Double or Nothing in Vegas (Spoiler inside)

[cartman]

They just got through showing the single spin of the roulette wheel in Vegas. There was a bit of drama, where they couldn't find a casino to take the bet. While they were searching for a casino, they showed what he did during the week. He spent a little bit of his bankroll renting a 'Vette and taking a helicopter tour of Vegas and the Grand Canyon. They then cut back to the casino where he stepped up with his $130K in chips. The casino manager explained the rules, and then the moment of truth came. First, he got to choose the ball used in the the wheel. He then put all of the chips on red, and guess what, red it what the ball landed on.

The only thing that was a bit suspicious is that they said due to Nevada Gaming Laws that they couldn't show the spin live. Only an eyewitness could say if it was truly only one spin.

[Chubby]

Which casino finally took the bet? I thought it was all set for the Hard Rock?

[cartman]

They didn't get into specifics, but evidently last night the Hard Rock backed out of the deal. I think the place that ended up taking the bet was the Frontier, but I don't remember for sure.

[cartman]

Dola,

New reports are now coming out, and they are saying it was the Plaza.

[Chubby]

interesting that Hard Rock backed out. I guess due to the possibility of bad publicity, it doesn't sound like they said where it was during the broadcast so I guess there wasn't much "good pub" they could get...

[cartman]

Interestingly, the casino manager at the Plaza said "Win or Lose, for us, we couldn't buy this kind of publicity. That's why we've agreed to take the bet."

[bosshogg23]

Where is The Plaza, on the strip or just off the strip? I was just there and dont remember seeing it despite walking the entire thing.

[Chubby]

Did they even mention the name of the casino during the telecast?

[cartman]

They did mention the name just briefly, right before the actual spin. That's why I didn't remember it for sure, and had to rely on the press release for the name. They didn't mention the Hard Rock by name, but said "We have to find another casino, since the one with the big guitar outside backed out".

[JonInMiddleGA]

I thought The Plaza was imploded? Maybe I'm confused though. Now that I think about it, I believe it wasn't demolished, it was just shut down by an IRS raid or something like that (maybe 2-3 months ago?).

Incidentally, The Plaza (I assume we're talking about the old casino at the head of Fremont St) is where I stayed the night before my wedding.

[cartman]

It was Binion's Horseshoe that the IRS raided and shutdown. Still haven't heard what that's going to do to the World Series of Poker. I'm sure one of the other casinos will take it over. Or now, maybe the World Poker Tour might be upstaging it a bit.

And yep, the Plaza is still standing. It's one of the old downtown casinos, not one of the ones on the Strip.

[Chubby]

Originally Posted by cartman

It was Binion's Horseshoe that the IRS raided and shutdown. Still haven't heard what that's going to do to the World Series of Poker. I'm sure one of the other casinos will take it over. Or now, maybe the World Poker Tour might be upstaging it a bit.

And yep, the Plaza is still standing. It's one of the old downtown casinos, not one of the ones on the Strip.

I was just talking about this yesterday with some people. Someone has already bought it (Harrah's or Bally's I think) and they have been fixing it up so that they can reopen in time for the 2004 WSOP. I heard they have already replaced all the slots and carpet, don't know what else is done. Maybe Vic will fill us in.

[Z²+]

Originally Posted by cartman

It was Binion's Horseshoe that the IRS raided and shutdown. Still haven't heard what that's going to do to the World Series of Poker.

Actually, the "racino" that I work for recently purchased Binion's Horseshoe. It was a pretty big deal around work, as we don't consider ourselves a real casino (no table games, only 3200 slot machines). Anyway, the way I understand it, Harrah's bought Binion's Horseshoe for about $50 million, and almost immediately turned around and sold it to MTR Gaming (the parent company of my workplace) for $20 million. Harrah's, however, retains the rights to the term Horseshoe and the term World Series of Poker, meaning my company cannot advertise or in any way use the WSOP in marketing. I imagine we'll get to see on ESPN the "Harrah's World Series of Poker" this summer. MTR Gaming retains the rights to the term Binion's. Harrah's will run the day-to-day operations of Binion's Horseshoe (they obviously kept the name the same) for one year, with an option to extend the agreement up to two more years. Here is a link to the full story, albeit a rather dense "investor relations" article.

http://www.mtrgaming.com/ir/04/3_11_04.html

[Z²+]

DOLA

Harrah’s has agreed, however, to hold the World Series of Poker at the property in 2004 and at least the final two rounds of the tournament in 2005, irrespective of whether it elects to extend the Joint Operating Agreement for a second year.

The way I read into this, Harrah's plans to eventually move the WSOP out of Binion's Horseshoe and into one of its own properties. Essentially, they bought Binion's solely to acquire the WSOP, and weren't interested in the property itself (hence only operating it 1-3 years before turning over total control to MTR Gaming).

[Chubby]

Originally Posted by Z²+

DOLA

Harrah’s has agreed, however, to hold the World Series of Poker at the property in 2004 and at least the final two rounds of the tournament in 2005, irrespective of whether it elects to extend the Joint Operating Agreement for a second year.

The way I read into this, Harrah's plans to eventually move the WSOP out of Binion's Horseshoe and into one of its own properties. Essentially, they bought Binion's solely to acquire the WSOP, and weren't interested in the property itself (hence only operating it 1-3 years before turning over total control to MTR Gaming).

Yeah that was kinda what I figured when I heard someone had bought Binions. It's not like there was a whole that there worth much besides the WSOP property.

[Maple Leafs]

I've never heard of Double or Nothing, what was the background on the show?

[Z²+]

Originally Posted by Maple Leafs

I've never heard of Double or Nothing, what was the background on the show?

http://dynamic2.gamespy.com/~fof/for...ad.php?t=24130

[Honolulu Blue]

Thanks for sharing, cartman. I'm not surprised they had some trouble finding a casino to take this bet. Casinos hate to lose, and I'm sure most of them saw it as an opportunity to lose a lot, which would look bad on their income statements. They would much prefer he bet in $1000 increments. Glad things worked out for him.

And thanks, z-man, for the update on the Horseshoe.

[SackAttack]

Given what some of these places rake in during a single day, I find it hard to believe that a loss of $130k or so would have significantly impacted the year's profit statement.

[Honolulu Blue]

Originally Posted by SackAttack

Given what some of these places rake in during a single day, I find it hard to believe that a loss of $130k or so would have significantly impacted the year's profit statement.

True enough, but these things are also broken down by quarter, by month, by week, by day, by shift, and by game. A loss would look bad under some of them, and the reason why might be forgotten.