Hotel and Restaurants Closing?
November 30th, 2009 at 6:09:34 AM
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I just read on another board that Binions might be closing its hotel and restaurants on December 14. Any confirmation available?
jaspa
jaspa
November 30th, 2009 at 7:25:29 AM
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AS far as I know, Binions is in the process of being sold, but that it is being sold as an ongoing concern, so any sale should not affect the day to day running of the business.
But as I often point out - I can be (and often am)wrong.
But as I often point out - I can be (and often am)wrong.
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November 30th, 2009 at 11:28:06 AM
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Looks like it's true.
November 30th, 2009 at 1:48:56 PM
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That's sad about the coffee shop--another piece of Old Vegas gone. Though I'd bet that would re-open someday.
All animals are equal, but some are more equal than others
November 30th, 2009 at 4:16:04 PM
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Thanks. That is sad news. I fear the rest of the property will follow.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
December 5th, 2009 at 11:51:24 AM
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Hope it reopens before the 16th June 2010. Thats when Im back in Vegas. When I got married in Vegas in 2007 Binions Coffee Shop was the first place I got something to eat (steak and eggs, and the wife had a stack of blueberry pancakes). Was hoping to go back, make it a kind of tradition.
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January 14th, 2010 at 1:15:43 PM
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He also closed Keno.
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Since Binion's is now owned by Terry Caudill who also owns the Four Queens across the street he was concerned about duplication of facilities in the recession. He has a coffee shop and a hotel at Four Queens. He paid $32 million to buy the casino, and would probably get almost nothing if he sold it right now. He just couldn't afford to run the money losing parts of the operation when people could walk across the street to his other operation. He was only getting $23 a night midweek for hotel rooms. Downtown doesn't make much money on the hotels, but they can't afford to run them as money losing operations either.
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Most casinos are not permitted to close their hotels because zoning regulations do not permit them to operate without a hotel. But Binion's is grandfathered since it was opened in the 1950's.
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In March the city is installing a bus rapid transit (BRT) system which will stop right next to Binion's. A BRT is like a cross between buses and light rail. The system will be known as the Ace. The current double decker bus (The Deuce) will be confined to the strip (Palace Station to Mandalay Bay). The ACE system may increase business to downtown by cutting transit time to convention center and the strip and the off-price malls. Perhaps he will re-evaluate and re-open the hotel if business picks up.
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Since Binion's is now owned by Terry Caudill who also owns the Four Queens across the street he was concerned about duplication of facilities in the recession. He has a coffee shop and a hotel at Four Queens. He paid $32 million to buy the casino, and would probably get almost nothing if he sold it right now. He just couldn't afford to run the money losing parts of the operation when people could walk across the street to his other operation. He was only getting $23 a night midweek for hotel rooms. Downtown doesn't make much money on the hotels, but they can't afford to run them as money losing operations either.
------------------------
Most casinos are not permitted to close their hotels because zoning regulations do not permit them to operate without a hotel. But Binion's is grandfathered since it was opened in the 1950's.
------------------------
In March the city is installing a bus rapid transit (BRT) system which will stop right next to Binion's. A BRT is like a cross between buses and light rail. The system will be known as the Ace. The current double decker bus (The Deuce) will be confined to the strip (Palace Station to Mandalay Bay). The ACE system may increase business to downtown by cutting transit time to convention center and the strip and the off-price malls. Perhaps he will re-evaluate and re-open the hotel if business picks up.
