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Great Canadian Gaming Corporation Results Up12 November 2002RICHMOND, British Columbia—(Press Release) --Michael C. Scholz, President and Vice Chairman of Great Canadian Gaming Corporation [TSX-V: GCD] (the "Company"), is pleased to announce the financial results for the Company's third quarter ended September 30, 2002. For the nine months ended September 30, 2002, the Company's total revenues increased by 47% to $70.2 million, net earnings from continuing operations increased 71% to $12.2 million over the same period in the prior year. These increases are mainly attributed to the opening of the Coquitlam and View Royal gaming facilities. During the nine months ended September 30, 2002, the Company's shareholders' equity increased by 128% to $28.8 million. Earnings per share from continuing operations for the nine months ended September 30, 2002 increased by 58% to $0.60 per share from $0.38 per share for the same period in the prior year. Earnings per share from continuing operations for the third quarter of 2002, as compared to the second quarter of 2002, decreased by $0.04 per share to $0.17 per share. The decrease is mainly a result of increased expenses pertaining to the expansion of opportunities in Washington State and the expected gaming revenue reduction experienced during the summer months in BC. Subsequently, during October 2002, the Company provided a wage increase to its casino employees in British Columbia, which is anticipated to have an annual effect of approximately $1.7 million. The Company is investing in technology and working with BCLC to minimize the effect of this increase for the year 2003. On October 31, 2002, the Company purchased 2.8 acres of land with a building (currently leased out for another year) located adjacent to the existing casino in Coquitlam, British Columbia, for a total closing price of $1,507,000. The Company intends to develop an entertainment centre on the property to compliment the existing casino. The Company has submitted Expressions of Interest to pursue further gaming opportunities in Calgary and Edmonton, Alberta. The Alberta Gaming and Liquor Commission advised the Company that they will be proceeding with their initial assessment to determine whether the concepts of the additional casino facilities have merit in those cities. |