Binion's Sold to Four Queens

On June 11, I reported that rumors of Binion’s being sold were rampant all over Las Vegas, and were for months. Landry's, the restaurant chain that owns the Golden Nugget—located just across the Fremont Street Experience from Binion’s—was the leading suitor, but that deal never materialized.

Current owner MTR now plans to sell Binion's for $32 million to TLC Casino Enterprises Inc., which owns the Four Queens, located just down the street from Binion’s and the Golden Nugget.

Although MTR lost $1.3 million operating the casino in the first quarter of 2007 due to decreases in gambling revenue and broke even on the property last year, the sales price is $12 million more than MTR paid for Binion’s when they bought it from Harrah's Entertainment Inc. in 2004.

Earlier this year MTR sold the Speedway Casino in North Las Vegas. Binion’s and Speedway were its only Nevada properties. Before completion, this transaction must be approved by the City of Las Vegas and Nevada gambling regulators. The deal allows MTR to concentrate on properties in Pennsylvania and West Virginia, where they are headquartered.

During their tenure as owners, MTR began renovating Binion's, replacing wall coverings and tearing up the old carpeting, replacing it with new carpet and wood flooring. I hope the new owners are committed to an aggressive renovation schedule.

I have always loved Binion's, and replacing the old, the worn, and the frayed, but retaining the ambiance, the character, and the majority of the employees would be just a terrific rebirth for this historic property. That's not too much to ask for, is it?