This is a classical application for either a Mutex or a Semaphore
A mutex ensures that a specific piece of code (or several pieces of code) can only be run by a single thread at a time. You could be clever and use a different mutex for each table, or simply constrain the whole initialisation block to one thread at a time.
A semaphore (or set of semaphores) could perform exactly the same function.
Most lock implementations will use a mutex internally, so look at what lock code is already available in the language or libraries you are using.
@ebpower has it right that in certain applications, you would actually be more efficient to catch an exception caused by an attempt to create the same table multiple times, though this may not be the case in your example.
However there are many other ways of proceeding. For example, you could use a single-threaded ExecutorService (sorry, I could only find a Java reference) that has responsibility for creating any tables that your worker threads discover are missing. If it gets two requests for the same table, it simply ignores the later ones.
A variant on a Memoizer (remembering table references, creating them first if necessary) would also work under the circumstances. The book Java Concurrency In Practice walks through the implementation of a nice Memoizer class, but this would be pretty simple to port to any other language with effective concurrency building blocks.