GREAT CANADIAN GAMING ANNOUNCES SECOND QUARTER 2020 RESULTS August 12, 2020 – Toronto, ON – Great Canadian Gaming Corporation (TSX:GC) (“Great Canadian,” or “the Company”) today announced its financial results for the three month period ended June 30, 2020 (the “second quarter”). SECOND QUARTER 2020 UPDATES The Company’s gaming facilities and ancillary amenities across the country have been temporarily closed since March 16, 2020 in an effort to contribute to the containment of the COVID-19 coronavirus pandemic (“the pandemic”). Shareholders’ net loss from continuing operations of $31.4 million or $0.57 per common share in the second quarter, compared to shareholders’ net earnings from continuing operations of $48.0 million or $0.81 per common share in the same period in the prior year. The Company has resumed certain Ontario capital projects after government mandated closures on non-critical construction projects were lifted by the Government of Ontario on May 19, 2020. “We had a full quarter of business closure as a result of the temporary suspensions since March 16, 2020 in response to the pandemic. While we have taken actions to significantly reduce our operating expenses during the closure period, our second quarter results were negatively impacted materially by the closures. Since the closure of our 25 operations across the country almost five months ago, we worked closely with key stakeholders such as our Provincial Crown corporations and regulators to ensure our plans properly address provincial health authorities’ guidance and recommendations as provincial economies reopen,” stated Rod Baker, the Company’s Chief Executive Officer. “Certain provinces have now approved casinos to reopen as part of their phased reopening plans, and we are working diligently on determining the reopening timelines and dates as we complete the necessary health and safety enhancements outlined in our plans.” FINANCIAL REVIEW The temporary closures of the Company’s operations resulted in a decrease in revenues, expenses, Adjusted EBITDA1, Free Cash Flow1, and cash flows when compared to the same period in the prior year. During the second quarter, the Company took measures to significantly reduce its operating expenses to mitigate the decline in revenues from the gaming facility closures. Human resource expenses in the second quarter primarily consisted of costs related to remaining personnel required to support the business during the closure period. For the three months ended June 30, 2020, approximately half of the property, marketing and administration expenses were related to direct property operating costs, including property taxes, insurance, utilities and maintenance, with the remaining half related to administration costs, including licenses, subscriptions and professional fees. Revenues and Adjusted EBITDA for the second quarter were $62.8 million and $31.8 million, respectively. Revenues for the second quarter primarily consisted of the Ontario bundles’ annual entitlement of service provider fees for permitted capital expenditures recognized in full in the second quarter and continued service provider base fixed fees under the respective casino operating agreements, which resulted in a positive Adjusted EBITDA. Adjusted EBITDA was also positively impacted by $20.9 million in lease payments which 1 Adjusted EBITDA and Free Cash Flow are non-IFRS measures, as described in the disclaimer section of this press release, and excludes discontinued operations. Great Canadian Gaming Second Quarter 2020 Results August 12, 2020 – Page 1 are no longer recognized as operating expenses in Adjusted EBITDA due to the implementation of IFRS 16, the new lease accounting standard adopted in the prior year. The Company recognized negative cash flows in the second quarter due to the temporary suspension of operations. In the second quarter, the Company had negative of $123.4 million, which was consisted of Adjusted EBITDA of $31.8 million, as previously discussed, less changes in non-cash working capital of $22.2 million, capital expenditures of $98.6 million, substantially all of which was in Ontario, payment of lease liabilities of $20.9 million, and interest paid of $13.5 million. The Company funded the negative Free Cash Flow of $123.4 million by borrowing an additional $60.7 million on its credit facilities for capital expenditures in Ontario and the remainder from available cash balances. The Company had cash outflow of $383.7 million for the second quarter. Prior to the end of the first quarter of 2020, the Company drew $325.0 million on the revolving portion of the Senior Secured Credit Facilities to ensure it had sufficient liquidity available, which was repaid in full during the second quarter of 2020. Other cash outflows for the second quarter included payments to satisfy working capital obligations, payment of lease liabilities and capital expenditures, as discussed above. Shareholders’ net loss from continuing operations was $31.4 million in the second quarter due to the above mentioned facility closures, which had a negative impact on revenues. OUTLOOK “Since the temporary closures took effect, we have ensured that each of our operating agreements remain in good standing with our Provincial Crown corporations. Once we reopen, we expect our businesses will slowly recover, with the pace of recovery governed by our guests as they adjust to the new environment and gain confidence with our safety measures. In addition, we expect limitations on guest capacity and ancillary amenities to be in place for an extended period of time. However, as confidence levels increase, capacity restrictions ease, and patrons become more familiar with the new guest experience, we expect the business will further recover.” “Following the Government of Ontario’s lifted restrictions on non-critical construction projects starting May 19, 2020, we have restarted certain key capital projects in Ontario with appropriate workplace safety measures in place. We continue to reassess the impact to the timelines for the completion of these projects, in particular, the developments at Pickering Casino Resort and Casino Woodbine.” “During the second quarter, we worked with our banking partners to complete amendments to each of our credit agreements to temporarily waive certain financial and other covenants. As at June 30, 2020, Great Canadian continues to remain in stable capital and liquidity position with a cash balance of $498.2 million and $1,106.7 million of available undrawn credit on its credit facilities, subject to applicable covenants, which further demonstrates the Company’s ability to successfully navigate through this challenging period, provided the ongoing support from our banking partners,” concluded Mr. Baker. Great Canadian Gaming Second Quarter 2020 Results August 12, 2020 – Page 2 CONFERENCE CALL Great Canadian will host a conference call for investors and analysts today, August 12, 2020, at 2:00 PM Pacific Time in order to review the financial results for the quarter ended June 30, 2020. To participate in the conference call, please dial 416-764-8688, 778-383-7413, or toll free at 1-888-390-0546. Questions will be reserved for analysts and institutional investors. Interested parties may also access the call via the Investor Relations section of the Company’s website, www.gcgaming.com. Investors using the website should allow 15 minutes for the registration and installation of any necessary software. A replay of the call will also be available at www.gcgaming.com. ABOUT GREAT CANADIAN GAMING CORPORATION Founded in 1982, Great Canadian Gaming Corporation is an Ontario based company that operates 25 gaming, entertainment and hospitality facilities in Ontario, British Columbia, New Brunswick, and Nova Scotia. Fundamental to the Company’s culture is its commitment to social responsibility. “PROUD of our people, our business, our community” is Great Canadian’s brand that unifies the Company’s community, volunteering and social responsibility efforts. Under the PROUD program, Great Canadian annually supports over 1,400 charitable and non-profit organizations across Canada. In each Canadian gaming jurisdiction, a significant portion of gross gaming revenue from gaming facilities is retained by our Crown partners on behalf of their provincial government for the purpose of supporting programs like healthcare, education and social services. Please refer to the Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis at www.gcgaming.com or www.sedar.com (available on August 12, 2020) for detailed financial information and analysis. Great Canadian Gaming Second Quarter 2020 Results August 12, 2020 – Page 3 GREAT CANADIAN GAMING CORPORATION Financial Highlights (Expressed in millions of Canadian dollars, except for per share information) The financial results below are unaudited and prepared by management. Expressed in millions of Canadian dollars, except for per share information. Three months ended June 30, Six months ended June 30, 2020 2019 % Chg 2020 2019 % Chg Revenues $ 62.8 $ 354.4 (82%) $ 336.6 $ 657.2 (49%) Human resources 11.9 107.3 (89%) 107.8 213.3 (49%) Property, marketing and administration 19.8 94.1 (79%) 95.2 182.1 (48%) Share of profit of equity investment (0.7) (0.7) 0% (1.2) (1.3) 8% 31.0 200.7 (85%) 201.8 394.1 (49%) Adjusted EBITDA $ 31.8 $ 153.7 (79%) $ 134.8 $ 263.1 (49%) Changes in non-cash working capital (22.2) (0.9) (39.9) (2.7) Capital expenditures, net of related accounts payable (98.6) (82.9)