Barrick Gaming Corporation
Encyclopedia
Barrick Gaming Corporation is a private company that was founded by D.W. Barrick and Stephen Crystal. The company formerly operated several hotels and casinos in Las Vegas
, Nevada
. The company is currently based in Las Vegas.
with Station Casinos
to develop a riverboat casino
in Kansas City
.
On March 25, 2004, Barrick Gaming purchased, and began operating, several properties from Jackie Gaughan
, a long time Las Vegas casino owner, for $82 million. The casinos included:
Jackie Gaughan, a native of Omaha, Nebraska
and a casino operator from the beginning of the post-World War II era, retained ownership of the El Cortez Hotel & Casino. In the deal, Barrick had the option to purchase the property on right of first refusal. While it was not announced at the time, Barrick shared ownership of the buildings with Tamares Real Estate Investments
which also owns the land under these properties.
In October, 2004, Barrick acquired the Queen of Hearts Hotel & Casino and the Nevada Hotel & Casino.
On November 10, 2004 Barrick announced that it would acquire the Golden Nugget Laughlin
for $31 million plus working capital
. As part of the purchase agreement, Poster Financial Group
granted Barrick a two-year limited use of the Golden Nugget brand name, after which Barrick will be required to change the name of the property.
However, on May 31, 2005 the agreement for Barrick Gaming to acquire the Golden Nugget Laughlin expired without a final deal being reached. As a result, Landry's Restaurants, Inc.
would acquire the property as part of its agreement to purchase the Golden Nugget Las Vegas
.
In a further development, on June 28, 2005 Barrick announced that it would sell its interest in the first 4 properties it acquired to the privately owned Tamares. In addition, it was also selling its interest in about 40 other properties in Las Vegas.
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
, Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
. The company is currently based in Las Vegas.
History
In 1993, Barrick formed a joint ventureJoint venture
A joint venture is a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets...
with Station Casinos
Station Casinos
Station Casinos Inc. is a gaming company based in the Las Vegas suburb of Summerlin, Nevada, founded by Frank Fertitta Jr.Station Casinos along with Boyd Gaming, Cannery Casino Resorts, American Casino & Entertainment Properties, and Herbst Gaming, dominate the Locals market in Las Vegas.The...
to develop a riverboat casino
Riverboat casino
A riverboat casino is a type of casino found in several areas of the United States which use a riverboat as a casino. Several states authorized this type of casino to limit the areas where casinos could be constructed under a type of legal fiction.-History:...
in Kansas City
Kansas City, Missouri
Kansas City, Missouri is the largest city in the U.S. state of Missouri and is the anchor city of the Kansas City Metropolitan Area, the second largest metropolitan area in Missouri. It encompasses in parts of Jackson, Clay, Cass, and Platte counties...
.
On March 25, 2004, Barrick Gaming purchased, and began operating, several properties from Jackie Gaughan
Jackie Gaughan
John D. "Jackie" Gaughan, Sr. is a casino owner and operator from the early 1950s in Las Vegas, Nevada. Jackie is a native of Omaha, Nebraska who currently calls the El Cortez home. He is often seen daily on the El Cortez's modest size casino floor which begins at the hotel's front desk and main...
, a long time Las Vegas casino owner, for $82 million. The casinos included:
- The Gold Spike
- The PlazaPlaza Hotel & CasinoThe Plaza Hotel & Casino is a casino-hotel located in downtown Las Vegas, Nevada owned by the Tamares Group and Play LV is the leaseholder and operator of the property. It currently has 1,037 rooms and suites, as well as an casino and there is more than of event space...
- The Vegas Club
- The WesternThe WesternThe Western Hotel and Casino is a casino in Las Vegas, Nevada. The hotel is closed and the casino is owned by the Tamares Group and operated by Navegante....
Jackie Gaughan, a native of Omaha, Nebraska
Omaha, Nebraska
Omaha is the largest city in the state of Nebraska, United States, and is the county seat of Douglas County. It is located in the Midwestern United States on the Missouri River, about 20 miles north of the mouth of the Platte River...
and a casino operator from the beginning of the post-World War II era, retained ownership of the El Cortez Hotel & Casino. In the deal, Barrick had the option to purchase the property on right of first refusal. While it was not announced at the time, Barrick shared ownership of the buildings with Tamares Real Estate Investments
Tamares Real Estate Investments
Tamares Real Estate Investments is a privately owned real estate investment company based in London. Tamares is the largest land holder in Las Vegas, Nevada. They acquire and operate their properties.-Investments include:*1500 Broadway*The Gold Spike...
which also owns the land under these properties.
In October, 2004, Barrick acquired the Queen of Hearts Hotel & Casino and the Nevada Hotel & Casino.
On November 10, 2004 Barrick announced that it would acquire the Golden Nugget Laughlin
Golden Nugget Laughlin
The Golden Nugget Laughlin is a casino and hotel located in Laughlin, Nevada and is owned and operated by Landry's Restaurants.The Golden Nugget Laughlin property is the smallest in Laughlin, with only 300 rooms. It is a tropical themed, three-story hotel...
for $31 million plus working capital
Working capital
Working capital is a financial metric which represents operating liquidity available to a business, organization or other entity, including governmental entity. Along with fixed assets such as plant and equipment, working capital is considered a part of operating capital. Net working capital is...
. As part of the purchase agreement, Poster Financial Group
Poster Financial Group
For the predecessor companies and owners see Golden Nugget Companies and Mirage Resorts Golden Nugget, Inc. is a Las Vegas, Nevada based private investment firm that was originally created by Timothy Poster and Thomas Breitling to acquire the Golden Nugget Las Vegas and the Golden Nugget...
granted Barrick a two-year limited use of the Golden Nugget brand name, after which Barrick will be required to change the name of the property.
However, on May 31, 2005 the agreement for Barrick Gaming to acquire the Golden Nugget Laughlin expired without a final deal being reached. As a result, Landry's Restaurants, Inc.
Landry's Restaurants, Inc.
-External links:*...
would acquire the property as part of its agreement to purchase the Golden Nugget Las Vegas
Golden Nugget Las Vegas
The Golden Nugget Las Vegas is a luxury casino-hotel located in Las Vegas, Nevada on the Fremont Street Experience. The property is owned and operated by Landry's Restaurants....
.
In a further development, on June 28, 2005 Barrick announced that it would sell its interest in the first 4 properties it acquired to the privately owned Tamares. In addition, it was also selling its interest in about 40 other properties in Las Vegas.