Venerable Binion's Horseshoe casino, a place of gambling lore that had been closed since January when federal marshals seized more than $1 million, reopened earlier this month, spruced up and refurbished.
However, the more polished Horseshoe on Fremont Street in downtown Las Vegas will be absent some of the appeal that made the gritty old version a favorite among folks whose preference was for no-frills gambling with some of the best odds in town.
The casino, since bought by a West Virginia firm and now operated by gaming industry giant Harrah's, was forced to close its doors when the marshals did what gamblers had failed to do for over 50 years, break the bank. But the feds had quite an edge, a court order allowing them to take the money because the casino had failed to fund employee health care benefits. The amount of money taken reduced the Horseshoe's on-hand cash below levels required by regulations to pay off gamblers and, as a result, the casino that bore the name of the late Benny Binion, a Vegas gambling pioneer, closed.
The reborn Horseshoe opened April 1, with renovated hotel rooms, new carpeting, and a brighter look. And while the famous $3 late-night steak dinner is long gone from the Horseshoe's menu, there are $7.95 steak-and-shrimp, $8.95 steak-and-lobster and $9.95 prime rib specials at the coffee shop. And the legendary casino will continue to be the setting for an event popularized there, the World Series of Poker, which culminates with the No-limit Texas Hold 'em championship during the last full week of this month.
What the Horseshoe will not have are the single-deck blackjack games that featured rules so favorable to the player that Binion's was consistently voted one of the best places to play in local newspaper polls.
The casino still has a handful of single-deck games, but there is a key difference. The house pays winners 6-to-5 rather than the traditional 3-to-2 on a blackjack - when the first two cards dealt to the player are an ace and a 10 or a face card, which counts as 10. While the difference may seem small, blackjack experts say the change takes away a game that had been nearly an even-odds proposition, and gives a decided advantage to the house. Other blackjack games at the Horseshoe are two- or six-deck versions.
"We're getting some feedback that the 6-5 game would make old Benny Binion roll over in his grave," said new general manager Wade Faul. "But the truth is that the tables are occupied."
Faul said the single-deck game recalled by the Binion faithful is nearly extinct in Vegas.
Such a game attracts skilled blackjack players who can shave the house edge to a sliver or even gain an advantage, and casinos can't make much money.
A Binion's tradition that has survived is the World Series of Poker. The event is a series of tournaments, featuring several variations and betting levels. The most famous is the $10,000 buy-in championship, won last year by a newcomer appropriately named Chris Moneymaker. Buoyed by poker's resurgence, which has been fueled by several TV shows, this year's championship is expected to attract more than 1,000 players and award a prize of at least $3 million, both records.
Rather than pay $10,000 for a seat in the tournament, many participants will qualify by winning a satellite tournament, where the buy-in is much smaller but players must outlast 10 or 20 competitors.
"To give you an idea of the popularity of the event," said Harrah's spokesman Gary Thompson, "about five minutes after reopening the Horseshoe, a (World Series) satellite was under way for $125 (buy-in)."
This will be the last year the entire tournament will be held at the Horseshoe, though. In 2005, most of the event will be at one of Harrah's other Vegas properties - the company owns Harrah's Las Vegas and the Rio - and the final championship tables will be played at Binion's.
In addition to the World Series, the Horseshoe has been the backdrop for some of the town's most storied gambling events. Perhaps most famous is the true tale of a man who bet $770,000 on one roll of the dice, won and walked out the door with a suitcase full of cash nearly 25 years ago. The same fellow, William Lee Bergstrom, returned to Binion's and won similar all-or-nothing bets of $590,000, $190,000 and $90,000. In time, Bergstrom lost a one-roll bet of $1 million. He committed suicide a few months later, although his death was never conclusively linked to his huge loss.
Harrah's also owns the rights to the Horseshoe name. Down the road, Harrah's plans to build a casino on the Vegas Strip that will be the new Horseshoe, according to Thompson.
"We have a tremendous appreciation of the role that the Horseshoe has played in gambling history," he said. "And we intend to do whatever we can to maintain that tradition."
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However, the more polished Horseshoe on Fremont Street in downtown Las Vegas will be absent some of the appeal that made the gritty old version a favorite among folks whose preference was for no-frills gambling with some of the best odds in town.
The casino, since bought by a West Virginia firm and now operated by gaming industry giant Harrah's, was forced to close its doors when the marshals did what gamblers had failed to do for over 50 years, break the bank. But the feds had quite an edge, a court order allowing them to take the money because the casino had failed to fund employee health care benefits. The amount of money taken reduced the Horseshoe's on-hand cash below levels required by regulations to pay off gamblers and, as a result, the casino that bore the name of the late Benny Binion, a Vegas gambling pioneer, closed.
The reborn Horseshoe opened April 1, with renovated hotel rooms, new carpeting, and a brighter look. And while the famous $3 late-night steak dinner is long gone from the Horseshoe's menu, there are $7.95 steak-and-shrimp, $8.95 steak-and-lobster and $9.95 prime rib specials at the coffee shop. And the legendary casino will continue to be the setting for an event popularized there, the World Series of Poker, which culminates with the No-limit Texas Hold 'em championship during the last full week of this month.
What the Horseshoe will not have are the single-deck blackjack games that featured rules so favorable to the player that Binion's was consistently voted one of the best places to play in local newspaper polls.
The casino still has a handful of single-deck games, but there is a key difference. The house pays winners 6-to-5 rather than the traditional 3-to-2 on a blackjack - when the first two cards dealt to the player are an ace and a 10 or a face card, which counts as 10. While the difference may seem small, blackjack experts say the change takes away a game that had been nearly an even-odds proposition, and gives a decided advantage to the house. Other blackjack games at the Horseshoe are two- or six-deck versions.
"We're getting some feedback that the 6-5 game would make old Benny Binion roll over in his grave," said new general manager Wade Faul. "But the truth is that the tables are occupied."
Faul said the single-deck game recalled by the Binion faithful is nearly extinct in Vegas.
Such a game attracts skilled blackjack players who can shave the house edge to a sliver or even gain an advantage, and casinos can't make much money.
A Binion's tradition that has survived is the World Series of Poker. The event is a series of tournaments, featuring several variations and betting levels. The most famous is the $10,000 buy-in championship, won last year by a newcomer appropriately named Chris Moneymaker. Buoyed by poker's resurgence, which has been fueled by several TV shows, this year's championship is expected to attract more than 1,000 players and award a prize of at least $3 million, both records.
Rather than pay $10,000 for a seat in the tournament, many participants will qualify by winning a satellite tournament, where the buy-in is much smaller but players must outlast 10 or 20 competitors.
"To give you an idea of the popularity of the event," said Harrah's spokesman Gary Thompson, "about five minutes after reopening the Horseshoe, a (World Series) satellite was under way for $125 (buy-in)."
This will be the last year the entire tournament will be held at the Horseshoe, though. In 2005, most of the event will be at one of Harrah's other Vegas properties - the company owns Harrah's Las Vegas and the Rio - and the final championship tables will be played at Binion's.
In addition to the World Series, the Horseshoe has been the backdrop for some of the town's most storied gambling events. Perhaps most famous is the true tale of a man who bet $770,000 on one roll of the dice, won and walked out the door with a suitcase full of cash nearly 25 years ago. The same fellow, William Lee Bergstrom, returned to Binion's and won similar all-or-nothing bets of $590,000, $190,000 and $90,000. In time, Bergstrom lost a one-roll bet of $1 million. He committed suicide a few months later, although his death was never conclusively linked to his huge loss.
Harrah's also owns the rights to the Horseshoe name. Down the road, Harrah's plans to build a casino on the Vegas Strip that will be the new Horseshoe, according to Thompson.
"We have a tremendous appreciation of the role that the Horseshoe has played in gambling history," he said. "And we intend to do whatever we can to maintain that tradition."
http://www.sunherald.com/mld/thesunherald/business/8570352.htm
