Barrick Gaming Corporation Announces Purchase of Golden Nugget Laughlin From Poster Financial Group, Inc.

LAS VEGAS – Barrick Gaming Corporation entered into an agreement to purchase the Golden Nugget Laughlin from Poster Financial Group, Inc., on Monday, Nov. 8. The transaction price of $31 million plus working capital at the closing of the transaction includes a 24-month license agreement for the limited use of the Golden Nugget Laughlin name and brand.

“The purchase of the Golden Nugget Laughlin is an opportunity to enhance our portfolio with a property that is accordant with our mission to offer value and quality to our customer, as well as provide a stronger foundation for future acquisitions,” said Stephen Crystal, president and co-founder of Barrick Gaming. “That we were able to work together with one of our neighbors in Downtown Las Vegas on this transaction was an added bonus.”

“This strategic move is designed to allow us to focus on our primary asset, the Golden Nugget Las Vegas,” said Tim Poster, chairman and chief executive officer of Poster Financial Group. “We are pleased that Barrick Gaming shares our appreciation for the contributions of the employees and customers in making the Golden Nugget Laughlin a leader in the market.”

Located on the banks of the Colorado River, the property has been operating as the Golden Nugget Laughlin since 1988, and features a tropical theme, retail shops, a 300-room hotel, nightclub and casino. The property offers numerous dining options, a popular sports bar, live entertainment on the outdoor deck and a cozy pool with great views of the Colorado River.

The transaction is subject to customary closing conditions contained in the purchase agreement, including receipt of all necessary regulatory and governmental approvals. Both parties anticipate the transaction to be completed during the first quarter of 2005

. Barrick Gaming purchased the Plaza, Vegas Club, Gold Spike and Western Hotel-Casinos and associated real estate from gaming icon Jackie Gaughan in March, becoming one of the largest landholders in Downtown Las Vegas. Barrick Gaming also has the first right of refusal to purchase the El Cortez Hotel & Casino. In early October, Barrick Gaming purchased the Queen of Hearts and Nevada, also located in Downtown Las Vegas, from Ann Meyers, who purchased the properties from Jackie Gaughan several years ago.

Barrick Gaming plans to develop its real estate portfolio to become the gateways to both ends of the Downtown Las Vegas gaming and entertainment district, and as the entryway into the multi-billion dollar developments adjacent to the Plaza. Barrick Gaming currently holds a seven-acre parcel adjacent to the Plaza that will be the focus of initial redevelopment activities, which is expected to be the site of a key regional intermodal transportation facility and expanded hotel-casino and entertainment venues.

This tract includes The Related Companies’ five million-square-foot World Market Center and a 61-acre mixed-use high project that may include a world-class performing arts center and a mixed-use high rise residential community. 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.

Additionally, Barrick Gaming is diversifying its real estate portfolio by seeking valuable acquisitions outside of the Downtown Las Vegas area.

Barrick Gaming is led by the substantial development experience of co-founders D.W. Barrick and 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. Barrick was also involved in the development of Casino Magic’s $80 million riverboat project in Bay St. Louis, Mo., and was owner of the Tunica, Mo. 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, Mo. At the time, the $450 million project was one of the largest of its kind in the nation.

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. His projects have included a 1,000-acre mixed-use development 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 Station Casinos.

Their holdings also include substantial blocks of raw land and underdeveloped Downtown Las Vegas real estate totaling more than 30 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.

Poster Financial Group, Inc. is owned by Timothy Poster and Thomas Breitling, the entrepreneurs who founded the revolutionary travel website Travelscape.com and later sold it to Expedia. On January 23, 2004, Poster Financial Group purchased the Golden Nugget properties from MGM MIRAGE.

Barrick Gaming (www.barrickgamingcorp.com) was founded by D.W. Barrick and Stephen Crystal to redevelop and build multi-jurisdictional gaming and entertainment properties that offer quality and value. Barrick Gaming will continue to seek acquisitions that are congruent with its overall strategy.