 Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! |
Gaming News
Jack Binion Agrees to Leave Illinois Casino Industry31 January 2001CHICAGO, Illinois – Jan, 31, 2001 – As reported by The Associated Press: ``The chief owner of Joliet's Empress Casino agreed to sell its share in the gambling boat and move its headquarters out of state within 120 days, the Illinois Gaming Board announced Tuesday. ``Four board members approved a settlement with Empress in which Horseshoe Gaming Inc. Chief Executive Jack Binion would disassociate himself with gaming in Illinois. The board last summer denied a license renewal to the Empress after declaring Binion unfit to run the casino. ``Staff investigators said they had uncovered questionable business practices and compliance issues involving Binion in Nevada, Louisiana and at the Joliet casino. Binion had appealed that decision and it was to go before an administrative law judge next month. ``…In a deal worked out over several months, Horseshoe Gaming agreed to dissolve economic and executive ties with Empress, and the casino will seek bids on Horseshoe's share. ``Horseshoe Gaming will be forced to move its headquarters out of the state within 120 days. ``If the sale of Binion's interest in Empress is agreed to but not closed within 150 days, a temporary five-person board will be established to run operations at the casino. ``But if a continuance is not allowed by the board after 150 days, Empress Casino agreed to pay a $2 million fine and pay $10,000 per day afterward until a sale is approved. ``According to Horseshoe attorney William Kunkle, Empress says that the sale of Binion's interests should not be difficult…" |