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Great Canadian Gaming Sales Increase While Profits Decrease

Last Monday, Great Canadian Gaming announced an increase of their sales in the 2nd quarter.

According to the casino firm, they earned over $6 million or $0.08 per share in the 3 month period that ended last June 30th. However, the profits fall short by 37% from the same period last year

The gaming revenues increased to $91 million up from more than $67 million. The additional earnings came from 4 properties and the completion of additional projects in 3 estates during the 2nd half of 2005.

Great Canadian Gaming will implement cost reduction and improvement measures that will result in more than 1 million in reserves. The company expects further restructuring programs to take place as Milton Woensdregt will be the new Chief Financial Officer.

The new appointment comes after Howard Hum, the Chief Financial Officer since 2004, had been promoted to senior level of the Operations Department.

Great Canadian operates 14 gambling casinos, hotels, gaming halls, race tracks and a variety of food and beverage facilities. Its operation centers are in Washington State, British Columbia, Ontario and Nova Scotia.

The company's shares in the Toronto Stock Exchange were up by $0.10 before the announcement was made.


11 February 2007
News Submitted by:
Lauren Desmond

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