World Series of Poker’s Home to Close

[ChicagoJoe]

Posted By : CarbonPoker December 2nd, 2009

While Harrah’s Entertainment may have taken over the World Series of Poker brand name, much of the WSOP’s history will always be tied to Binion’s. That’s because Binion’s owned and operated the WSOP for 36 years until the event was sold to Harrah’s Entertainment in 2005. But just recently, the WSOP’s birthplace has announced that it will be closing its doors.

TLC Enterprises, which owns Binion’s Gambling Hall and Hotel in Las Vegas, made the decision to close down the aging casino after some recent financial trouble. Company spokeswoman Lisa Robinson told reporters that Binion’s hotel rooms just weren’t pulling in enough money to remain competitive in the market. However, she also mentioned that TLC Enterprises hopes to reopen Binion’s doors in the future.

The company will keep the casino, poker room, steakhouse, and sports book open to visitors, but they have closed down the hotel, coffee shop, and keno parlor for an indefinite amount of time. In addition to closing several areas of Binion’s Gambling Hall and Hotel, TLC Enterprises will get rid of 100 out of their 800 employees.

The recent closure of several Binion’s areas is the result of financial problems which date back to 1998, when Benny Binion’s daughter, Becky Behnen, acquired the business. The hotel and casino was eventually closed in 2004 when US marshals seized money to give to Binion’s employees. Harrah’s bailed the company out when they bought Binion’s and the WSOP; they later sold Binion’s to the MTR Gaming Group.

After the closure of Binion’s facilities, many poker personalities were disappointed such as WSOP tournament director Matt Savage. Savage reminisced via Twitter by writing, “Binions Horseshoe was both hated and loved by poker players over the years, but it is definitely missed by those that played the WSOP there!” The current Binion’s poker room has 10 tables, according to the casino’s website, and 11 televisions. It’s well-known for its Gallery of Champions, which portrays the history of the 40 year-old WSOP.”

There is no word on the immediate future of Binion’s as of now. However, people will still be able to play poker there in the meantime.

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[ChicagoMike]

I don't think the Old Horseshoe will be closed for long, the location is killer. As long as I've been going to Vegas I only recently had a "chance" to stay at Binions last Summer. Those old rooms were in major need of renovation, some of those rooms are about as antiquated as the Golden Gate Hotel... Of course the Golden Gate is so antique that it has charm.... People that go to architectural school will have a real challenge how to re-structure the Binions rooms, but that's what architects are paid for

But more to the point, Vegas is SORELY missing a Benny Binion. The cost of the new casinos is so ridiculous (many billions to build a Bellagio or a Wynn, or even a Station Casino for that matter), that the new places really lack a warm feel. They feel exactly like what Benny Binion didn't feel like, a hustle.... and they have to hustle you because paying the nut on those billion-dollar mortgages requires it. $6 for a rum and coke, meals that cost MORE in Las Vegas, not less like they used to. So you end up paying more to be hustled, that's not a winning formula.

The only places where this can be turned around are downtown. Places like Binions, the Fremont, Vegas Club, Fitzgeralds, the 4 Queens... killer locations with PAID FOR PROPERTY, in an aging market that increasingly prefers the convenience of downtown. BUT, where are the operators to run them?? The Golden Nugget is owned by a Seafood Restaurant chain, last I checked Terry Caudle owns the 4 Queens & Binions... he could be the player but I don't know if he has the feel that Binion did. Fitzgeralds is floundering, who owns that now? Don Barden? There's no "bigger than life" character like Benny Binion, and we could sure use him now because there's alot of opportunity if they could pick up one of these casinos at the right price.