Binion's gets new owner

Mar 12, 2008 7:54 PM

by GT Staff | The sale of Binion’s Gambling Hall & Hotel to the owner of the Four Queens in downtown Las Vegas closed on Monday, ending an era in which the famous casino saw much of its former glory erode.

Binion’s, while under the ownership of MTR Gaming, suffered a loss in business and in many areas fell into disrepair since the Binion family sold it several years ago.

The purchase of Binion’s marks the second time in five years that Four Queens owner TLC Casino Enterprises has bought a Las Vegas casino. The company purchased the Four Queens in 2003.

"We have been looking at downtown Las Vegas in terms of long-term investment opportunities. The purchase of Binion’s was a logical step within our strategy, and we were attracted by the wide reaching name recognition," said Terry Caudill, president of TLC Casino Enterprises.

"The history of Binion’s generates a lot of customer appeal. As we begin to reestablish the brand, the legacy aspect will come into play, and we also want to reaffirm that Binion’s is current and relevant in today’s Las Vegas," added Caudill.

Within the property itself, TLC Casino Enterprises will make several immediate changes. All remaining coin-operated slot and video poker machines will be converted to ticket-in-ticket-out technology and the casino floor will be reconfigured to improve customer flow throughout. In addition, the hotel rooms will be remodeled and the public areas that have not been renovated in some time will be addressed.

"On the whole, we want to infuse the casino with energy and excitement. There are some things we can do quickly like changing the configuration and location of table game pits that will raise the energy level and make Binion’s more inviting to the foot traffic on Fremont Street," said Caudill.

TLC Casino Enterprises has named Tim Lager as general manager of Binion’s. For the last 15 years Lager has worked for Magoo’s Gaming Group, primarily as director of operations. Magoo’s Gaming Group, which is an affiliated company with TLC Casino Enterprises, owns and operates 13 Las Vegas bars and restaurants including all Magoo’s, Loose Caboose and Chicago Brewing Company locations.