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Binions In Financial Trouble

By Chuckmonster on Tuesday, 3rd April 2007 12:28pm
  » filed under Las Vegas  comments: 1


The R-J is reporting that Binions' 2006 financials ended up $3.1 million in the red. Smart money has it that Binions owner, MTR Gaming, is poised to sell off the historic downtown Las Vegas gambling hall.

The question is, who could buy the joint, turn it around and restore Binions to the glory days it once had. Lets take a look at some possible suspects for Binions takeover.

Landry's (current owners of Golden Nugget)

Landry's is wrapping up their major renovation of the Golden Nugget and are planning to expand into a new hotel tower. Could they possibly be interested in grabbing the second most popular name in downtown Las Vegas for a song? (4-1)

Boyd Gaming (owners of Fremont, Main Street, Orleans, Stardust)

Boyd needs a property to generate some cash while the Stardust/Echelon site is offline. Binions would require a bunch of investment to turn it around, and that isn't guaranteed (17-1)

Terry Claudill (owner of Four Queens)

The Four Queens is also wrapping up a major upgrade effort including the new Canyon Club opening later this month (with The Tubes!). Would Claudill be willing to grab Binions for peanuts and turn it around? Very possibly, this guy believes in downtown Las Vegas and is willing to make the changes needed to help it compete. The question is whether or not he's got the loot to do the job. (5-1)

Tamares Group (absentee owners of Plaza, Las Vegas Club etc)

It would make some sense for Tamares to wake up from its deep slumber and become the player in the downtown scene that Barrick alluded to being in 2002-4. Doubtful. (20-1)

Of course there's always the unexpected owner swooping in... a Binion maybe?



Comments & Discussion:

Heaven help us if it is Landry's. They have really screwed up any favorable gambling at the Nugget and the customer service there is non-existent. Claudill would be a good choice. The gaming at the 4Q is becoming more favorable all the time. Even better yet ...how about a Binion who is currently aligned with Mr. Wynn.

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