Binion's Horseshoe

History and Founding

Benny Binion arrived in Las Vegas in 1946 after building a fortune through bootlegging, slot-machine operations and illegal gambling in Dallas. He opened the Horseshoe Club on Fremont Street in 1951 with a strategy aimed at professional gamblers rather than ordinary tourists: no betting limits at dice and card games, and instant cash payouts. The no-limit policy attracted high-rolling oilmen, bookmakers and road gamblers, and the casino's display of one million dollars in $100 bills, installed in the early 1960s, made the building a sightseeing destination in its own right.

World Series of Poker

The first World Series of Poker was a small invitational tournament Binion organized at the Horseshoe in 1970. A year later it switched to a freezeout format with a single champion, and it grew into the most recognizable brand in tournament poker before the rise of the online poker boom. Johnny Moss, Doyle Brunson, Stu Ungar, Johnny Chan and Phil Hellmuth all won WSOP titles in the downtown casino, which hosted the event every year through 2004.

Family Turmoil and Regulatory Battles

After Benny Binion died in 1989, sons Jack and Ted Binion took control. Jack, the business-minded eldest son, led the casino and expanded the brand through Horseshoe Gaming Holding Corporation with properties in Tunica, Mississippi and Hammond, Indiana. Ted, whose ties to organized crime and personal gambling drew scrutiny, lost his Nevada gaming license in 1998 and was murdered later that year; his girlfriend Sandy Murphy and associate Rick Tabish were convicted in a case that dominated Las Vegas headlines. The tragedy triggered a public ownership fight between Jack and his sister Becky Behnen, who became president of Binion's Horseshoe, and the family's legal and tax problems ultimately forced a sale.

Harrah's Acquisition and Brand Expansion

In 2004 Harrah's Entertainment bought Binion's Horseshoe, taking over the downtown casino, the Horseshoe brand and the World Series of Poker. Harrah's moved the WSOP to its Rio property for the 2005 series and began attaching the Horseshoe name to other casinos it owned, including Horseshoe Tunica, Horseshoe Hammond, Horseshoe Council Bluffs, Horseshoe Bossier City and Horseshoe Southern Indiana. The downtown complex was later sold off, while Caesars Entertainment, the successor to Harrah's, revived the Horseshoe brand on the Las Vegas Strip by renaming Bally's as Horseshoe Las Vegas in 2023.

Current Operations and Business Model

The original Fremont Street property now operates as Binion's Gambling Hall and Hotel, a smaller downtown casino with slot machines, table games, a poker room, hotel rooms and Binion's Ranch Steakhouse. Its revenue model follows the traditional casino mix of gaming, lodging and food and beverage, but its commercial position is niche: it competes for downtown foot traffic alongside other Fremont Street Experience casinos while leaning heavily on its heritage as the birthplace of the World Series of Poker and the home of the million-dollar display. The property remains one of Las Vegas' most photographed gambling landmarks.

Regulatory Legacy

The casino's regulatory history has been closely tied to the Binion family. Nevada gaming regulators revoked Ted Binion's license in 1998, and the family's ownership disputes drew scrutiny from the Nevada Gaming Commission. After the Harrah's purchase, the new owner obtained the necessary gaming approvals, and the property continues to operate under a Nevada gaming license. The broader Horseshoe brand is now part of Caesars Entertainment's licensed casino portfolio across multiple states.