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Share transfer for Tamarack casino OK’d

Thursday, Aug. 8, 2002 | 10:57 a.m.

CARSON CITY -- The Nevada Gaming Control Board voted unanimously Wednesday to allow Eldorado Hotel and Casino owner and CEO Don Carano to grant his company an option for 21.25 percent of the Tamarack Junction Casino and Restaurant in Reno.

A final decision must be made by the Nevada Gaming Commission for Carano to sell his shares in Tamarack to Eldorado Resorts LLC. The commission meets in two weeks.

Eldorado overseas daily operations at Tamarack, operates the Eldorado Casino, and is a partner in the Silver Legacy Resort Casino.

Eldorado already owns 21.25 percent of Tamarack, but bank restrictions on debt-to-cash-flow ratios kept the company from buying an additional 21.25 percent. Carano stepped in to buy the shares before the cost increased.

When Eldorado exercises the option, it will own 42.5 percent of Tamarack.

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