August 12, 2010 / 9:13 PM / 7 years ago

UPDATE 1-Great Canadian Gaming Q2 profit beats estimates

* Q2 EPS C$0.11 vs est C$0.09

* Q2 revenue up 3 pct

Aug 12 (Reuters) - Great Canadian Gaming Corp (GC.TO), an operator of casinos and thoroughbred racetracks, posted a 55 percent rise in quarterly profit, beating market estimates, boosted by strong performance of its flagship River Rock Casino Resort.

For the second quarter, the company earned C$9.6 million ($9.18 million), or 11 Canadian cents a share, compared with C$6.2 million, or 7 Canadian cents a share, a year earlier.

Analysts on average were expecting earnings of 9 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose 3 percent to C$97 million. Gaming revenue rose 5 percent to C$69 million, while hospitality and other revenue rose 8 percent to C$17 million.

Racetrack revenue fell 19 percent to C$6.3 million.

The Richmond, British Columbia-based company’s shares, which have fallen 14 percent in the past six months, closed at C$6.95 Thursday on the Toronto Stock Exchange. ($1=1.046 Canadian Dollar) (Reporting by Koustav Samanta in Bangalore; Editing by Vinu Pilakkott)

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