Vol. 4, No. 8, August 2007
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MTR agrees to sell Binion’s for $32M
MTR Gaming Group Inc. announced an agreement to sell Binion’s Gambling Hall and Hotel in Downtown Las Vegas to TLC Casino Enterprises, Inc. for $32 million.
TLC Casino Enterprises is controlled by Terry Caudill and also operates the Four Queens on Fremont Street.
The closing is expected to quickly follow the receipt of regulatory approvals, which the buyer must obtain within six months. TLC said it plans to keep the property’s employees.
MTR purchased the property from Harrah’s Entertainment for $20 million in 2004. The company recently expressed its interest to leave the Las Vegas market and focus on operations in its home state of West Virginia. The company recently announced a deal to sell its Speedway Casino in North Las Vegas for $18.2 million.
“While we have enjoyed working with the employees, the Nevada gaming regulators and Harrah’s to reopen this legendary property, we believe it is now in the company’s best interest to concentrate our efforts and resources on our core properties in West Virginia and Pennsylvania,” said MTR Chairman, president and CEO Ted Arneault.
“Terry Caudill has a proven track record in Downtown Las Vegas with the Four Queens, and we believe that Binion’s and our employees will benefit from his stewardship.”
