Great Canadian Gaming Reports Loss - Saturday 25th of March 2006

CANADA – As reported by the CBC News: "Great Canadian Gaming Corp. warned shareholders Monday that it's on the verge of violating debt agreements with its lenders as it reported a fourth-quarter loss of $9.2 million.

"The Richmond, B.C.-based company, which operates racetracks and casinos in several provinces as well as Washington state, said it lost 12 cents a share, compared with a profit of $9.7 million or 13 cents a share in the same period a year ago, after taking writedowns totalling $7.9 million.

"…Great Canadian Gaming (TSX:GCD) said fourth-quarter revenue rose to $85.6 million, compared with $54.6 million in the same period last year, while revenue for the full year was $278.1 million, up from $175.7 million in 2004.

"Profit for 2005 was $19.6 million or 25 cents a share, down from $26.7 million or 38 cents a share the previous year.

"…The company said it expects to breach financial covenants with its lenders that include a maximum ratio of net debt to adjusted earnings as of March 31.

"It said it is continuing to negotiate with lenders and noteholders, who have the right to demand repayment if the agreements are breached…"

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