You’re walking down the Strip. The neon pink glow hits your eyes before you even see the giant feathers. It’s iconic. It’s Bugsy Siegel’s dream (or nightmare, depending on who you ask). But when you walk through those doors to drop some cash at the craps table or grab a drink by the wildlife habitat, who are you actually paying? Honestly, the answer isn’t just one guy in a suit anymore. If you want to know who owns the Flamingo in Las Vegas, you have to look at a complex web of corporate mergers and real estate investment trusts that basically run the entire town these days.
It’s Caesar. Or, more specifically, Caesars Entertainment, Inc. But wait—there’s a twist.
While Caesars Entertainment operates the hotel, they don’t actually own the dirt it sits on. That belongs to a massive real estate company called VICI Properties. It’s a "landlord-tenant" relationship on a billion-dollar scale. This setup is pretty much the standard for Vegas in 2026, but the Flamingo’s journey to this point is way messier than most people realize.
The Current Power Players: Caesars and VICI
Let’s get the dry business stuff out of the way first.
In 2020, a massive merger happened between Eldorado Resorts and the "old" Caesars Entertainment. Eldorado basically swallowed the bigger fish. They kept the Caesars name because, well, it’s a global brand, and "Eldorado Flamingo" sounds like a budget motel in Reno. So, the company running the day-to-day—hiring the dealers, cleaning the rooms, feeding the actual flamingos—is Caesars Entertainment, Inc. But here’s where it gets "corporate-y." In 2017, Caesars spun off a lot of its real estate into a separate company called VICI Properties Inc. This was a move to get debt off the books. VICI owns the land and the buildings. Caesars pays VICI rent to use them. It’s like renting an apartment, except the apartment has 3,400 rooms and a waterfall. VICI is a REIT (Real Estate Investment Trust), and they are currently the biggest landlord on the Las Vegas Strip. They own Caesars Palace, MGM Grand, and the Venetian land too.
Why Everyone Thought it was Being Sold
You might have heard rumors. For about two years, the Vegas grapevine was buzzing with news that Caesars was putting the Flamingo on the chopping block. They wanted to reduce their debt.
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In 2022, the CEO of Caesars, Tom Reeg, openly talked about selling one of their Strip assets. Everyone looked at the Flamingo. It’s the oldest resort on the Strip (well, the name is). It needs some love. It seemed like the perfect candidate for a fresh owner to come in and renovate. But by late 2022, they pulled it off the market.
Why? Because the offers weren’t high enough. Caesars wanted a billion-dollar-plus payday, and with interest rates climbing and the world getting weird, nobody wanted to cut that check. So, for now, Caesars is keeping it. They’ve even started putting some money back into it, refreshing the rooms and keeping the pink neon humming.
The Ghost of Bugsy Siegel and the Mob Era
You can’t talk about who owns the Flamingo in Las Vegas without mentioning the man who "started" it. Though, fun fact: Bugsy Siegel didn't actually come up with the idea.
A guy named Billy Wilkerson, who founded the Hollywood Reporter, started the project. He ran out of money because he had a gambling habit that would make a high roller wince. That’s when the mob stepped in. Bugsy Siegel took over, blew the budget, and opened the place in December 1946. It was a disaster at first. Rain leaked through the roof. The air conditioning failed.
The mob doesn't like losing money. Bugsy was famously "retired" (shot) in Beverly Hills in 1947.
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After Bugsy, the ownership became a "who’s who" of organized crime figures like Meyer Lansky and Gus Greenbaum. For decades, the Flamingo was the crown jewel of the underworld. It wasn't until the late 60s and 70s that the "corporatization" of Vegas started. Kirk Kerkorian, a legendary mogul, bought it in 1967. Then Hilton Hotels took over in the 70s. It was actually called the "Flamingo Hilton" for a long time.
How the Ownership Structure Affects You
Does it matter that VICI owns the land and Caesars runs the hotel? Kinda.
When a REIT owns the land, they want stable, predictable rent. When a casino operator like Caesars runs the show, they are focused on "Total Rewards" (their loyalty program) and margins. This is why you see things like resort fees and paid parking. They have to answer to shareholders now, not just guys in backrooms with cigars.
The Flamingo occupies a specific niche in the Caesars portfolio. It’s not the ultra-luxury of Caesars Palace or the trendy vibe of Planet Hollywood. It’s the "middle-of-the-road, classic Vegas" spot. Because Caesars owns so many properties right next to each other (The LINQ, Harrah’s, Paris, Horseshoe), they can move guests around. If the Flamingo is full, they send you to Harrah’s. It’s all one big ecosystem.
A Quick Timeline of Who Controlled the Flamingo:
- 1945: Billy Wilkerson starts construction.
- 1946: Bugsy Siegel and the Mafia take over.
- 1947: The Mob continues control after Bugsy’s death.
- 1967: Kirk Kerkorian buys it (The "Corporate" era begins).
- 1970: Hilton Corporation acquires the property.
- 1998: Hilton spins off its gaming division into Park Place Entertainment.
- 2005: Harrah’s Entertainment buys Park Place (which became Caesars Entertainment).
- 2020: Eldorado Resorts merges with Caesars; VICI Properties holds the deed.
Misconceptions About the "Sale"
A lot of people think the Flamingo is "gone" or owned by a foreign sovereign wealth fund. It’s not. There were rumors that a tribal gaming authority (like the Seminole Tribe of Florida or the San Manuel Band of Mission Indians) might buy it. Tribes have been buying up Vegas—Hard Rock (Seminoles) bought The Mirage, and San Manuel bought Palms. But the Flamingo stayed put.
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Another weird rumor? That the Hilton family still owns it. Nope. They exited the casino business a long time ago. You might see "Hilton Grand Vacations" nearby, but that’s a separate entity.
What’s Next for the Flamingo?
Since Caesars decided not to sell, they’ve been in "maintenance and minor upgrade" mode. The rooms are much better than they were ten years ago, but it’s still the "budget" option compared to the newer towers.
The value of the Flamingo isn't just the building; it's the 40 acres of prime real estate. It’s the "Center Strip" location. You can walk out the front door and you're at the busiest intersection in the world. That land is worth more than the concrete sitting on it.
If you're planning a trip, don't worry about the corporate handshakes. The flamingos in the garden don't know who VICI Properties is. They just want their shrimp.
Actionable Insights for Your Next Visit:
- Check the Rewards: Since Caesars owns the Flamingo, use your Caesars Rewards card. Even if you don't gamble much, the "tier credits" you earn at the Flamingo can be used for discounts at high-end spots like Paris or Caesars Palace.
- Room Selection: Ask for the "Flamingo Rooms" or the "GO Rooms." They are the renovated versions. Avoid any room labeled "Vintage" unless you really want that 1990s carpet smell for the nostalgia.
- The Wildlife Habitat is Free: One of the best things about the Flamingo is the 15-acre garden. You don't have to be a guest to walk in and see the birds. It’s one of the last "free" things left on the Strip that’s actually cool.
- The Monorail: The Flamingo has its own stop. If you’re staying there, don't bother with Ubers to get to the North or South ends of the Strip. The monorail is faster and cheaper when traffic is peaking.
- Historical Marker: Look for the stone pillar near the outdoor wedding chapel. It’s a memorial to Bugsy Siegel. It’s a small, slightly eerie nod to the man who made this place famous before the corporations took the keys.
The Flamingo is a survivor. It outlasted the mob, it outlasted the 2008 crash, and it survived the 2020 shutdown. Whether it's owned by Caesars or some future conglomerate, that pink neon isn't going anywhere. It's too much of a Vegas landmark to ever truly disappear. Just keep an eye on the news—in the world of Vegas real estate, a "For Sale" sign can go up any day the stock price dips.