Binion's Horseshoe
Encyclopedia
Binion's Horseshoe, also known as the Horseshoe Casino or simply The Horseshoe, was a hotel and casino located in downtown Las Vegas
, Nevada
on what is now the Fremont Street Experience
. The casino was named for its founder, Benny Binion
and had 366 rooms, three restaurants and a rooftop pool
.
The property is still open, but Harrahs owns the The Horseshoe brand name. As of 2008 it is owned by TLC Corporation and runs under the name Binion's Gambling Hall and Hotel
.
Binion also instituted high table limit
s. When he first opened the Horseshoe, he set the craps
table limit at $500—ten times higher than any other casino in Las Vegas at the time. Ultimately, Binion's raised the table limit to $10,000 and even eliminated table limits completely at times, which was an immediate hit.
Unlike other casinos, the emphasis at Binion's was on gambling, not on big performing acts. The casino was also very egalitarian; there were no private pits for high rollers.
Binion's entire family was involved in the casino. His wife Teddy Jane managed the casino cage until her death in 1994. His sons, Jack
and Ted
, supervised the games. His daughter, Becky (later Becky Binion Behnen), managed the kitchen.
The Horseshoe brand was used for several casino properties owned by the Binion family members. While not part of the same company, the other Horseshoe Casinos
were owned by Jack Binion
, a co-owner of Binion's.
, with low ceilings and velvet wallpaper. It was the first casino to have carpeting, as well as comps
that were offered to all gamblers. Benny believed that small-time gamblers should get the same comps as those who bet big money.
Benny served time in Leavenworth Penitentiary
from 1953 to 1957 for tax evasion. He sold his share of the casino to fellow gambler Joe W. Brown to pay approximately $5 million in legal costs. It was generally understood, however, that Brown was only a caretaker, and Benny regained controlling interest in 1957. He did not regain full control, however, until 1964.
While Brown operated the casino, he installed the famous $1 million dollar display on the casino floor. He sold the display in 1959 and it was later recreated using 100 $10,000 bills by Benny in 1964. The display became one of the casino's attractions.
As a convicted felon, Benny was no longer allowed to hold a gaming license, so his sons took over day-to-day control when the family bought out Brown. Jack became president while Ted became casino manager. Benny remained on the payroll as a "consultant" until his death in 1989.
In 1970, Jack began hosting the World Series of Poker
(WSOP) at the Horseshoe. Eventually, the WSOP became the largest set of poker tournaments in the world. In 1988, the Horseshoe expanded by acquiring The Mint
, a high-rise hotel on the west side of the casino. The expansion of the casino from this purchase provided room for Binion's first poker room.
Ted was under constant scrutiny from the Nevada Gaming Commission
from 1986 onward for drug problems and associating with known mob figure "Fat Herbie" Blitzstein
. He would ultimately be banned from even entering his family's casino. In 1998, he was stripped of his gaming license for his continued association with Blitzstein. He was forced to sell his 20 percent interest to his younger sister, Becky.
In 1998 Becky Behnen acquired controlling interest in the casino following a protracted legal battle with her older brother Jack. The battle ended with Jack being bought out while retaining a 1% interest in the casino so that he could retain his Nevada gaming license. Jack moved on to other
gambling interests. Behnen became president of the Horseshoe while her husband, Nick, took over as manager.
Behnen implemented several cost-cutting measures, most of which were unpopular with the gamblers. Among the most notable was the removal of the Horseshoe exhibit that held $1 million, having been sold to collector Jay Parrino, that had served as a backdrop for free pictures of visitors.
She also made changes in the distribution of the money from the entry fees in the World Series of Poker that were unpopular with the casino dealers
, and closed a popular restaurant in the casino. Benny had used one of the tables in the restaurant as his office. Despite these measures, the Horseshoe became bogged down in debt. Under her father and brothers, the Horseshoe had reportedly been the most profitable casino in Las Vegas (it was privately held, so it never had to report its earnings).
Behnen also attracted the attention of the state regulators by failing to keep sufficient funds available to pay winners in the casino cage. Bob Stupak
also drew negative publicity to the casino when he tried to redeem his $5,000 casino token
s, some of which were stored in the casino's own safe deposit box
es, and Becky refused to honor them.
Behnen's undoing, however, was a dispute with the unions that represented some of the Horseshoe's employees. In November 2002, the Culinary Workers Union
and Bartenders Union filed a complaint with the National Labor Relations Board
alleging that Behnen hadn't signed a collective bargaining agreement and had fallen behind on medical insurance and pension payments. The parties reached a settlement in March 2003 in which the Horseshoe signed the collective bargaining agreement and agreed to pay the owed money. However, the Horseshoe fell behind on its payments, leading a federal judge to issue two separate judgments ordering the Horseshoe to pay over $1.5 million. The judgments gave the union the right to seize the money if regular payments weren't being met.
However, the casino stopped making payments in June. After holding off numerous times, on December 5 the Culinary Union obtained a court order authorizing the seizure of up to $1.9 million from the Horseshoe casino cage. The seizure took place on January 9; ultimately federal marshals and IRS
agents seized $1 million in order to satisfy debts owed to the Southern Nevada Culinary and Bartenders Pension Trust Fund and to the Hotel Employees and Restaurant Employees International Union Welfare Fund. The seizure effectively depleted the Horseshoe's bankroll, forcing it to close. A day later, the hotel was shut down as well, and Behnen reached an agreement with the Nevada Gaming Commission
to keep the casino closed until its bankroll was replenished.
A few days later, on January 23, Behnen reached a deal to sell the Horseshoe to Harrah's Entertainment
. The deal closed in March 2004. Almost immediately, on March 11, Harrah's sold the Horseshoe to MTR Gaming Group
. Harrah's retained the rights to the Horseshoe brand and the World Series of Poker
when it sold the casino and hotel, but sold the Binion's brand. The land the casino sits on is still leased from multiple owners.
Binion's reopened in April 2004, with MTR Gaming operating the hotel and Harrah's Entertainment operating the casino, while MTR Gaming completed the process of acquiring the required gaming license. Harrah's continued to operate the casino under a temporary contract with MTR Gaming until March 11, 2005 when MTR Gaming Group officially took control of the operation of the casino and renamed it Binion's Gambling Hall and Hotel
.
MTR Gaming remodeled both the casino and hotel after the purchase. A notable feature of the remodeling was to replace the casino's worn carpet with surplus carpeting that Benny Binion had stored since initially carpeting the casino.
It was announced on November 30, 2009 that the property's 365 hotel rooms would cease operating on December 14, 2009.
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
, Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
on what is now the Fremont Street Experience
Fremont Street Experience
The Fremont Street Experience is a pedestrian mall and attraction in downtown Las Vegas, Nevada. The FSE occupies the westernmost 5 blocks of Fremont Street, including the area known for years as "Glitter Gulch," and portions of some other adjacent streets.The attraction is a barrel vault canopy,...
. The casino was named for its founder, Benny Binion
Benny Binion
Lester Ben "Benny" Binion was a well-known American casino owner, mobster, poker enthusiast, and convicted felon.-Early history:...
and had 366 rooms, three restaurants and a rooftop pool
Swimming pool
A swimming pool, swimming bath, wading pool, or simply a pool, is a container filled with water intended for swimming or water-based recreation. There are many standard sizes; the largest is the Olympic-size swimming pool...
.
The property is still open, but Harrahs owns the The Horseshoe brand name. As of 2008 it is owned by TLC Corporation and runs under the name Binion's Gambling Hall and Hotel
Binion's Gambling Hall and Hotel
Binion's Gambling Hall & Hotel is a hotel and casino located in downtown Las Vegas, Nevada on the Fremont Street Experience. The casino is named for its founder, Benny Binion and has 366 rooms, two restaurants and a rooftop pool...
.
Binion also instituted high table limit
Table limit
The table limit is the minimum and maximum bet that a gambler can make at a gaming table. It is a form of yield management in that the limits can be changed to optimize the profit from a gaming table. Gaming tables have a limited resource to sell, the seats used by the players.- Minimum table...
s. When he first opened the Horseshoe, he set the craps
Craps
Craps is a dice game in which players place wagers on the outcome of the roll, or a series of rolls, of a pair of dice. Players may wager money against each other or a bank...
table limit at $500—ten times higher than any other casino in Las Vegas at the time. Ultimately, Binion's raised the table limit to $10,000 and even eliminated table limits completely at times, which was an immediate hit.
Unlike other casinos, the emphasis at Binion's was on gambling, not on big performing acts. The casino was also very egalitarian; there were no private pits for high rollers.
Binion's entire family was involved in the casino. His wife Teddy Jane managed the casino cage until her death in 1994. His sons, Jack
Jack Binion
Jack Binion is an American casino operator. Jack is the son of casino magnate Benny Binion and worked for his father at Binion's Horseshoe, a casino and hotel in Las Vegas, Nevada.- Biography :...
and Ted
Ted Binion
Lonnie Theodore "Ted" Binion was a wealthy U.S. gambling executive and one of the sons of famed Las Vegas casino magnate Lester Ben "Benny" Binion, owner of Binion's Horseshoe...
, supervised the games. His daughter, Becky (later Becky Binion Behnen), managed the kitchen.
The Horseshoe brand was used for several casino properties owned by the Binion family members. While not part of the same company, the other Horseshoe Casinos
Horseshoe Gaming Holding Corporation
Horseshoe Gaming Holding Corporation was established in 1993 with its only asset being the rights to use the Horseshoe name on casinos. The corporation was a private holding company mostly owned by Jack Binion.-History:...
were owned by Jack Binion
Jack Binion
Jack Binion is an American casino operator. Jack is the son of casino magnate Benny Binion and worked for his father at Binion's Horseshoe, a casino and hotel in Las Vegas, Nevada.- Biography :...
, a co-owner of Binion's.
History
Benny Binion bought the Eldorado Club and Apache Hotel in 1951, re-opening them as the Horseshoe Casino. He styled it like an old-style riverboatRiverboat
A riverboat is a ship built boat designed for inland navigation on lakes, rivers, and artificial waterways. They are generally equipped and outfitted as work boats in one of the carrying trades, for freight or people transport, including luxury units constructed for entertainment enterprises, such...
, with low ceilings and velvet wallpaper. It was the first casino to have carpeting, as well as comps
Comps (casino)
In the context of casinos, comps are complimentary items given out by casinos to encourage players to gamble. The amount of comps that a player is given usually depends on what game they are playing, how much they are betting, and how long they have played. Most casinos have hosts who are...
that were offered to all gamblers. Benny believed that small-time gamblers should get the same comps as those who bet big money.
Benny served time in Leavenworth Penitentiary
United States Penitentiary, Leavenworth
The United States Penitentiary , Leavenworth was the largest maximum security federal prison in the United States from 1903 until 2005. It became a medium security prison in 2005.It is located in Leavenworth, Kansas...
from 1953 to 1957 for tax evasion. He sold his share of the casino to fellow gambler Joe W. Brown to pay approximately $5 million in legal costs. It was generally understood, however, that Brown was only a caretaker, and Benny regained controlling interest in 1957. He did not regain full control, however, until 1964.
While Brown operated the casino, he installed the famous $1 million dollar display on the casino floor. He sold the display in 1959 and it was later recreated using 100 $10,000 bills by Benny in 1964. The display became one of the casino's attractions.
As a convicted felon, Benny was no longer allowed to hold a gaming license, so his sons took over day-to-day control when the family bought out Brown. Jack became president while Ted became casino manager. Benny remained on the payroll as a "consultant" until his death in 1989.
In 1970, Jack began hosting the World Series of Poker
World Series of Poker
The World Series of Poker is a world-renowned series of poker tournaments held annually in Las Vegas and, since 2005, sponsored by Harrah's Entertainment...
(WSOP) at the Horseshoe. Eventually, the WSOP became the largest set of poker tournaments in the world. In 1988, the Horseshoe expanded by acquiring The Mint
The Mint Las Vegas
The Mint Las Vegas was a hotel and casino in downtown Las Vegas, Nevada. Opened in 1957, a 26-story hotel tower was added in 1965. In 1988, The Mint was sold and became part of Binion's Horseshoe....
, a high-rise hotel on the west side of the casino. The expansion of the casino from this purchase provided room for Binion's first poker room.
Ted was under constant scrutiny from the Nevada Gaming Commission
Nevada Gaming Commission
The Nevada Gaming Commission is a Nevada state governmental agency involved in the regulation of casinos throughout the state, along with the Nevada Gaming Control Board. It was founded in 1959 by the Nevada Legislature....
from 1986 onward for drug problems and associating with known mob figure "Fat Herbie" Blitzstein
Herbert Blitzstein
Herbert "Fat Herbie" Blitzstein was a loanshark, bookmaker and lieutenant to Tony "The Ant" Spilotro and the Chicago Outfit in Las Vegas, Nevada.-Biography:...
. He would ultimately be banned from even entering his family's casino. In 1998, he was stripped of his gaming license for his continued association with Blitzstein. He was forced to sell his 20 percent interest to his younger sister, Becky.
In 1998 Becky Behnen acquired controlling interest in the casino following a protracted legal battle with her older brother Jack. The battle ended with Jack being bought out while retaining a 1% interest in the casino so that he could retain his Nevada gaming license. Jack moved on to other
Horseshoe Gaming Holding Corporation
Horseshoe Gaming Holding Corporation was established in 1993 with its only asset being the rights to use the Horseshoe name on casinos. The corporation was a private holding company mostly owned by Jack Binion.-History:...
gambling interests. Behnen became president of the Horseshoe while her husband, Nick, took over as manager.
Behnen implemented several cost-cutting measures, most of which were unpopular with the gamblers. Among the most notable was the removal of the Horseshoe exhibit that held $1 million, having been sold to collector Jay Parrino, that had served as a backdrop for free pictures of visitors.
She also made changes in the distribution of the money from the entry fees in the World Series of Poker that were unpopular with the casino dealers
Croupier
A croupier or dealer is someone appointed at a gambling table to assist in the conduct of the game, especially in the distribution of bets and payouts. Croupiers are typically employed by casinos.-Origin of the word:...
, and closed a popular restaurant in the casino. Benny had used one of the tables in the restaurant as his office. Despite these measures, the Horseshoe became bogged down in debt. Under her father and brothers, the Horseshoe had reportedly been the most profitable casino in Las Vegas (it was privately held, so it never had to report its earnings).
Behnen also attracted the attention of the state regulators by failing to keep sufficient funds available to pay winners in the casino cage. Bob Stupak
Bob Stupak
Robert E. "Bob" Stupak was a Las Vegas casino owner and entrepreneur.He was also a poker player, winning titles at the World Series of Poker and the Super Bowl of Poker...
also drew negative publicity to the casino when he tried to redeem his $5,000 casino token
Casino token
Casino tokens are small discs used in lieu of currency in casinos. Colored metal, injection molded plastic or compression molded clay tokens of various denominations are used primarily in table games, as opposed to metal token coins, used primarily in slot machines...
s, some of which were stored in the casino's own safe deposit box
Safe deposit box
A safe deposit box or wrongly referred to as a safety deposit box is an individually-secured container, usually held within a larger safe or bank vault. Safe deposit boxes are generally located in banks, post offices or other institutions...
es, and Becky refused to honor them.
Culinary Workers Union
Culinary Workers Union or UNITE HERE local 226 is a private sector local union in Nevada, USA, affiliated with UNITE HERE, a national labor union. With 60,000 members, the Culinary Workers Union represents more members than any other union in Nevada, is the largest union local in a right-to-work...
and Bartenders Union filed a complaint with the National Labor Relations Board
National Labor Relations Board
The National Labor Relations Board is an independent agency of the United States government charged with conducting elections for labor union representation and with investigating and remedying unfair labor practices. Unfair labor practices may involve union-related situations or instances of...
alleging that Behnen hadn't signed a collective bargaining agreement and had fallen behind on medical insurance and pension payments. The parties reached a settlement in March 2003 in which the Horseshoe signed the collective bargaining agreement and agreed to pay the owed money. However, the Horseshoe fell behind on its payments, leading a federal judge to issue two separate judgments ordering the Horseshoe to pay over $1.5 million. The judgments gave the union the right to seize the money if regular payments weren't being met.
However, the casino stopped making payments in June. After holding off numerous times, on December 5 the Culinary Union obtained a court order authorizing the seizure of up to $1.9 million from the Horseshoe casino cage. The seizure took place on January 9; ultimately federal marshals and IRS
Internal Revenue Service
The Internal Revenue Service is the revenue service of the United States federal government. The agency is a bureau of the Department of the Treasury, and is under the immediate direction of the Commissioner of Internal Revenue...
agents seized $1 million in order to satisfy debts owed to the Southern Nevada Culinary and Bartenders Pension Trust Fund and to the Hotel Employees and Restaurant Employees International Union Welfare Fund. The seizure effectively depleted the Horseshoe's bankroll, forcing it to close. A day later, the hotel was shut down as well, and Behnen reached an agreement with the Nevada Gaming Commission
Nevada Gaming Commission
The Nevada Gaming Commission is a Nevada state governmental agency involved in the regulation of casinos throughout the state, along with the Nevada Gaming Control Board. It was founded in 1959 by the Nevada Legislature....
to keep the casino closed until its bankroll was replenished.
A few days later, on January 23, Behnen reached a deal to sell the Horseshoe to Harrah's Entertainment
Harrah's Entertainment
Caesars Entertainment Corporation is a private gaming corporation that owns and operates over 50 casinos, hotels, and seven golf courses under several brands. The company, based in Paradise, Nevada, is the largest gaming company in the world, with yearly revenues $8.9 billion...
. The deal closed in March 2004. Almost immediately, on March 11, Harrah's sold the Horseshoe to MTR Gaming Group
MTR Gaming Group
MTR Gaming Group Inc. is a hospitality company based in Chester, West Virginia. The company holds, mostly through several subsidiaries, hotels, casinos and sports facilities...
. Harrah's retained the rights to the Horseshoe brand and the World Series of Poker
World Series of Poker
The World Series of Poker is a world-renowned series of poker tournaments held annually in Las Vegas and, since 2005, sponsored by Harrah's Entertainment...
when it sold the casino and hotel, but sold the Binion's brand. The land the casino sits on is still leased from multiple owners.
Binion's reopened in April 2004, with MTR Gaming operating the hotel and Harrah's Entertainment operating the casino, while MTR Gaming completed the process of acquiring the required gaming license. Harrah's continued to operate the casino under a temporary contract with MTR Gaming until March 11, 2005 when MTR Gaming Group officially took control of the operation of the casino and renamed it Binion's Gambling Hall and Hotel
Binion's Gambling Hall and Hotel
Binion's Gambling Hall & Hotel is a hotel and casino located in downtown Las Vegas, Nevada on the Fremont Street Experience. The casino is named for its founder, Benny Binion and has 366 rooms, two restaurants and a rooftop pool...
.
MTR Gaming remodeled both the casino and hotel after the purchase. A notable feature of the remodeling was to replace the casino's worn carpet with surplus carpeting that Benny Binion had stored since initially carpeting the casino.
It was announced on November 30, 2009 that the property's 365 hotel rooms would cease operating on December 14, 2009.