August 10, 2009 / 9:05 PM / in 8 years

UPDATE 1-Great Canadian Gaming Q2 profit surges

* Q2 EPS C$0.07 vs est C$0.05 yr ago

* Says reduced operating expenses by C$10.2 mln

Aug 10 (Reuters) - Great Canadian Gaming Corp GC.TO, an operator of casinos and thoroughbred racetracks, posted a 51 percent rise in second-quarter profit as its expense-reduction initiatives more than offset a decline in revenue.

The company reported a net profit of C$6.2 million, or 7 Canadian cents a share, up from C$4.1 million, or 5 Canadian cents a share, a year earlier.

Revenue dropped 8 percent to C$93.8 million, hurt by reduced gaming and hospitality revenue at the majority of its properties.

Great Canadian Gaming said its cost-cutting measures reduced operating expenses by C$10.2 million for the quarter.

Analysts on average were expecting earnings of 4 Canadian cents a share, on revenue of C$91.25 million, according to Reuters Estimates.

Shares of the Richmond, British Columbia-based company closed at C$5.99 Monday on the Toronto Stock Exchange. They have risen about 37 percent in the past three months. (Reporting by Amit Kumar in Bangalore; Editing by Deepak Kannan)

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