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Harrah's Trying to Acquire Binion's

19 Dec 2003

LAS VEGAS -- As reported by the Associated Press: "Harrah's Entertainment is trying to acquire the Binion's Horseshoe name in Nevada, one of the best known and oldest brands in the gambling industry, a company official confirmed Thursday.

"`We think Nevada is a growth market, particularly Las Vegas,' Harrah's spokesman Gary Thompson told The Associated Press. "

"...Harrah's signed a $1.45 billion agreement in September to buy Jack Binion's Horseshoe Gaming Holding Corp., its properties and the Horseshoe name outside Nevada.

"Jack Binion did not own any Nevada casinos, but as part of the sale Harrah's took control of a note valued at about $20 million with accrued interest that the Horseshoe Club Operating Co. owes Jack Binion, said Dominic Polizzotto, general counsel for his Horseshoe Gaming Holding Corp.

"...Becky Binion Behnen, who owns the downtown Las Vegas casino, acknowledged Thursday that her company had been approached by Harrah's.

"...The casino has been struggling financially, and the Internal Revenue Service placed a $5 million lien on the property last month..."

 
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