Gamehost Income Fund (the "Fund") (TSX: GH.UN)
RED DEER, AB, Aug. 14 /CNW/ - Calgary West Hospitality Inc., operators of
the recently constructed Stampede Casino in Calgary, Alberta has placed itself
into voluntary receivership. Efforts to negotiate sufficient relief from the
lender and landlord were unsuccessful. An orderly transfer of the assets and
operations of Calgary West Hospitality Inc. to the receiver, Deloitte, will
take place August 17, 2009. The casino will continue to operate.
The Fund, through a wholly owned subsidiary, is a 20% joint venture
partner in Calgary West Hospitality Inc. with $5.6 million in invested
capital. The Fund also pledged a guarantee of $5.0 million to the lender to
Calgary West Hospitality Inc. in the event Calgary West Hospitality Inc. did
not honour its commitments. Negotiations relating to settlement of the
guarantee are proceeding. Any payment that becomes due under the guarantee
will be secured through traditional bank financing.
Gamehost Income Fund is an unincorporated open-ended limited purpose
trust established under the laws of the Province of Alberta. The Fund's
activities are currently confined to the Province of Alberta, Canada.
Operations of the Fund include the Boomtown Casino in Ft. McMurray, the Great
Northern Casino, Service Plus Inns & Suites and a strip mall all located in
Grande Prairie. The Fund is a 40% joint venture partner in Deerfoot Inn &
Casino Inc. in Calgary and a 20% joint venture partner in Stampede Casino in
The TSX does not accept responsibility for the adequacy or accuracy of
Complete disclosure of the Fund can be found on SEDAR at www.sedar.com.
Additional information on the Fund can be found on the Fund's website at
For further information:
For further information: Craig M. Thomas or Darcy J. Will, P (403)
346-4545, F (403) 340-0683, E email@example.com