Binions in trouble

[ohkanada]

Several threads on RGP about the gaming commission closing down a significant portion of the slots because there is not enough money.

Poker room appears to be open but it will be interesting to see what this does to the WSOP.

Ken Poklitar

[JohnnyF]

True story -

Binion's forced to close slots and table games
State Gaming Control Board agents Tuesday evening forced Binion's Horseshoe to close down almost half of its 1,300 slots and three of its four table game pits because of inadequate casino bankroll amounts, said Keith Copher, control board enforcement division chief. The casino remains open.
Posted 9:10 a.m.

http://www.lvrj.com

So it is barely open. Kind of sad to see such a historic place get run into the ground -

[PokerBabe(aka)]

Right- Binion's closed 40% of the casino operations. This was confirmed at the Mirage poker table tonight by a reliable source. We used to call this "net capital" violations in the stock business. /forums/images/icons/ooo.gif

[Lurker]

I assume this means they didn't have enough cash on hand to cover all bets in play?

L

[PokerBabe(aka)]

Something like that- a casino must maintain a certain cash reserve level, but I am not sure of the requirements. At any rate, it looks like Binion's bankroll is shot. /forums/images/icons/ooo.gif Babe

[HDPM]

Yep, article in todays Review-Journal indicated gaming did a cage audit and found "discrepancies" as well as a short bankroll. Binions is going to be forced into bankruptcy or be shut down. Or both. I can't imagine how a casino can stay open for long after this. Maybe the 2+2 ers can get together a group and buy the place. Put in a big poker room and try to improve the place. I think it will sell pretty cheap. Between Zee, Pokerbabe, and Andy Fox, it should be chump change. /forums/images/icons/wink.gif

[PokerBabe(aka)]

HDPM- OK- I'm in.!! Let's put our money together and buy the place. /forums/images/icons/tongue.gif The joint must be entirely remodeled to Babe's excellent standards, of course, so the RAKE GOES UP! /forums/images/icons/wink.gif Would you like to be poker room manager? :grin

[HDPM]

I just want to be a general quality assurance/roving manager guy. I want to be able to order stuff cleaned up and spot problems. The Horseshoe will never be the Bellagio, but it could be clean with good food and beverage service. More like when better ownership was in place. We also need to get Bill Murphy his mid limit mix game. Downtown is getting cheap enough that a huge poker room might be profitable. All games, all limits, reasonable rakes/time charges. Locals would come. So would tourists. The WSOP would then have a home that really supports poker. I think it could be done. And the other gaming areas could keep it all going if you got back some of the old Binion's attitude. At first you couldn't fade the high-rollers, but the grind level would come back quickly I think.

[Zeno]

Right you are. I use to stay at Binions in the mid-1990s and it was still a reasonable place to play and was always packed to the gills Friday through Sunday. Use to be a great venue for blackjack (single deck) and craps (odds bets). The restaurant downstairs had good food for a reasonable price and always had a line at food time. The poker room was always a bit smokey but endurable if only for the amusing characters that hung around. The old- style racebook was a fun place to lose money on horses and dogs. I have a number of fond memories of the place and it would be a shame to see the casino boarded up. Hope it can be revived and saved.

-Zeno

[scalf]

/forums/images/icons/frown.gif when i lived in vegas and was a degenerate gambler...decembers were slow, but when ya got to binions, the place was packed; hey ya go up to the dice tables, place a 1.00 pass line bet....before ya knew it...care fer a drink sir?..before seven out an ice cold heinekens was there'''

now i wonder why binions was packed(without a meaningfull hotel; before mint buyout)..when all other downtown casinos were a few shills watching spiders spin webs..lol..jmho///gl /forums/images/icons/shocked.gif /forums/images/icons/smile.gif

[mikelow]

Say goodbye. When I was first trying my "luck" in Las Vegas
in the mid 1980s, the Horseshoe was a top venue, even during the "offseason." It had a top sports book also.

The last time I was there, it was a chaotic dump. So I guess the WSOP will be played in Tunica.

[Ryan_21]

Knew this was gonna happen as soon as Jack was forced out.

Ryan_21

[Moose]

Having recently been in Vegas, I witnessed a pretty sad debacle at the craps table. One player was hammering between two and three hundred a shot at the craps table on the field bet. He won a few times, and every time he did, the stick man was hustling the guy for a $25 tip ("How about a quarter for the boys?"). Eventually, the guy complains to the pit boss, who says "You're lucky I'm not dealing, I'd have asked for more."

While I'm watching this guy leave in disgust, another dealer makes change for some guy, who either wanted to place the line bet after the point is established, or had made a call bet for $5 on the line. Anyways, the dealer changes up the hundred with ten ones, plops a dollar on the line next to the player, and while the (semi-inebriated) player is wondering what's going on, the stick man then 'reminds' the guy to put odds down for the dealers!

I didn't see how that turned out, as I left in disgust.

Meanwhile, at the poker room, I had a pit boss humiliate me in front of a couple other players when I inquired about snack bar comp requirements. Apparently, this pit boss never stopped to realize that maybe, just maybe, I was playing at the game hours before he showed up, and that I wasn't just lookin' for a freebee after sitting in a stud game for 5 minutes.

Yeah, it's the end of the road for the Horseshoe downtown. I'm not really sad to see them on the brink - it was far more sad when I finally realized they were but a hollow shell of their former self, so my grieving for that place is all done.

M.