Benny Binion's Role in Crafting Las Vegas' Modern Image
Vegas, the gambling hotspot of the planet, seems like it's been around for eternity. But only a century ago, this Nevada city was a far cry from its current glitzy form.
Before the construction of the Hoover Dam in 1930, Las Vegas was just a small settlement. However, the influx of workers looking for jobs during the Dam project set the stage for what would eventually become Sin City over the next few decades. With a majority of the population consisting of men who toiled during the day, there was a growing demand for nighttime entertainment. This presented a goldmine of opportunities for entrepreneurs.
Enter Benny Binion. His name is inextricably linked to the birth of modern Las Vegas. Although his Horseshoe Casino wasn't the first in town, it soon became the most well-known and iconic. Binion recognized the casino industry inside out and wasn't afraid to cater to his clientele's desires.
Born in 1904, Benny Binion, whose complete name was Lester Ben Binion, tide through life as an illegal gambling operator in Texas. Having never attended school himself, he grew up accompanying his father, a horse trader, on his trips. His background is tainted by several brushes with the law. Yet, his obstinacy helped him gain control of all Dallas's gambling operations by 1936. Some years post-World War II, Chicago Mob upped the ante for Dallas, and local officials revoked their support of Binion. So, he packed his bags and shifted to Las Vegas.
In 1946, Las Vegas was in the throes of its metamorphosis into a global gaming hub. While space for those clued up on casino games was still available, Binion showed up with all his skills.
He failed at a few attempts initially, but eventually, he bought the Eldorado Club and the Apache Hotel. Here, he launched the now-iconic Binion's Horseshoe Casino.
At a time when many casinos in Las Vegas existed, Binion stood out for several reasons. He set an unprecedented maximum bet limit on table games. For instance, his craps games had a max of $500, which was 10 times larger than what the competitions offered. Additionally, he vowed to accept bets of any size as long as the bet wasn't larger than the person's initial stake. The Horseshoe Casino was where hardcore gamblers who sought high-stakes action went to play.
A story about the early days of the casino tells of a man who strolled in and placed a $1 million bet on the pass line - an unimaginable amount of money back then. And while the gambler lost the bet, he was paid in full if he had won. Since Binion boasted a pristine reputation, the casino received a stamp of approval as a man of his word.
In addition to large max. bets, the casino offered free drinks to players, a practice that quickly spread among Las Vegas casinos. Unlike competitors who invested in entertainment to lure gamblers to spend money elsewhere, Binion nixed the frills, maintaining focus on the tables.
With no turf wars to contend with and an emerging market to tap into, Las Vegas was a real treasure trove for Binion. Furthermore, he befriended the movers and shakers in the city. This allowed him to channel his energies into his business. It didn't take long before Binion's Horseshoe earned a legendary status that has persisted to this day.
Although Binion bankrolled some risks with his massive betting limits, he knew his business inside out. He did possess the house advantage, so he could survive the variance and ensure a substantial profit. Thus, the casino brought him wealth.
After relocating to Las Vegas, Binion left his criminal past in Dallas behind. Two Dallas district attorneys were determined to arrest and charge him, and in 1953, they managed to gather sufficient evidence. Binion faced charges for tax evasion and was subsequently sentenced to 42 months in prison. However, this wasn't a lengthy sentence, and his conviction meant that he could no longer run a casino as his gambling license was revoked.
Binion's son, Jack, stepped up to manage the casino while he took on a PR role. The Binion family didn't initially have a controlling interest in the casino but regained the majority stake in 1964. Jack obtained a gaming license from the Nevada Gaming Commission and maintained the business, keeping his father's principles about bet limits and accepting all bets. He also introduced some of his own ideas to improve the casino.
In 1988, Jack significantly expanded the hotel, purchasing the neighboring Mint Casino and Hotel for $27 million. He also created a slogan, "a fair game and fair odds," which captured the spirit of the Horseshoe Casino, attracting more customers and increasing profits. Despite skepticism, Jack demonstrated his skill in the gambling business, inheriting it from his father.
In 1970, Benny Binion organized a tournament to determine who was the best poker player among the town's notable figures. It was initially intended as a publicity stunt, but it transformed into the World Series of Poker. The tournament, initially with just seven players, expanded over the years, featuring thousands of entries. In 1971, the format changed to a $5,000 freezeout tournament, and in 1972, Amarillo Slim's victory garnered significant attention and publicity.
Binion's Horseshoe faced space constraints as the tournament grew, leading to Jack's purchase of Mint Casino and Hotel and establishing a full-time poker room at the venue. Unfortunately, Benny Binion passed away in 1989, unable to witness the WSOP's success. Jack continued running the WSOP until selling his interest in the Horseshoe Casino in 1998 to his sister, Becky, ending his association with the casino and tournament. Jack retained the rights to the Horseshoe brand outside of Nevada, eventually opening several riverboat casinos under that name.
In 2004, Caesars Entertainment bought Binion's Horseshoe and acquired all rights to the World Series of Poker.
In response to the given text, here is a paraphrased version:
After moving to Las Vegas, Benny Binion left his criminal life in Dallas. However, he couldn't completely escape as Dallas district attorneys were determined to apprehend and prosecute him. In 1953, they gathered enough evidence against him for tax evasion, leading to a 42-month prison sentence. Consequently, his gambling license was revoked, preventing him from managing a casino.
Jack Binion took over the casino management while Benny handled PR. The Binion family initially didn't have control over the casino, regaining the majority interest in 1964. Jack obtained a gaming license in 1964 and maintained the business, retaining his father's rules about bet limits and welcoming all bets while adding his own ideas to the mix.
In 1988, Jack considerably enlarged the hotel by acquiring the Mint Casino and Hotel for $27 million and invented a slogan, "a fair game and fair odds," highlighting the casino's ethos. Jack's background in gambling, inherited from his father, proved instrumental in the casino's success.
Benny Binion, being a significant figure in the Las Vegas gambling scene, invited some of the city's top players to a tournament in 1970 to find the best poker player. This tournament, initially a publicity stunt, evolved into the World Series of Poker (WSOP). Starting with just seven players, the tournament grew over time and attracted more entries. In 1971, the format was switched to a $5,000 freezeout tournament. Amarillo Slim's 1972 victory raised the tournament's profile.
With the tournament's popularity growing, Binion's Horseshoe struggled to accommodate the increasing number of participants. Ultimately, Jack expanded the Horseshoe by acquiring Mint Casino and Hotel and adding a full-time poker room. Unfortunately, Benny Binion passed away in 1989, missing the WSOP's subsequent success. Throughout the 1990s, Jack continued his involvement in the WSOP until selling his stake in the Horseshoe Casino to his sister, Becky, in 1998. Jack retained the Horseshoe brand's rights outside of Nevada, eventually opening several riverboat casinos.
In 2004, Harrah's Entertainment (later becoming Caesars Entertainment) purchased Binion's Horseshoe and claimed exclusive rights to the WSOP.
The tournament underwent a massive transformation with its size and eventually shifted its venue to the Rio Hotel and Casino. Simultaneously, the Horseshoe was sold to MTR Gaming Group.
The Binions' Impact on the Caesar's Palace
After MTR's takeover, the casino was rechristened Binion’s Gambling Hall and Hotel, preserving the historical naming tradition. However, in 2008, another purchase was made, and the property was subsequently closed, likely due to the economic recession.
In 2019, the current owners reopened the venue under a new moniker – Hotel Apache.
Jack Binion, who was born in 1937, is still active.
He now serves as a consultant for Wynn Resorts, and has been present for some of the most meaningful moments in the story of Las Vegas. His legacy remains an integral part of Sin City, leaving an indelible mark that won't easily fade away.
Alternatively, without the contribution of the Binions, the narrative of Las Vegas would have been significantly different and possibly even lacking the World Series of Poker as we know it now.
Cover image: Twitter/TracesofTexas
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