Bad news for Binion’s casino

Binion's profit decreased by $3 million not to long ago, and things are starting to get worse. MTR Gaming Group of Chester, W.Va said that the Binion's losses were of $5.4 million. MTR Gaming spent $20 million to buy the casino from Harrah's Entertainment and things don't look too bright.

Binion's is run by 56 year old William Robinson, but his job is in jeopardy. After the losses were made public he stopped returning calls. MTR Gaming expressed desire to upgrade the casino's appearance but they are not certain that the change will make change the bad financial situation.

The casino's financial straits can improve a little because the expiration of labor agreements for some of Binion's workers is set to expire May 31st, but how much is not certain.

Samuel Lionel, founding partner of Lionel, Sawyer & Collins was sent as the representative of Apollo Management and Texas Pacific Group at the Monday's court hearing between Harrah's Entertainment and stockholders.

Steven Heyer, the Starwood Hotel & Resorts Chief Executive Officer resigned and the effects of this resignation on the partnership working to develop 50 acres on Harmon Avenue, are not yet certain.

Starwood is a partner in the Edge Group which intends to develop W Las Vegas. The development will take place west of the Hard Rock Hotel. The co-chairman and chief executive officer of the Edge Group, Reagan Silber, said that the news of resignation was surprising but it's better that it came now, rather than later, when the group might have been working on it's project.

Silber said that they continue to work on finding a new partner for the summer. The reservation agreements and deposits still belong to W Las Vegas, but the hard contracts for 750 hotel-condominium units do not.