{"id":34714,"date":"2022-11-03T19:07:14","date_gmt":"2022-11-04T02:07:14","guid":{"rendered":"https:\/\/www.casino.org\/vitalvegas\/?p=34714"},"modified":"2022-11-03T22:38:59","modified_gmt":"2022-11-04T05:38:59","slug":"caesars-entertainment-says-it-wont-sell-flamingo-after-all","status":"publish","type":"post","link":"https:\/\/www.casino.org\/vitalvegas\/caesars-entertainment-says-it-wont-sell-flamingo-after-all\/","title":{"rendered":"Caesars Entertainment Says It Won’t Sell Flamingo After All"},"content":{"rendered":"\n

The rumors have been rampant for months about a potential sale of the Flamingo, but Caesars Entertainment has officially confirmed no sale is in the works.<\/p>\n

The CEO of Caesars Entertainment, Tom Reeg, sealed the deal (or lack thereof) in an earnings call on Nov. 1, 2022.<\/p>\n

\"\"
Nothing quite like it. We’d hold onto it, too.<\/figcaption><\/figure>\n

Reeg said, “We intend to keep all of our Strip assets as we move forward. We ran into a market where the cash flow of the asset continued to increase, the ability of buyers to raise financing made it a very easy decision for us to keep [it].”<\/p>\n

Reeg also said the plan to sell a Strip “asset” created an “unnecessary overhang in the stock.” He apologized to stockholders. Not your typical CEO thing to do, obviously.<\/p>\n

We got wind of the Flamingo staying put a few weeks ago.<\/p>\n

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Prospects of Flamingo sale are fading fast. As interest rates have climbed, so too has profitability of Flamingo, we're told reliably. While there's still \"activity\" around a potential sale, seems if nothing shakes loose by Nov. earnings call, Caesars Ent. will just keep it.<\/p>\n

— Vital Vegas (@VitalVegas) October 11, 2022<\/a><\/p><\/blockquote>\n