Binion's Gambling House and Hotel May Be Sold - Harrah's - MTR Gaming Group - Binions Horseshoe News

Binion's Gambling Hall and Hotel lost over $1.5 dollars in its first quarter this year. This might lead the owners of the property, MTR Gaming Group, to sell the property. It would not be the first time Binion's has been sold.

Binion's has had a rough time of it lately. A sell would make this the third time in the last three years the property has been sold. Binion's was sold twice in a month back in 2004.

Binion's Horseshoe Casino was founded in 1951 by Benny Binion. It hosted the World Series of Poker for the first thirty years of the competition, and the old Horseshoe is considered a significant part of Las Vegas history. The WSOP left the casino several years ago, signaling coming bad times for the aging property.

The Horseshoe passed out of the hands of the Binion family in 2004. The casino was shut down by gaming regulators. Becky Binion Behnen, owner of the Horseshoe Casino, sold it to the people at Harrah's. Harrah's flipped the property the very next month.

MTR Gaming Group bought the casino from Harrah's, which mainly purchased Binion's for the name "Horseshoe". Harrah's kept the name, which is why Binion's is no longer called Binion's Horseshoe.

The West Virginia based MTR Gaming is perceived an outsider in Las Vegas, and it has never quite got its traction in the city. MTR is in the middle of selling The Speedway Casino in Las Vegas. Another round of consolidation might be on the way. The mounting losses at have led some to speculate that the easterners might not have the business plan to succeed in Nevada.

Binion's Gambling House and Hotel May Be Sold - Harrah's - MTR Gaming Group - Binions Horseshoe News