Gamehost Income Fund - Voluntary receivership of Stampede joint venture

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[{"type":"text","content":"\n\n\n\nGamehost Income Fund (the "Fund") (TSX: GH.UN)\n\n\nRED DEER, AB, Aug. 14 /CNW/ - Calgary West Hospitality Inc., operators of\nthe recently constructed Stampede Casino in Calgary, Alberta has placed itself\ninto voluntary receivership. Efforts to negotiate sufficient relief from the\nlender and landlord were unsuccessful. An orderly transfer of the assets and\noperations of Calgary West Hospitality Inc. to the receiver, Deloitte, will\ntake place August 17, 2009. The casino will continue to operate.\n\n\nThe Fund, through a wholly owned subsidiary, is a 20% joint venture\npartner in Calgary West Hospitality Inc. with $5.6 million in invested\ncapital. The Fund also pledged a guarantee of $5.0 million to the lender to\nCalgary West Hospitality Inc. in the event Calgary West Hospitality Inc. did\nnot honour its commitments. Negotiations relating to settlement of the\nguarantee are proceeding. Any payment that becomes due under the guarantee\nwill be secured through traditional bank financing.\n\n\nGamehost Income Fund is an unincorporated open-ended limited purpose\ntrust established under the laws of the Province of Alberta. The Fund's\nactivities are currently confined to the Province of Alberta, Canada.\nOperations of the Fund include the Boomtown Casino in Ft. McMurray, the Great\nNorthern Casino, Service Plus Inns & Suites and a strip mall all located in\nGrande Prairie. The Fund is a 40% joint venture partner in Deerfoot Inn &\nCasino Inc. in Calgary and a 20% joint venture partner in Stampede Casino in\nCalgary.\n\n\nThe TSX does not accept responsibility for the adequacy or accuracy of\nthis release.\n\n\nComplete disclosure of the Fund can be found on SEDAR at www.sedar.com.\nAdditional information on the Fund can be found on the Fund's website at\nwww.gamehost.ca.\n\n\n%SEDAR: 00019487E\n\n\n","length":1935,"tagName":"div"}]

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