MTR Selling Binion’s

MTR Gaming Inc. has announced that they will be selling Binion’s Gambling Hall and Hotel in Las Vegas to TLC Casino Enterprises. The company wants to focus more on its other properties in Ohio, West Virginia and Pennsylvania instead.

MTR Gaming is the parent company of Mountaineer Race Track and Gaming Resort in Hancock County and with the possible approval of table games at the resort, the company wants to put more focus on that area of their company. They say that as they have already sold their other properties in Las Vegas, they feel it is time to shift their focus on to other areas, and leave Vegas behind.

TLC has agreed to pay $32 million in cash for the property, which many think was a fair deal. The company already owns the Four Queens Hotel & Casino in Vegas, and although the deal is not finalized yet they are sure that it will pass muster. The Nevada Gaming Commission has to sign off on the deal before it can be done.

MTR is making a heck of a profit off of what they purchased it for. They got it from Harrah’s back in March of 2004 for $20 million. They also purchased a parcel of land for $1.8 million that was ground leased. Harrah’s is claiming that they are entitled to a $5 million purchase price increase, but MTR is disputing the claim.
 

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