|
|
|
Vegas Today
|
|
|
|
| July 23, 2008 |
| Wednesday, 7:39 PM |
| Vegas Weather: |
| 95F Clear |
| Register for the Pulp Club today. It's easy and takes just seconds. Get full access now! |
| 18 Members Online Now |
|
|
|
|
|
|
PULP FEATURES
|
|
|
|
|
|
|
|
|
|
|
|
Gambling Chat
|
|
Poker Chat
|
|
|
|
|
|
Texas Hold'em
|
|
Blackjack
|
|
Message Boards
|
|
General
|
|
Hotels
|
|
Gaming
|
|
|
|
|
|
 |
|
|
|
|
|
|
|
|
|
Benny Binion's Horseshoe: In The Right Hands?
|
In 1951 Texas gambler Lester "Benny" Binion opened Binion's Horseshoe, a downtown Vegas fixture with a storied past to rival its colorful founder. The Horseshoe hosted the first World Series of Poker (as we know it today) in 1970, spawning what would become the most prestigious poker tournament ever. After Binion's death in 1989, control of the Horseshoe was fought over between his children, most notably Jack, Becky and Ted Binion. Ted was a former heroin addict with organized crime ties, whose murder in 1998 shocked even Sin City. His death came just three months after ownership of the Horseshoe was completely turned over to his sister Becky, who would struggle through financial troubles until U.S. Marshals and IRS agents finally shut down the casino on January 9, 2004. With the future in doubt, Harrah's Entertainment came to the rescue, purchasing the Horseshoe and then selling it to MTR Gaming Group for an estimated $20 million. Harrah's retained the World Series of Poker and is running the hotel and casino for the time being. The doors reopened on April 1, 2004, to the delight of many Vegas veterans, but what will the future hold for this historic Las Vegas landmark?
The Cowboy
Growing up among Texas horse traders at the turn of the century, Benny Binion quickly learned how to spot a cheat while playing poker in the dusty campgrounds. Born in 1904, Binion never went to school but was instead educated out in the saddle. In his teens he could tell a horse's age accurately by looking inside its mouth. Later, he would become involved in a number of clandestine endeavors from bootlegging to the policy game (an early form of the lottery). In 1931, Binion was convicted of the murder of a fellow bootlegger, but received only a suspended sentence because of the victim's bad reputation. By 1946, Binion grew tired of the violence in Texas and headed west to Las Vegas. Never the best poker player, Binion's true talent was running a good clean game. He opened the Horseshoe in 1951 after splitting with his former partner over Binion's desire to increase the betting limits. The Horseshoe would later become world famous for its policy of allowing a bettor to establish his own limit equal to his initial bet. Binion revolutionized the casino industry, along the way becoming the first person to put carpet in a downtown Vegas casino, as well as the first to give slot players free drinks. Then, in 1970, he took over a small invitational poker tournament from Tom Morehead of the Riverside casino in Reno.
The World Series of Poker
In 1970, Johnny Moss was elected champion by his six fellow players, including Doyle Brunson and Amarillo Slim Preston. His prize - a silver cup and a place in history. In 2004, Greg "Fossilman" Raymer outlasted 2,575 other players. His prize - the coveted gold bracelet and $5 million. The total prize pool for the main event alone was over $24 million! Legend has it that Benny Binion's inspiration for the World Series of Poker was a five-month poker marathon which he set up in 1949 between legendary gambler Nick "the Greek" Dandolos and eventual three-time World Series champion, Johnny Moss. Moss ultimately won an estimated $2 million before Dandolos articulated the now-famous line, "Mr. Moss, I have to let you go." However, the original World Series of Poker was actually started by Tom Morehead of the Riverside casino in Reno. Morehead invited Binion to Reno one year where the Texan was thoroughly impressed with how much everyone enjoyed the tournament. After Morehead sold out, Binion took over the World Series in 1970 and proceeded, with his sons, to establish the game of tournament poker in a town where poker tournaments were non-existent. Johnny Moss also won the second World Series of Poker in 1971, the first year of freezeout or winner-take-all competition. Since then, there have been three more back-to-back champions in the $10,000 buy-in main event, Doyle Brunson, Stu Ungar (who won a third time 16 years later) and Johnny Chan. In his bid to become the first back-to-back-to-back champion, Chan would come in second, losing to Phil Hellmuth, Jr., the youngest winner ever. The 2005 World Series of Poker will be held at the Rio Hotel & Casino, with the final two days of the main event at the Horseshoe.
Family Feud
Just a few years after the death of Benny Binion's wife, Teddy Jane, in 1994 a bitter battle for control of the Horseshoe erupted. Binion's eldest son, Jack, had held the position of president since 1960, when the family regained control of the Horseshoe after having sold off majority interest in order to finance Benny Binion's legal fights stemming from tax evasion charges in Texas. In 1996, Jack was sued for mismanagement by his sister Becky Behnen, who sought to have him removed as president. The matter dragged on for years until 1998 when Ted Binion was forced to sell his interest in the casino after the Nevada Gaming Commission stripped him of his license because of mob ties. A deal was soon struck that allowed Becky to gain almost total control of the Horseshoe, buying out the other siblings. Ted's mysterious death just months later would not signal a good start to Behnen's reign. Sandy Murphy, Ted Binion's live-in girlfriend, and Rick Tabish, Sandy's lover, would later be convicted of Ted's murder in 2000 and sentenced to life in prison. However, the Nevada Supreme Court overturned the convictions in 2003 and a retrial is currently underway.
On Tilt
Horseshoe insiders perhaps saw the beginning of the end when Becky Behnen sold Binion's famous $1 milion display in 1999. The display of 100 $10,000 bills, which had adorned the Horseshoe since 1964, was sold to a private collector for an undisclosed sum. In 2002, the Nevada Supreme Court ruled that Binion's had to pay the Fremont Street Experience $1.9 million in unpaid dues. Then, in November of 2003, the IRS placed a tax lien on the Horseshoe claiming $5 million in past due payroll taxes, followed by a $2.5 milion lien in December. Just one month later, on January 9, 2004, Federal Marshals and Internal Revenue Service agents raided the famed downtown casino with orders to seize up to $1.9 million in cash, forcing the Horseshoe to close its doors. After numerous complications, a deal was reached in March. The Horseshoe property was sold to MTR Gaming Group for $20 million and Harrah's Entertainment obtained the rights to the World Series of Poker and the Horseshoe brand in Nevada for about $42 million. Harrah's will also manage the Horseshoe for a year with an option for two more years.
The Future
On April 1, 2004, Binion's Horseshoe opened its doors for the first time in almost three months. Las Vegas mayor, Oscar Goodman cut the ribbon before eager gamblers rushed inside to once again press their luck. The new management will certainly provide greater stabililty than the previous regime under Becky Behnen, but it remains to be seen if the Horseshoe can be returned to its former glory. The World Series of Poker is moving to the Rio in 2005 with just the final two days of the main event being played at the Horseshoe. Only one more gold bracelet will be awarded in the building where it all began almost 35 years ago. When asked about the future of Las Vegas, Benny Binion once said, "I ain't married here to this, the sky's my home. I can go anywhere. Make the best out of every situation." That time may have come.
|
|
|
|
|
|
|
|
|