Binion’s Horseshoe to cash some $5,000 chips

John Wilen

Tuesday, May 25, 1999 | 12:54 p.m.

Binion's Horseshoe hotel-casino dropped its appeal of a state Gaming Control Board decision ordering Binion's to redeem $110,000 in $5,000 chips owned by Wayman R. Moore, a high-stakes poker player from Georgia.

Binion's offered no reasons for its decision, and Binion's officials could not be reached for comment.

In a one-page letter, Binion's informed the board that it was dropping its appeal.

"On behalf of the Horseshoe Club Operating Company, the Horseshoe is withdrawing its Petition for Reconsideration in this matter," stated a letter to the board signed by Binion attorney Lew Brandon Jr. "Mr. Moore will present his $100,000 in $5,000 chips to the Horseshoe for redemption."

A hearing in the Moore case had been scheduled for Tuesday.

Two other Binion's chip-cashing cases remain unresolved. The board has ordered Binion's to redeem $250,000 in $5,000 chips held by Las Vegas gambler and casino developer Bob Stupak, and $865,000 in $5,000 chips held by Hamid Dastmalchi, a San Diego poker player and former World Series of Poker Champion. Binion's has appealed both cases.

A hearing in the Stupak case that was scheduled for June 2 has been continued to allow both parties to conduct more depositions. A hearing in the Dastmalchi case is on hold indefinitely until Dastmalchi is in the country and available for a hearing, said a Board official.

Last fall, Binion's discontinued its $5,000 poker chips, and called for the redemption of all outstanding chips by Jan. 1. It cashed millions of dollars worth of the chips, but declined to cash chips for patrons whose winnings it could not verify.

Appealed orders are heard by Board hearing examiners. Hearing examiner decisions must be approved by the full three-member Gaming Control Board. Board disputes in such cases are final and are not reviewed by the five-member Gaming Commission. Any further appeals must be taken up in the state court system.