Binion's Horseshoe was the culmination of five years in Las Vegas for Benny Binion. Born in Pilot Grove, Texas, in 1904, Binion developed an early interest in gambling. As a young man, he moved in horse-trading circles and, as most of the horse traders were inveterate gamblers, also became a gambler.
In 1928, Binoin began running a 'numbers' or 'policy' operation in Dallas. During Prohibition, Binion by his own admission 'did some bootlegging' but never ran a profit. According to John L Smith of the Las Vegas Review-Journal, Binion was a suspect in seven Texas murders and a 'living legend who crafted his image with muscle, blood, and a keen eye for the action' (LVRJ 12-28-89). Binion was, above all, a gambler. Beginning in 1936, he got involved in the 'dice business' (illegal craps games). In 1946, Binion came out on the losing end of electoral politics, and, lacking political protection, was forced to close his operations in Dallas.
While some of his confederates went to Reno, Binion followed J. Kell Houssels to Las Vegas, where he acquired a part ownership of the Las Vegas Club. Binion then built the Westerner, but in 1951 decided to buy the Eldorado Club.
Binion renamed the gambling hall the Horseshoe and immediately installed carpeting--a novel idea for downtown clubs at the time. The Horseshoe was, from the beginning, a family affair; his two sons, Ted and Jack, supervised the games and his wife Teddy Jane kept the books.
Food isn’t scarce at Traders World Market and the menu items will definitely please your taste buds. Everywhere you look, from wall to wall and floor to ceiling, it is a museum of agrarian tools, beautiful murals, antique cars and wisdom. It is even a place to strike out and run a business of your own! Traders World Market is now in its 28th. Traders World, now in its 28th year, offers just that opportunity. Where else can you open a business for under $100 and immediately see thousands of shoppers every day. It is as easy as 1, 2, 3. Select a space, move in and start selling. At Traders World you will see 8,000 to. Failed Atlantic City casino is sold, could reopen in months Mel Evans / AP The Revel resort, right, is shown next to the closed Showboat on Monday, Sept. 1, 2014, in Atlantic City.
Above the Horseshoe was the Apache Hotel, a small hostelry that eventually became part of the Horseshoe.
The Horseshoe gained a reputation for high limits, the trademark of Binion's approach to gambling. Because of trouble with Texas and, later, federal authorities, Binion always had difficulty with licensing. Still, he was the acknowledged boss of Binion's and ran his casino with a mixutre of Western hospitality, gambler's resignation to chance, and hard-edged Texas grit. Federal Tax problems led to a prison stint, and in 1953 he 'sold' his casino to fellow gambler Joe W. Brown, though Brown's ownership was understood to be of a strictly caretaker nature.
When he was released from prison in 1957, Binion re-acquired the casino from his friend Brown, though he did not recapture 100% ownership until 1964. In the meantime, he renovated the building, adding its now-classic neon facade.
In 1970, Binion hosted the first World Series of Poker, then a small tournament of truly elite players. The World Series was both a poker tournament and a premier advertisement for the casino. Other marketing efforts included the famous $1 million dollar display and a working stagecoach that traveled the rodeo circuit.
Part of the Horseshoe's charm was its intimate size but, all things considered, large casinos are more profitable than small ones, so the Horseshoe, like most other Fremont Street casinos, sought to expand in the 1980s. In 1988, the Horseshoe acquired its next-door neighbor the Mint. The Horseshoe's neon facade soon enveloped the Mint, and the Mint's highrise tower gave the Horseshoe a bevy of hotel rooms and a new vertical prominence.
Though Benny Binion passed away on Christmas Day, 1989, the Horseshoe remained a family business. Son Jack Binion had already run the casino for years, and he continued to make the Horseshoe a downtown Las Vegas flagship. In 1998, following a legal battle, Jack surrendered the presidency of the Las Vegas Horseshoe to his sister Becky Binion Behnen.
Jack Binion remained an important figure in gaming. His Horseshoe casinos in Shreveport, Louisiana, Hammond, Indiana, and Tunica, Mississippi became incredibly successful. In 2004 he sold his casino company to Harrah's Entertainment.
Under the leadership of Becky Behnen, Binion's Horseshoe continued to host the World Series of Poker through 2003. The casino closed in January 2004, but was bought in March of that year by Harrah's Entertainment. Harrah's subsequently sold the casino to MTR Gaming, who renamed it 'Binion's Gambling Hall & Hotel,' while retaining the rights to the Horseshoe name and the World Series of Poker.The MTR subsequently sold the property to the TLC group, owners of the nearby Four Queens.
Former Revel casino in Atlantic City sold, could reopen in months
Posted: Monday, January 8, 2018 12:02 PM ESTUpdated: Monday, January 8, 2018 1:11 PM ESTBy WAYNE PARRY
Associated Press
ATLANTIC CITY, N.J. (AP) -- Atlantic City’s most spectacular casino flop is getting another chance under new ownership and a new name.
Colorado developer Bruce Deifik said Monday he had purchased Atlantic City’s former Revel casino hotel from Florida developer Glenn Straub for $200 million. He plans to reopen it this summer, around the same time the former Trump Taj Mahal casino will reopen nearby under the Hard Rock brand.
The former Revel will be called the Ocean Resort Casino. Deifik called the purchase “a dream come true.”
But the news raises a sobering question for a gambling resort that only recently regained its equilibrium following the shutdown of five of its 12 casinos: Might the sudden reintroduction of two large casinos create the same conditions that led to the wave of shutdowns in the first place?
Revel’s sale was finalized Thursday afternoon, during a blizzard, a fitting development for a project with a turbulent history. It cost $2.4 billion to build, yet lasted just over two years before shutting down, never having come close to turning a profit.
Deifik is undeterred.
“We are incredibly excited that we were able to take advantage of the opportunity to acquire this tremendous property at a time when Atlantic City is seeing great economic strides,” he said. “The former Revel property opened at a time when Atlantic City was still in economic recovery, and operationally it just did not cater to the customer base for this destination.”
One new amenity Deifik plans is a sports book facility that would operate if New Jersey wins its U.S. Supreme Court case to legalize sports betting.
He said the casino will employ between 2,500 and 3,000 people. It has 1,399 hotel rooms.
Deifik said he plans to bring back some of the restaurants that were popular at Revel, along with some new ones, including an Asian noodle bar. He also plans a high-end players’ club for the casino.
Deifik is president and CEO of Integrated Properties Inc., which owns 103 commercial properties in five states, including the Hyatt Grand Champions Resort in Palm Springs, California, and several office and retail centers in the Denver and Phoenix areas.
Analysts are mixed on whether Atlantic City’s seven operating casinos can handle two more competitors. Some say the reopenings could hurt smaller casinos and possibly lead one or more to close, but others are optimistic the new offerings — particularly the music-themed, globally known Hard Rock brand — can bring new customers who otherwise would not have traveled to Atlantic City.
Revel opened in 2012, with no less an aim than to rewrite the rules of success in Atlantic City’s casino market. It eschewed bus-riding, buffet-patronizing day trippers in favor of a hoped-for clientele of Wall Street traders, hedge fund execs and the highest of high-rollers. It was the only Atlantic City to ban smoking.
Traders World Sold To Casinos
None of it worked.
The $13 million in casino winnings it took in its first month ranked it near the bottom of Atlantic City’s 12 casinos — a spot it would occupy for its two-year existence. It went bankrupt twice, choking on massive debt it couldn’t come close to paying, and closed on Sept. 2, 2014.
Straub, a Polo-loving multimillionaire, bought it for $82 million from bankruptcy court and then fought with state officials over whether he needed a casino license. He had no immediate comment on the sale, bit planned to issue a statement later in the day.
The closest he got to reopening Revel came with the partial installation of a rope-climbing course in what used to be the casino’s port cochere area. But even that modest venture failed, and was ripped out while half-finished.
Straub sold the property for $118 million more than he paid for it, but he incurred large expenses while keeping it closed.
Before settling on a reopened casino and hotel, Straub floated a wide variety of proposed uses for the property. They included a water park; condominiums; a health-themed spa; an equestrian facility; a so-called “tower of geniuses” where the world’s top minds would gather to tackle society’s problems, and a temporary home for Syrian refugees.
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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