Binnions SOLD

[*TT*]

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.

[that_pope]

And what possible impact would this have on those 2 properties? Any combination possibilities?

[*TT*]

[ 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.

[Cactus Jack]

You could extend that to all of downtown. Sad. Like an old whore.

[Don Olney]

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.

[Don Olney]

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----

[Clarkmeister]

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.

[Admo]

[ 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.

[Off Duty]

Binion's has a garage?

[bones]

[ QUOTE ]
Binion's has a garage?

[/ QUOTE ]

I wouldn't suggest using it if you're claustrophobic at all. The elevators feel like coffins if there are multiple passengers.