First-Quarter Income of $34.1 Million

The Nova Scotia Gaming Corp. is reporting net income of $34.1 million for the first quarter ending June 30, 1998. This is up approximately $2.8 million from the same quarter in 1997.

"Overall revenues are up slightly and in line with our expectations," said Dara Gordon, vice-chair of the corporation.

The major source of revenue for the corporation comes from the Atlantic Lottery Corp. It generated profit of $32.2 million in the first quarter, compared with $29.5 million for the same period one year ago.

Revenues for the Halifax interim casino have increased slightly compared with the same quarter last year, to $12.2 million from $11.9 million. Profits for the first quarter are $1 million, compared with $728,000 in the same period last year.

Revenues in Sydney are down slightly, to $6.2 million from $6.8 million. Sydney profits for the first quarter are $225,000, compared with $452,000 last year.

As in past years, ITT Sheraton is expected to top up the corporation's casino revenues to $25 million with a contribution under the $100-million income guarantee.

NOTE TO EDITORS: The quarterly report is available by calling the Nova Scotia Gaming Corp. at 902-424-2203.