Business
Great Canadian Gaming Reaches Agreements in Principle for Transition Funding for Horse Racing at Georgian Downs and Flamboro Downs
RICHMOND, BC, March 26, 2013 /CNW/ - Great Canadian Gaming Corporation [ TSX:GC ] ("Great C...
About this update from Goldcana Resources Inc.
[{"type":"text","content":"\n\n\n\n\n\nRICHMOND, BC, March 26, 2013 /CNW/ - Great Canadian Gaming Corporation [TSX:GC] (\"Great Canadian\" or \"the Company\") today announced that it has signed\n agreements in principle with the Government of Ontario for transition\n funding.  This funding will provide support to continue horse racing at\n the Company's Georgian Downs and Flamboro Downs racetracks beyond March\n 31, 2013 as Ontario's horse racing industry adapts to a more\n sustainable model.\n\n\nThe letters of intent set out the key terms for transitional funding and\n the expected number of race days, which will form the basis for formal\n transfer payment agreements. Once completed, the formal agreements will\n be subject to approval by the Ontario Ministry of Agriculture and Food.\n\n\n\"Today's announcement is good news for the future of horse racing in\n Ontario,\" stated Mr. Howard Blank, Great Canadian's Vice President of\n Communications, Entertainment and Responsible Gaming.  \"We are pleased\n to be able to welcome live horse racing fans to our properties.\"\n\n\n\"Ontario's horse racing and breeding industries are an important part of\n a healthy economy in Ontario,\" stated Ms. Kathleen Wynne, Minister of\n Agriculture and Food for the Province of Ontario.  \"We will continue to\n work in consultation with the industry partners for the long-term good\n of the industry and the province.\"\n\n\nOnce formal transfer payment agreements have been signed with the\n Government of Ontario and once definitive lease agreements for the\n Ontario properties have been signed with the Ontario Lottery and Gaming\n Corporation, the Company will need to re-evaluate its assumptions used\n in the recent long-lived asset impairment tests for these properties.\n Based on the terms of the letters of intent for the transfer payment\n agreements (along with the letters of intent for the lease agreements),\n we continue to expect the Company's Ontario properties' EBITDAs will\n decline as compared to the levels realized in 2012.  However, the\n Company expects that it may need to record long-lived asset impairment\n reversals for Georgian Downs and Flamboro Downs.\n\n\nABOUT GREAT CANADIAN GAMING CORPORATION \n\n\nGreat Canadian Gaming Corporation operates gaming, entertainment and\n hospitality facilities in British Columbia, Ontario, Nova Scoti...