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Gateway Casinos Income Fund reports improved Q2 earnings as slots revenue up



Printer Friendly VersionPost a CommentTell a Friend about this Article13 August 2006
As reported by: CFRB 1010
Gateway Casinos Income Fund is looking to spend $50 million to upgrade and expand its casinos in the B.C. Okanagan to take advantage of the rapidly growing region, the fund's head said Friday.

"We believe it is an opportune time to invest in these markets to capitalize on future growth potential," Dave Gadhia, CEO of the fund's operating company, told a conference call with analysts.

"In addition to the strong recent performance of our operations, we are encouraged by the long-term demographics of the region. There as has been significant population growth in the past years and the rate of growth continues to accelerate."

There are times the fund's Lake City casinos in Kamloops, Kelowna, Penticton and Vernon are already operating at peak capacity, he said.

"We're seeing quite a bit of an influx of affluent population growth because of its proximity to Alberta and the weather conditions in the Okanagan," Gadhia said.

Gateway has 1,076 slot machines and 34 table games at the four Lake City casinos.

The Vancouver-area casino operator said late Thursday it earned a second-quarter profit of $10.8 million, or 37 cents per diluted unit, on revenue of $33.3 million for the three months ended June 30, helped by improved slot machine revenue.

The profit compared to $8.2 million, or 31 cents per diluted unit, on revenue of $25.9 million a year ago.

Two analysts had expected, on average, earnings of 34 cents per unit, according to Thomson Financial.


Article By: CFRB 1010

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