Former WSP home sold to casino firm
4th March, 2008
A buyer has been found for the former casino home of the World Series of Poker (WSOP), CNN Money is reporting this morning.
Binion's Gambling Hall & Hotel in Las Vegas was long regarded as one of the most historic venues in Sin City and played host to a number of high-profile poker tournaments, including three decades worth of WSOP main events.
But following on from the move of the tour to Harrah's casino gambling house The Rio in 2004, new owners MTR Gaming Group decided to put the venue up for auction.
Media reports suggest that a bid placed by TLC Casino Enterprises for $32 million (£16 million) has now been accepted.
Part of the deal reportedly includes a $3 million adjustment in working capital, which is due to remain with the property when the sale is formalised later this week.
MTR attributes the auction of the historic venue to unspecified "market conditions," though many analysts say it is a continuation of the longstanding depreciation of downtown Vegas as the strip opens up to wider competition.
Binion's was formally owned by WSOP founder and Las Vegas casino owner Benny Binion, who died in 1989.
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