Description
Although Planet Hollywood Las Vegas is mostly suspicious that the property will be sold, new information suggests that Flamingo Las Vegas is on the market. But will Caesars be able to find a buyer for the 75-year-old property?
After flamingo Las Vegas just celebrated its 75th anniversary last November, rumors are swirling that it will be sold by Caesars for over $1 billion.
We've known for quite some time that Caesars is looking to sell the Streep property. In this week-in-gambling here, our suspicion was apparently that Planet Hollywood was the favorite casino. And I think Caesars agreed with us right before he realized that there was a theater where he could hold concerts.
The next most likely option turned to Flamingo Las Vegas, according to a Bloomberg report. Selling a 75-year-old casino for more than $1 billion, however, has proven to be a challenge. With properties that old, there are higher operating and maintenance costs, and few seem to be interested in the added headaches.
Another concern for potential suitors is that they could lose a significant portion of their casino business if they were cut off from the Caesars Rewards program. Nevertheless, Flamingo Las Vegas is a major strip property, and it has well over 3,400 rooms, even though its interiors could take advantage of major upgrades.
Tom League, CEO of Caesars Entertainment, recently said that while the company could not provide an update on current or pending activity, it should be understood that we are moving towards the sale of the strip property. He added that the company still expects to reach an agreement by midsummer for a sale. Whether that actually happens remains to be seen. 슬롯사이트