Obtaining just celebrated their 75th Anniversary in November of very last calendar year, rumors that the Flamingo Las Vegas will be offered by Caesars for about $1 billion are now swirling.
We’ve acknowledged that Caesars was on the lookout to offer a Strip home for really a when now. Below at This 7 days in Gambling, our suspicion was plainly on Earth Hollywood as the most most likely casino to go. And it appears as if Caesars agreed with us, right up till they understood it experienced theater they could use to host concert events.
Awareness then shifted back to Flamingo Las Vegas as the next most most likely choice, according to a report by Bloomberg. On the other hand, providing a 75 yr previous on line casino for about $1 billion has demonstrated to be challenging. There are increased operational and upkeep expenditures affiliated with a house that aged, and couple of feel intrigued in the included headaches.
One more worry from opportunity suitors is that the on line casino could get rid of a important element of it’s company if minimize off from the Caesars Rewards software. Continue to, Flamingo Las Vegas is key Strip true estate and has well over 3,400 rooms… even if the inside could use a big upgrade.
Caesars Leisure CEO, Tom Reeg, lately stated that though the business could not give functioning updates on present or pending exercise, we ought to understand that the wheels are in motion for a sale of a Strip property. He added that the company continue to expects to access an agreement for a sale by mid-summer time. Regardless of whether or not that truly happens stays to be seen.