Introduction
Benny Binion was one of the most successful and notorious figures in the world of gambling. He was the founder of the World Series of Poker and the owner of the Horseshoe Casino in Las Vegas. Despite his reputation as a gangster and a criminal, Binion became a legend in the gambling industry and his net worth was estimated to be in the millions of dollars. In this blog post, we will uncover the rise and fortune of Benny Binion and explore how he became one of the wealthiest men in Las Vegas.
Binion’s Early Life and Career
Benny Binion was born in Texas in 1904. He grew up in a ranching family and dropped out of school at 16 to become a cowboy. He later moved to Dallas and got involved in the illegal gambling industry. Binion’s first casino, the Horseshoe, opened in 1951 and quickly became one of the most popular spots in Las Vegas. Binion was known for his charm and his ability to attract high rollers to his casino.
Binion’s Business Ventures
In addition to the Horseshoe, Binion owned several other businesses in Las Vegas, including a racehorse track and several restaurants. He also invested in real estate and oil, which contributed to his immense wealth. Binion was a savvy businessman and was able to turn his illegal gambling operations into a legitimate business empire.
The World Series of Poker
Binion is perhaps best known for creating the World Series of Poker in 1970. The annual tournament quickly became the most prestigious poker event in the world and helped to popularize the game among the general public. Binion’s vision for the tournament was to bring together the best players in the world and crown a true poker champion. Today, the World Series of Poker continues to be a major event in the gambling industry.
Binion’s Controversial Reputation
Despite his success in the gambling industry, Binion was also known for his controversial reputation. He had ties to organized crime and was believed to be involved in several murders. Binion was ultimately convicted of tax evasion in the 1980s and spent several years in prison. However, his legacy as a gambling pioneer and a larger-than-life figure in Las Vegas continues to this day.
Binion’s Net Worth
Binion’s net worth at the time of his death in 1989 was estimated to be around $100 million dollars. However, it is believed that his actual net worth was much higher, as much of his wealth was hidden in offshore accounts and other secret holdings. Despite his wealth, Binion lived a relatively modest lifestyle and was known for his generosity towards friends and family.
Binion’s Legacy
Today, Benny Binion is remembered as a gambling legend and a trailblazer in the industry. His contributions to the world of poker and his role in shaping the landscape of Las Vegas will always be remembered. While his reputation was controversial and his methods oftentimes illegal, Binion’s legacy remains a testament to his sharp business acumen and his larger-than-life personality.
Conclusion
Benny Binion was a fascinating and complicated figure in the world of gambling. His rise to wealth and success was built on a foundation of illegal activities, but his legacy as a pioneer in the industry will always be remembered. His net worth may have been shrouded in mystery, but his impact on Las Vegas and the gambling world continues to be felt today.
FAQs
1. What was Benny Binion’s net worth?
Benny Binion’s net worth at the time of his death was estimated to be around $100 million, but his true net worth may have been much higher.
2. What is the World Series of Poker?
The World Series of Poker is an annual poker tournament that attracts the best players from around the world to compete for a large cash prize.
3. What were Benny Binion’s business ventures?
Benny Binion owned several casinos, restaurants, and a racehorse track in Las Vegas. He also invested in real estate and oil.
4. Was Benny Binion involved in organized crime?
Binion had ties to organized crime and was believed to be involved in several murders. He was ultimately convicted of tax evasion in the 1980s.
5. What is Benny Binion’s legacy?
Benny Binion is remembered as a gambling legend and a trailblazer in the industry. His contributions to the world of poker and his role in shaping the landscape of Las Vegas will always be remembered.
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