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Binion Interested in Selling Horseshoe Gaming

22 September 2000

BILOXI, MISSISSIPPI – Sept. 22, 2000 – As reported by The Associated Press: "…[Binion] has recently discussed selling all or part of Horseshoe Gaming to Las Vegas-based Park Place Entertainment Corp., which owns Grand Casinos in Gulfport and Biloxi.

"…Such a deal would make sense for Park Place as well as Las Vegas-based competitor MGM MIRAGE, said Lehman Bros. gaming analyst Stuart Linde.

"…For Park Place, one difficulty would be Horseshoe's Indiana boat. A buyout would give Park Place two Indiana properties, something that's currently not allowed under Indiana gaming regulations. However, Linde said, it's believed that law will soon be changed.

"…Another often-mentioned Horseshoe suitor is Desert Inn owner Steve Wynn, who visited the Joliet casino in early August. When asked about the visit by the Sun in early August, Wynn denied any interest in buying the property, saying he was there merely to visit Binion, who he described as a friend of more than 30 years.

"…Industry analysts consider that gaming boat to be the most profitable of Mississippi's 29 state-regulated casinos. Horseshoe generates about 20 percent of the $1 billion in annual revenue generated by Tunica County's nine casinos…"

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