By ADAM GOLDMAN / Associated Press

LAS VEGAS — Harrah's Entertainment has agreed to buy a landmark hotel-casino and continue its world famous poker tournament days after federal agents shut down the casino floor and seized an estimated $500,000 to pay employee benefits.

Binion's Horseshoe Hotel & Casino, a downtown Las Vegas fixture for 52 years and home to the popular World Series of Poker, was shut down Saturday. On Monday, Harrah's secured the rights to the world's premier poker event as well as the casino's legendary name, and agreed to assume the property's debts.

A spokesman for Harrah's said Tuesday the tournament would take place this year, but could not say where.

"It is our intent to make sure the World Series of Poker continues," David Strow said. "It's just so early in the process to speculate where the World Series of Poker will be held."

The tournament has helped drive enormous interest in poker all over the world. Last year, a record-setting 839 people played in the tournament, with accountant Chris Moneymaker winning the event and $2.5 million.

Harrah's officials declined to discuss the terms of the sales agreement, but a source familiar with the deal said Harrah's will pay about $50 million in all. Efforts to reach Becky Binion Behnen, majority owner of the Horseshoe Club Operating Co. that operates Binion's, were unsuccessful Tuesday.

One of the last family-owned casinos in Las Vegas, Binion's Horseshoe had been struggling to pay its bills. The Horseshoe Club's downtown assets were listed at $35.6 million.

On Friday, U.S. marshals enforced a court order that said the casino had not paid pension and health insurance benefits to about 400 of its union employees. The Internal Revenue Service had also filed two liens against the property totaling $7.5 million.

It was unclear when the casino would reopen and its estimated 900 employees would return to work. The sale must be approved by the Nevada Gaming Commission.