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Binion Firm Hit with $7.4 Million Fine

19 March 2003

BATON ROUGE, Louisiana – As reported by the Associate Press: "Jack Binion's Horseshoe Entertainment Inc. will pay $7.4 million to settle allegations of inappropriate business practices involving minority partnerships in the Shreveport-Bossier City area.

"…The decision means that the Horseshoe Casino -- the most lucrative riverboat casino in the state -- can get a license renewal.

"…Of the $7.4 million fine, $410,000 is for inaccurately reporting minority acquisitions. The rest was for not having written contracts with a handful of politically connected individuals who received millions from the boat without any proof that they had done any work.

"An investigative report filed in May accused Horseshoe owner Binion, a Las Vegas gambling figure, of `extraordinary and inappropriate' business practices that hid significant information from state casino regulators.

"The report said Binion had no written contracts or transactions with Robert Piper Jr., a Shreveport attorney and lifelong friend of state Sen. Greg Tarver; Piper's wife, Cassandra; his brother, Wendell Piper; and businessman Frank Pernici, all of Shreveport…"

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