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Binion's Horseshoe Casino Bought Out
Harrah's Entertainment has signed an agreement to buy the financially
strapped Binion's Horseshoe hotel-casino, two days after the legendary
downtown property shut down and federal agents seized money to pay for
unpaid employee benefits, a Harrah's spokesman said Monday.
Harrah's spokesman Gary Thompson declined to say how much the deal
was worth, but said his company agreed to assume all the landmark
property's liabilities. The deal includes the rights to the lucrative
World Series of Poker tournament and the casino's legendary name in
Nevada. Thompson couldn't say when the deal would be completed.
The purchase must be approved by the Nevada Gaming Commission.
Thompson said Harrah's had been interested in buying Binion's before
it was shuttered Saturday.
"There were prior negotiations but the pace accelerated over the
weekend," Thompson said.
Thompson said Harrah's wants to reopen the hotel-casino and put its
approximately 900 employees back to work.
Keith Copher, chief enforcement officer of the state Gaming Control
Board, said Monday night that gambling regulators will act fast to get
the casino reopened.
Read the
entire article at:
SFGate.Com
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