Binion's to be sold again?
Downtown casino stalwart Binion's Gambling Hall and Hotel continues to hemorrhage money, posting a loss of $682,000 in cash flow for the first quarter of 2007. Last year at this time, they posted a loss of $609,000.
First quarter net revenue was $15.1 million, down from $16.5 million at this time last year.
After Harrah's bought Binion's in 2004 (for the World Series of Poker and Horseshoe trademarks), they flipped it and sold it for $20 million to West Virginia racetrack company MTR Gaming.
MTR recently sold their Speedway Casino in North Las Vegas for $18.2 million.
We've long heard rumors that owners MTR Gaming is looking to get out of Las Vegas altogether, and the latest is that the Landry's restaurant chain (who also owns downtown casino Golden Nugget) may be interested in taking Binion's off MTR's hands.
This hasn't been a good time for downtown casinos, which more and more are worth less than what 1 acre of land is going for just a couple miles south.
