Binions closing?
- Thread starter shadroch
- Start date
winr_winr_chicken_dinner!
Well-Known Member
Wow!
(Dead link: http://www.cnbc.com/id/34212649)
Binion's closing Las Vegas hotel; casino remains
By: The Associated Press | 30 Nov 2009 | 06:25 PM ET
LAS VEGAS - The owner of an iconic downtown Las Vegas hotel that hosted the World Series of Poker for 34 years will close the property's hotel rooms, coffee shop and keno operations as a cost-cutting move, a spokeswoman said Monday.
"It's the downturn," said Lisa Robinson, spokeswoman for TLC Casino Enterprises Inc., owner of the 58-year-old Binion's Gambling Hall & Hotel. "We had to make some difficult decisions in order to keep the rest of the property operational."
The casino facing downtown's Fremont Street Experience pedestrian mall will remain open, along with the poker room, sports book and the Binion's Ranch Steakhouse. All 99 rooms in Binion's hotel and 266 rooms in the property's former Mint tower will close Dec. 14, Robinson said.
About 100 of Binion's 800 workers will be laid off.
"This economy has severely affected our operations," Robinson said, citing decreasing occupancy and hotel room rates. "The hotel rooms were just not competitive."
Binion's, also known as Binion's Horseshoe, opened in 1951 after colorful owner Benny Binion moved to Las Vegas from Texas and bought the Apache Hotel and Eldorado Club.
Over the years, the casino became famous for its carpeting and velvet walls, no-limit wagering, a glass display of $1 million in cash, and for the World Series of Poker. Binion's son, Jack Binion, began hosting the tournament in 1970 with 38 invited players.
The champion, Johnny Moss, was elected by his competitors. He was awarded a silver cup.
The aging hotel-casino ran into financial trouble after Benny Binion's daughter, Becky Behnen, acquired it in 1998. It closed in January 2004 after U.S. marshals seized cash from the casino to pay outstanding employee benefits.
Casino giant Harrah's Entertainment Inc. bought the property, kept the Horseshoe and World Series of Poker brands, and sold the casino-hotel to MTR Gaming Group Inc. of Chester, W.Va.
MTR reopened it in April 2004 as Binion's Gambling Hall and Hotel.
The World Series of Poker moved in 2005 to the Rio All-Suite Hotel & Casino near the Las Vegas Strip. The 2009 winner, Joe Cada, won $8.55 million for beating 6,493 opponents in a no-limit Texas Hold 'em tournament that cost $10,000 to enter.
MTR Gaming sold the property to Las Vegas-based TLC in March 2008. TLC also owns the 694-room Four Queens hotel-casino downtown.
(Dead link: http://www.cnbc.com/id/34212649)
Binion's closing Las Vegas hotel; casino remains
By: The Associated Press | 30 Nov 2009 | 06:25 PM ET
LAS VEGAS - The owner of an iconic downtown Las Vegas hotel that hosted the World Series of Poker for 34 years will close the property's hotel rooms, coffee shop and keno operations as a cost-cutting move, a spokeswoman said Monday.
"It's the downturn," said Lisa Robinson, spokeswoman for TLC Casino Enterprises Inc., owner of the 58-year-old Binion's Gambling Hall & Hotel. "We had to make some difficult decisions in order to keep the rest of the property operational."
The casino facing downtown's Fremont Street Experience pedestrian mall will remain open, along with the poker room, sports book and the Binion's Ranch Steakhouse. All 99 rooms in Binion's hotel and 266 rooms in the property's former Mint tower will close Dec. 14, Robinson said.
About 100 of Binion's 800 workers will be laid off.
"This economy has severely affected our operations," Robinson said, citing decreasing occupancy and hotel room rates. "The hotel rooms were just not competitive."
Binion's, also known as Binion's Horseshoe, opened in 1951 after colorful owner Benny Binion moved to Las Vegas from Texas and bought the Apache Hotel and Eldorado Club.
Over the years, the casino became famous for its carpeting and velvet walls, no-limit wagering, a glass display of $1 million in cash, and for the World Series of Poker. Binion's son, Jack Binion, began hosting the tournament in 1970 with 38 invited players.
The champion, Johnny Moss, was elected by his competitors. He was awarded a silver cup.
The aging hotel-casino ran into financial trouble after Benny Binion's daughter, Becky Behnen, acquired it in 1998. It closed in January 2004 after U.S. marshals seized cash from the casino to pay outstanding employee benefits.
Casino giant Harrah's Entertainment Inc. bought the property, kept the Horseshoe and World Series of Poker brands, and sold the casino-hotel to MTR Gaming Group Inc. of Chester, W.Va.
MTR reopened it in April 2004 as Binion's Gambling Hall and Hotel.
The World Series of Poker moved in 2005 to the Rio All-Suite Hotel & Casino near the Las Vegas Strip. The 2009 winner, Joe Cada, won $8.55 million for beating 6,493 opponents in a no-limit Texas Hold 'em tournament that cost $10,000 to enter.
MTR Gaming sold the property to Las Vegas-based TLC in March 2008. TLC also owns the 694-room Four Queens hotel-casino downtown.
Good ridden
Good Ridden, the hotel first, then the casino! I can not forgive nor forget about "IT"! Circa xx years ago, the casino had a big husky Chinese dealer who flashed his holecard, and I milked him slowly at his table. The casino's goon threatened to pluck my eyes out for peeking. "Peeking at the dealer's card is like peeking up a Catholic school girl's Plaid Skirt...it's a no no..." vituperated the goon. I wished Counselor Bob Nersesian were there to witness and document the goon's threat. Hmmm---EV from suing will be as good as peeking, holy:cow:.
Good Ridden, the hotel first, then the casino! I can not forgive nor forget about "IT"! Circa xx years ago, the casino had a big husky Chinese dealer who flashed his holecard, and I milked him slowly at his table. The casino's goon threatened to pluck my eyes out for peeking. "Peeking at the dealer's card is like peeking up a Catholic school girl's Plaid Skirt...it's a no no..." vituperated the goon. I wished Counselor Bob Nersesian were there to witness and document the goon's threat. Hmmm---EV from suing will be as good as peeking, holy:cow:.
winr_winr_chicken_dinner! said:
21gunsalute
Well-Known Member
Something here doesn't add up. How does keeping a big building vacant save money? Were they renting the rooms out below the cost of labor and utilities?
Keep in mind that Binions is owned by the same crew that runs the Four Queens. Instead of having two mostly empty hotels, they now have one half full one.
Binions rooms during the week went for $20 or so, but I'd imagine most were comped. They say it was around a 30% occupancy rate Sunday to Thursday.
Thats 500 rooms rented per week, midweek. If half are comped, it's 250 rooms at $20 a pop or $5,000 in revenue. Five grand a week might cover the salaries and benefits of ten full-time employees. Binions is laying off 100. Thats a substantial savings
The electricity and cooling bills have to be huge, and those elevators cost big bucks to maintain.
I guess they expect the Binions regulars to switch over to the Four Queens.
I had offers from both casinos and the Four Queens receptionist said they'd honor them, even if I wanted to use the three nites at each back to back.
I'll miss the coffee shop. The Steakhouse remains open, for now.
I suspect this is all part of a big bluff the 4 Queens management is trying to run on their landlords.
Binions rooms during the week went for $20 or so, but I'd imagine most were comped. They say it was around a 30% occupancy rate Sunday to Thursday.
Thats 500 rooms rented per week, midweek. If half are comped, it's 250 rooms at $20 a pop or $5,000 in revenue. Five grand a week might cover the salaries and benefits of ten full-time employees. Binions is laying off 100. Thats a substantial savings
The electricity and cooling bills have to be huge, and those elevators cost big bucks to maintain.
I guess they expect the Binions regulars to switch over to the Four Queens.
I had offers from both casinos and the Four Queens receptionist said they'd honor them, even if I wanted to use the three nites at each back to back.
I'll miss the coffee shop. The Steakhouse remains open, for now.
I suspect this is all part of a big bluff the 4 Queens management is trying to run on their landlords.
SystemsTrader
Well-Known Member
I stayed at Binion's last year for $12 a night. Had breakfast in their coffee shop for $1.99 so at those rates like Shadroch says they are probably not covering their labor costs.21gunsalute said:
Rooms were somewhat run down, although still acceptable to my taste. I expect that's what they meant about not being competitive. Decent, cheap rooms are abundant in Las Vegas. It would cost a lot to make the renovations to put Binion's rooms on a par with other hotels, and the return on that investment would be highly questionable in the current environment.
The coffee shop was an institution, it's sad to see it closed.
And no more keno?
I know that keno probably doesn't make much money these days, and the profitability of the the coffee shop and hotel were doubtful, but once you start down this path, and no longer offer a full-service casino, you might be in a death spiral.
The coffee shop was an institution, it's sad to see it closed.
And no more keno?
I know that keno probably doesn't make much money these days, and the profitability of the the coffee shop and hotel were doubtful, but once you start down this path, and no longer offer a full-service casino, you might be in a death spiral.
steve waugh
Member
Doesn't help that they harass patrons
Binions-
They used to deal a decent SD game. The rules (while I was there) was changed to D10 instead of DOA. THe watch the bets closely and do not allow more than 3 times the previous bet.(They forced me to reduce my bet and the dealer got a BJ haha). I made a bit of money on my two visits during summer. Good for a short 30 minute session especially if you are also planning to hit other DT stores. THe point is the atmosphere is very charged and there is tremendous "heat" for almost all the playing time.
By dealing a better game, they can "stand out" from the rest of DT and get more action and be profitable. Well, we know the kind "max IQ" that is required to run casinos.
regards
waugh
Binions-
They used to deal a decent SD game. The rules (while I was there) was changed to D10 instead of DOA. THe watch the bets closely and do not allow more than 3 times the previous bet.(They forced me to reduce my bet and the dealer got a BJ haha). I made a bit of money on my two visits during summer. Good for a short 30 minute session especially if you are also planning to hit other DT stores. THe point is the atmosphere is very charged and there is tremendous "heat" for almost all the playing time.
By dealing a better game, they can "stand out" from the rest of DT and get more action and be profitable. Well, we know the kind "max IQ" that is required to run casinos.
regards
waugh
Doofus
Well-Known Member
Binions is pretty much a shithole and has been for many years. It did not improve when the 4Q took them over. For about a month a year ago they had regular 3-2 blackjack, DOA. That went away really quick. And they say EC is sweaty. Heh. Took the goonish PC about 5 minutes to start sorting through the discards on my last real gambling visit. They treat gamblers like a nuisance and SURPRISE - they can't make money.
steve waugh
Member
If they changed their ways
Shadroch:
I meant that as a compliment IF they change their ways and deal a 3:2 SD and DOA BJ game. They have spiralled downwards and deserve to be where they are now.
waugh
Shadroch:
I meant that as a compliment IF they change their ways and deal a 3:2 SD and DOA BJ game. They have spiralled downwards and deserve to be where they are now.
waugh
