Business
Great Canadian Gaming announces settlement of long-standing dispute with former consultant
RICHMOND, BC, June 30, 2012 /CNW/ - Great Canadian Gaming Corporation [TSX:GC] ("the Comp...
About this update from Goldcana Resources Inc.
[{"type":"text","content":"\n\n\n\n\n\nRICHMOND, BC, June 30, 2012 /CNW/ - Great Canadian Gaming Corporation [TSX:GC] (\"the Company\") announced that it has settled a long-standing dispute\n with a former Ontario-based consultant. The dispute with the former\n consultant arose in 2007 from the Company's termination of a consulting\n agreement entered into as part of the 2005 acquisition of the Company's\n Georgian Downs subsidiary.\n\n\nThe total cash payment the Company will make related to this settlement\n is $11.0 million and it will be expensed in the second quarter results\n for the three months ended June 30, 2012. The after-tax effect of this\n settlement will be a reduction to the second quarter's net earnings of\n approximately $8.3 million.\n\n\nThe settlement of this dispute permits the Company's management to focus\n on managing the businesses and to cease incurring the ongoing legal\n fees and other costs associated with this dispute.\n\n\nABOUT GREAT CANADIAN GAMING CORPORATION\n\n\nGreat Canadian Gaming Corporation is a multi-jurisdictional gaming,\n entertainment and hospitality operator with operations in British\n Columbia, Ontario and Nova Scotia, and Washington State.  The Company\n operates ten casinos, a thoroughbred racetrack that offers slot\n machines, three standardbred racetracks (two offer slot machines and\n one offers both slot machines and table games), two community gaming\n centres, a bingo hall, a resort with two hotels, a conference centre\n and a marina, two show theatres and various associated food and\n beverage and entertainment facilities.  As of March 31, 2012, the\n Company had approximately 4,000 employees in Canada and 600 in\n Washington State.  Further information is available on the Company's\n website, www.gcgaming.com.\n\n\nON BEHALF OF\n\n\nGREAT CANADIAN GAMING CORPORATION\n\n\n\"Original signed by Rod N. Baker\"\n\n\n____________________________\nRod N. Baker\nPresident and Chief Executive Officer\n\n\nDISCLAIMER\n\n\nThis news release contains certain \"forward-looking information\" or\n statements within the meaning of applicable securities legislation. \n Forward-looking information is based on the Company's current\n expectations, estimates, projections and assumptions that were made by\n the Company in light of its historical trends and other factors.  All\n information or...