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#1
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Binnions SOLD
Binions was sold to the owners of the 4 Queens today. The deal will finalize at the end of the year, with the option for a 6 month extension if required.
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#2
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Re: Binnions SOLD
And what possible impact would this have on those 2 properties? Any combination possibilities?
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#3
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Re: Binnions SOLD
[ QUOTE ]
And what possible impact would this have on those 2 properties? Any combination possibilities? [/ QUOTE ] MTR gaming bought Binions from Harah's in 2004, although the investment on the floor makes the casino look much better I would venture to guess its under performing. Also MTR is focused on racino investments, with Binions being its lone casino in Vegas. Its possible that their operating plan all along was to renovate and flip - never investing enough to change operations and/or procedures. Best thing TLC (the new owners) could do is shut down Binions, let the staff go (they are union), renovate and start from scratch. I don't know if that would be a fiscally sound choice, but cleaning house would really help this aging dinosaur of gambling history. |
#4
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Re: Binnions SOLD
You could extend that to all of downtown. Sad. Like an old whore.
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#5
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Re: Binnions SOLD
Golden Nugget is a peach of a place. Great looking and a model for the downtown casinos.
I say KILL THE DAMN PAID PARKING CRAP---- |
#6
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Re: Binnions SOLD
Building from scratch is really next to impossible. Not only would it be impossible to get a return given the horrid location and extreme construction costs, they don't even own all the land the site is on. IIRC here are parcels literally in the middle of the site that are leased from 3rd party owners who I believe to this point have steadfastly refused to sell.
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#7
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Re: Binnions SOLD
[ QUOTE ]
Building from scratch is really next to impossible. Not only would it be impossible to get a return given the horrid location and extreme construction costs, they don't even own all the land the site is on. IIRC here are parcels literally in the middle of the site that are leased from 3rd party owners who I believe to this point have steadfastly refused to sell. [/ QUOTE ] I didn't mean tear down Binions _ I agree that would be a waste of money, I meant tho repair the business itself. renovate the rooms, replace the staff, create a new marketing vision, etc. Even then I know its a tall order, and may not be fiscally viable. |
#8
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Re: Binnions SOLD
Not sure just how much a renovation would run for this place.
It has to be filled with lead paint and asbestos. Can not be cheap to work with that stuff. And If memory serves me right, I could be wrong, Binions sits on leased land. Not sure how that affects the overall outlook. |
#9
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Re: Binnions SOLD
[ QUOTE ]
And If memory serves me right, I could be wrong, Binions sits on leased land. [/ QUOTE ] I think that's right. I've also heard from someone in the know at Binion's that their parking garage is a higher valued asset than the hotel/casino. |
#10
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Re: Binnions SOLD
Binion's has a garage?
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