According to a report by Reuters, the famous World Series of Poker stands a chance of making a comeback after Harrah's Entertainment said it has reached an initial agreement to buy Binion's Horseshoe Hotel & Casino and has plans to reopen the legendary Las Vegas casino as soon as possible.
Terms of the proposed deal were not disclosed, although Harrah's said it would assume the property's liabilities.
Last week U.S. marshals raided the casino, closing the home of one of gambling's great competitions, the World Series of Poker.
Marshals and agents of the Nevada Gaming Control Board entered the casino on Friday night armed with court orders to reclaim $1.9 million owed to creditors.
"The agreement in principle contemplates that Harrah's will assume the property's liabilities to bona fide creditors who submit verifiable evidence of claims," Charles Atwood, Harrah's Entertainment's chief financial officer, said in a statement.
"We are also reviewing options with the casino's owners for reopening the property as soon as practicable."
The two sides need to complete a written agreement, and receive regulatory approval, before the deal can go through.
Founded in 1952 by cowboy Benny Binion, The Horseshoe quickly became one of the city's highest-stake casinos.
It started the World Series of Poker in 1970 and takes credit for transforming the card game "from a kitchen-table pastime into an important casino game."
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