New Experience for Binion’s poker

Monday, April 21, 1997 | 11:59 a.m.

The 28th annual World Series of Poker kicks off Tuesday with the first event inside Binion's Horseshoe and concludes May 15 with the tournament finale outside the casino.

The four-day, $10,000 buy-in no-limit Texas hold 'em championship game begins May 12 with the first three days inside the downtown resort and concludes with the final table under the Fremont Street Experience canopy, complete with a barbecue and bleachers for 300 spectators.

Although this is the first time a World Series event will be held outdoors, it is not the first time the Horseshoe has used the streets outside the property to draw interest for a poker game.

In 1949, Binion's founder Benny Binion set up a poker table in front of the casino at the entrance to Fremont Street for a marathon high-stakes game between Nick "The Greek" Dandolos and Johnny Moss.

Moss, who would go on to win four World Series of Poker finale championships, won the winner-take-all event that drew thousands of spectators.

All three men, now deceased, would go on to become legendary figures in the world of high-stakes poker -- Benny for starting the World Series in 1970 -- and all are members of the Poker Hall of Fame at the Horseshoe.

"We hope to draw the same type of interest that we did in 1949 by holding this year's final table outside," said Jim Albrecht, the tournament's director since 1989. "Hundreds of people will stop to watch the highest stakes poker action ever."

The game will be played on a raised platform that will provide air conditioning through vents in the floor. ESPN will televise the event.

Also, the Horseshoe will be selling in its gift shops a silver coin minted to commemorate the passing of the $100 million mark in prize money last year. The 1-ounce silver coins, limited to 1,000, are $20 apiece.

"This is a significant event when you consider that it is more money than has been paid out in the four major pro golf tournaments -- the Masters, PGA, British Open and U.S. Open -- combined in their histories, some dating as far back as the late 1800s," Albrecht said.

Depending on the rate of exchange used to convert British pounds to U.S. dollars and not accounting for inflation, the four prestigious golf tournaments combined have paid total purses of $85 million to $90 million.

"This year, we hope to top $12 million and break the (single tournament prize purse) record of $11.6 million set last year," Albrecht said.

The winner of the championship finale will receive $1 million. The defending world champion is Huck Seed.

It is expected that there will be 4,300 entrants -- many gamblers enter several events -- in the 21 tournament games. Players from about 20 nations are expected to play.

In addition to tournament games, high-stakes side games, popular with the rail birds who gather daily at the casino, will feature action in which untold millions will exchange hands.

Also, satellite games, which offer players a chance to win a seat in a tournament game for a fraction of the buy-in cost, will take place daily.

Winners of various event championships and the world title finale receive 14-karat gold, Neiman-Marcus-designed bracelets in addition to the lion's share of prize money.

Two events have been dropped from this year's tournament -- Chinese Poker, which was popular for a short while then fizzled, and ace-to-5 draw, now played regularly only in California card rooms.

No-limit deuce-to-7 draw, popular only among the elite high-stakes players, is still on the schedule despite declining interest over the years.

In all, there will be eight forms of Texas hold 'em, five variations of Omaha hold 'em and seven forms of 7-card stud, including the $1,000 buy-in women's world championship on May 11, Mother's Day.

The tournament kicks off Tuesday with $2,000 buy-in limit Texas hold 'em. Tournament games start at noon daily.

The tournament prize money also has been slightly restructured to offer more money to players finishing in lower positions. For instance, in games that pay money to 27 players, the winner will receive 36 1/2 percent of the purse, down 1 percent from last year, with that money being distributed among those finishing 19th-27th.

Also, it will take fewer entrants to pay money to more players.

For instance, last year it took 125 entrants for an event to pay to two tables (18 places instead of nine), where it will take only 100 entrants this year. Also, last year, it took 250 entrants to pay to three tables (27 places instead of 18), where this year it will take just 200 entrants to pay an additional table.

Longtime tournament coordinator Jack McClelland once again will serve in that chief referee capacity.