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Gamehost Income Fund announces regular monthly distribution and AGLC approval of Stampede Casino purchase

RED DEER, AB, Feb. 12 Gamehost Income Fund has declared a cash distribution for the month of February 2008 of $0.20 per trust unit. The distribution will be paid on March 14, 2008 to unit holders of record on February 29, 2008. The ex-distribution date is February 27, 2008.

On December 3, 2007, the Fund announced that Calgary West Hospitality Inc CWH) a company controlled by Darcy and David Will had extended an opportunity to participate in a new joint venture to purchase the new Stampede Casino (Stampede Joint Venture). Mr. James McPherson, on behalf of the Committee of Independent Trustees announces that they have approved the transaction, whereby the Fund will take up a 20% participation in the Stampede Joint Venture. Mr. McPherson stated that "the Fund's primary objective is to ensure stability in cash distribution and further growth. The Committee felt that a 20% investment was appropriate so as to allow the Fund to continue present level cash distributions.

The new casino facility encompasses approximately 100,000 sq feet with a 300 stall underground parkade. Access to additional parking is assured through a land lease agreement signed in conjunction with the purchase. It is a state of the art, energy efficient building which will include three food establishments, several beverage outlets and a 400 seat live entertainment showroom. The gaming floor will host 41 table games. The table games will be arranged in two pits in addition to a 10 table private poker room and private high limit area. Initially, the facility will house 600 Vegas style slot machines.

The Fund is also pleased to announce that Calgary West Hospitality (CWH) as received approval from the Alberta Gaming & Liquor Commission for the purchase of the new Stampede Casino. The purchase includes the now under construction casino in its entirety. The current Stampede Casino location will be closed permanently when the new casino opens for business in June 2008.

CWH will own and operate the new casino building and business and has entered into a land lease with the Calgary Stampede and Exhibition. Terms of the lease will include base rent and percentage rent for a period of 60 years with a right of renewal.

The Fund's equity requirement for the Joint Venture is approximately $6.0 million. The Fund will convert its existing $9.0 million revolving term facility to a conventional mortgage, secured by the Fund's Grande Prairie assets. A new $6.0 million revolving term facility has been negotiated for the equity required. Payments of interest only will be required on any outstanding balance on the revolving term facility.

CWH advises that an agreement has been reached with a Canadian Chartered bank to provide the new mortgage facility for the new Stampede Casino, along with a revolving loan.

The 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 also a 40% joint venture partner in Deerfoot Inn & Casino Inc. in Calgary. Most recently, the Fund has announced it will become a 20% joint venture partner in the new Stampede Casino in Calgary, Alberta scheduled to open in June 2008.

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Additional information on the Fund can be found on the Fund's website at
Gamehost Income Fund.