Viswa Vanapalli
Lonnie Theodore Binion came from a wealthy and influential family that had been in Las Vegas, Nevada, since the 1940s. Ted’s family ran the famous Horseshoe Casino there, but his life was fraught with controversy at the time. NBC’s ‘Dateline: What Happened in Vegas’ sheds some light on the reasons behind Ted’s sudden death and how the prosecution believed the people closest to him were responsible for his death. But before Ted passed away, he had access to a fair bit of money and even had an underground vault of his own. So, if you’re wondering how Ted amassed the considerable wealth he possessed, here’s what we know!
How Did Ted Binion Make His Money?
Lonnie Theodore “Ted” Binion was born in Dallas, Texas, in 1943. He grew up in a family consisting of three sisters and a brother. His father, Benny Binion, moved to Las Vegas, Nevada, and set up the Horseshoe Casino, becoming one of the most storied places on the strip. But before the move, Benny, who was often referred to as “Cowboy,” ran an illegal gambling operation in Dallas. He began to make money in Vegas because gambling was legal there, later inventing the World Series of Poker.
Ted’s life in Nevada was filled with extravagance for the most part. He and his brother, Jack, took over the casino operations in their early 20s, and at the time of his death, Ted lived in a 6,700 square-foot mansion in Las Vegas. While the casino business was in full swing, he continued building political connections but was also linked to the mob.
Ted also took a great interest in history and was considered a mathematical genius. However, Ted’s addiction to heroin meant that his casino license was revoked, only leading to an uptick in his drug usage. In September 1998, Ted was found dead in his mansion of an apparent drug overdose. Before his death, Ted had hired a contractor, Rick Tabish, to build an underground vault in Pahrump, Nevada, to store 6 tons of silver bullion, Horseshoe casino chips, money, and coins worth over $7 million.
Ted had told the authorities about it and moved his possessions from the Horseshoe vault to the underground space. After his death, the family claimed that a lot of money and a collection of antique coins were missing from the mansion. Ted was also known to hide money at different places on his property, with rumors regarding valuable items hidden in the house and backyard. In the end, Ted’s death has remained a mystery because the two people convicted of his murder were later acquitted.
Ted Binion’s Net Worth
The contents of Ted’s vault were estimated to be worth anywhere between $7 million to $14 million. Also, his estate was valued at approximately $50 million. Therefore, at the time of his death, Ted Binion’s estimated net worth was around $60 million.
Read More: Did Sandy Murphy Get Ted Binion’s Money? What Happened to His Money?
