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 Posté le: Mar Oct 01, 2013 2:44 am Sujet du message: Great Canadian loses $27m in 2012 but claims $45m |
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{Great Canadian loses $27m in 2012 but claims $45m net earnings}
Slot machinesBy Bob MackinThu Mar 7, 2013 12:01am PSTRichmond-based Great Canadian Gaming Corp. announced a $27.6 million loss for 2012 Wednesday,[url=http://www.moncler-sale.org]moncler down jackets[/url], after a $2.5 million profit a year earlier.GCG, however, claimed adjusted net earnings of $45 million after a variety of measures,[url=http://www.moncler-sale.org]moncler on sale[/url], including writing off long-lived assets and goodwill for $64.3 million, an $11 million settlement of a lawsuit with an Ontario consultant and $8.1 million net losses on currency interest.The $64.3 million is from non-cash impairment charges associated with Georgian Downs, Flamboro Downs and Ontario land. Last year, the Ontario Lottery and Gaming Commission announced the early expiry of siteholder agreements effective March 31, 2013, at Ontario tracks.GCG recorded $408.7 million revenue for the year,[url=http://www.moncler-sale.org]moncler on sale[/url], including $102.8 million for the fourth quarter,[url=http://www.moncler-sale.org]moncler sale[/url], up 7% and 5% respectively.The company benefitted from revenue increases from River Rock Casino Resort and the new Chances casino in Chillwack, which opened November 1, 2012,[url=http://www.moncler-sale.org]discount moncler jackets[/url], and provided $1.7 million of non-recurring accelerated Facility Development Commissions from the previous operations of Chilliwack Bingo.As of December 31,[url=http://www.moncler-sale.org]moncler outlet[/url], 2012,[url=http://www.moncler-sale.org]moncler outlet[/url], GCG had $116.2 million in cash plus $320.1 million of remaining credit on revolving credit facility.River Rock increased table drop by 38% in the fourth quarter. Coquitlam’s Boulevard table drop was flat, but income from slot machines declined by 4% in the fourth quarter. GCG has spent $3 million of its $13.1 million budget to Boulevard Casino renovations.In the fourth quarter, revenue at GCG’s B.C. racinos Hastings Racecourse and Fraser Downs was down 7%,[url=http://www.moncler-sale.org]discount moncler jackets[/url], mainly because of $900,000 decrease in racetrack revenues. On January 1, GCG’s share of consolidated B.C. horseracing industry revenues declined from 50% to 40%.CEO Rod Baker said the company has sensed “tentativeness” in the customer base. The Canadian economy has low GDP growth forecasts and consumer debt is relatively higher than what Americans amassed before the 2008 recession.“Visits are flat to down, share-of-wallet is relatively consistent for per-trip visit,[url=http://www.moncler-sale.org]moncler down jackets[/url],” Baker said during a conference call with analysts. “We are challenged at having new folks come in and enjoy our entertainment experience, particularly on the gaming side.”BMackin@biv.com@bobmackinTags: economy, Coquitlam, Richmond, Great Canadian Gaming Corp., earnings,[url=http://www.moncler-sale.org]moncler sale[/url], casino and gambling, River Rock Casino Resort
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