Walk down the Las Vegas Strip at night, and you can't miss it. That neon pink glow. The plastic feathers. It’s the Flamingo. It looks like a relic of a different era, and honestly, in many ways, it is. But if you’re standing there wondering who owns the Flamingo casino today, the answer isn’t nearly as colorful as the mob stories you've probably heard.
The short version? Caesars Entertainment owns it.
But "ownership" in modern Las Vegas is a bit of a shell game. You’ve got the people who run the slots and the people who actually own the dirt under the building. If you think the ghosts of Bugsy Siegel are still pulling the strings, well, you're about eighty years too late.
The Corporate Giant Behind the Neon
Right now, Flamingo Las Vegas is a major cog in the Caesars Entertainment, Inc. (NASDAQ: CZR) machine. This is the same massive corporation that handles Caesars Palace, Harrah’s, Planet Hollywood, and Paris Las Vegas. They are the operators. They sign the paychecks for the dealers and decide when the pink flamingos in the wildlife habitat get fed.
However, there was a huge scare back in 2022. The rumor mill was working overtime.
Basically, Caesars CEO Tom Reeg admitted they were looking to sell one of their Strip assets. Everyone—literally everyone—assumed it was the Flamingo. It’s one of the oldest properties, and let's be real, it needs some love. But by late 2022, the deal fell through. Reeg told investors that market conditions were trash and the property was actually making too much money to dump for a low-ball price.
Does Caesars really own the land?
This is where it gets kinda technical but important. In Vegas, companies often sell the land to a Real Estate Investment Trust (REIT) and then lease it back. It’s like being a tenant in your own house.
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For the Flamingo, the land and buildings are technically owned by VICI Properties. VICI is a spin-off from Caesars’ bankruptcy years ago. So, while Caesars "owns" the brand and operates the casino, they pay rent to VICI. It’s a common move in the gaming industry nowadays to keep debt off the books.
A Messy History: From Mobsters to Hilton
To understand why people are so obsessed with who owns this place, you have to look at the blood-soaked history. It didn't start with a corporate board. It started with a guy named Billy Wilkerson.
Wilkerson was the founder of The Hollywood Reporter. He had the vision. He wanted a European-style luxury hotel on the "Highway to Los Angeles." But he was also a degenerate gambler who ran out of cash.
Enter Benjamin "Bugsy" Siegel.
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Siegel, backed by Meyer Lansky and the East Coast mob, pushed Wilkerson out. He poured millions into the project—way over budget—and opened it in December 1946. It was a flop at first. Then, in June 1947, Siegel was gunned down in Beverly Hills.
The Post-Bugsy Years
After the hit on Bugsy, his "associates" (read: the mob) took over.
- Gus Greenbaum and Moe Sedway: They stepped in immediately after the murder and actually turned a profit.
- Kirk Kerkorian: The "father of the mega-resort" bought it in 1967.
- Hilton Corporation: They bought it in 1970, making it the first "corporate" hotel on the Strip. This was a massive shift. It signaled the end of the mob era.
Hilton eventually spun off its gaming business into Park Place Entertainment, which later became Caesars (then known as Harrah’s).
Why the Flamingo Still Matters in 2026
You might think an 80-year-old hotel would be a dinosaur. You'd be wrong.
Flamingo is currently going through a massive face-lift for its 80th anniversary in 2026. Caesars is dumping millions into a new lobby bar and an "elevated" check-in experience. They even brought in country star Luke Combs to open a massive entertainment venue called "Category 10."
Honestly, the Flamingo is "budget luxury." It's where you stay when you want to be center-Strip without paying $500 a night at the Wynn. It has over 3,400 rooms and a 93,000-square-foot casino floor. That is a lot of slot machines.
The "For Sale" Question
Is it still for sale? Sorta.
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In the corporate world, everything is for sale for the right price. But as of right now, Caesars has taken it off the market. They realized that during the post-pandemic travel boom, having 3,400 mid-range rooms was a goldmine. People want to gamble, and they want to do it in a place with history.
If you’re planning a trip or looking at the business side of things, here is the reality:
- Operator: Caesars Entertainment (They own the name and the business).
- Landlord: VICI Properties (They own the physical dirt and the buildings).
- Future: Stable. With the 2026 renovations and the Luke Combs partnership, Caesars is doubling down on the pink neon.
Don't expect the ownership to change anytime soon unless a massive private equity firm like Blackstone makes an offer Caesars can't refuse. For now, your Caesars Rewards points are still the currency of the realm at the Flamingo.
If you are heading there soon, keep an eye on the construction. The "Bugsy & Meyer’s Steakhouse" is a solid nod to the old owners, but the new lobby is going to look nothing like the 1940s. It’s all about the future now.
Actionable Insight: If you're invested in the gaming sector or just a frequent traveler, keep an eye on Caesars' quarterly earnings calls. They are the only place where the "sale" of the Flamingo will be officially confirmed or denied. For those staying there, check the "Caesars Rewards" app before booking; since they own so many properties, you can often find "comped" rooms at the Flamingo that aren't available at the more expensive Caesars Palace next door.