Ted was the son of legendary gambling impresario Benny Binion, who founded the famous Horseshoe Casino. Ted was Sin City royalty, a charismatic and brilliant casino operator, but whose millions in gaming profits fed a darker side. The easy cash also allowed him to indulge his addiction to "chasing the dragon," smoking heroin. Paranoid about his wealth, he was known to have hid at least $7 million in a buried vault among other places and it is believed that millions have never been recovered.

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