Great Canadian Gaming Corp.'s racetrack revenue continues to fall, according to numbers released by the company August 11.
Racing revenue from GCG’s four racetracks fell 16% to $5.3 million in the three months ending June 30, and 22% to $9.8 million in the first half of 2011.
Business in Vancouver reported in this week’s print edition that the Richmond-based gambling company’s casino revenue is much more stable than its horse-racing proceeds. (See “Horse racing revenue decline picks up speed” – issue 1137; August 9-15.)
It does appear, however, that the decline’s fast pace has started to subside.
Racing revenue at GCG’s four racetracks had fallen 26% to $4.6 million in 2011’s first quarter. Overall, GCG increased revenue 3% to $99.5 million in its second quarter and 1% to $191.5 million in 2011’s first six months.
The company increased earnings 2% to $10.3 million in the three months ending June 30 and 5% to $16 million in 2011’s first half.
Glen Korstrom
Twitter: GlenKorstrom