Great Canadian Gaming Finalizes Credit Facilities

7 May 2004

RICHMOND, British Columbia – (PRESS RELEASE) -- Great Canadian Gaming Corporation (TSX:GCD) (the 'Company') is pleased to provide the following corporate update.

The Company's casino, hotel and entertainment development in Richmond, BC is progressing and completion of the casino component is on target for a June 25, 2004 opening with the hotel and entertainment component scheduled to complete in the first quarter of 2005. The Company is pleased to announce that it has named the facility, (formerly referred to as Great Canadian Place), River Rock Casino Resort ('River Rock'). River Rock is anticipated to open with 950 slot machines and 78 table games, making it the largest full service casino resort in Western Canada.

In connection with the River Rock development, the Company has finalized two credit facilities in the amount of $115 million for the construction and development of the project. The first credit facility syndicated by The Toronto-Dominion Bank ('TD') as administration agent and HSBC Bank Canada ('HSBC') is a $22 million term facility, allocated $6.9 million to repay existing debt and $15.1 million was used for the River Rock project. The second credit facility syndicated by TD, HSBC and Sun Life Assurance Company of Canada provides $86 million of project financing and $7 million for letters of credit required during construction. The Company expects to draw funds from this facility by the second week of May 2004.

Corporate Update

The Company, through its wholly owned subsidiary Great American Gaming Corporation ('GAGC'), has reached an agreement to acquire the remaining 20% interest in O'Aces LLC from Casino Ventures Northwest LLC. O'Aces is currently doing business as Great American Casino consisting of a 15 table game casino with restaurant and bar in Kent, Washington. The purchase price for the 20% interest is US$1.00 plus an additional sum based on twenty percent (20%) of the audited annual net income from the Kent operation for the years 2004, 2005 and 2006 up to a cumulative maximum of US$500,000. The effective date for the transfer is subject to the completion of a definitive agreement and regulatory approval.

GAGC finalized the purchase and sale agreement to acquire the remaining 10% interest in Pair O'Dice Investments LLC ('Pair O'Dice'). The Company had an existing 90% interest in Pair O'Dice, which owns and operates its Great American Casino located in Everett, Washington. The total consideration for the acquisition of the remaining 10% interest was US$150,000.

An initiative measure is underway in Washington State (I-892) entitled 'Just Treat Us The Same'that, if passed, would allow the State's licensed gambling establishments to operate 'electronic scratch ticket machines'. These electronic gaming devices are currently operating in the State's tribal casinos. The initiative, if successful in the November 2, 2004 general election, would allow the State to collect thirty-five percent (35%) of the net winnings from the devices with the majority of these proceeds allocated to lower the amount collected in property tax levies from residents.

Great Canadian Gaming Corporation, with over 2000 employees, is a multi-jurisdictional gaming operator with six operating casinos, a thoroughbred racecourse, four licensed restaurants and a marina operation in BC and four gaming/restaurant and entertainment facilities in Washington State. GCGC is actively expanding its holdings in both British Columbia and Washington State and is pursuing investment opportunities in other jurisdictions.