February 20, 2008 – Richmond, BC – Great Canadian Gaming Corporation [TSX:GC] (the “Company”) announced today that it plans to develop a new five story, 191 room hotel at its River Rock Casino Resort (“River Rock”). The property’s planned expansion will also feature
360 additional parking spaces, 15,000 square feet of street level retail space, and 6,000 square
feet of professional and office space.
River Rock’s hotel and related structures and amenities will be built on top of the previously announced seven story, 1,200 space parking garage currently under construction. The new facilities, including the Canada Line mass transit station, will utilize an enclosed sky bridge to facilitate a full integration with the existing River Rock complex.
The Company expects to conduct a grand opening of the new facilities in either late 2009 or early 2010, prior to the 2010 Vancouver Olympic Games. Construction for the facilities has already begun. The previously announced 1,200 space parking garage is expected to complete construction by Q4 2009, with an initial 600 spaces expected to come online in Q3 2008.
Ross J. McLeod, Chairman and CEO of Great Canadian Gaming, commented, “By both increasing the number of hotel rooms at River Rock and upgrading its amenities and retail offerings, we will further establish the property as a destination resort. Also, through the addition of more than 1,500 new parking spaces over the next two years, we will extend River Rock’s appeal to local guests. Furthermore, the expanded facility will host operations for both Royal Canadian Mounted Police and Greater Vancouver Transit Authority Police.”
The Company expects the budget for the new development, inclusive of the previously disclosed 1,200 space parking garage, will total approximately $118 million. The Company will apply to the British Columbia Lottery Corporation (“BCLC”) for additional commissions pursuant to BCLC’s policy of Facility Development Commission and Accelerated Facility Development Commission to recover applicable capital investment on the new River Rock developments.
River Rock Casino Resort is a AAA Four Diamond Resort located just five minutes from Vancouver International Airport and twenty minutes from both downtown Vancouver and the U.S. border. River Rock offers guests 921 slot machines, 121 table games, and amenities that
include nine restaurants and bars, a full-service conference centre, and a 950-seat show theatre.
McLeod added, “This development at River Rock is a positive addition to our current portfolio of property expansion projects. These include new gaming offerings at Fraser Downs, new slot machines and amenities at Hastings Racecourse, a planned 550 slot machine expansion at Georgian Downs in Ontario, and the redevelopment of the View Royal Casino near Victoria, British Columbia. Each expansion project will help us meet the growing demand visible at these properties.”
ABOUT GREAT CANADIAN
Great Canadian is a multi-jurisdictional gaming and entertainment operator with facilities in British Columbia, Ontario, Nova Scotia and Washington State. Great Canadian operates fourteen casinos, five horse racing facilities, a community gaming centre, a hotel, two show theatres, and various food and beverage facilities. Further information is available on the Company’s website, www.gcgaming.com.
ON BEHALF OF GREAT CANADIAN GAMING CORPORATION “Original signed by Thomas Bell”
Thomas Bell
Vice President, Corporate Development and Investor Relations
GREAT CANADIAN GAMING CORPORATION [TSX:GC] Suite #200 – 13775 Commerce Parkway
Richmond, BC V6V 2V4
Phone: (604) 303-1000
Fax: (604) 279-8605
Website: www.gcgaming.com
For investor enquiries: Mr. Thomas Bell
Vice-President, Corporate Development & Investor Relations or
Mr. Richard Land or Mr. David Jacoby
Jaffoni & Collins Incorporated
(212) 835-8500, GC@jcir.com
For media enquiries: Mr. Howard Blank
Vice-President, Media & Entertainment
(604) 512-6066
DISCLAIMER
This news release contains forward-looking statements which reflect management’s current expectations regarding the Company’s objectives, plans, goals, strategies, future growth, results of operations, performance and business prospects and opportunities. These forward-looking statements are not guarantees, but only predictions. Although the Company believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a number of factors that could cause actual results to vary significantly from current expectations. Such differences may be caused by factors which include, but are not limited to, ongoing requirements to comply with financial covenants associated with credit facilities, limited terms of operational service agreements with gaming regulators, pending and proposed legislative or regulatory developments, competition from established competitors and new entrants in the gaming business, dependence on key personnel, no assurance that systems, procedures and controls will be adequate to support expanding operations, potential undisclosed liabilities and capital expenditures associated with acquisitions, negative connotations linked to the gaming industry, First Nations claims with respect to public lands on which we conduct our operations, impact of legal proceedings, impact of smoking bans, interest and exchange rate fluctuations, non- realization of cost reductions and synergies, acceptance and demand for new products and services, fluctuations in operating results and general economic conditions. The Company cautions that this list of factors is not exhaustive. These factors and other risks and uncertainties are discussed in the Company’s materials filed with the Canadian securities regulatory authorities from time to time, including in the “Risks Factors” section of the Company’s Annual Information Form for fiscal 2006, or as identified in the Company’s disclosure record on www.sedar.com. The forward-looking statements included in this news release are made only as of the date of this news release and the Company does not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise.