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Caesars Entertainment Plans to Sell Iconic Flamingo Casino
Caesars Entertainment is seeking a buyer for the Flamingo Las Vegas Hotel & Casino. The company is aiming for more than $1 billion for the iconic Strip casino. Caesars Entertainment is concerned that the Flamingo is outdated and needs repairs. This concern, along with the high asking price, has led to several prospective purchasers responding negatively.
Vici Properties, a real estate investment trust spun off from Caesars in 2017, has the right of first refusal on the sale of a group of four properties: Flamingo, Paris Las Vegas, Planet Hollywood Resort, and Bally's. This could complicate the sale of the Flamingo, as Vici Properties may choose to purchase it instead of allowing a third party to buy it. Caesars Entertainment decided to retain Planet Hollywood to utilize its theater for shows.
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