World Series of Poker in doubt

Binion's Horseshoe, which brought high-stakes poker legitimacy by staging the World Series of Poker each spring, may be dropping the legendary tournament.

The World Series has drawn thousands of poker players from around the globe to the downtown Las Vegas for nearly three decades, but its future now appears in doubt.

Just two weeks ago, the Horseshoe quietly canceled its other major poker tournament, the Hall of Fame Classic.

Horseshoe poker room manager Jim Albrecht and tournament coordinator Jack McClelland said they've been fired and that new owner Becky Behnen plans to cancel the event that was started in 1970 by her father, Horseshoe founder Benny Binion.

Behnen, who bought the Horseshoe interests of her brothers Jack and Teddy Binion and sister Brenda Binion Michael last month following a highly publicized feud, said today Albrecht was on medical leave and that the tournament "will stay at the Horseshoe."

But Albrecht said today a casino executive told him last Friday Behnen was cancelling the tournament and that he would be terminated following his recuperation from knee surgery.

The casino executive, Tom Krause, said today, "It's unsettled whether the tournament will be here or down South."

Former Horseshoe majority owner Jack Binion heads a privately held company that operates highly successful Horseshoe casinos in Louisiana and Mississippi, but none of his siblings owns interests in those properties. He couldn't be reached for comment today.

Behnen obtained the rights to the World Series when she acquired the Horseshoe in Las Vegas last week. The Horseshoe was left to the four Binion children by their father, who died in 1989, and his late wife.

Upset over declining profits, Behnen sued her brother Jack, claiming the club had lost $20 million over the past two years because he'd shifted attention to the Louisiana and Mississippi properties.

In settling the lawsuit, Jack Binion bought the interests of Ted and Brenda, then sold theirs and his to Behnen. If she defaults on a $20 million, two-year note, he could regain control of the property.

"This is definitely not good news for poker," Albrecht said, noting that the hotel has already taken 150 reservations for the 1999 event, which was to begin next April.

"I'm not shocked by the cancellation," he said, "but it is a real disappointment.

"People closest to it love the World Series, but those who aren't don't understand what it means to those of us who love it."

If it occurs, next year's World Series would be the 30th anniversary of the event, which has become the largest of all gaming tournaments. This year's event awarded more than $13 million in prize money to contestants ranging from high-stakes professional gamblers to rank amateurs lucky enough to beat the odds.

It wasn't just the huge prize money that drew thousands of contestants each year, but also the Horseshoe's hospitality and tournament format, which allowed amateur players to compete with the likes of legendary gamblers such as Johnny Moss, Doyle Brunson, Amarillo Slim Preston, Johnny Chan and Stu Ungar.

The month-long tournament consists of about two dozen events, culminating in the $10,000 buy-in no-limit hold'em finale. For the past several years, the winner of that four-day event has received a guaranteed $1 million, which alone awards more than $3.5 million in prize money.

Albrecht, who has run the Horseshoe poker room for the past 10 years, said he plans to "get healthy, do some fishing and run the United States Poker Championship at the Taj Mahal in Atlantic City in December."

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