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Ted Binion Net Worth Jack Binion Wiki Biography Video#267 Ted Binion's Pahrump Property
How rich is Jack Binion? He is one of the main reasons for the popularity of poker, and he holds one of the most successful casino operations in Nevada.
All of his achievements have ensured the position of his wealth. His popularity started to grow and so did his net worth.
In , he hosted the first World Series of Poker at the casino, and it would eventually become one of the largest poker tournaments in the world — these tournaments along with other endeavors helped in building the Horseshoe as one of the most successful casinos in the Nevada area.
The event annually draws over , spectators to the Thomas and Mack Center where fans can watch cowboys compete in several events including bullriding, calf roping, and steer wrestling.
This is one of the oldest casinos in Las Vegas and the first to raise the limits that gamblers could wager - it never encountered a bet too large to cover.
And even though high rollers flocked to Horseshoe, it was also one of the first places to comp small-time gamblers.
Given these and other accomplishments, it is hard to imagine what Las Vegas might resemble today if Benny Binion had never moved his family from Texas to Nevada in the s.
The Binion family strongly believed in tangible assets like silver coins. For years before Ted Binion was born, Benny Binion and his wife Teddy Jane collected silver items such as US silver dollars, other US coins, and bullion bars.
Fifty years ago in Las Vegas, casinos like Binion's Horseshoe frequently handled US silver coins for use in gaming.
Casinos had access to some of the finest quality US silver dollars available at the time and coins like these coins ended up in their hoard.
With their success and perhaps their lack of faith in holding paper dollars came more and more silver dollars.
According to journalist Jeff German in his book, "Murder in Sin City", Ted Binion inherited the majority of his coins after the death of his mother in Some people believe that Ted used his own paper money to purchase additional silver dollars, for when he had a choice of saving a US paper dollar or a US silver dollar, he chose the silver dollar.
Ted was also a noted collector in his own right. This aided to the preservation of the coins and bars of the Binion Collection.
In fact, the majority of the silver dollars in his collection, especially the higher quality coins, has sat relatively undisturbed for many years.
Some coins have been in the collection for over 40 years. Ted had a special underground vault built in Pahrump, Nevada for storage and protection of his silver.
It measured ten feet by twelve feet by ten feet and was built of concrete and steel. The manhole-sized entrance at the top was also surrounded by barbed wire for added security.
Interestingly, the man Ted Binion hired to build the vault was later convicted of murdering Ted Binion in May of If he did own these items, they have yet to be found or recovered, adding to the mystique of this collection.
The silver dollars of the Binion Collection include both Morgan and Peace silver dollars. These coins were minted from through , excluding the years when the government discontinued minting them due to a lack of silver bullion.
Of these coins, in excess of 50, are brand new Morgan silver dollars that are over years old. At first glance, this last statement seems like a contradiction.
Many casinos at the time would take bags of silver dollars received from the mints and use them as casino chips.
However, Ted Binion and other family members kept these silver dollars in their bags. Many of these bags were left untouched in a walk-in freezer underneath Binion's Horseshoe casino or Ted's own storage vault until they were inspected and sold recently.
This isolation kept these coins in pristine condition. It is the quality of this collection that has caught the eyes of coin insiders.
Mark Salzberg, President of Numismatic Guaranty Corporation NGC , has called these coins "the greatest collection of silver dollars that NGC has ever authenticated.
It has graded millions of coins during its year history. Each Binion silver dollar has been inspected and sonically sealed in a tamperproof plastic container with a unique certification seal.
NGC has also assigned each coin a pedigree. A pedigree is a special designation given to a small percentage of coins and is marked on the label found above the coin.
Such a designation is uncommon. As Salzberg notes, "Less than one out of every 1, coins NGC grades has a pedigree. All of these factors contribute to the market value, but the grade chiefly determines the price.
Of special note is that for the first time each pedigree label is in a color green and depicts three cowboys from the Old West.
A unique label was chosen to express the history of these coins and their owners. As Salzberg declared, "These coins are dripping with amazing originality and historical importance.
Investors now have the same opportunity to put some of their money in American silver dollars with the hopes of realizing both the joys of collecting and the profit potential that rare coins have to offer.
He also remarked that "collections like these bring interest to the coin market. People from all walks of life uprooted their families and migrated westward in search of adventure, prosperity, and a new life.
Findings of gold and silver created new towns that seemingly sprang up over night. Some disappeared just as quickly as they started once all the ore was mined.
But it was the abundance of these precious metals that led Abraham Lincoln to describe the West as the "treasure house of the nation.
Inside the basement of the casino was Ted's silver collection, housed in a floor-to-ceiling vault at the Horseshoe Club.
After Binion lost his license and the family sold the Montana ranch, he became even more involved in drugs, especially marijuana, Xanax , and the street drug tar heroin , which he smoked.
He was known to " chase the dragon " inhale the smoke. The dealers knew when he was around due to the telltale odor of marijuana smoke whenever he used the eye in the sky to keep an eye on the action.
Binion was once the target of a near-kidnapping, a dramatic attempt that left bodies strewn across the desert. He was an avid reader of magazines and books.
He was a history buff, particularly American Civil War history, and enjoyed watching History Channel and Discovery Channel programming.
In addition, he was mathematically gifted - easily able to mentally calculate odds or the "house take" in gambling transactions with no aid.
He was known to help people he knew to be in difficult financial straits. The Pahrump underground vault would play a major role in the investigation into Binion's death.
After Ted Binion was banned from the casino, he contracted construction of the underground vault with MRT Transport, a trucking company owned by Rick Tabish.
MRT trucks were used to transport the silver to the vault, and the only two people who had the combination to the vault were Binion and Tabish.
The vault was discovered two days after Binion died, whereupon Nye County sheriff's deputies arrested Binion's associate Rick Tabish and two other men unearthing the silver.
Binion hid millions in and around his Las Vegas home, all of which went missing after his death. It is rumored to be buried on the property under odd mounds in the front and back yards.
After the trial much of the silver was given to his daughter, who had some of it offered for sale to the public. A large portion still remains unclaimed at the courthouse.
Ted Binion was found dead on a small mattress on the floor of his Las Vegas estate home, Palomino Lane near Rancho Drive and Charleston Boulevard , on September 17, Empty pill bottles were found near the body, and an autopsy and toxicology report revealed that he died of a combination of the prescription sedative Xanax and heroin , with traces of Valium.
The day before, Binion had himself purchased 12 pieces of tar heroin from a street drug dealer, and had earlier gotten a prescription from his next-door neighbor, a doctor, for Xanax, and evidence introduced at trial showed that Binion personally took the prescription to a local pharmacy to be filled.
Binion's death was initially treated as a probable suicide. His live-in girlfriend, Sandy Murphy, said that Binion had been suicidal ever since losing his gaming license a few months earlier.
However, his sister Becky discounted any talk of suicide, saying that in her conversations with him he did not sound despondent. Las Vegas homicide detectives suspected that the scene had been staged, as his body did not show the typical signs of a drug overdose.
Also, the stomach contained heroin and the police thought that neither an addict nor a suicide would take heroin in that manner. However, despite the urgings of Becky Behnen and Jack Binion, they refused to open a full-scale homicide investigation.
Six months later, chief medical examiner Lary Simms ruled Binion had died of a heroin and Xanax overdose.
After six months, however, the Clark County Coroner 's office reclassified Ted's death a homicide on May 5, Although there were no specifics, law enforcement sources cited evidence that the death scene had been staged, as well as witness statements implicating Murphy and Tabish.
Detectives had suspected for some time that Murphy and Tabish had been romantically involved, and had learned that Binion suspected Murphy was cheating on him.
In June , Sandy Murphy and Rick Tabish were arrested for Binion's murder, as well as for conspiracy, robbery, grand larceny and burglary.
The prosecution contended that Murphy and Tabish had conspired to kill Binion and steal his wealth, drugging Binion into unconsciousness and burking him, a form of manual suffocation.
The suffocation, in this theory, which was presented at trial by forensics pathologist Michael Baden , who testified for the prosecution,  was done because the overdose was taking too long, and the pair feared discovery.
They were each charged with murder and burglary charges connected to the removal of his fortune from the vault on the desert floor in Pahrump.
A police report that was not used in the first trial by Rick Tabish's first attorney Louie Palazzo revealed that a drive-by shooting occurred on June 5, , in front of Ted Binion's Palomino Lane home.
Included in the police report about the late night incident is a statement by Ted Binion alleging that Chance LeSueur and Benny Behnen were the shooters.
The case attracted national media attention. After two months of trial, Murphy and Tabish were found guilty, after nearly 68 hours of deliberation.
Tabish was sentenced to 25 years to life in prison, while Murphy received 22 years to life.