Gamehost reports better revenues, income in third quarter

Red Deer-based Gamehost Income Fund is reporting improved revenues and income for the third quarter ended Sept. 30 — due in large part to its acquisition of an increased share of Calgary’s Deerfoot Inn and Casino.

Red Deer-based Gamehost Income Fund is reporting improved revenues and income for the third quarter ended Sept. 30 — due in large part to its acquisition of an increased share of Calgary’s Deerfoot Inn and Casino.

Gamehost’s revenue for the July-to-September period was $17.6 million, up from $11.3 million for the same quarter in 2009. Income from the fund’s continuing operations was $4.9 million, as compared with a loss of $1.2 million the previous year. This translated into income per unit of 42.8 cents, an improvement over a 10.5 cent loss per unit.

Gamehost acquired an additional 51 per cent interest in the joint venture controlling the Deerfoot Inn and Casino effective May 1. That boosted its share to 91 per cent. The income fund’s other holdings consist of the Boomtown Casino in Fort McMurray, and the Great Northern Casino, Service Plus Inns & Suites and a strip mall in Grande Prairie. A release issued by Gamehost said a new acute-care hospital proposed for Grande Prairie should help revenues at the nearby Service Plus hotel and Great Northern Casino. It added that the South Health Campus hospital currently under construction in Calgary, is also expected to have a positive impact on Deerfoot Inn and Casino.

First nations group steps back from potash investment

OTTAWA — A First Nations group that had once looked to be a potential white knight bidder for PotashCorp in its takeover fight with BHP Billiton is stepping back from its hopes of making an investment in the company. Ken Thomas, chief executive of the Indigenous Potash Group, says PotashCorp has told the group that it doesn’t need its money now that Ottawa has effectively killed BHP’s US$40-billion hostile bid by disallowing it under the Investment Canada Act. Saskatchewan’s Indigenous Potash Group had said it had raised $25 billion that could be invested in PotashCorp to help fend off the hostile takeover offer.