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Tamares signs agreement to buy Barrick Gaming casino interests



Printer Friendly VersionPost a CommentTell a Friend about this Article28 June 2005
As reported by: The Reno Gazette-Journal
Tamares Group, a privately owned international investment company, will buy out partner Barrick Gaming Corp.'s minority interests in downtown Las Vegas, the companies announced Monday.

The financial terms of the sale were not disclosed, but Tamares will own outright title to the Plaza, Las Vegas Club, Western and Gold Spike hotel-casinos once state gambling regulators approve the deal.

Tamares also will get the Nevada Club and Queen of Hearts and more than 40 other commercial and residential sites in the downtown area.

Barrick's combined downtown holdings had been valued at more than $200 million this spring.

The assets will give Tamares one of the biggest stake's in the downtown gambling market and about a third of the area's property.

Poju Zabludowicz, Tamares chairman and chief executive, said in a statement that his company was "very optimistic about the fantastic growth potential of our property portfolio here. ... The next few months will be very important in determining the future shape of Tamares' interests in Las Vegas, and we will look seriously at all the possibilities on the table."

Barrick decided to sell its interests to take advantage of rising real estate values in downtown Las Vegas, President Stephen Crystal said.

Barrick executives have said they were making a real estate play when they started buying property in 2002.


Article By: The Reno Gazette-Journal

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