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Barrick Sale Gets More Confusing

By Chuckmonster on Thursday, 30th June 2005 4:32pm
  » filed under Las Vegas  comments: 0

   

Employees and suppliers of four downtown Las Vegas casinos will get paid thanks to regulators' approval Wednesday of a plan to invest $10 million to keep the parent company afloat.

Tamares Barrick Las Vegas Properties LLC, the company that helped finance Barrick Gaming Corp.'s entry into the downtown Las Vegas casino market as a silent partner in March 2004, has been given permission by Nevada gaming regulators to increase its financial interest in the enterprise while the casinos' landlords sort out whether they will stay in the market or sell out.

The real estate company's investment is in essence buying out Barrick Gaming's 23 percent minority interest in the properties.

In specially scheduled back-to-back meetings, the state Gaming Control Board and the Nevada Gaming Commission approved an application from Tamares Barrick for permission to participate in the operation of the Barrick Gaming's Plaza, Vegas Club, Gold Spike and Western casino properties downtown.

Treanor indicated to regulators that the company hasn't sought licensing because it works primarily with real estate investments and not gaming.

If Tamares does apply for a gaming license, regulators expect they'd see an application within three months.

In an interview, Treanor said his company has received unsolicited offers for the properties, but he did not disclose the names of the suitors.



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