Brief history of the Horseshoe Casino Downtown Las Vegas, in 1951 Benny Binion bought the Eldorado Club and the Hotel Apache, renaming the Joint The Horseshoe. In 1953 Benny had to go to Prison for Tax evasion and he sold the Place on Paper only to Joe W. Brown a Texas Oilman. With the understanding that after Benny got out of Prison, the Binion's would take control again. By 1964 they had regained control of the Horseshoe and it remained in the Binion Family until 2004, when Becky sold it.