Casino News

Binion's reports significant losses

2007-04-04 16:35:33

West Virginia's MTR Gaming Group has reported that Binion's losses increased significantly during 2006 as the company struggles to turn its fortunes around.

The news will increase speculation that the famous gaming site could be sold by MTR.

Earnings before interest, taxes and depreciation and amortization (EBITDA) were in the red by more than $3 million during 2006, MTR reported. In 2005 the casino was $580,000 in the black.

EBITDA figures for the fourth quarter amounted to a loss of $1.5 million, an increase of almost $900,000 on 2005's fourth quarter losses of $660,000.

"I don't think MTR Gaming is very long in Las Vegas. If I were (MTR President and CEO Edson Arneault), I would be interested in consolidating down to properties that made a profit," said Gaming Morning Report publisher Frank Fantini, according to the Las Vegas Gaming Wire.

Binion's became famous among poker aficionados in the 1970s when it began hosting the annual World Series of Poker event.


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