RED DEER — Gamehost Income Fund (TSX:GH.UN) said Monday that it earned $2.6 million in its latest quarter as revenue slipped more than 10 per cent.
The fund, which operates casinos, a hotel and a strip mall, said the profit amounted to 22 cents per unit for the quarter ended Dec. 31 compared with a profit of $2.7 million or 25 cents per unit a year ago.
Revenue in what was the fund’s fourth quarter totalled $11.8 million, down from $13.3 million, due to lower revenue from hotel rooming, slot machines and food and beverage services.
For the full year, the fund said it earned $5.6 million or 47 cents per unit on $48.1 million in revenue.
That compared with a profit of $11 million or $1.02 per unit on $53.3 million in revenue in 2008.
Last month, the fund signed a deal to covert to a corporate structure.
The fund said it expects to pay a monthly dividend of 7.33 cents per share after the conversion, the same payout it is making as an income trust.
Most business trusts will lose their tax advantages in 2011 under federal legislation.
Gamehost operates the Boomtown Casino in Ft. McMurray, Alta., and the Great Northern Casino, Service Plus Inns & Suites and a strip mall in Grande Prairie, Alta.
It is also a 40 per cent partner in Deerfoot Inn & Casino Inc. in Calgary.