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.


Binion's consists of a 25-story hotel tower with 365 rooms,meeting space, two gift shops, multiple restaurants and otheramenities such as a rooftop swimming pool, as well as approximately87,000 sf of casino space. The property was shut down by regulatorsin January 2004 and sold to MTR in June of that year for $20million. MTR reopened it in spring 2005 after investing severalmillion to upgrade the property and acquire three of the five acresupon which the improvements sit. The ground lease for the twounderlying acres MTR did not own expire in 2074. MTR says theproperty lost $3.5 million in 2006.

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