Arizona Republic from Phoenix, Arizona on June 14, 1987 · Page 95
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Arizona Republic from Phoenix, Arizona · Page 95

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Phoenix, Arizona
Issue Date:
Sunday, June 14, 1987
Page:
Page 95
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Executive will oversee communities, : including Gainey, Scottsdale ranches John Temple has been appointed president of Boca Raton, Fla.-based Markborough Communities Inc., which will oversee development of f the company's communities, includ-; ing the Gainey Ranch and Scotts- dale Ranch in Arizona. . Neil Wood, president and chief executive of Markborough Properties Ltd., said Temple's responsibilities will include the organization of Markborough Communities Inc., a new company formed to manage CASINOS Continued from F1 the board that his firm's $60 mil lion Ramada Station hotel-casino in Laughlin, built with a railroad theme, will open in the fall of 1988 with 406 rooms. ' Rubeli said Ramada intends to sell its Laughlin real estate to Philadelphia businessman Herbert Barness for $52 million when con struction is complete and manage the hotel-casino on a lease-back agreement. The Gaming Control Board also recommended last week that Ra mada Inc. be allowed to operate Eddie's Fabulous 50s casino in downtown Reno. Rubeli said Ra mada Inc. has pumped $9 million into the Reno resort. The company holds a three-year lease on the Reno property with an option to buy. "We would not be undertaking this project in Reno if we did not intend to buy the property and be in Reno a long time, he said. In other action, the control board recommended that the Sahara and Hacienda hotels on the Las Vegas Strip be allowed to operate under a legal umbrella of a limited partner ship known as Sahara Casino Partners. Chairman Paul Lowden said that his existing Sahara Resorts, which will contribute all of its assets in the two Strip hotels to the partner ship, will retain 65 percent of the partnership units. The other 35 percent will be sold in a public offering through the E.F. Hutton and Co. The $62 million raised by the public sale will be used to pay off $32 million in debt. The remainder will be channeled into refurbishing j the Sahara Hotel and construction of a , 26-story, 575-room Sahara Hotel tower to be opened in about two years, Lowden said. The partnership prospectus says units will sell for $9 to $11. Lowden was asked why Allen Click, a San Diego financier who was thrown out of Nevada gam bling because of skimming allega tions, owned 2,200 shares of Sahara Resorts Inc., through a company called Cobra Investments Inc. Lowden said he was unaware of the investment and said if the state required Glick to be found suitable, that Glick probably would sell. The board also recommended approval of an application by the estate of the late Howard Hughes to sell 8 percent of its stock to Hughes Corp. The $30 million from the estate sale will be used to pay federal taxes owed by the heirs, according to state officials. Attor neys for the estate told the gaming board that Hughes heirs plan to complete the sale by July 1 in order to take advantage of capital gains. The sale will be financed through a $65 million line of credit that Hughes Corp. has with Bank of America. Attorneys said Hughes Corp. is made up of two entities: the Hughes estate and Summa Corp. Summa operates a half-dozen Nevada gambling resorts, which the late industrialist acquired dur ing the late 1960s and early 1970s. ALL MAKES & MODELS ARIZONA LEASING PROFESSIONAL SINCE 1667 t CARS AND TRUCKS INDIVIDUAL AND BUSINESS STATEWIDE SELECTION SERVICE LOANER CAR AVAILABILITY 12-24-36-48 & 60 MONTHS 277-7400 Q iHTSfr Oft t) " . SINCE 1953 j""" TOP ,J ' DOLLAR j-J UGEr OH and develop Markborough's large-scale communities throughout the United States and Canada. Markborough Properties Ltd. is a wholly owned subsidiary of the $4 billion Hudson Bay Co., North America's oldest chartered corporation. Markbourourgh Properties asset's are in excess of $1.6 billion. Markborough Communities is involved in developing commercial, residential, industrial, resort and hotel real-estate projects. Markborough Communities also will be extensively involved in identifying and developing new communities throughout North America. Temple will assume his new role after completion, of the sale of Arvida Corp. to J.M.B. Realty from the Walt Disney Co. Temple, who has been president of Arvida since April 1982, has served as an executive since joining the corporation in 1975. mm 1 RAINBOW VALLEY BUY 310 ACRES ADJOINING AMERICAN CONTINENTAL! ONLY $8,400 PER ACRE BEST PRICE IN AREA. TERMS AVAILABLE Gary Hyslop 994-1200 Investor Purchase models from builder with lease back provision. Get 25 of profit on resale Call Patrick (602) 894-0788 NEED A Self Employed Specialists 1st and 2nd Mortgages 30 Years Fixed Bates Always Competitive Equity Loans with No Job or Credit Requirements Free Consultation and Foreclosure Help Always Friendly Construction loans H$fM - - Commercial , olonia Wjortgage & 9ni'edlt mem court6$y to all brokers 2333 W. Northern, Suite 7 995-3990 i i nnual Rate Annual Yield Call for rates on balances above $100,000 8.00 8.24 7.75 --"7.99 7.50 ""-D 7.71 6.75 ass 6.92 J U.l'J. r;i Accounts Insured to $100,000 by FSLIC I I SENTOJEIL Substantial Penalty for ! i j Early Withdrawal. Annual . j 3 Yield assumes principal and ' Intprpst rpmnln in arrnunf ' 5055 North 32nd street r noenix C A IKlC A K I I "AKF for one year. Rate subject to Telephone 957-9579 OAVIINLlb AND LUAN change , 4 i, ' - O y y - ?. .v i . ,1. : i Just like fingerprints, every company is unique. Yet many HMOs don't see the difference. So they "community rate" companies. Arizona Health Plan doesn't. From the very first day we will "experience rate" your company. That gives you the benefit of rates that are absolutely determined by your employees' health history. So you won't be settling for average rates. Or anything less than our high standards of health care. And Arizona Health Plan provides a network of fine physicians with access to several hospitals in Arizona. So call your broker or your Arizona Health Pian representative today at 870-7555. We won't treat you like everyone else. !. Arizona Health Plan, Inc S3 Hi a CIGNA company 1717 West Northern Ave, Phoenix, AZ 85021

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