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Sale of Golden Nugget Laughlin Stalls

By Chuckmonster on Tuesday, 24th May 2005 2:59pm
  » filed under Las Vegas  comments: 0


Poster Financial Group Inc.'s deal to sell its Laughlin casino to competitor Barrick Gaming Corp. has apparently blown up, with sources familiar with both companies saying the transaction will likely wind up in court.

In its first-quarter earnings report released this month, the owner of the Golden Nugget casino in downtown Las Vegas said it doesn't expect to sell its sister property to Barrick. The property might instead end up in the hands of the Landry's restaurant chain, which is buying Poster Financial for its downtown casino, the report said.

Poster Financial in November announced an agreement to sell the property to Barrick for $31 million. The sale was set to close by the end of the month but the company last week received notification from Barrick to terminate the purchase agreement on the grounds that Poster Financial had allegedly breached certain provisions of the agreement, the earnings report said.



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