The two properties occupy opposite corners of the intersectionof Fremont Street and Casino Center Boulevard, in the middle of theFremont Street Experience, a pedestrian-only, canopy-coveredentertainment corridor that attracts some 20 million visitorsannually.

The previously agreed upon purchase price was $32 million butwas subject to market conditions. An SEC filing says the twoparties subsequently agreed to "a $3-million working capitaladjustment, which will remain in Binion's upon closing." MTR saysthe sale netted the company approximately $28 million.

Near-term plans for the property include new slot machines andrenovations to public areas and hotel rooms. Caudill willreportedly emphasize the hotel-casino's history. Previously knownas the Horseshoe Club, the property was launched 57 years ago byBenny Binion. Claudill acquired the Four Queens in 2003. Hisimprovements to the property reportedly double cash flow.