Four Queens Owner To Buy Binions

zengrifter

zengrifter

Banned
Jun. 28, 2007
Copyright © Las Vegas Review-Journal

DOWNTOWN DEALING:
Binion's gets new boss

Owner of Four Queens willing to pay $32 million
for Fremont Street neighbor

By BENJAMIN SPILLMAN
REVIEW-JOURNAL

The owner of the Four Queens is planning to buy Binion's for $32 million, stirring hopes that local control will revive the folksy charm and gambling allure Benny Binion used to make the property famous.

The current owner, MTR Gaming of Chester, W.Va., announced the deal with Four Queens owner Terry Caudill on Wednesday.

...more - http://www.reviewjournal.com/business/binions-gets-new-boss
 
bj bob

bj bob

Well-Known Member
A great business opportunity!

$32M, that sounds like a steal to me. What we need to do is set up a BlacjackInfo LLC real estate trust and buy Binion's and run our own damn casino. Put a giant neon out on Glitter Gultch saying "Counters Welcome, come on in". I have a funny feeling that, with our collective insight into math, player psychology and cutting edge thinking we could show the rest of the established industry how to do it right. Send me the prospectus, Ken.
PS. By the way, I want to hire Brutus to be Exec. Director in charge of cocktail service personnel and lounge entertainment. Monk could run the circus acts!
 
zengrifter

zengrifter

Banned
dacium said:
32 million? is that all its worth? wow.
Click to expand...
And thats all it could fetch in 2003. I worked on getting Nick and Becky a hard-money loan for the property in 2002.

I was on federal pretrial release at the time... next thing I know, the FBI was visiting Vegas associates of mine and asking: "What kind of move is Marcus Dalton making? He's taking over the Horseshoe?" z:laugh:g
 
bj bob

bj bob

Well-Known Member
Typical Zg

zengrifter said:
And thats all it could fetch in 2003. I worked on getting Nick and Becky a hard-money loan for the property in 2002.

I was on federal pretrial release at the time... next thing I know, the FBI was visiting Vegas associates of mine and asking: "What kind of move is Marcus Dalton making? He's taking over the Horseshoe?" z:laugh:g
Click to expand...
Always one step ahead of the pack!:grin:
 
zengrifter

zengrifter

Banned
shadroch said:
Public records show that it was sold for $20 million to the MTR group.
Click to expand...
Yes BUT that didn't include the WSOP rights. zg

----------------
Liz Benston / LV Sun writes:

Making money in a declining gaming market isn't easy.
But Four Queens owner Terry Caudill, who has owned the downtown casino for about four years, has shown that he can do it.

After more than three years trying to make money at Binion's , owner MTR Gaming is folding its hand by selling to Caudill, who can supposedly operate the property more efficiently (and closely) from his headquarters across the street.

The $32 million sale may pay off for MTR (which bought the property from then-manager Harrah's Entertainment for $20 million) but the gamble on the historic brand did not.

Binion's has benefited lately by hosting daily poker tournaments while the famed World Series of Poker is under way at its newer, adopted home at the Rio.

Clouding the money-losing property's reputation is a lawsuit in which Harrah's says it is owed a $5 million bonus payment from MTR because the casino, under Harrah's management, made money. MTR countersued, saying that Harrah's used underhanded accounting to show a nonexistent profit on paper.

Caudill says he will make money by spending more than the previous owners and managers did - at least $10 million in the first year and more thereafter. He says he has more than doubled operating profit at the Four Queens in four years after spending millions on upgrades like new slot machines and remodeled rooms.

Making bigger profits, longer-term, will require more dramatic improvements that are still under consideration, Caudill said.

"I think downtown has a bright future and will experience a resurgence in the next few years," he said.

xxx
 
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