Binion's being sold once again

Binion's, the place that made poker famous, is changing hands again as the Las Vegas Sun is reporting that MTR Gaming Group is selling the property to TLC Casino Enterprises for $32 million.

MTR bought Binion's Hotel and Casino a few years ago in 2004 for $20 million from Harrah's Entertainment Inc. While MTR got the casino, it didn't get the world's largest poker tournament, the World Series of Poker, to go with it.

Harrah's kept the right to the WSOP, whose home had historically been at Binion's since its inception.

MTR has since been working to renovate Binion's with new flooring, wall coverings and other improvements while still trying to maintain its unique ambiance.

However, after essentially breaking even on the hotel and casino last year, the company lost $1.3 million operating the casino in the first quarter of 2007.

"While we have enjoyed working with the employees, the Nevada gaming regulators and Harrah's to reopen this legendary property, we believe it is now in the company's best interest to concentrate our efforts and resources on our core properties in West Virginia and Pennsylvania," said MRT CEO Edson Arneault.

Perhaps TLC will be able to make a better go of it. The company also owns the Four Queens, also located on Freemont Street near Binion's, which is now successful.

Terry Caudill, who controls TLC, told the Las Vegas Sun he has more than doubled operating profit at the Four Queens in four years after spending millions of dollars on new slot machines, remodeled rooms and other upgrades.

"Terry Caudill has a proven track record in Downtown Las Vegas with the Four Queens, and we believe that Binion's and our employees will benefit from his stewardship," Arneault said.

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