Late yesterday MTR Gaming Group Inc. said in a press release that they intend to sell their Binion’s property to TLC Casino Enterprises Inc. for a reported $32 million.
MTR bought the property three years ago from Harrah’s Entertainment for $20 million, but found it tough going in the downtown market. Last year Binion’s barely broke even in profits and this year, it has posted a loss of over $1 million so far.
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TLC is no stranger to the downtown Vegas casino market, as it owns the newly renovated Four Queens, a mere one block from Binion’s. They said in a companion statement that they intend to retain the casino-hotel’s current employees once the deal is complete.
The deal still has to be approved by the City of Las Vegas, along with the state gambling board, before anything can change hands.