Binion's Horseshoe is $ 5 million behind on its bills

01.12.2003, Lesen Sie hier den Bericht über «Binion's Horseshoe is $ 5 million behind on its bills».

Binion's Horseshoe is $ 5 million behind on its bills with the Internal Revenue Service and Nevada Power Co. The IRS on Nov. 5 placed a federal tax lien on the downtown Las Vegas hotel-casino, claiming more than $5 million in employees' withheld taxes are past due.

The IRS lien -- filed against the property's parent Horseshoe Club Operating Co. -- shows that the Horseshoe owes $163,000 for a September 2002 assessment, $2.4 million for an October 2002 assessment, $2.4 million for a December 2002 assessment and $16,000 for a March 2003 assessment.

Bill Brunson, an IRS spokesman, said the lien may not reflect recent payments or additional assessments levied against the company. He would not discuss specific details of the Horseshoe's case. "Because the lien was filed does not mean something will happen, and it doesn't mean something won't happen either," he said. "It gives us the authority to take such action as seizing property."

In a separate matter last week, Nevada Power executives confirmed that the Horseshoe is past due on bills. Utility executives said they were negotiating a settlement with Horseshoe owner Becky Behnen. If an agreement is not reached the property could have its power shut off, said Pat Shalmy, president of Nevada Power.

Shalmy said it is not the first time the Horseshoe has built up a past-due balance with Nevada Power, and he said he expects the current matter to be resolved without any interruption in service. "We're working with them," Shalmy said. "(Behnen) has advanced a check to us. It's not for the total amount, but I think it's a gesture of good faith ... I am confident we can work this out." Citing fair credit reporting rules, Nevada Power spokeswoman Andrea Smith said the company could not reveal the dollar amount of the Horseshoe's past-due bills. Smith did say that negotiations between the utility and the casino were "amicable."

Behnen could not be reached for comment. The situation with Nevada Power and the IRS is just the latest financial problem for the Horseshoe. In March the Horseshoe settled charges by the National Labor Relations Board that the property had failed to sign a collective bargaining agreement the property reached with the Culinary and Bartenders unions nine months earlier.

The NLRB accused the Horseshoe failing to make contributions on behalf of 500 workers to the respective unions' health and welfare funds for medical insurance and pension plans while the signing of the agreement was delayed by the casino.

In September 2002 state gaming regulators shut down several games at the Horseshoe, saying the casino's bankroll fell below levels required to pay off gamblers. That issue was resolved quickly. The Horseshoe also has faced allegations that it owes the Fremont Street Experience $1.9 million. That dispute is currently being argued in court.

Casino industry observer Anthony Curtis, publisher of the Las Vegas Advisor, emphasized that since the the Horseshoe is a private company, little is known of its financial condition. "On the outside, it looks rather gloomy," he said. "But with a private parent company, you never really know."

Curtis said the property has been caught in a weak downtown market that operates in the shadow of the Strip. The downtown market, he said, felt greater negative effects from the sluggish national economy. Still, he said the Horseshoe has always managed to survive. "This stuff has been swirling around for years but they manage to open the doors every day," Curtis said. "The Horseshoe brand is still a very strong brand. That's bound to get them out of a lot of jams."

Über Binion's Gambling Hall:

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