In order to reduce its overall room inventory, Caesars Entertainment spent most of last year discussing the possibility of selling one of its Las Vegas Strip properties.
Caesars never actually sold The Flamingo, although they did put up a “for sale” sign. Nothing was ever agreed upon.
There was strong opposition to the idea of selling any property on the Strip, especially one as run-down as The Flamingo. On the results call for the company’s second quarter, Caesars CEO Tom Reeg discussed the reactions his business received.
The Rio Hotel and Casino Has New Operator
Caesars has reversed its decision to sell a property on the Strip and instead is giving up management of the Rio, which is located about a mile away from the Strip.
Like its main competitor MGM Resorts International, Caesars does not own the property upon which its Las Vegas casinos are situated; rather, it sold the site to Vici Properties and leases it back under an extended agreement.
Despite continuing to run the Rio, Las Vegas’s first all-suite hotel, Caesars sold the ground underneath it to Dreamscape in late 2019.
The new owner plans to change that by undergoing a series of renovations beginning in 2023. In case you have nothing to do during the renovation, we recommend learning online casino strategies for beginners.