Business
Gamehost Income Fund - Reports Agreement to Purchase Calgary Stampede Casino Subject to AGLC Approval
RED DEER, AB, Dec. 6 /CNW/ - Gamehost Income Fund (the "Fund") (TSX.V: GH.UN) Independent Trustee...
About this update from Gamehost Inc.
[{"type":"text","content":"\n\n\n\nRED DEER, AB, Dec. 6 /CNW/ - Gamehost Income Fund (the "Fund")\n(TSX.V: GH.UN)\n\n\nIndependent Trustee, James McPherson, is pleased to announce today that\nCalgary West Hospitality Inc., a company owned and controlled by David and\nDarcy Will, have extended an opportunity to the Fund to participate in a new\nJoint Venture to purchase the new Calgary Stampede Casino currently under\nconstruction and to enter into a long term lease on the land in which the\nCasino is located with the Calgary Stampede. David and Darcy Will are current\nmajority owners of Deerfoot Inn & Casino Joint Venture, a separate joint\nventure in which Gamehost Income Fund also owns 40%.\n\n\nThe Fund is pleased and excited to have an opportunity to work with a\nlong-standing, community oriented institution such as the Calgary Stampede.\nThe Calgary Stampede is a volunteer-supported, not-for-profit organization\nfocused on preserving and promoting western heritage and values. Beyond\nhosting the Greatest Outdoor Show on Earth, Stampede venues and programs draw\nmore than 1.4 million people year-round to Stampede Park for trade and\nconsumer shows, social and agriculture events, business meetings and a wide\nrange of entertainment options. It has started work on its long-term vision to\ntransform Stampede Park into a world-class, year round gathering place for\nCalgarians and their guests. The agreement is structured in such a way that\nthe Calgary Exhibition & Stampede will share in the success of the casino with\nparticipating revenues that will help to ensure that this plan comes to\nfruition.\n\n\nCurrently under construction, the Calgary Stampede Casino is located at\nthe entrance to the Stampede Park and is only one block from the Saddledome,\nhome of the Calgary Flames and many other events. Calgary Stampede Casino fits\nthe Fund's existing model of attracting the entertainment seeker with a\nvariety of activities and amenities, including gaming. The facility\nencompasses approximately 100,000 sq feet, with a 300 stall underground\nparkade. It is a state of the art, energy efficient building which will\ninclude three food establishments, a 400 seat live entertainment showroom,\nprivate poker room, several beverage outlets, and a private high-limit area.\nManagement intends to capitalize on the intense traffic that this locatio...