May 9, 2012 / 9:18 PM / 6 years ago

UPDATE 1-Great Canadian Gaming posts loss on charge

May 9 (Reuters) - Casino and racetrack operator Great Canadian Gaming Corp posted a first-quarter net loss due to a C$57.4 million ($57.15 million) impairment charge on two of its properties.

The company said the charge was related to the Ontario Lottery and Gaming Corp terminating agreements to allow racetracks to operate slot machines in Ontario. This hurt the company’s Georgian Downs and Flamboro Downs racetracks.

For the quarter, the company posted a net loss of C$31.9 million, or 39 Canadian cents per share, compared with a profit of C$5.7 million, or 7 Canadian cents per share, a year ago.

Revenue rose 12 percent to C$102.8 million on higher revenue at its casino business.

Great Canadian Gaming also said it appointed Kiran Rao as chief financial officer and William Dimma as chairman.

Shares of the company closed at C$8.43 on Wednesday on the Toronto Stock Exchange.

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