Business
Gamehost Income Fund announces regular monthly distribution and AGLC approval of Stampede Casino purchase
Gamehost Income Fund (TSXV: GH.UN) RED DEER, AB, Feb. 12 /CNW/ - Gamehost Income Fund has declare...
About this update from Gamehost Inc.
[{"type":"text","content":"\n\n\n\nGamehost Income Fund (TSXV: GH.UN)\n\n\nRED DEER, AB, Feb. 12 /CNW/ - Gamehost Income Fund has declared a cash\ndistribution for the month of February 2008 of $0.20 per trust unit. The\ndistribution will be paid on March 14, 2008 to unit holders of record on\nFebruary 29, 2008. The ex-distribution date is February 27, 2008.\n\n\nOn December 3, 2007, the Fund announced that Calgary West Hospitality Inc\n(CWH) a company controlled by Darcy and David Will had extended an opportunity\nto participate in a new joint venture to purchase the new Stampede Casino\n(Stampede Joint Venture). Mr. James McPherson, on behalf of the Committee of\nIndependent Trustees announces that they have approved the transaction,\nwhereby the Fund will take up a 20% participation in the Stampede Joint\nVenture. Mr. McPherson stated that "the Fund's primary objective is to ensure\nstability in cash distribution and further growth. The Committee felt that a\n20% investment was appropriate so as to allow the Fund to continue present\nlevel cash distributions.\n\n\nThe new casino facility encompasses approximately 100,000 sq feet with a\n300 stall underground parkade. Access to additional parking is assured through\na land lease agreement signed in conjunction with the purchase. It is a state\nof the art, energy efficient building which will include three food\nestablishments, several beverage outlets and a 400 seat live entertainment\nshowroom. The gaming floor will host 41 table games. The table games will be\narranged in two pits in addition to a 10 table private poker room and private\nhigh limit area. Initially, the facility will house 600 Vegas style slot\nmachines.\n\n\nThe Fund is also pleased to announce that Calgary West Hospitality (CWH)\nhas received approval from the Alberta Gaming & Liquor Commission for the\npurchase of the new Stampede Casino. The purchase includes the now under\nconstruction casino in its entirety. The current Stampede Casino location will\nbe closed permanently when the new casino opens for business in June 2008. CWH\nwill own and operate the new casino building and business and has entered into\na land lease with the Calgary Stampede and Exhibition. Terms of the lease will\ninclude base rent and percentage rent for a period of 60 years with a right of\nrenewal.\n\n\nThe Fund's equity requirement for the Joint...