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Binion Forced by Illinois Regulators to Sell Riverboat Casino

31 January 2001

JOILET, Illinois –Jan. 31, 2001 –As reported by the Las Vegas Review-Journal: "Longtime Las Vegas gaming figure Jack Binion has a deal with Illinois gaming regulators that requires him to sell his Joliet riverboat casino within 150 days.

"…Binion and his Horseshoe Gaming must sell the Empress Joliet and drop their appeal of the state's 2000 decision to deny Binion a casino owner's license.

"After selling the riverboat, Binion will be allowed to withdraw his license application, apparently preventing other regulatory fallout in Illinois.

"…The Illinois board charged that Binion accepted a questionable loan from a customer at his downtown Las Vegas Binion's Horseshoe, misled Louisiana officials about the scope of minority participation at his Bossier City, La., casino and failed to notify Illinois regulators about stock buybacks at his Joliet riverboat.

"…Binion's Horseshoe Gaming Corp. responded in July by filing a request for an appeal hearing, alleging that Illinois regulators exaggerated minor violations and failed to consider important evidence when they voted to deny his license.

"Binion and Horseshoe Gaming hold licenses in three states: Indiana, for the Empress Hammond; Mississippi, for the Horseshoe in Tunica; and Louisiana., for the Bossier City Horseshoe…":

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