Lonnie Theodore Binion got here from a rich and influential household that had been in Las Vegas, Nevada, since the Nineteen Forties. Ted’s household ran the well-known Horseshoe Casino there, however his life was fraught with controversy at the time. NBC’s ‘Dateline: What Happened in Vegas’ sheds some gentle on the causes behind Ted’s sudden loss of life and the way the prosecution believed the folks closest to him had been responsible for his loss of life. But earlier than Ted handed away, he had entry to a good bit of cash and even had an underground vault of his personal. So, for those who’re questioning how Ted amassed the appreciable wealth he possessed, right here’s what we all know!
How Did Ted Binion Earn His Money?
Lonnie Theodore “Ted” Binion was born in Dallas, Texas, in 1943. He grew up in a household consisting of three sisters and a brother. His father, Benny Binion, moved to Las Vegas, Nevada, and arrange the Horseshoe Casino, changing into one of the most storied locations on the strip. But earlier than the transfer, Benny, who was also known as “Cowboy,” ran an illegal gambling operation in Dallas. He started to generate income in Vegas as a result of playing was authorized there, later inventing the World Series of Poker.
Ted’s life in Nevada was stuffed with extravagance for the most half. He and his brother, Jack, took over the on line casino operations of their early 20s, and at the time of his loss of life, Ted lived in a 6,700 square-foot mansion in Las Vegas. While the on line casino enterprise was in full swing, he continued constructing political connections however was additionally linked to the mob.
Ted additionally took an ideal curiosity in historical past and was thought of a mathematical genius. However, Ted’s habit to heroin meant that his on line casino license was revoked, solely resulting in an uptick in his drug utilization. In September 1998, Ted was discovered lifeless in his mansion of an obvious drug overdose. Before his loss of life, Ted had employed a contractor, Rick Tabish, to construct an underground vault in Pahrump, Nevada, to retailer 6 tons of silver bullion, Horseshoe on line casino chips, cash, and cash price over $7 million.
Ted had instructed the authorities about it and moved his possessions from the Horseshoe vault to the underground house. After his loss of life, the household claimed that loads of cash and a group of vintage cash had been lacking from the mansion. Ted was additionally identified to cover cash at completely different locations on his property, with rumors concerning priceless objects hidden in the home and yard. In the finish, Ted’s loss of life has remained a thriller as a result of the two folks convicted of his homicide had been later acquitted.
Ted Binion’s Net Worth at the Time of His Death
The contents of Ted’s vault had been estimated to be price wherever between $7 million to $14 million. Also, his property was valued at roughly $50 million. Therefore, at the time of his loss of life, Ted Binion’s estimated internet price was round $60 million.
Read More: Did Sandy Murphy Get Ted Binion’s Money? What Happened to His Money?