Benny Binion's Gamble
Lester Ben "Benny" Binion was a Dallas bootlegger, numbers runner, and convicted murderer who fled Texas in 1946 to avoid prosecution. He arrived in Las Vegas with a reputation, a bankroll, and an understanding of gamblers that no one in Nevada could match. He bought the Eldorado Club and Apache Hotel on Fremont Street and merged them into Binion's Horseshoe in 1951.
Binion's philosophy was revolutionary and ruthlessly simple: offer high limits, cheap food, and treat every gambler like a king. He removed maximum bet limits — any player could bet any amount on their first wager — a policy that attracted high rollers from around the world. He served $2 steaks in a town where competitors charged $10. The logic was pure Benny: lose money on the food, make it back at the tables. It worked. The Horseshoe became the most respected gambling hall in Las Vegas.
The World Series of Poker
In 1970, Benny Binion invited the best poker players in the world to the Horseshoe for a tournament he called the World Series of Poker. That first WSOP had just 7 players sitting around a single table. Johnny Moss won — not by being the last man standing, but by a vote of the other players. It was informal, personal, and utterly Binion.
The tournament grew. By the 1980s, it had hundreds of entries. By the 2000s, fueled by televised poker and the "Moneymaker effect" (Chris Moneymaker won the 2003 Main Event after qualifying online for $39), the WSOP had thousands of entries and was broadcast worldwide. Benny Binion had created the most prestigious event in poker — arguably the most prestigious tournament in all of gambling.
Benny Binion died in 1989, and family infighting eventually cost the Binions control of the casino. The WSOP moved to the Rio in 2005, then to the Strip. Binion's Horseshoe still operates on Fremont Street under different ownership — a shadow of its former self, but a pilgrimage site for poker players worldwide.
Key Facts
No Limit Policy
Binion's revolutionary policy allowed any player to bet any amount on their first wager — no maximum. This attracted the world's biggest gamblers and gave the Horseshoe a reputation no other casino could match.
First WSOP (1970)
The first World Series of Poker had just 7 players. Johnny Moss won by vote. The tournament stayed at Binion's for 35 years before moving to the Rio in 2005. It is now the most prestigious poker event in the world.
The $2 Steak
Binion's served the cheapest food on Fremont Street — including a legendary $2 steak dinner. The strategy was simple: fill them up cheap, then let them gamble. It became one of the most famous deals in Las Vegas.
Benny's Past
Benny Binion was a convicted murderer who fled Texas in 1946 to avoid further prosecution. He built one of the most respected casinos in America with a philosophy rooted in his understanding of gamblers and risk.
What's There Now
Visiting Binion's
Address: 128 Fremont Street, Las Vegas, NV
Status: Still open as Binion's Gambling Hall on Fremont Street.
What to See: The original building and casino floor are largely intact. Downtown Las Vegas (Fremont Street Experience) is walkable from the Strip by bus or rideshare. The casino retains its old-school character and is a must-visit for poker enthusiasts and Las Vegas history buffs.
Nearby: The Mob Museum, El Cortez Hotel & Casino, and the Fremont Street Experience are all within walking distance.
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