May 11, 2009 / 9:25 PM / 10 years ago

UPDATE 1-Great Canadian Gaming posts Q1 loss

* Q1 loss/shr C$0.02 vs. EPS C$0.06 last year

* Revenue down 4 pct

* Results hit by charges, lower gaming revenue

May 11 (Reuters) - Great Canadian Gaming Corp (GC.TO), an operator of casinos and thoroughbred racetracks, posted a first-quarter loss, hurt by restructuring charges and a drop in gaming revenue.

The company reported net loss of C$2.0 million ($1.74 million), or 2 Canadian cents per share, compared with a profit of C$5.4 million, or 6 Canadian cents per share, in the year-ago period.

The company’s quarterly results include C$11.4 million in restructuring expenses associated with its cost-cutting initiatives, which include adjustments to operating hours and staffing levels.

Revenue fell 4 percent to C$96.1 million, primarily due to the weakening economy, which significantly reduced slot play in both British Columbia and Nova Scotia, the company said.

The company also said it cut its headcount by 524 positions.

Great Canadian shares, which have gained 49 percent in the last one month, closed at C$4.30 Monday on the Toronto Stock Exchange. ($1=1.149 Canadian Dollar) (Reporting by R. Manikandan in Bangalore; Editing by Anil D’Silva)

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