LAS VEGAS -- Speakeasy Gaming of Fremont, a unit of MTR Gaming
Group, completed its $20 million purchase of Binion's Horseshoe
Hotel & Casino and entered into a joint operating-license
agreement with Harrah's Entertainment.
Harrah's will serve as the primary day-to-day operator, on an
interim basis, of the landmark downtown property that hosts the
renowned "World Series of Poker."
The companies hope to reopen Binion's Horseshoe, which closed in
January, on April 1.
The joint operating agreement's initial term is one year, but
Harrah's can opt to extend it an additional two years.
Harrah's will retain the rights to the names "Horseshoe" and
"World Series of Poker" while MTR will keep the right to use the
name "Binion's" in Clark County.
When the joint operating license agreement expires, MTR will
take over the operation of the property and can re-brand it.
Speaking of the "World Series of Poker," Harrah's agreed to hold
this year's tournament -- and at least the final two rounds of next
year's contest -- at Binion's Horseshoe, regardless whether it
elects to extend the joint operating agreement for a second
year.
The 35the annual tournament encompasses 33 events that will be
held from April 22 and to the world championship finale May 28.
Based on the expected number of participants, this year's total
prize money will exceed $20 million.
Harrah's will offer multiple mini-tournaments called
"satellites," which allow poker players to gain entry into the
tournaments for as little as $50.
Players who are at least 21 years old and interested in
registering in advance can call (877) FOR-WSOP and pay the
registration fee for the event they want to enter via a wire
transfer.
Players also can register in person at the Horseshoe during the
event; registration materials then can be picked up at the World
Series of Poker registration desk.
The 2004 World Series of Poker schedule and other tournament
information is available at www.horseshoewsop.com.