to operate the Georgian
Downs and Flamboro Downs facilities beyond the terms of the signed
Ontario Lease Agreements and Ontario Racing Agreements, the terms and
expected benefits of the normal course issuer bid, and expectations and
implications of changes in legislation and government policies.
Forward-looking information may be identified by words such as
"anticipate", "believe", "expect", or similar expressions. Such
forward-looking information is not a guarantee of future performance
and may involve a number of risks and uncertainties.
Although forward-looking information is based on information and
assumptions that the Company believes are current, reasonable and
complete, they are subject to unknown risks, uncertainties, and a
number of factors that could cause actual results to vary materially
from those expressed or implied by such forward-looking information.
Such factors may include, but are not limited to: terms of operational
services agreements with lottery corporations; changes to gaming laws
that may impact the operational services agreements, pending, proposed
or unanticipated regulatory or policy changes; the outcome of
restructuring of gaming in Ontario, the Company's ability to obtain and
renew required business licenses, leases, and operational services
agreements; the future of horse racing in Ontario, unanticipated
fines, sanctions and suspensions imposed on the Company by its
regulators; impact of global liquidity and credit availability; adverse
tourism trends and further decreases in levels of travel, leisure and
consumer spending; competition from established competitors and new
entrants in the gaming business; dependence on key personnel; the
Company's ability to manage its capital projects and its expanding
operations; the risk that systems, procedures and controls may not be
adequate to meet regulatory requirements or to support current and
expanding operations; potential undisclosed liabilities and capital
expenditures associated with acquisitions; negative connotations linked
to the gaming industry; First Nations rights with respect to some land
on which we conduct our operations; future or current legal
proceedings; construction disruptions; financial covenants associated
with credit facilities and long-term debt; credit, liquidity and market
risks associated with our financial instruments; interest and exchange
rate fluctuations; non-realization of cost reductions and synergies;
demand for new products and services; fluctuations in operating
results; economic uncertainty and financial market volatility;
technology dependence; and privacy breaches or data theft. The Company
cautions that this list of factors is not exhaustive. Although the
Company has attempted to identify important factors that could cause
actual actions, events or results to differ materially from those
described in forward-looking information, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. These factors and other risks and uncertainties
are discussed in the Company's continuous disclosure documents filed
with the Canadian securities regulatory authorities from time to time,
including in the "Risk Factors" section of the Company's Annual
Information Form for fiscal 2013, and as identified in the Company's
disclosure record on SEDAR at www.sedar.com.
Readers are cautioned not to place undue reliance on the forward-looking
information, as there can be no assurance that the plans, intentions,
or expectations upon which they are based will occur. The
forward-looking information contained herein is made as of the date
hereof, is subject to change after such date, and is expressly
qualified in its entirety by cautionary statements in this press
release. Forward-looking information is provided for the purpose of
providing information about management's current expectations and plans
and allowing investors and others to get a better understanding of the
Company's operating environment. The Company undertakes no obligation
to publicly revise forward-looking information to reflect subsequent
events or circumstances except as required by law.
ON BEHALF OF
GREAT CANADIAN GAMING CORPORATION
"Original Signed By Rod N. Baker"
_____________________
Rod N. Baker
President and Chief Executive Officer
SOURCE Great Canadian Gaming Corporation
<p> </p> <p> <b>GREAT CANADIAN GAMING CORPORATION [TSX:GC] </b><br/> Suite #350 - 13775 Commerce Parkway<br/> Richmond, BC<br/> V6V 2V4<br/> (604) 303-1000<br/> Website: <a href="http://www.gcgaming.com">www.gcgaming.com</a> </p> <p> <b>For investor enquiries:</b><br/> <a href="mailto:ir@gcgaming.com">ir@gcgaming.com</a><br/> or<br/> Ms. Tanya Ruskowski<br/> Executive Assistant to the President and Chief Executive Officer and the Chief Financial Officer<br/> (604) 303-1000 </p> <p> <b>For media enquiries: </b><br/> Mr. Chuck Keeling<br/> Vice-President, Stakeholder Relations and Responsible Gaming<br/> (604) 247-4197 </p>