Business
Gamehost Announces Temporary Casino Closures and Related Actions in Response to COVID-19
Not intended for distribution to U.S. newswire services or for dissemination in the U.S. ...
About this update from Gamehost Inc.
[{"type":"text","content":"Gamehost Announces Temporary Casino Closures and Related Actions in Response to COVID-19Not intended for distribution to U.S. newswire services or for dissemination in the U.S.RED DEER, AB / ACCESSWIRE / March 17, 2020 / Gamehost Inc. (\"Gamehost\", the \"Company\") (TSX:GH)Gamehost in conjunction with our regulator AGLC and the Government of Alberta has decided to temporarily close our casinos immediately and until further notice.The health and wellbeing of our customers, staff and the communities where we serve is at the forefront of this action. Along with numerous other organizations who have taken similar actions we too will do our part for the collective benefit of everyone.The temporary closure and suspension of casino operations will take place immediately and remain in effect until further notice. Gamehost hotels are not affected by this temporary suspension and for the time being will continue to operate with enhanced cleaning and social distancing protocols.There have been no confirmed or presumptive cases of COVID-19 reported at any Gamehost facilities. These casino closures are a temporary preventative response to the recommendations of health authorities for limiting the potential for spread of the COVID-19 virus in places of public gathering.On March 10, 2020 Gamehost declared a cash dividend for the month of March 2020 of $0.0575 per common share. This dividend will be paid on April 15, 2020 to shareholders of record on March 31, 2020.At a special meeting of the Company's board of directors, it has been decided that future dividends will be temporarily suspended until such time as the company has better clarity as to the reopening of its casinos and overall economic conditions.In a further effort to preserve cash, executive management and the board of directors of Gamehost will immediately, and until further notice, defer their compensation. Non-contractual and non-essential operating expenditures will be eliminated.Financial PositionGamehost has a solid financial position and currently operates with a net debt to EBITDA ratio of 1.1 which includes cash of $13.4 million. Credit facilities include the Company's $30.0 million revolver with available capacity of $9.6 million. The revolving facility requires interest only payments at the lenders prime rate, currently 2.95%. The Company has a further $19.9 million in ...