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Binion's Gambling Hall Celebrates 65th Birthday

Legendary Las Vegas gambling venue Binion's Gambling Hall is celebrating its 65th birthday this week, with the casino and steakhouse having seen millions of visitors over the years.

The casino was originally opened in 1951 as the Horseshoe Club by Benny Binion, and was known for its steak specials and whiskey. Throughout the years the site became known throughout the world, with the first ever World Series of Poker being held on the grounds in 1970. Good times were also met with bad though, as Benny went to prison for tax evasion and the property has seen uncertainty due to the changing nature of the gambling industry.

In addition to its casino, Binion's has been known for its cheap steak dinners, which have garnered rave reviews throughout the decades. Although the $2 steak isn't there anymore, the property still has a series of excellent steaks available for reasonable prices.

Moving forward current casino owner TLC Casino Enterprises sees rosy skies ahead, with current GM Tim Lager saying, "Truly, I think the brand is so powerful, that when other people would have maybe went under, I think that helped carry us because people are very loyal to the Binion brand, I think if we could survive the bad economy, we could survive anything."

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bgsharpe
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21 August 2016 - 11:01pm
#1

Obviously that place have a great history but I must admit that I've never heard of it so far. Still I probably should be excused because I've had never been in Vegas before Erm

caactmyname
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22 August 2016 - 12:34am
#2
sharpe wrote:

Obviously that place have a great history but I must admit that I've never heard of it so far. Still I probably should be excused because I've had never been in Vegas before Erm

I think $2 for a steak would be news-worthy! Though, at what time was it $2 and when was it cancelled? I'm sure that inflation would have made that $2 a more reasonable price to sell, unless they managed to make JUST that much profit off the casino.

bgsharpe
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22 August 2016 - 8:19pm
#3

Yes I guess the 2$ steaks are not there for quite some time now Wink
Still might be a quite good idea for them to bring back the prices of the stakes at 2$, would be one very popular casino if they do that.

caactmyname
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23 August 2016 - 1:16am
#4
sharpe wrote:

Yes I guess the 2$ steaks are not there for quite some time now Wink
Still might be a quite good idea for them to bring back the prices of the stakes at 2$, would be one very popular casino if they do that.

It would probably have to be given under the conditions of: players must have wagered x amount (for profiting on average) and making a limit for the number of steaks every [time duration]. Maybe people who bet something like >$1000 get a steak? That seems profitable.

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bgsharpe
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23 August 2016 - 8:25pm
#5
actmyname wrote:

[ Maybe people who bet something like >$1000 get a steak? That seems profitable.

Oh Sick that would be one very expensive stake, I guess they wont attract many new customers that way but for those who bet $1000 anyway would be one delicious bonus(pl)

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24 August 2016 - 1:12pm
#6
sharpe wrote:

Oh Sick that would be one very expensive stake, I guess they wont attract many new customers that way but for those who bet $1000 anyway would be one delicious bonus(pl)

Unfortunately that would be the only way to make a reasonable profit, I'd say! Otherwise, you'll have people coming for just the steak!

bgsharpe
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24 August 2016 - 10:04pm
#7

No play - no 2$ stake Joking as simple as that Wink
I guess even if punter wagers let's say 200$ he still deserves a stake, don't you think?
I couldn't believe the casino would bankrupt because of that.

caactmyname
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25 August 2016 - 1:52am
#8
sharpe wrote:

No play - no 2$ stake Joking as simple as that Wink
I guess even if punter wagers let's say 200$ he still deserves a stake, don't you think?
I couldn't believe the casino would bankrupt because of that.

But let's consider it: wagering even $200 on American Roulette - the expected value is about 0.94.

$12 for a steak - depends on how large it is, how well it's cooked, etc. But let's say that most people play Blackjack - even at its highest it would be about 2.48% house edge. (with a huge number of rules against the player)

That would make it a $4.96 steak on average - not profitable. Perhaps the gamblers average out with the slots and lower-edged games, to create about a ~$10 steak (both tight and loose slots help bring it up a lot)

I'm not sure about it. There's a lot of other factors (like how gamblers waste their money until there's nil left)

bgsharpe
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25 August 2016 - 8:12pm
#9
actmyname wrote:

I'm not sure about it. There's a lot of other factors (like how gamblers waste their money until there's nil left)

Yes that's have to be put into consideration too. I'm almost certain RTP is always lower than the officially declared, but I guess 2$ steaks are bygone anyway.

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25 August 2016 - 11:57pm
#10
sharpe wrote:

Yes that's have to be put into consideration too. I'm almost certain RTP is always lower than the officially declared, but I guess 2$ steaks are bygone anyway.

Well, even putting slots at around 3% less RTP would still bring the steak price up to about $11. The house edge for all the table games and whatnot can be calculated, and have been calculated. Easily.

bgsharpe
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26 August 2016 - 9:36pm
#11

Obviously the house always win mate, even from the steaks Erm

caactmyname
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27 August 2016 - 12:57am
#12
sharpe wrote:

Obviously the house always win mate, even from the steaks Erm

From the stakes AND the steaks Wink

bgsharpe
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27 August 2016 - 9:36am
#13

ha ha lol Yeah quite true dude,
let's just hope we're going to win so much that it wouldn't matter how much the steak costs Wink

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