Take Stock – November 18

Red Deer-based Gamehost Income Fund (TSX: GH.UN) has reported reduced revenues and income for the quarter ended Sept. 30.

Gamehost income down

Red Deer-based Gamehost Income Fund (TSX: GH.UN) has reported reduced revenues and income for the quarter ended Sept. 30. The fund, whose continuing operations consist of Boomtown Casino in Fort McMurray; Great Northern Casino, Service Plus Inns & Suites and a strip mall in Grande Prairie; and a 40 per cent interest in Deerfoot Inn & Casino in Calgary, had combined revenues of $11.3 million during the three-month period. That was down 15 per cent from the $13.3 million generated in the same quarter in 2008.

Net income from those operations during the quarter was $2.1 million, down 24 per cent from the $2.8 million earned during the same period in 2008. A release issued by Gamehost said “sluggish” economic activity across the province impacted its operations, including reduced oil and gas drilling, business and corporate travel.

The numbers do not include the Stampede Casino in Calgary, in which Gamehost held a 20 per cent interest. The casino went into receivership in August, with the resulting losses $5.7 million.

Day Care in strip mall

Red Deer’s municipal planning commission has opened the door for increased day care spaces in the city. The commission approved the proposed use of a 68-child day care facility in a Deer Park strip mall. The application, which was made under the name Tiny Toes Castle of St. Albert, calls for the day care to be developed at 255 Davison Dr. Services would include a day care, kindergarten and after-school care. Hours of operation are expected to be 7 a.m. to 6 p.m., Monday to Friday. Staff would consist of seven full-time and four part-time employees. Administration said that the 44 stalls exceeds the minimum required by two, and traffic to the day care would likely arrive at staggered times.

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