Poker Articles

Binion's Horseshoe Turns "50"
By Nolan Dalla
(All Rights Reserved)

A milestone passed last month. It came and quickly vanished without much notice or celebration. In fact, most gamblers were oblivious to the occasion. Binion's Horseshoe, one the world's most durable gambling institutions, turned "50."

In an era when corporate takeovers rumble throughout the industry, when structures built only a generation ago are imploded with great fanfare only to make way for more lavish monuments to excess, the Horseshoe hasn't changed very much. Since the time when Las Vegas was still a sleepy desert backwater speckled with sawdust joints, the Horseshoe has been a bulwark against modernization. Today, it remains one of the city's few casinos that is still family-owned and operated.

But the Horseshoe is clearly showing the signs of its age. It's desperate for a facelift. It's like the clock stopped around 1973 and everyone inside -- from the string-tied dealers to the aging customer base -- is trapped in a time-warp. Yet, the informality and down-home feeling one gets inside is one of its most endearing qualities. The Horseshoe stands in juxtaposition to the Vegas Strip, with its dizzying maze of bright lights and unwavering anonymity. It's a throwback to a bygone era when Las Vegas was much more of a "gambling" town, and far less concerned with trying to be "a family destination." For that reason and more, the Horseshoe still holds a special place in the hearts of many -- especially poker players, who look to the Horseshoe the way baseball fans regard Yankee Stadium, or golfers think of Augusta. The retro-formula Benny Binion introduced over a half-century ago still works, as the Horseshoe rolls on through good times and bad, and remains one of the city's longest-operating casinos.

The Horseshoe Club opened on August 15, 1951. The small property on Freemont Street next to the old Apache Hotel was purchased by Benny Binion, a former Dallas bootlegger and outlaw, who left small-time poker games back in Texas behind only to hit it big in Las Vegas as one of gambling's most beloved figures. Binion, who absolutely loved to gamble, quickly developed an reputation as a daredevil businessman. He offered the biggest betting limits Las Vegas had ever seen. Binion angered rival casinos when he raised the maximum bet allowed on craps and blackjack to $500. At the time, other Las Vegas casinos accepted bets only up to $50. Even well into the 1970s, Binion's was still known for having the highest betting limits anywhere in the world. Caesar's Palace, the city's most glamorous casino, wouldn't take bets of more than $3,000. Binion's topped that -- agreeing to accept wagers up to $5,000. The message was clear: Visitors wanting to see glitzy shows or gawk at neon signs went to the Strip. Real gamblers played at the Horseshoe.

Over the years, betting limits were gradually raised to $10,000 in all the big establishments, in part, because Binion's led the way. "I'm in the gambling business," Benny used to say with great pride, confirmed by his willingness to risk the prospect he could very well lose his entire life's work to a hot shooter at the craps table. One afternoon, Binion even took a single bet of $777,000 when a wealthy Texan walked in and bet a briefcase full of cash on one roll of the dice (the Texan won his bet). Binion's was the first casino to offer 10 times odds on craps. It still has one of the best concentrations of single-deck blackjack games in the city.

Another of the Horseshoe's attractions was their liberal comp policy. Benny believed in taking care of gamblers. Up until a few years ago, gamblers could still get a big streak with all the extras for just $1.99 in the coffee shop. The Horseshoe also came up with one of the most memorable marketing gimmicks of all-time. The casino put $1 million in cash on display -- comprised of one-hundred $10,000 bills entombed in a glass case. Over the years, more than five million free photos were taken of visitors standing in front of the money. No doubt, Binion's got back way more than that at the tables, from those who free-flowed into the casino to gaze at a million dollars in currency.

Binion's also experienced some tough times over the years. In the late 1950s, Benny Binion served time for tax evasion. The family lost control of the Horseshoe for nearly five years (although the name of the casino did not change). In 1964, the Binion's regained control of the Horseshoe. As Benny got older, his son Jack began to wield greater influence in the casino, ultimately assuming control of daily operations.

The Horseshoe's most enduring legacy began in 1970, when Benny Binion hosted the first World Series of Poker. The inaugural poker tournament started with only about 30 players. Thirty-one years later, the number of entries had blossomed to well over 600, including a televised broadcast and coverage in over 200 media outlets. The casino also grew. The Horseshoe expanded to it's present size in 1988 when the struggling Mint Casino-Hotel next door was annexed. The two casinos merged and the property expanded to almost triple its previous size.

Benny's death in 1989 foreshadowed difficult times ahead for the Horseshoe and Las Vegas' most famous gambling family. The Binion's troubles worsened when Benny's son Ted was stripped of his gaming license by the Nevada Gaming Commission. He later died in 1998. That same year, the Binion family split apart -- as siblings Jack and Brenda sold-off their majority stake in the Horseshoe to sister Becky Binion Behnen (although Jack still retains 1 percent share in the property). Next, Jack moved East to run the Horseshoe in Mississippi while Becky retains control of the Las Vegas landmark.

With revenues declining in many downtown casinos, Becky Behnen was forced to make some tough business decisions. She sold-off the Horseshoe's $1 million display. There have been management shakeups. There has also been some controversy at the most recent World Series of Poker regarding tournament registration fees and compensation for personnel.

Critics say the 360-room property's best days may be long-gone.

Downtown casinos like the Horseshoe are having trouble competing with the Strip's mega-resorts. No doubt, many gamblers are rooting for the property. But it's clearly an underdog in a fast-paced industry with a whirlwind of changes taking place all around it. There is hope. One intriguing bright spot for the Horseshoe may be the emergence of Benny Behnen (also known as Benny Jr.) onto the scene -- who seems dedicated to bringing back the atmosphere that his grandfather introduced over a half-century ago. Like Benny Sr., the younger Behnen has a genuineness about him which shows a sincere devotion to the old axiom that turned the Horseshoe into a public icon -- a kindred spirit towards gamblers. As evidence of this fact, Benny can regularly be seen inside the casino milling with crowds, where he is accessible and spends lots of time with customers. He also loves poker.

As long as Binion's Horseshoe remains the caretaker of the world's most prestigious poker tournament, players from all over the world will continue to come. Players will funnel through the doors, dreaming of riches and immortality in the Poker Hall of Fame. Once inside the Horseshoe, it's easy to understand why this is such a special place. It's a historical landmark in a city that often seems intent on forgetting it's past, instead of commemorating it. Memories have lived and died. Fortunes have been won and lost. Famous people have come and gone. Through it all -- the Horseshoe remains the last gasp of bygone era, its name a constant reminder of the enduring spirit of the west.

Nolan Dalla can be reached at: nolandalla@pokerpages.com