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Landlord Fights for His Rights Against Partner Company. 2005-06-27
Barrick Gaming Corp.'s landlord has filed a request to be permitted to get a part of the gaming proceeds set up by four of the properties. Tamares Barrick, the landlord of Las Vegas Properties, is partners with a company called Tamares LV Properties. Tamares is in a private investment company based in New York City, London and Tel Aviv that has so far been a silent partner because it wasn't licensed in casino operations. The Tamares Group was founded by Finnish entrepreneur Shlomo Zabludowicz and is now run by his son Poju. The company helped funded Barrick's 2004 purchase of the casinos, but doesn’t run them. Barrick Gaming Corp. owns the Plaza, the Las Vegas Club, the Western and the Gold Spike in Las Vegas. Still Barrick, while wealthy in his own right, now is trying to control that which he has invested in.
Since the application was recorded and submitted, the State Gaming Control Board has requested to meet with the landlord. In the hearing, which will be next Wednesday, and open to the public, the board will consider the application. Deputy Chief of Investigations for the State Gaming Control Board, Patrick Wynn, said he believes that Tamaras Group is trying to be part of the gaming institution, in some way, that could be why the landlord put up the suit. The landlord is trying to fight that, clearly. Due to the hearing, members of each side could not be found for comments on the issue.
Barrick runs the casinos with Tamares Properties, backing them. Barrick purposely set it up so that Tamares Company wouldn't have to get a gaming license, and be competition. It was supposed to be a partnership, the contractor, Tamares, and the casino, Barrick. Now Barrick wants the property proceeds for their casinos, and not just the land he owns. The partnership has now been compromised because of this.
Sources have said the relationship with the landlord has not been good for sometime now. A few months ago, a proposal of $75 million to $100 million, was made for a variety of reasons, including buying Tamares' interest in the properties. The divisions and multi-divisions of the companies left disputes and here the landlord out in the dust. So the landlord has counterattacked.
The landlord might have had additional politics against the Tamaras Group, because of Pojo Zabludowicz’s stance on Israel. In addition to his company's ownership of an arms producer, there was an article in 2002 edition of The Nation, where Zabludowicz spoke about the support of Israeli neoconservative causes. Whether or not the fight is about ridding itself from its partner, on the side of Barrick, or the struggle for power, Tamares is being challenged, and therefore Zabludowicz.
(By Sammy)