Jack Benny Binion was born on 21 February 1937, in Dallas, Texas USA, and is a businessman, best known to be the son of casino magnate Benny Binion. Jack worked for his father at the casino and hotel called Binion’s Horseshoe which was located in Las Vegas, Nevada. All of his efforts have helped put his net worth to where it is today.
How rich is Jack Binion? As of early-2017, sources estimate a net worth that is over $500 million, mostly earned through a successful career in business. 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.
Jack Binion Net Worth $500 million
After working for his father’s casino for several years, Jack then found himself the president of Binion’s Horseshoe in 1963 at the age of 26; the Gambling Hall & Hotel is located in Downtown Las Vegas Nevada. His popularity started to grow and so did his net worth. In 1970, 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. In 1998, a legal battle ensued among the heirs of Benny Binion for control of his empire, so Jack sold his interest to his sister Becky Behnen, keeping a 1% token interest so maintaining his Nevada Gaming License, plus the rights to the Horseshoe brand outside of Nevada.
Jack would create the Horseshoe Gaming Holding Corporation which became instrumental in the development of various casinos on riverboat under the Horseshoe name but outside Nevada; his net worth continued to increase until the corporation was sold to Harrah’s Entertainment, but he still continued to promote the casinos, this time under Harrah banner.
Since 2008, a lot of businesses retain the Binion name, including “Jack Binion’s Steakhouse”, “Horseshoe Hammond”, and “Horseshoe Tunica”, plus the Horseshoe branded casinos. These include the popular slot machine called “Who Wants To Be A Binionaire?” He also helped create the World Poker Open, which became a major feeder tournament for the World Series of Poker at one time, an annual event that started took place from 2003 up to 2008.
In 2004, Jack was inducted into the American Gaming Association’s Gaming Hall of Fame, and the following year into the Poker Hall of Fame thanks to his contributions to the field and the World Series of Poker. In 2006, he became the chairman of Wynn International, the Nevada-based corporation known as a developer of high end hotels and casinos. Jack helped open Wynn Macau, but then resigned from the position, although remaining as a consultant of Wynn Resorts.
For his personal life, surprisingly for an 80 year-old, little is known about Jack’s privaye life, including marital status. It is known that Jack’s father Benny, was a gambling icon and mob boss, and Jack’s brother, Ted Binion was initially arrested and suspected of murdering their father, but eventually acquitted.
