Binion's Sells for $32 million
June 27, 2007 | 9:03
am
According to a press release from this morning, MTR Gaming Group has sold the legendary downtown casino, Binion's Gambling Hall, for $32 million to a company controlled by Terry
Caudill, the owner of The Four Queens. MTR Gaming Group bought the casino and hotel in 2004 from
Harrah's. The casino giant purchased the financially troubled gambling hall from the Binion family shortly before that primarily to
get the rights to The World Series of Poker which is currently taking place at
the Harrah's property Rio.
I don't know much about this deal but it seems to me that the price of $32 million is really cheap. Perhaps the buyer is also assuming a ton of debt, but on the face of it, it seems like a bargain, especially given the strength of the Binion's name.
Posted by: Juan E | June 27, 2007 at 10:59 AM