Behnen approved as sole owner of Binion’s Horseshoe Club

Angie Wagner

Friday, June 12, 1998 | 8:21 a.m.

LAS VEGAS - Becky Behnen was approved by state gaming regulators Thursday to take over Binion's Horseshoe Club from her older brother, a deal that she says will return the downtown property to the way it was when she was young.

After a series of stock transactions which must be completed by 5 p.m. on July 2, Mrs. Behnen will become the sole owner of Binion's Horseshoe Club, ending a bitter family dispute over control of the casino that began nearly three years ago.

The deal allows for longtime Horseshoe President Jack Binion, who has a 42 percent interest in the property, to buy out the 20 percent owned by his brother Ted Binion, and the estimated 18.5 percent held by his other sister, Brenda Michael.

Mrs. Behnen, who also owns about 18.5 percent, then would buy all Jack Binion's stock and become the sole operator of the resort made famous by their late father, Benny Binion, a Las Vegas gaming pioneer.

In special hearings Thursday, the Gaming Control Board recommended approval of the deal and then the Nevada Gaming Commission approved it.

Ms. Michael and Jack Binion will remain on the gaming license. He has also agreed to submit a plan for collection of $5 million in unpaid markers.

Mrs. Behnen said she was looking forward to getting the "business of the Horseshoe back to the way it was when I was being raised."

The Horseshoe has been estimated to be worth as much as $80 million.

Gaming regulators questioned Mrs. Behnen about how much involvement her husband, Nicolas Behnen, would have in the Horseshoe. In 1978, Behnen withdrew his application for a gaming license to operate the downtown Silver Star casino after the Gaming Control Board recommended denial.

Mrs. Behnen said her husband would have no involvement in the management of the property, and she would probably notify employees in a memo.

The deal came together just as the Horseshoe corporation was supposed to meet a Thursday deadline imposed by the Gaming Commission to buy out Ted Binion, whose license has been revoked.

The commission banned Ted Binion from the industry earlier this year because of his association with reputed mob figures.

Within the past three years, the Horseshoe's profits have declined amid the family dispute.

Mrs. Behnen sued Jack Binion in January 1996, alleging he mismanaged the resort while pursuing his lucrative gaming ventures outside Nevada.

Last month, District Judge Nancy Becker refused Mrs. Behnen's request to appoint an independent receiver to run the Horseshoe during the litigation.

But the judge suggested Jack Binion needed to pay more attention to the downtown casino.