"There are customers that currently visit our Halifax casino that, in fact, live closer to that property (in Moncton). So we're concerned about that (impact)," said Ross McLeod, the company's chairman and CEO, in a conference call with analysts and media.

"Certainly we're going to compete effectively to retain those customers, but it's something that we are keeping our eye on."

Great Canadian Gaming (TSX:GC) operates 10 casinos, four racetracks and a hotel and conference centre - spanning the state of Washington, British Columbia, Ontario and Nova Scotia.

In Nova Scotia, the company - which is based out of Richmond, B.C., - has casinos in both Halifax and Sydney, in Cape Breton.

The company's 2009 financial results show that revenue from the Nova Scotia casinos totaled $43.2 million for the year, down from $46.3 million in 2008.

The loss of gamblers to the Moncton casino could further drain revenue from Great Canadian's Nova Scotia operations.

Casino New Brunswick, helmed by Halifax-based Sonco Gaming Inc., is slated to open this spring at Magnetic Hill - 260 kilometres from Casino Nova Scotia Halifax.

Casino New Brunswick, the province's first casino, will house 600 slot machines, 28 gaming tables and a 128-room hotel and convention facility.

By comparison, the downtown Halifax casino contains 655 slot machines and 32 gaming tables, and is also connected to a hotel.

Currently, Great Canadian's Atlantic competition is limited to the Membertou Entertainment Complex, near Sydney, and the Charlottetown Driving Park, which includes a racetrack and casino.

Overall, 2009 proved a tough year for Great Canadian as the slow economy cut into people's wallets.

For example, the company experienced a five per cent decline in revenue for 2009, down to $382.2 million.

Revenues for the fourth quarter of 2009 totalled $96.3 million, a $400,000 decrease from the fourth quarter of 2008.

In response to dropping revenue, Great Canadian cut costs and put $70 million in development projects on hold. Those moves enabled the company to post net earnings in the fourth quarter of $9.8 million, up from a loss of $1.7 million the year before.

For the year, Great Canadian posted net earnings of $23.5 million, up from $13.5 million in 2008.

"2009 was a tough year," McLeod said during the conference call, following the release of Monday's financial results. "The economic uncertainty that closed out 2008 heralded a period of weakness from which our markets are still recovering. Great Canadian's response to this challenge was both proactive and aggressive," he continued.

"Despite revenue challenges throughout the year, Great Canadian emerged from 2009 a stronger, more efficient business."

By Quentin Casey