Ex-manager accused of digging for Ted Binion's buried silver fortune on Nevada ranch
A 56-year-old man from Pahrump, Nevada, has been charged with burglary and property destruction after allegedly searching for buried treasure on a ranch once owned by casino tycoon Ted Binion. Richard Cleaves, a former manager of the property, was caught on security cameras digging up parts of the land with two unidentified accomplices.
Ted Binion, the youngest son of Benny Binion—founder of the iconic Binion's Horseshoe casino in Las Vegas—faced years of legal troubles. In the 1980s, Nevada regulators repeatedly clashed with him over drug issues and ties to organised crime. By 1998, his gaming licence was revoked, permanently barring him from his own casino.
Binion later withdrew to his Pahrump ranch, where he reportedly stashed vast wealth in a custom-built vault. Rumours persist that he buried around 150 tons of silver bullion somewhere on the property before his death in 1998.
Cleaves, who managed the ranch over two decades ago, now stands accused of returning to search for the hidden fortune. Security footage from March 30 shows him and two others excavating parts of the land. Authorities have not confirmed whether any silver was recovered during the dig.
Cleaves appeared in court but remains free without bail. His next hearing is scheduled for August 29.
The case highlights the enduring mystery of Binion's alleged buried treasure. Cleaves' arrest follows a long history of speculation about the ranch's hidden wealth. The Nye County Sheriff's Department has yet to disclose further details about the investigation or any findings from the excavation.
