Business
Gamehost Income Fund announces 2006 annual results
Gamehost Income Fund announces 2006 annual results.
About this update from Gamehost Inc.
[{"type":"text","content":"\n\n\n\nGamehost Income Fund (TSXV: GH.UN)\n\n\nRED DEER, AB, Feb. 20 /CNW/ -\n\n\nTo our Unit holders,\n\n\nThe Alberta economy outpaced the rest of the country. Despite the many\npressures resulting from a \"hot\" economy the Fund continued to deliver the\nhighest quality services expected by our patrons. 2006 has been another banner\nyear at Gamehost Income Fund. Financial performance at each of the Fund's\nretail, hotel and casino properties exceeded management's initial\nexpectations. It is a pleasure to present the financial results for the twelve\nmonths ended December 31, 2006 (the \"Period\") and quarterly results for the\nthree months ended December 31, 2006 (the \"Quarter\").\n\n\nRow Your Boat\n\n\nConsistent quarterly growth has been the Fund's hallmark since the\nstartup in operations of the Fund in June 2003. Thirteen straight quarters of\ngrowth for anyone who's counting! Some might say we have merely ridden the\nwave of a strong energy sector to our success. While the energy industry has\ncertainly been a catalyst, we have made our own contributions to the economic\nwell being of the province. In doing so we have compounded what spin off\nbenefits a strong energy sector provides. At the outset of operations in 2003\nthe Fund completed a major expansion of Great Northern Casino in Grande\nPrairie which has contributed steady annual growth and profitability. On\nNovember 21, 2005 management completed an ambitious joint venture construction\nproject to build Deerfoot Inn & Casino in Calgary. On that date, the Fund\nhosted the opening of the province's first combined full service hotel,\nconvention, casino and entertainment centre. It is arguably, the finest\nfacility of its kind in the province. On completion of its first full calendar\nyear of operations in 2006 Deerfoot Inn & Casino has shown enormous growth and\ngreat future potential. In the fall of 2005 management secured vacated space\nadjacent to our Boomtown Casino in Ft. McMurray. By March 2006 of the current\nPeriod the facility was completely refurbished and twice the original\ncapacity. This facility is now well positioned to provide revenue growth into\nthe foreseeable future. Briefly put, while the tide of the energy industry\nrose we picked up our paddle and pulled hard.\n\n\nWinning Numbers\n\n\nRevenues totaled $49.3 million and $13.5 milli...