[thistleclub]

Q3 Results from Great Canadian Gaming Corp. (Nov 6, 2013):

Great Canadian recorded revenues of $103.1 million during the third quarter of 2013, a $1.3 million, or 1%, increase from the third quarter of 2012. EBITDA was $39.1 million, a $3.3 million, or 9%, increase from the third quarter of 2012. Both these increases were primarily due to revenue growth at the River Rock Casino Resort (“River Rock”), in addition to improvements at both the Company’s Other BC Casinos and Great American Casinos. These increases were offset by declines at both the Boulevard Casino (“Boulevard”) and the Company`s Ontario Racetracks. EBITDA as a percentage of revenues for the third quarter of 2013 was 37.9%, a 2.7 percentage point increase from the third quarter of 2012....

Since April 1, 2013, Great Canadian’s Ontario Racetracks have operated under interim lease arrangements with the Ontario Lottery and Gaming Corporation. Under the terms of these agreements, these two racetracks now receive both lease revenues from the OLG and horse racing transition funding from the Government of Ontario. However, they no longer receive a fixed percentage of the OLG’s slot revenues, and do not directly share in horse racing pari-mutuel wagering revenues. As a result of these changes, these facilities witnessed declines in both overall revenues and EBITDA. We are pleased to continue our relationship with the OLG, and look forward to developing this relationship further as the gaming industry in Ontario continues its evolution.

Q3 2008: $8.6 million
Q3 2009: $7.4 million
Q3 2010: $5.3 million
Q3 2011: $5.2 million
Q3 2012: $4.3 million
Q3 2013: $3.8 million

Q3 revenues down 12% vs 2012, 27% vs 2011, 56% vs 2008.