Historic Real Estate Deal Puts Barrick Gaming Corporation and Private Equity Firm in Control of Unprecedented Downtown Las Vegas Holdings

April 4, 2011

March 25, 2004

Las Vegas, Nevada – Barrick Gaming Corporation and an undisclosed London- and New York-run real estate private equity firm today became one of the largest landholders in the Downtown Las Vegas market with their unprecedented purchase of more than 25% of Downtown’s available real estate and hospitality properties. With this historic transfer of ownership, Barrick Gaming and its joint venture partner now control that market’s largest hotel-casino site – the Plaza Hotel & Casino, three other legendary hospitality properties and associated real estate, and first right of refusal to purchase a fifth hotel-casino and adjoining property.

More significantly, the holdings also include substantial blocks of raw land and underdeveloped Downtown Las Vegas real estate totaling more than 20 acres, putting them firmly alongside other well-known property developers Simon Property Group, Chelsea Property Group, and The Related Companies, and in control of developable tracts that many consider vital to the area’s renaissance.

The Plaza Hotel & Casino and Las Vegas Club – along with other real estate that Barrick Gaming and its partner now own – front a vast tract of raw land being heavily developed for residential and commercial use. This tract will include The Related Companies’ 5 million square foot “World Market Center” – a wholesale furniture destination already under construction – and a 61-acre mixed-use project that may include a world-class performing arts center and a joint venture of the Nevada Medical College and the world-renowned Cleveland Clinic. The medical campus development is being likened to the successful Mayo Clinic complex in Scottsdale, Arizona. Nearby is the new “Las Vegas Premium Outlets” shopping area, a half-million square foot joint venture of Chelsea Property Group and Simon Property Group.

The plan for Barrick and its partner is to develop the real estate portfolio to become the gateways to both ends of the Downtown Las Vegas gaming and entertainment district, and as the perfect entryway into the multi-billion dollar developments adjacent to the Plaza Hotel & Casino. Barrick and its partner already hold a seven-acre parcel adjacent to the Plaza that will be the focus of initial redevelopment activities. The parcel is expected to be the site of a key regional intermodal transportation facility and expanded hotel-casino and entertainment venues.

Barrick Gaming is led by the substantial development experience of co-founders D.W. Barrick and Stephen A. Crystal. D.W. Barrick has a long development history through the Barrick family of businesses, including one of the first Native American gaming venues in the country and as a developer and landowner of several gaming sites in Deadwood, South Dakota, D,W. Barrick was also involved in the development of Casino Magic’s $80 million riverboat project in Bay St. Louis, Mississippi, and was owner of the Tunica, Mississippi land on which a number of that gaming center’s casinos are now located.

Barrick was an active participant in Casino Magic’s $150 million IPO as a consultant and investor. In 1993, Barrick formed a Joint venture with Stations Casinos (NYSE: STN) to develop a riverboat/hotel/entertainment complex in Kansas City, Missouri. At the time, the $450 million project was one of the largest of its kind in the nation.

Stephen Crystal has similar development experience. Over the course of his career, he has developed a reputation for spearheading some of the most innovative large-scale public-private redevelopment efforts in the country. Projects have included a 1,000-acre mixed-use development (10 million square feet of industrial/commercial and retail) and numerous downtown redevelopment successes. As General Counsel to the Barrick family of businesses, Crystal assisted Barrick in the negotiation and management of its joint venture with Stations Casinos.

Barrick Gaming and its partner believe that the Downtown Las Vegas market is undergoing a transformation, and have committed an initial $60 million for property improvements. The purchase by Barrick and its private equity partner was financed through German lender Aareal Bank, A.G. and Drawbridge Special Opportunities Fund.

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